UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report: April 29, 2002
_______________
EOG RESOURCES, INC.
(Exact name of registrant as specified in its charter)
Delaware 1-9743 47-0684736
(State or other (Commission I.R.S. Employer
jurisdiction File (Identification No.)
of incorporation or Number)
organization)
333 Clay
Suite 4200 77002
Houston, Texas (Zip code)
(Address of principal
executive offices)
713/651-7000
(Registrant's telephone number, including area code)
2
EOG RESOURCES, INC.
Item 9. Regulation FD Disclosure
I. Second Quarter and Full Year 2002
---------------------------------
The forecasts for second quarter and full year 2002 set
forth below for EOG Resources, Inc. (Company) are given as of
the date of this document only and are based on currently
available information and expectations.
The Company does not provide guidance on other income,
other expense, or gain or loss on sales of reserves and
related assets unless specifically noted.
Estimates are provided in the attached table.
II. 2002 Financial and Physical Contracts
-------------------------------------
The outstanding Natural Gas Price Swaps, Natural Gas
Physical Contracts and Crude Oil Price Swaps for 2002 were
delineated in the Company's Form 8-K filing on March 19, 2002.
III. Forward-Looking Statements
--------------------------
This document includes forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. Forward-looking
statements are not guarantees of performance. Although the
Company believes its expectations reflected in forward-looking
statements are based on reasonable assumptions, no assurance can
be given that these expectations will be achieved. Important
factors that could cause actual results to differ materially from
the expectations reflected in the forward-looking statements
include, among others: the timing and extent of changes in
commodity prices for crude oil, natural gas and related products
and interest rates; the extent and effect of any hedging
activities engaged in by the Company; the extent of the Company's
success in discovering, developing, marketing and producing
reserves and in acquiring oil and gas properties; the accuracy of
reserve estimates, which by their nature involve the exercise of
professional judgment and may therefore be imprecise; political
developments around the world, including terrorist activities and
responses to such activities; and financial market conditions.
In light of these risks, uncertainties and assumptions, the
events anticipated by the Company's forward-looking statements
might not occur. The Company undertakes no obligations to update
or revise its forward-looking statements, whether as a result of
new information, future events or
3
otherwise.
Definitions
-----------
$/Bbl US Dollars per barrel
$/Mcf US Dollars per thousand cubic feet
$/Mcfe US Dollars per thousand cubic feet equivalent
MMcfd Million cubic feet per day
Mbd Thousand barrels per day
WTI West Texas Intermediate
MM Millions
NYMEX New York Mercantile Exchange
$MM US Dollars in millions
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.
EOG RESOURCES, INC.
Date: April 29, 2002 By: /s/ TIMOTHY K. DRIGGERS
----------------------------
Timothy K. Driggers
Vice President, Accounting
and Land Administration
(Principal Accounting Officer)
4
EOG Resources, Inc.
Estimated Ranges
2Q 2002 Full Year 2002
------------- -----------------
Daily Production
Natural Gas (MMcfd)
US 635 - 660 640 - 670
Canada 145 - 155 150 - 160
Trinidad 110 - 115 125 - 135
Total 890 - 930 915 - 965
Crude Oil (Mbd)
US 19.5 - 21.5 19.5 - 21.0
Canada 1.5 - 2.0 1.5 - 2.0
Trinidad 1.5 - 2.0 1.9 - 2.5
Total 22.5 - 25.5 22.9 - 25.5
Natural Gas Liquids (Mbd)
US 2.5 - 3.0 3.0 - 3.5
Canada 0.5 - 1.0 0.5 - 1.0
Total 3.0 - 4.0 3.5 - 4.5
Operating Costs
Unit Costs ($/Mcfe)
Lease and Well $0.43 - $0.46 $0.42 - $0.45
Depreciation, Depletion and Amortization $0.98 - $1.02 $0.98 - $1.02
Expenses ($MM)
Exploration, Dry Hole and Impairment 40.0 - 45.0 130.0 - 150.0
General and Administrative 20.0 - 23.0 80.0 - 85.0
Capitalized Interest 2.0 - 2.5 8.0 - 9.0
Net Interest 13.0 - 15.0 50.0 - 60.0
Taxes Other than Income (% of Revenue) 6.5 - 7.0 6.5 - 7.0
Taxes
Effective Rate 30% - 35% 30% - 35%
Deferred Ratio 65% - 85% 65% - 85%
Preferred Dividends ($MM) 2.5 - 3.0 11.0 - 11.5
Shares Outstanding (MM) at March 31, 2002
Basic 115.6
Diluted (based on stock price of $40.56) 117.5
Capital Expenditures Excluding Acquisitions ($MM)
North America 635 - 675
International 65 - 75
Total 700 - 750
Pricing
Natural Gas ($/Mcf)
Differentials
US - below NYMEX Henry Hub $0.20 - $0.30 $0.10 - $0.20
Canada - below NYMEX Henry Hub $0.50 - $0.70 $0.30 - $0.60
Realizations
Trinidad $1.26 $1.15 - $1.26
Crude Oil ($/Bbl)
Differentials
US - below WTI $1.50 - $2.00 $1.50 - $2.00
Canada - below WTI $3.00 - $4.00 $3.00 - $4.00
Trinidad - below WTI $3.50 - $4.00 $3.50 - $4.00