EOG Resources (EOG, Financial) just flexed its operational muscle with a standout Q3 2024 performance that's hard to ignore. The energy giant posted an adjusted EPS of $2.89, beating estimates by $0.12, with revenues clocking in at $5.97 billion—enough to outpace Wall Street's expectations by $20 million. But the real kicker? A 7% dividend bump to $0.975 per share, putting even more cash back into investors' pockets. Oh, and they've already dished out $1.3 billion in shareholder returns this quarter alone, including a $758 million stock buyback spree.
CEO Ezra Yacob didn't hold back in spotlighting EOG's execution prowess, touting oil production and natural gas volumes that blew past guidance midpoints. The cherry on top? $1.5 billion in free cash flow, giving EOG the breathing room to expand its $5 billion share repurchase authorization. This isn't just a dividend story; it's about a company laser-focused on maximizing shareholder value while keeping its financial house in impeccable order.
What does this all mean for investors? EOG isn't just surviving volatile energy markets—it's thriving. With efficiency gains, robust cash flow, and a fortress-like balance sheet, EOG is making a case for being the ultimate “buy-and-hold” in the oil and gas sector. Whether commodity cycles boom or bust, this is a company clearly built to last.
