EOG Resources Inc (NYSE:EOG) stock rose 5.77% (As on May 6, 11:14:56 AM UTC-4, Source: Google Finance) after the company’s first-quarter profit more than doubled and raised its dividend, as the Ukraine crisis pushed oil prices to multi-year highs. 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. EOG’s first-quarter total crude volumes was 883,300 barrels of oil equivalent per day (boepd), up from 778,900 boepd a year earlier. Total company crude oil production in 1Q of 450,100 Bopd was above the midpoint of the guidance range and in-line with 4Q. NGL production was above the midpoint of the guidance range and increased 21% compared with 4Q due to increased extraction of ethane. Natural gas production declined 5% compared with 4Q, also related to extraction of ethane. Total company equivalent daily volumes increased 2% compared with 4Q. The Houston, Texas-based firm posted adjusted income of $2.35 billion, in the quarter ended March 31, from $946 million, a year ago. EOG generated cash flow from operations before changes in working capital of $3.4 billion in 1Q. The company incurred $1.0 billion of cash capital expenditures, resulting in $2.4 billion of free cash flow.

EOG in the first quarter of FY 22 has reported the adjusted earnings per share of $4.00, beating the analysts’ estimates for the adjusted earnings per share of $3.72, as per Refinitiv data. The company had reported the adjusted revenue of $3.98 billion in the first quarter of FY 22, beating the analysts’ estimates for revenue of $6.08 billion.

Additionally, the company has  declared a regular dividend of $0.75 per share on EOG’s common stock. The regular dividend will be payable July 29, 2022, to stockholders of record as of July 15, 2022. EOG announced its commitment to return a minimum of 60% of free cash flow to shareholders each year. The company has declared a quarterly special dividend of $1.80 per share, up from its previous $1.00 per share.

EOG forecast second-quarter total production to be in the range of 864,300 to 927,000 boepd, while analysts expect 896,680 boepd.