EOG Resources, Inc. reported its financial results for the third quarter and the first nine months of 2024, highlighting a mixed performance in revenue and profitability compared to the previous fiscal period.

For the three months ended September 30, 2024, EOG's operating revenues totaled $5,965 million, a decrease of $247 million (4%) from $6,212 million in Q3 2023. However, for the nine months ended September 30, 2024, operating revenues increased to $18,113 million, up $284 million (2%) from $17,829 million in the same period of 2023. The decline in quarterly revenues was primarily attributed to lower crude oil and condensate revenues, which fell to $3,488 million from $3,717 million, reflecting a decrease in average prices despite a slight increase in production volumes.

Net income for Q3 2024 was $1,673 million, down from $2,030 million in Q3 2023, while net income for the nine months ended September 30, 2024, was $5,152 million, compared to $5,606 million for the same period in 2023. Earnings per share also declined, with diluted earnings per share for Q3 2024 at $2.95, down from $3.48 in Q3 2023.

EOG's total assets increased to $46,151 million as of September 30, 2024, from $43,857 million at the end of 2023. Cash and cash equivalents rose to $6,122 million, up from $5,278 million at year-end 2023. The company reported a total stockholders' equity of $29,574 million, an increase from $28,090 million at the end of 2023.

In terms of operational developments, EOG's production of crude oil and condensate in the U.S. increased to 491.8 MBbld in Q3 2024, up from 482.8 MBbld in Q3 2023. Natural gas volumes also rose significantly, with total natural gas volumes reaching 1,970 MMcfd, compared to 1,704 MMcfd in the prior year.

EOG continued its strategic focus on capital expenditures, estimating a range of $6.1 billion to $6.3 billion for full-year 2024. The company has also committed to returning a minimum of 70% of annual net cash provided by operating activities to stockholders, with a quarterly cash dividend of $0.91 per share declared for Q3 2024, which is set to increase to $0.975 per share starting January 31, 2025.

Additionally, EOG engaged in share repurchase activities, buying back 18.0 million shares for approximately $2,198 million during the nine months ended September 30, 2024. The company has increased its share repurchase authorization from $5 billion to $10 billion, allowing for further buybacks at management's discretion.

Overall, EOG Resources, Inc. demonstrated resilience in its operational performance while navigating challenges in pricing and profitability during the reported periods.