8-K 1 form8k-042902.txt CURRENT REPORT ON FORM 8-K FOR 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: 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