EOG Resources Q3 FY23 Results Beat Expectations, Raises Dividend and Cash Return Commitment for 2024

EOG Resources capitalizes on tight oil supplies, notching $6.2 billion in Q3 revenue and rolling out a 10% dividend increase plus a $1.50 special dividend; company sets minimum cash return commitment at 70% of annual free cash flow for 2024.

• EOG Resources reported Q3 FY23 results with a revenue of $6.2 billion, surpassing the consensus of $5.8 billion, driven by strong demand and tight oil supplies.
• The company produced an average of 998.5 MBoed, which is an increase from 919.2 MBoed from the prior year, notably underpin by strong performance in the Delaware Basin and Eagle Ford assets.
• EOG increased its quarterly dividend by 10% to $0.91 per share and declared a special dividend of $1.50 per share. It also repurchased $61 million of shares in Q3.
• The firm has raised its 2024 cash return commitment to a minimum of 70% of the annual free cash flow, indicating optimistic future financial planning.
• EOG has also raised the FY23 Oil and Condensate volumes and natural gas liquid volumes, signaling positive growth in production capabilities.

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