EOG Resources
Q2 2022 Earnings Call
Aug 05, 2022, 10:00 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good day, everyone, and welcome to the EOG Resources second quarter 2020 earnings results conference call. As a reminder, this call is being recorded. At this time, for opening remarks and introductions, I would like to turn the call over to the chief financial officer of EOG Resources, Mr. Tim Driggers.
Please go ahead, sir.
Tim Driggers -- Chief Financial Officer
Good morning, and thanks for joining us. This conference call includes forward-looking statements. Factors that could cause our actual results to differ materially from those in our forward-looking statements have been outlined in the earnings release and EOG's SEC filings. This conference call also contains certain non-GAAP financial measures.
Definitions and reconciliation schedules for these non-GAAP measures can be found on EOG's website. This conference call may also include estimated resource potential not necessarily calculated in accordance with the SEC's reserve reporting guidelines. Participating on the call this morning are Ezra Yacob, chief executive officer; Billy Helms, president and chief operating officer; Ken Boedeker, EVP, exploration and production; Jeff Leitzell, EVP, exploration and production; Lance Terveen, senior VP, marketing; and David Streit, VP, investor relations. Here's Ezra.
Ezra Yacob -- President
Thanks, Tim. Good morning, everyone. Yesterday, we declared a third special dividend for the year, demonstrating our commitment to deliver long-term shareholder value through our cash return strategy. The $1.50 dividend is supported by another outstanding quarter.
We posted adjusted earnings of $2.74 per share and nearly $1.3 billion of free cash flow. So far this year, we have declared $4.30 per share of special dividends. Combined with our peer-leading annualized regular dividend of $3 per share, we are on pace to pay out a minimum of 60% of annual free cash flow. We'll continue to differentiate EOG as our people and our assets.
We've cultivated an inventory of premium and double premium wells that provide a 20-year runway for the company through our focus on organic exploration supported by a decentralized organizational structure. Our multi-basin portfolio is predominantly the result of having seven North American and one international cross-functional exploration teams that work independently, but collaborate on shared learnings. Our role here in Houston beyond capital allocation is to facilitate those shared learnings across all eight teams. The result is a robust exploration pipeline that continues to both improve the quality of and expand our more than 20-year inventory of premium and double premium wells.