-----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, NseMzyV4AZTDXV0Pd9Md2qVS3NniNJmfSBV/oWd8hw+Wn4bR4Bv5nQxMyUlzJz4n MMtz6n8RsAWgvwis0TSaRw== 0000821189-02-000002.txt : 20020414 0000821189-02-000002.hdr.sgml : 20020414 ACCESSION NUMBER: 0000821189-02-000002 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20010129 ITEM INFORMATION: FILED AS OF DATE: 20020129 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: 1934 Act SEC FILE NUMBER: 001-09743 FILM NUMBER: 02521181 BUSINESS ADDRESS: STREET 1: 333 CLAY SUITE 4200 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 form8k012902.txt FORM 8-K - ITEM 9. REGULATION FD DISCLOSURE ======================================================================== 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: January 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. First Quarter and Full Year 2002 -------------------------------- The forecasts for first quarter and full year 2002 set forth below for EOG Resources, Inc. ('the Company') are given as of the date of this document only and are based on current 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 Natural Gas Financial and Physical Contracts ------------------------------------------------- The outstanding Natural Gas Financial Price Swaps and Natural Gas Physical Contracts for 2002 were delineated in the Company's Form 8-K filing on January 16, 2002. III. North America 2002 Production Target ------------------------------------ As previously stated, the Company had targeted four percent 2002 production growth for North America predicated on the assumption of $3.00 per MMBtu average annualized Henry Hub natural gas price. In view of the current price environment, the Company believes that $3.00 per MMBtu average annualized natural gas price will most likely not be achieved during 2002. The Company's North American production forecast in the attached table uses a $2.50 (+/- $0.10) per MMBtu average annualized Henry Hub assumption for 2002. The midpoint of the estimated ranges in the attached table results in flat production in North America for the full year 2002 as compared to 2001. IV. Income Taxes ------------ No guidance is given at this time for income taxes, reflecting the current forward price strip for natural gas and crude oil and the volatility in taxes caused by small movements in prices. 3 V. 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 otherwise. Definitions - ----------- $/Bbl US Dollars per barrel $/Mcf US Dollars per thousand cubic feet $/Mcfe US Dollars per thousand cubic feet equivalent MMBtu Million British thermal units MMcfd Million cubic feet per day Mbd Thousand barrels per day WTI West Texas Intermediate MM Millions NYMEX New York Mercantile Exchange $MM US Dollars in millions 4 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. EOG RESOURCES, INC. Date: January 29, 2002 By: /s/ TIMOTHY K. DRIGGERS ----------------------------- Timothy K. Driggers Vice President, Accounting and Land Administration (Principal Accounting Officer) 5 EOG Resources, Inc. Estimated Ranges 1Q 2002 Full Year 2002 --------------- ---------------- Daily Production Natural Gas (MMcfd) US 640 - 655 650 - 680 Canada 135 - 145 145 - 155 Trinidad 110 - 115 125 - 135 Total 885 - 915 920 - 970 Crude Oil (Mbd) US 19.0 - 20.0 20.0 - 21.0 Canada 1.5 - 2.0 1.5 - 2.0 Trinidad 1.7 - 2.1 1.8 - 2.5 Total 22.2 - 24.1 23.3 - 25.5 Natural Gas Liquids (Mbd) US 3.0 - 3.5 3.0 - 3.5 Canada 0.5 - 0.7 0.5 - 1.0 Total 3.5 - 4.2 3.5 - 4.5 Operating Costs Unit Costs ($/Mcfe) Lease and Well $0.43 - $0.46 $0.41 - $0.45 Depreciation, Depletion and Amortization $0.98 - $1.01 $0.97 - $1.00 Expenses ($MM) Exploration, Dry Hole and Impairment 35.0 - 50.0 120.0 - 180.0 General and Administrative 20.0 - 22.0 85.0 - 90.0 Capitalized Interest 2.0 - 2.5 8.0 - 9.0 Net Interest 12.0 - 14.0 50.0 - 58.0 Taxes Other than Income (% of Revenue) 7.0 - 8.0 7.0 - 8.0 Preferred Dividends ($MM) 2.7 - 2.8 11.0 - 11.2 Basic Shares Outstanding (MM) at December 31, 2001 - 115.1 Capital Expenditures Excluding Acquisitions ($MM) North America 560 - 700 International 40 - 50 Total 600 - 750 Pricing Natural Gas ($/Mcf) Differentials US - below NYMEX Henry Hub $0.10 - $0.20 $0.10 - $0.20 Canada - below NYMEX Henry Hub $0.30 - $0.60 $0.30 - $0.60 Realizations Trinidad $1.26 $1.15 - $1.26 Crude Oil ($/Bbl) Differentials US - below WTI $1.10 - $1.40 $1.00 - $1.30 Canada - below WTI $2.00 - $4.00 $2.00 - $4.00 Trinidad - below WTI $3.50 - $4.00 $3.00 - $4.00
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