U.S. oil and gas producer EOG Resources Inc. beat analysts’ estimate for first-quarter profit and declared a special dividend of $1 per share on May 6, as COVID-19 vaccine rollouts and increased travel demand lift crude prices.
WTI futures in the U.S. gained 23% in the first quarter after the pandemic hammered fuel demand in 2020, sparking optimism among shale producers.
EOG’s average crude oil prices jumped nearly 39% to $58.02/bbl in the quarter, from the last three months of 2020.
However, total production fell to 778,900 boe/d from the prior quarter's 801,500 boe/d, hit by the Winter Storm Uri that swept across U.S. central and southern states in mid-February.
A clutch of U.S. oil and gas producers have recently raised their dividends. Chevron Corp., the No.2 U.S. oil producer, has increased its quarterly payout by 5 cents to $1.34 per share, while Marathon Oil Corp. raised it to 4 cents per share from 3 cents. Continental Resources Inc. reinstated its dividend.
RELATED:
Marathon Oil, Apache First-quarter Profit Beats Estimates
Continental Resources Posts First Profit Since Pandemic
Diamondback Energy Tops Profit Estimates on Higher Crude Prices
Pioneer Natural Resources More than Doubles Profit in First Quarter
EOG’s March-quarter adjusted net income rose to $946 million, or $1.62 per share, from $411 million, or 71 cents per share, in the fourth.
Analysts had expected a profit of $1.48 per share, according to Refinitiv IBES.
On May 5, rivals Marathon Oil and APA Corp., an affiliate of Apache Corp., also beat first-quarter profit estimates.
Editor’s note: This story was updated at 4:08 a.m. CT May 7.
Recommended Reading
Trillion Reports Revitalized Gas Field Production Offshore Turkey
2024-08-14 - Trillion Energy produced 140 MMcf in the SASB gas field in its first 35 days of production.
Atlas Commissions 42-mile Dune Express Conveyor, Lowers 3Q Guidance
2024-10-10 - Atlas Energy Solutions said its Dune Express proppant conveyor remains on time and on budget, but the company expects lower revenue and EBITDA for the third quarter.
Southwest Gas Selects Bowman to Survey in Nevada, California
2024-07-31 - Virginia-based Bowman Consulting Group has been selected a fifth time for ongoing an on-call agreement with Southwest Gas.
Technip Energies Awarded Low-emissions Technology Contract from CPChem
2024-07-29 - Technip Energies will perform engineering and procurement for Chevron Phillips Chemical’s low emission cracking furnace in Sweeny, Texas.
BP Takes FID on US GoM Development Kaskida
2024-07-30 - BP has taken a final investment decision on its Kaskida development in the U.S. GoM, with production of 80,000 bbl/d expected to start flowing in 2029.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.