EOG Resources (EOG) Q4 2024 earnings summary

Executive summary

• Achieved $6.6B adjusted net income and 25% ROCE in 2024, with oil and total production volumes exceeding targets and disciplined capital spending.

• Returned $5.3B (98% of free cash flow) to shareholders via dividends and $3.2B in share repurchases, reducing share count by 5% since 2023.

• Increased regular dividend by 7% to $3.90/share, with a 3% yield and $2.2B annual commitment for 2025.

• Expanded international presence with new projects in Trinidad and a joint venture in Bahrain.

• Maintained GHG and methane emission intensity below 2025 targets and launched CCS pilot project.

Financial highlights

• 2024 CapEx was $6.2B, driving 3% oil and 8% total production growth year-over-year.

• Adjusted EPS reached $11.62 and adjusted CFPS $20.37 for 2024; revenue was $23.7B.

• Proved reserves increased 6% to 4.7B BOE, with a 201% reserve replacement rate (excluding price revisions); finding and development costs fell to $6.68/BOE.

• Peer-leading US price realizations: $3.15/bbl oil, $1.15/mcf gas, $2.70/bbl NGL above peer averages.

• Ended 2024 with $7.1B in cash and a net debt-to-total capitalization ratio of -8.7%.

Outlook and guidance

• 2025 CapEx guidance is $6.0–$6.4B, targeting 3% oil and 6% total production growth, funding 605 net wells and strategic infrastructure.

• Free cash flow guidance for 2025 is $4.7B at $70 WTI and $4.25 Henry Hub, lower due to higher cash taxes and operating expenses.

• Cash flow break-even to fund CapEx and dividend is in the low $50s per barrel.

• Expect to maintain a minimum 70% free cash flow return to shareholders.

• Effective tax rate guidance for 2025: 20–25%.