EOG earnings show markets’ continued ESG bullishness as EPS and revenues surge

Sustainable energy company EOG Resources has reported its Q1 2024 quarterly earnings, with better-than-expected results all round.

One chief reason for this, according to the company, was that EOG experiences “volumes and total per-unit cash operating costs better than guidance midpoints.”

It also reflected the continued bullishness of investors and market sentiment at large for more sustainable energy solutions. EOG, with its natural gas, hydrocarbon and crude oil streams, seems to be benefitting from the zeitgeist nicely.

Net income and free cash flow rise

The company reported an adjusted net income of $1.6 billion, or $2.82 per share, for the quarter, above estimates of around $1.5 billion.

EOG also generated a healthy $1.2 billion of free cash flow for Q1.

Dividends and EPS

Shareholders were pleased to hear the company declare a regular quarterly dividend of $0.91 per share – significantly above the $0.82 of previous quarters. The indicated annual rate for 2024 is $3.64 per share.

The company also announced that it paid $525 million in regular dividends and repurchased $750 million of shares during the first quarter.

Strong revenues reported

Revenues also beat expectations, coming in at $6.1 billion for the quarter as opposed to the $5.9 forecast ahead of the earnings.

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