EOG Resources, Inc. has announced its financial results for the second quarter of 2024, highlighting another period of outstanding operational performance and robust financial health. During the Q2 2024 earnings call, EOG Resources highlighted their continued operational excellence and financial performance, emphasizing the significant role of their proprietary in-house drilling motors.

EOG Resources continues to demonstrate its commitment to operational excellence and financial strength. The second quarter of 2024 saw impressive free cash flow generation, strategic capital allocation, and significant shareholder returns. With updated guidance reflecting higher volumes and lower costs, EOG remains confident in its ability to deliver sustained value.

EOG Resources stands out in the oil and gas industry for its steadfast commitment to organic growth, focusing on exploring and developing new resource plays rather than pursuing large mergers and acquisitions (M&A).

In 2024, EOG plans to allocate a significant portion of its capital expenditure, about $4.2 billion, to drilling and exploration activities across its assets, with a substantial focus on the Delaware Basin. This investment is part of a broader $6.0 to $6.4 billion total expenditure plan for the year, which also includes environmental and infrastructure projects​.

EOG Resources had a successful first quarter in 2024, reporting $1.6 billion in adjusted net income and generating $1.2 billion in free cash flow.

Total expenditures for 2024 are expected to range from $6.0 to $6.4 billion, including exploration and development drilling, facilities, leasehold acquisitions, capitalized interest, dry hole costs, and other property, plant and equipment, and excluding property acquisitions, asset retirement costs and non-cash exchanges and transactions. The capital program also excludes certain exploration costs incurred as operating expenses.

Total expenditures for 2024 are expected to range from $6.0 to $6.4 billion, including exploration and development drilling, facilities, leasehold acquisitions, capitalized interest, dry hole costs, and other property, plant and equipment, and excluding property acquisitions, asset retirement costs and non-cash exchanges and transactions.

EOG Resources Inc., Houston, will this year keep its capital spending in line with 2023’s roughly $6 billion as it prioritizes returns over production volumes, president Lloyd “Billy” Helms Jr. said Jan. 4.