Houston-based EOG Resources Inc., one of the Lower 48’s biggest oil and natural gas producers, is looking to give back to shareholders instead of boosting volumes, with discipline still the mantra going into 2022.

The independent delivered better-than-expected natural gas, oil and liquids production during 3Q2021, along with sharply higher profits, CEO Ezra Yacob said during a conference call to discuss results. Yacob took the helm last month after working for the Minerals Division at the U.S. Geological Survey.

“EOG has never been in better shape,” he told investors. “We extended our track record of reliable execution with better-than-expected production, capital expenditures, operating costs and product prices….

“Our high-return business model is sustainable for...