U.S. oil and gas producer EOG Resources Inc. on Nov. 4 said it would raise its regular dividend by 82% and declared a $2 per share special dividend after posting sharply higher third-quarter results.
With oil and gas prices at multiyear highs, U.S. producers are topping Wall Street expectations for the quarter, prompting several to increase their dividends or announce share buy-backs to reward investors.
The Houston-based company reported adjusted net income of $1.3 billion, or $2.16 a share, versus $252 million, or 43 cents per share, in the same period a year ago.
Continental Resources Inc., Pioneer Natural Resources Co., and APA Corp. were among companies to announce an increase to their dividends this week, adhering to calls from shareholders to boost returns over production growth. Devon Energy Corp. this week said its board had authorized a $1 billion share repurchase program.
EOG’s dividend bump is the second this year and doubles last year’s dividend. Its shares were up 3.5% in late trading on Thursday at $94.10 each.
The company’s total crude production for the quarter was 449,500 bbl/d, above the high end of its guidance due to better well productivity, EOG said in a press release.
EOG anticipates its total oil output will be between 442,500 and 451,500 bbl/d in the fourth quarter, and between 442,900 and 445,100 bbl/d for the full year 2021.
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