EOG Resources Inc (NYSE:EOG) shares are trading higher after it posted Q3 FY23 results.
Revenue of $6.2 billion, beating the consensus of $5.8 billion. Crude Oil Equivalent stood at 998.5 MBoed vs. 919.2 MBoed the prior year.
Total oil production came in at 483.3 Bopd (vs. 465.1 Bopd), Natural Gas Liquids stood at 231.1 MBbld, and Natural Gas came in at 1,704 MMcfd.
Adjusted EPS of $3.44 beat the consensus of $3.02.
Dividend: The company raised the quarterly dividend per share by 10% to $0.91 and declared a special dividend per share of $1.50. The company repurchased $61 million of shares in the quarter.
EOG raised 2024+ cash return commitment to a minimum of 70% of annual free cash flow.
Operating cash flow stood at $2.70 billion, with capital expenditure of $1.52 billion in the quarter. As of Q3, cash and cash equivalents stood at $5.33 billion.
“EOG delivered strong third-quarter results due to our employees’ outstanding execution in our foundational Delaware Basin and Eagle Ford assets as well as continued progress across our emerging plays. Production volumes, capital expenditures, and per-unit operating costs were each better than expected.” said Ezra Yacob, Chairman and CEO.
Outlook: For Q4, EOG projects Oil and Condensate volumes of 479.3 – 487.7 MBod, natural gas liquids volumes of 230.0 – 238.0 MBod, natural gas volumes of 1,745 – 1,825 MMcfd and Crude Oil Equivalent Volumes of 1,000.1 – 1,029.8 MBoed.
For FY23, EOG raised Oil and Condensate volumes to 473.8 – 477.0 MBod (from 471.3-476.5 MBod), natural gas liquids volumes to 222.3- 224.3 MBod (219.0-225.0 MBod), natural gas volumes to 1,655 – 1,745 MMcfd (from 1,650-1,740 MMcfd) and Crude Oil Equivalent Volumes to 971.9 – 992.1 MBoed (from 965.3-965.3 MBoed).
Also Read: Several North American Oil & Gas Exploration And Production Companies Downgraded Amid Current Environment: Here’s Why
Price Action: EOG shares are up 3.57% at $128.65 premarket on the last check Friday.
