According to the company’s website press release on May 4, 2023, EOG Resources, Inc. (EOG) reported first quarter 2023 results. The attached supplemental financial tables and schedules for the reconciliation of non-GAAP measures to GAAP measures and related definitions, along with a related presentation, are also available on EOG’s website at http://investors.eogresources.com/investors.
Key Financial Results
In millions of USD, except per-share, per-Boe and ratio data
First Quarter Highlights
- Earned adjusted net income of $1.6 billion, or $2.69 per share
- Generated $1.1 billion of free cash flow - Declared regular quarterly dividend of $0.825 per share
- Repurchased $310 million of shares during the first quarter
- Oil, NGL, and natural gas production above guidance midpoints
- Capital expenditures, per-unit cash operating costs and per-unit DD&A below guidance midpoints
First Quarter 2023 Highlights
Volumes and Capital Expenditures
Regular Dividend and First Quarter Share Repurchases
The Board of Directors declared a dividend of $0.825 per share on EOG’s common stock. The dividend will be payable July 31, 2023, to stockholders of record as of July 17, 2023. The indicated annual rate is $3.30 per share.
During the first quarter, the company repurchased 2.9 million shares for $310 million under its share repurchase authorization, at an average purchase price of approximately $105 per share.
From Ezra Yacob, Chairman and Chief Executive Officer “EOG delivered strong first quarter results that reflect the strength of our multi-basin portfolio as well as the relentless focus of our employees to continue improving the cost structure of the company. Production volumes, capital expenditures and cash operating costs were each better than expected.
“This outstanding operating performance supported by the strength of our balance sheet enabled EOG to provide first quarter cash returns to shareholders well ahead of the pace of our annual commitment to return at least 60 percent of free cash flow. Along with our peer-leading regular dividend and a special dividend paid in the first quarter, EOG was able to use cash on the balance sheet to opportunistically repurchase shares.
“Our plan for 2023 remains focused on continuing to improve the cost basis and returns of the company by managing investment and activity at the appropriate level for each of our plays. By balancing activity between foundational assets such as the Delaware Basin and Eagle Ford and emerging plays including the South Texas Dorado, Southern Powder River Basin and Ohio Utica Combo, our plan delivers strong returns and cash flow this year and positions the company to further improve over the long term. EOG is in a better position than ever to deliver value for our shareholders and play a significant role in the long-term future of energy.”
First Quarter 2023 Results Webcast
Friday, May 5, 2023, 9:00 a.m. Central time (10:00 a.m. Eastern time) Webcast will be available on EOG’s website for one year. http://investors.eogresources.com/Investors
About EOG
EOG Resources, Inc. (NYSE: EOG) is one of the largest crude oil and natural gas exploration and production companies in the United States with proved reserves in the United States and Trinidad. To learn more visit www.eogresources.com.
Investor Contacts
David Streit 713-571-4902 Neel Panchal 713-571-4884 Shelby O’Connor 713-571-4560
Media Contact
Kimberly Ehmer 713-571-4676
