EOG Resources (EOG) will increase its quarterly dividend by 18.9 percent to $0.22 per share in the third quarter of 2018. Earlier this year the company hiked its dividend by 10 percent, marking the first dividend hike since 2014.

The next dividend is payable October 31, 2018, to holders of record as of October 17, 2018. The indicated annual rate is $0.88 per share and yields 0.7% at a stock price of $121.49.

"EOG's premium drilling strategy has reset the profitability of the company and we are confident our premium investments can sustain a larger dividend.  Therefore, we increased the common stock dividend for a second time in 2018, reaffirming our commitment to deliver more value for long-term stockholders," Thomas said.

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.