-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, NsXwarQhW/IrQhVFS8hnH+sVWKysVwOSij5ig7/eUdZofkb1NfsyhBf93pRUUQsv ZrlsRfhc4tiHHUHrI3JH7w== 0000821189-01-500003.txt : 20010208 0000821189-01-500003.hdr.sgml : 20010208 ACCESSION NUMBER: 0000821189-01-500003 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20010206 ITEM INFORMATION: FILED AS OF DATE: 20010207 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EOG RESOURCES INC CENTRAL INDEX KEY: 0000821189 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 470684736 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-09743 FILM NUMBER: 1526564 BUSINESS ADDRESS: STREET 1: 1200 SMITH ST CITY: HOUSTON STATE: TX ZIP: 77002-7361 BUSINESS PHONE: 7136517000 MAIL ADDRESS: STREET 1: 1200 SMITH STREET CITY: HOUSTON STATE: TX ZIP: 77002-7361 FORMER COMPANY: FORMER CONFORMED NAME: ENRON OIL & GAS CO DATE OF NAME CHANGE: 19920703 8-K 1 form8.txt CURRENT REPORT 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 (Date of earliest event reported): February 6, 2001 _______________ 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) 1200 Smith Street Suite 300 77002 Houston, Texas (Zip code) (Address of principal executive offices) 713/651-7000 (Registrant's telephone number, including area code) EOG Resources, Inc. Item 9. Regulation FD Disclosure 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. Although EOG (`the Company') believes that its expectations are based on reasonable assumptions, it can give no assurance that such expectations will be achieved. Important factors that could cause actual results to differ materially from those in the forward looking statements herein include, but are not limited to, the timing and extent of changes in reserve quantities and commodity prices for crude oil, natural gas and related products and interest rates; the extent of the Company's success in discovering, developing, producing and marketing reserves and in acquiring oil and natural gas properties; uncertainties and changes associated with international projects and operations including reserve estimates, markets, contract terms, construction, financing availability, operating costs, and political developments around the world; and conditions of the capital and equity markets during the periods covered by the forward looking statements. First Quarter and Full Year 2001 - -------------------------------- The first quarter and full year 2001 forecasts set forth below are given as of the date of this document only and are based on current available information and expectations. The Company does not undertake any obligation to update these estimates as conditions change or other information becomes available. The Company continues to target 4 percent growth in North America production for 2001. Lease and well expense reflects a reclassification of transportation costs previously deducted from operating revenues, resulting in an expected increase of approximately $.07 per Mcfe in lease and well unit costs and a corresponding decrease in per unit pricing differentials. This reclassification decreases US natural gas and crude oil differentials by approximately $.04 per Mcf and $.08 per Bbl, respectively for 2001. Canadian natural gas differentials decrease by approximately $.10 per Mcfe. There are currently no price swap contracts in place for 2001 natural gas production. There are price swap contracts in place for 3.0 Mbd of crude oil at an average price of $26.25 per barrel through August 31, 2001. Capital expenditures for the full year 2001, excluding acquisitions, are expected to be between $700 and $800 million. A tax benefit from the exercise of employee stock options is expected to increase discretionary cash flow by $2.0 to $3.0 million during the first quarter and $8.0 to $12.0 million for the full year. The Company does not provide guidance on other income, other expense, or gain or loss on sales of assets unless specifically noted. Additional estimates are shown in the attached table. Other Items: In December 2000, the Board of Directors authorized the repurchase of up to an additional 5 million shares of common stock of the Company increasing the original authorization to 15 million shares. At December 31, 2000, the remaining authorization was 7.1 million shares. Definitions Mcf Thousand cubic feet Mcfe Thousand cubic feet equivalent MMcfd Million cubic feet per day Bbl Barrels Mbd Thousand barrels per day WTI West Texas Intermediate MM Millions NYMEX New York Mercantile Exchange SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. EOG RESOURCES, INC. Date: February 6, 2001 By: /s/ ------------------- Timothy K. Driggers Vice President Accounting and Land Administration EOG Resources, Inc. Estimated Ranges 1Q 2001 Full Year 2001 -------------------- ---------------------- North America Production Growth Target (Bcfe) 4% Daily Production Natural Gas (Mmcfd) US 680 - 700 690 - 700 Canada 120 - 130 135 - 145 Trinidad 90 - 125 90 - 125 Total 890 - 955 915 - 970 Crude Oil (Mbd) US 22.0 - 23.5 22.0 - 23.5 Canada 2.0 - 2.5 2.0 - 2.5 Trinidad 1.5 - 2.0 1.5 - 2.0 Total 25.5 - 28.0 25.5 - 28.0 Natural Gas Liquids (Mbd) US 2.5 - 2.5 2.5 - 3.0 Canada 0.5 - 1.0 0.5 - 1.0 Total 3.0 - 3.5 3.0 - 4.0 Operating Costs Unit Costs ($/Mcfe) Lease and Well (See text comment) $0.37 - $0.41 $0.37 - $0.41 Depreciation, Depletion and Amortization $0.90 - $1.00 $0.95 - $1.05 Expenses ($MM) Exploration, Dry Hole and Impairment 40.0 - 45.0 150.0 - 180.0 General and Administrative 20.0 - 25.0 80.0 - 85.0 Net Interest 11.0 - 13.0 40.0 - 45.0 Capitalized Interest 1.5 - 2.0 7.0 - 8.0 Taxes Other than Income (% of Revenue) 6.5 - 7.0 6.5 - 7.0 Taxes Effective Rate 30% - 40% 30% - 40% Deferred Ratio 30% - 40% 30% - 40% Preferred Dividends ($MM) 2.5 - 3.0 11.0 - 11.5 Average Shares Outstanding (MM) Basic 117.0 117.0 Fully Diluted 119.0 - 120.0 119.0 - 120.0 Capital Expenditures Excluding Acquisitions ($MM) North America 620 - 700 International 80 - 100 Total 700 - 800 Pricing Natural Gas ($/Mcf) Differentials US - below NYMEX Henry Hub $0.05 - $0.15 $0.05 - $0.25 Canada - below NYMEX Henry Hub $0.20 - $0.95 $0.20 - $0.95 Realizations Trinidad $1.22 $1.22 Crude Oil ($/Bbl) Differentials US - below WTI $0.75 - $1.00 $0.75 - $1.00 Canada - below WTI $2.00 - $2.75 $2.00 - $2.75 Trinidad - below WTI $2.25 - $2.75 $2.25 - $2.75
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