The logo of the US oil and gas company EOG Resources can be seen in its office in Chongqing, China on December 15, 2017. REUTERS / Chen Aizhu
US oil and gas producer EOG Resources Inc. (EOG.N) Analysts’ estimate of first-quarter earnings was exceeded and a special dividend of $ 1 per share was decided on Thursday as the introduction of COVID-19 vaccines and increased demand for travel raise crude oil prices.
U.S. crude oil prices rose 23% in the first quarter after the pandemic weighed on fuel demand in 2020, sparking optimism among shale producers.
EOG average crude oil prices rose nearly 39% in the quarter to $ 58.02 a barrel for the last three months of 2020.
Total production, however, fell to 778,900 barrels of oil equivalent per day (boepd) from the previous quarter’s 801,500 boepd, which was hit by winter storm Uri, which swept the central and southern US states in mid-February.
A group of US oil and gas producers recently increased their dividends. Chevron Corp. (CVX.N), the second largest US oil producer, increased its quarterly payout by 5 cents to $ 1.34 per share, while Marathon Oil (MRO.N) increased it from 3 cents to 4 cents per share. Continental Resources Inc. (CLR.N) Resumption of the dividend. Continue reading
EOG’s adjusted net income for March rose from $ 411 million, or 71 cents per share, in the fourth quarter to $ 946 million, or $ 1.62 per share.
According to Refinitiv IBES, analysts had expected earnings of USD 1.48 per share.
On Wednesday, rivals Marathon Oil and APA Corp. (APA.O) also outperformed earnings estimates for the first quarter. Continue reading
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