EOG Resources profit more than doubles, dividend raised on soaring oil prices

Reuters – U.S. shale producer EOG Resources Inc said on Thursday its firstquarter profit more than doubled and raised its dividend, as the Ukraine crisis pushed oil prices to multiyear highs.

The company declared a quarterly special dividend of 1.80 per share, up from its previous 1.00 per share.

Oil producers have benefited as crude prices surged to levels not seen since 2008, after Western countries slapped sanctions on major exporter Russia in response to its invasion of Ukraine, worsening a supply crunch.

EOG saw its average crude oil prices go up 65 during the reported quarter to 96.00 per barrel.

“Despite challenges from rising inflation and supply chain constraints since we announced our 2022 plan at the start of the year, we remain well positioned to deliver within our production and capital expenditure targets,” Chief Executive Officer Ezra Yacob said.

EOGs firstquarter total crude volumes was 883,300 barrels of oil equivalent per day boepd, up from 778,900 boepd a year earlier.

The Houston, Texasbased firm posted adjusted income of 2.35 billion, or 4.00 per share, in the quarter ended March 31, from 946 million, or 1.62 per share, a year ago.