EOG Resources Inc. (EOG) will increase its quarterly dividend by 10 percent 41.25 cents per share in 2021. This follows a dividend hike of 30.4 percent to $0.375 per share in 2020. The oil company has now hiked its dividend 4 consecutive years.
The next dividend will be payable April 30, 2021, to stockholders of record as of April 16, 2021. The indicated annual rate is $1.65 per share yields 2.3% at a stock price of $70.51.
"The increase in the regular dividend reflects the significant progress EOG has made in the past 12 months. We have lowered operating costs and well costs, in turn reducing the breakeven oil price needed to maintain our production. It also demonstrates the confidence we have in the resiliency of our business. We will evaluate all options to maximize total shareholder return as cash becomes available." (CEO Bill Thomas commenting on the dividend hike).
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.