EOG Resources hikes dividend by 7.1% to $0.975 quarterly

EOG Resources Inc. (EOG) will increase its quarterly dividend by 7.1% to 97.5 cents per share in 2024. This marks 7 consecutive year of increased dividends for the oil and gas producer.

The Board of Directors today declared a dividend of $0.975 per share on EOG's common stock. The dividend will be payable January 31, 2025, to stockholders of record as of January 17, 2025. The new dividend represents an indicated annual rate of $3.90 per share, a 7% increase from the previous level. EOG has never suspended or reduced its regular dividend.

"We are pleased to announce a 7% increase in our regular dividend. The increase reflects both the confidence in our business and the ability to support the higher dividend through commodity price cycles. A sustainable growing regular dividend remains the primary mode of cash return to our shareholders. We also announced a $5 billion increase in our authorization for opportunistic share repurchases. This increased authorization allows us to retain flexibility on how we return additional cash to shareholders."

A new annual dividend rate of $3.90 per share yields 3.1% at a stock price of $126 for EOG. The company will now pay an estimated $2.2 billion in dividends to shareholders annually.

EOG Resources, Inc., organized in 1985, together with its subsidiaries explores for, develops, produces and markets crude oil and natural gas primarily in major producing basins in the United States of America, The Republic of Trinidad and Tobago (Trinidad), The People's Republic of China (China), Canada and select other international areas. EOG's operations are all crude oil and natural gas exploration and production related.