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 ...

EOG Resources (EOG) appears an attractive pick given a noticeable improvement in the company's earnings outlook. The stock has been a strong performer lately, and the momentum might continue with analysts still raising their earnings estimates for the company.Analysts' growing optimism on the earnings prospects of this oil and gas company is driving estimates higher, which should get reflected in its stock price. After all, empirical research shows a strong correlation between trends in earnings estimate re ...

The Oils-Energy group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Has EOG Resources (EOG) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.EOG Resources is a member of the Oils-Energy sector. This group includes 251 individual stocks and currently holds a Zacks Sector Rank of #7. The Zacks Sector Rank considers 16 different sector groups. The average Zacks Rank of the indi ...

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HOUSTON, April 2, 2024 /PRNewswire/ -- EOG Resources, Inc. (EOG) today announced that Lloyd W. "Billy" Helms, Jr., EOG's President, has made the decision to retire May 31, 2024. Billy Helms joined an EOG predecessor company in 1981 and has served in several positions of increasing responsibility in multiple EOG divisions over his career with the company. Helms joined the Houston executive management team in 2012 as Executive Vice President, Exploration and Production, managing EOG's operations across severa ...

Gerasimov174 Introduction By now, I doubt anyone is surprised when I say I'm bullish on oil and gas (more on oil than gas). I spent the first two months of this year aggressively buying stocks in this segment and believe high-quality oil and gas assets offer tremendous value in a market with an overall lofty valuation. JPMorgan One of the companies that readers keep bringing up is EOG Resources (NYSE:EOG), a company that is also on my buy list, as it's one of the super majors in the American onshore oil ...

EOG Resources (EOG) closed the most recent trading day at $126.08, moving +0.3% from the previous trading session. The stock trailed the S&P 500, which registered a daily gain of 0.32%. Meanwhile, the Dow experienced a rise of 0.68%, and the technology-dominated Nasdaq saw an increase of 0.2%.Coming into today, shares of the oil and gas company had gained 8.03% in the past month. In that same time, the Oils-Energy sector gained 6.39%, while the S&P 500 gained 5.11%.The investment community will be paying cl ...

HOUSTON, March 20, 2024 /PRNewswire/ -- EOG Resources, Inc. (EOG) will host a conference call and webcast to discuss first quarter 2024 results on Friday, May 3, 2024, at 9 a.m. Central time (10 a.m. Eastern time). Please visit the Investors/Events & Presentations page on the EOG website to access a live webcast of the conference call. If you are unable to listen to the live webcast, a replay will be available for one year.     If you have any questions, please contact Angie Lewis at 713-651-6722. About EOG ...