The following is a summary of the EOG Resources, Inc. (EOG) Q1 2024 Earnings Call Transcript:

Financial Performance:

• EOG generated $1.6 billion of adjusted net income and $1.2 billion of free cash flow in Q1 2024, outperforming their targets.

• More than 100% of free cash flow was returned to shareholders through dividends and $750 million of share repurchases.

• The full-year forecast for 2024 has been updated to reflect oil at $80 and natural gas at $2.50, expecting $5.6 billion of free cash flow.

• Over the next three years, EOG is expecting to generate $21 billion of free cash flow, a 17% increase compared to the previous three years.

Business Progress:

• EOG maintains a commitment to capital discipline, operational excellence, and sustainability.

• The addition of the Utica Combo play has expanded EOG's diverse portfolio while improvements in performance in the Delaware Basin and Eagle Ford contribute significantly to the company.

• EOG plans to continue pushing for operational efficiencies and expects significant well cost reductions for 2024.

• In light of increased demand for LNG, EOG's production is set to grow from 140,000 MMBtu per day to 900,000 MMBtu per day over the next three years.

• Strategic infrastructure projects, such as the Verde pipeline and the Janus gas processing plant, expected to generate about a 20% rate of return and provide extensive value creation for the shareholders.

More details: EOG Resources IR

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.