Company Overview - EOG Resources, Inc. has a market capitalization of $70 billion and is recognized as one of the original unconventional players in the oil and gas industry, with a focus on organic exploration and growth [6][7]. - The company emphasizes delivering long-term shareholder value through capital discipline, operational excellence, sustainability, and a strong corporate culture [7][8][9]. Strategic Approach - EOG maintains a data-driven approach to mergers and acquisitions, focusing on returns and ensuring that any acquisition is additive to existing inventory [12][14]. - The company has approximately 10 billion barrels of equivalent resources across the U.S. and Trinidad, with a target after-tax rate of return of 30% at $40 oil and $2.50 natural gas prices [16][17]. Market Outlook - EOG anticipates a mid-cycle oil price range of $60 to $80, with historical averages around $65 over the past five years [22][23]. - The company notes that U.S. oil supply growth is becoming more challenging due to steep declines in tight resources and a lack of exploration among competitors [25][27]. Capital Allocation and Returns - EOG has generated positive free cash flow every year since 2015 and focuses on optimizing returns through capital allocation across its multi-basin portfolio [29][30]. - The company aims to return a minimum of 70% of its free cash flow to shareholders, primarily through regular dividends, which have been paid for 26 years [78][79]. Operational Efficiency - EOG has achieved well cost reductions through operational efficiencies, with a focus on high-quality equipment and stakeholder alignment [88][89]. - The company has implemented innovative drilling techniques and in-house control of drilling motors to enhance operational efficiency [90][91]. Environmental and Sustainability Initiatives - EOG is committed to reducing its Scope 1 emissions and has initiated a pilot project for carbon capture and storage, aligning its strategy with core competencies [51][52]. - The company has achieved zero routine flaring ahead of the World Bank initiative and is actively involved in measuring methane emissions [57][58]. Future Growth Opportunities - EOG sees potential growth in natural gas demand driven by LNG projects, data centers, and the retirement of coal-fired power plants [45][46]. - The company is well-positioned to capitalize on increasing demand through its multi-basin approach and strategic infrastructure projects [48][101].

Core Viewpoint - BP plc and EOG Resources are in discussions to develop a significant natural gas field off the coast of Trinidad and Tobago, which could enhance BP's natural gas portfolio [1][2]. Group 1: Project Details - The natural gas field holds nearly 1 trillion cubic feet (tcf) of natural gas, with plans to integrate it with another BP discovery, bringing the total potential development to 1.5 tcf [2]. - Initial production, referred to as "first gas," is expected by late 2026, aimed at supplying Trinidad's Atlantic LNG facility, where BP and Shell each hold a 45% equity stake [2][3]. Group 2: Strategic Importance - Trinidad and Tobago is the largest LNG exporter in Latin America and the second-largest exporter of methanol and ammonia globally, making the Atlantic LNG output significant for BP's LNG portfolio [3]. - The collaboration between BP and EOG Resources is a strategic effort to enhance gas production in Trinidad and Tobago, ensuring supply for domestic and international markets while supporting BP's broader ambitions in the LNG sector [6]. Group 3: Joint Venture and Future Plans - BP's Trinidad and Tobago division confirmed active negotiations with EOG Resources to form a joint venture for developing BP's Coconut field, with EOG set to be the project operator [4][5]. - BP is also collaborating with Woodside Energy to develop the Calypso gas discovery in deep waters, indicating a focus on larger discoveries for the company's future in the region [5].

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EOG Resources Inc (EOG) reported robust first-quarter 2024 results, with both earnings and revenues beating the Zacks Consensus Estimate.Although the quarterly results were strong, the stock price has dipped 1% since its earnings release on May 2, a movement unrelated to the company's fundamentals. It is cheap now, and the current affordability of the stock is evident from its trailing 12-month enterprise value-to-EBITDA (EV/EBITDA) ratio, which stands at 5.32, notably lower than the Zacks US Oil & Gas Expl ...

EOG Resources Inc (EOG) reported robust first-quarter 2024 results, with both earnings and revenues beating the Zacks Consensus Estimate. The company reported adjusted earnings per share of $2.82, which increased almost 5% year over year, while revenues came in at $6.1 billion, up 1.3% year over year.Good Entry Point for InvestorsAlthough the quarterly results were strong, the stock price fell 1.4%, a movement unrelated to the company's fundamentals, thereby making the stock cheap. The current affordability ...

1Q 2024 18 At the foundation of EOG's historical and future success are the employees who embrace and embody the EOG Culture. The company's decentralized, non-bureaucratic structure enables value creation in the field, at the asset level. Every person is a business person first and remains committed to returns, best-in-class exploration, technology leadership, collaborative, multi-disciplinary innovation, and responsible operations. EOG's Culture continues to be the most valuable asset driving a sustainable ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 1-9743 EOG RESOURCES, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 47-0684736 (I.R.S. Employer Identification No.) 1111 Bagby, Sky Lobby 2, Houston, Texas 77002 (Address of principal executive offices) (Zip Code) 7 ...

Financial Performance - Total revenue for Q1 2024 was $6.123 billion, a decrease of 3.7% from Q4 2023[4] - Net income for Q1 2024 was $1.789 billion, down 10% from $1.988 billion in Q4 2023[4] - Adjusted net income was $1.626 billion, or $2.82 per share, compared to $1.783 billion, or $3.07 per share in Q4 2023[4][6] - Operating income for 2023 was $9,603 million, with the 4th quarter contributing $2,504 million[45] - Net income for 2023 was $7,594 million, translating to a diluted net income per share of $13.00[45] - Reported Net Income (GAAP) for Q1 2024 was $2,300 million, resulting in an Adjusted Net Income (Non-GAAP) of $2,094 million, or $2.82 per share[60] - For FY 2023, the Reported Net Income (GAAP) was $9,689 million, with an Adjusted Net Income (Non-GAAP) of $8,706 million, translating to $11.69 per share[66] Cash Flow and Expenditures - Generated $1.2 billion in free cash flow during Q1 2024[6] - Declared a quarterly dividend of $0.91 per share, with $525 million paid in dividends and $750 million used for share repurchases in Q1 2024[11][12] - Total capital expenditures for 2023 were $6.041 billion, with $1.703 billion projected for Q1 2024[73] - Free cash flow for 2023 was $5.108 billion, with a projected free cash flow of $1.225 billion for Q1 2024[73] Production and Volumes - Wellhead volumes for crude oil and condensate reached 487.4 MBod, exceeding guidance midpoint and up less than 1% from Q4 2023[7][23] - Crude oil and condensate volumes reached 487.4 MBod, exceeding guidance by 1.1 MBod and up from 485.2 MBod in Q4 2023[32] - Total natural gas volumes increased to 1,858 MMcfd, surpassing guidance by 23 MMcfd and up from 1,831 MMcfd in Q4 2023[32] - Total crude oil equivalent volumes were 1,028.8 MBoed, exceeding guidance by 8.7 MBoed and slightly up from 1,026.2 MBoed in Q4 2023[32] Costs and Expenses - Cash operating costs per Boe decreased to $10.37, down from $10.52 in Q4 2023[4][30] - Operating unit costs for lease and well were $4.23 per Boe, slightly above guidance by $0.03 and consistent with Q1 2023[32] - General and administrative costs decreased to $1.73 per Boe, below guidance by $0.12 and down from $2.03 in Q4 2023[32] - Total operating expenses for 2023 amounted to $14,583 million, with the 4th quarter expenses at $3,853 million[45] Debt and Capitalization - EOG's debt-to-total capitalization improved to 11.7%, down from 11.9% in Q4 2023[4] - Long-term debt decreased from $3,787 million in March 2023 to $3,757 million in March 2024[49] - Total liabilities decreased from $15,578 million in March 2023 to $15,363 million in March 2024[49] - Total Capitalization (GAAP) rose to $32,427 million, up from $29,267 million a year ago, representing an increase of 10.4%[75] Future Projections - Q2 2024 crude oil and condensate volumes in the United States are projected to be between 485.0 MBod and 490.0 MBod, with a midpoint of 487.5 MBod, compared to 475.2 MBod in 2023[33] - Total natural gas volumes are expected to range from 1,820 MMcfd to 1,900 MMcfd, with a midpoint of 1,860 MMcfd, up from 1,711 MMcfd in 2023[33] - Capital expenditures for FY 2024 are forecasted to be between $6,000 million and $6,400 million, with a midpoint of $6,200 million, compared to $6,041 million in 2023[33] Market Conditions and Risks - The benchmark price for oil (WTI) was $76.97 per Bbl, down from $78.33 in Q4 2023[32] - EOG's forward-looking statements include expectations regarding future financial performance, production levels, and capital expenditures, but these are subject to various risks and uncertainties[38] - The company faces risks related to cybersecurity threats and disruptions to operations, which could impact overall performance[39] - The company is actively monitoring geopolitical factors and economic conditions that could impact its operations and financial results[43] Non-GAAP Measures - EOG's non-GAAP measures, including Adjusted Net Income and Free Cash Flow, are utilized for better performance comparison within the industry[52] - The company emphasizes the importance of non-GAAP measures for understanding financial performance trends and comparisons across periods[55]

Investors are closely monitoring EOG Resources, Inc. (EOG) as it prepares to announce first-quarter 2024 earnings on May 2, after market close. Some investors are considering whether to buy shares of this top exploration and production energy company before its earnings release or wait for a more favorable entry opportunity.Encouraging Price PerformanceEOG Resources has proven to be rewarding since the beginning of 2024, gaining 13.9% year to date, surpassing the 11.6% rise of the composite stocks belonging ...

The market expects EOG Resources (EOG) to deliver a year-over-year increase in earnings on lower revenues when it reports results for the quarter ended March 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released ...