-----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, BxhnRuB3OPR+5KddbsCUU7A85CiyMfvD05cqytBoA4svjlyE3lmU5Mkaxg2nwTv7 5+Aent+tPT4veOwljX8uiQ== 0000821189-04-000050.txt : 20040204 0000821189-04-000050.hdr.sgml : 20040204 20040204172252 ACCESSION NUMBER: 0000821189-04-000050 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040204 ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20040204 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: 04567736 BUSINESS ADDRESS: STREET 1: 333 CLAY SUITE 4200 CITY: HOUSTON STATE: TX ZIP: 77002-7361 BUSINESS PHONE: 7136517000 MAIL ADDRESS: STREET 1: 333 CLAY STREET SUITE 4200 CITY: HOUSTON STATE: TX ZIP: 77002-7361 FORMER COMPANY: FORMER CONFORMED NAME: ENRON OIL & GAS CO DATE OF NAME CHANGE: 19920703 8-K 1 eog8k2-04guid.txt FORM 8-K 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: February 4, 2004 _______________ 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) EOG RESOURCES, INC. Item 9. Regulation FD Disclosure I. First Quarter and Full Year 2004 Forecast The forecast items for the first quarter and full year 2004 set forth below for EOG Resources, Inc. (EOG) are based on current available information and expectations as of the date of this document. Estimates are provided in the attached table, which is incorporated by reference herein. II. 2004 Natural Gas and Crude Oil Financial Price Swap and Natural Gas Financial Collar Contracts With the objective of enhancing the certainty of future revenues, from time to time EOG enters into NYMEX-related financial commodity price swap and collar contracts. EOG has not entered into any additional natural gas or crude oil financial price swap contracts or natural gas financial collar contracts since EOG filed its Current Report on Form 8-K on January 9, 2004, which provided an update of all such financial contracts as of that date. EOG accounts for these price swap and collar contracts using the mark-to-market accounting method. 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 EOG 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, foreign currency exchange rates and interest rates; the timing and impact of liquefied natural gas imports and changes in demand or prices for ammonia or methanol; the extent and effect of any hedging activities engaged in by EOG; the extent of EOG'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 terrorist activities; acts of war; and financial market conditions. In light of these risks, uncertainties and assumptions, the events anticipated by EOG's forward-looking statements might not occur. EOG 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 $MM US Dollars in millions Mbd Thousand barrels per day MM Millions MMcfd Million cubic feet per day NYMEX New York Mercantile Exchange WTI West Texas Intermediate SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. EOG RESOURCES, INC. Date: February 4, 2004 By: /s/ TIMOTHY K. DRIGGERS Timothy K. Driggers Vice President and Chief Accounting Officer (Principal Accounting Officer) Estimated Ranges (See text for additional information)
1Q 2004 Full Year 2004 Daily Production Natural Gas (MMcfd) US 600 - 630 630 - 658 Canada 180 - 220 195 - 228 Trinidad 140 - 160 160 - 180 United Kingdom 0 - 10 Total 920 - 1,010 985 - 1,076 Crude Oil (Mbd) US 19.0 - 21.8 17.0 - 20.4 Canada 2.0 - 2.6 2.0 - 2.4 Trinidad 1.8 - 2.8 2.2 - 3.4 Total 22.8 - 27.2 21.2 - 26.2 Natural Gas Liquids (Mbd) US 2.0 - 4.6 1.9 - 2.9 Canada 0.4 - 1.0 0.4 - 0.8 Total 2.4 - 5.6 2.3 - 3.7 Operating Costs Unit Costs ($/Mcfe) Lease and Well $0.57 - $0.62 $0.54 - $0.62 Depreciation, Depletion and Amortization $1.08 - $1.16 $1.08 - $1.16 Expenses ($MM) Exploration, Dry Hole and Impairment 50.0 - 85.0 220.0 - 280.0 General and Administrative 28.0 - 32.0 108.0 - 130.0 Capitalized Interest 2.0 - 2.4 7.5 - 8.5 Net Interest 12.0 - 17.0 50.0 - 65.0 Taxes Other than Income (% of Revenue) 5.5 - 7.0 5.5 - 7.0 Taxes Effective Rate 32% - 38% 32% - 38% Deferred Ratio 50% - 70% 50% - 70% Preferred Dividends ($MM) 2.5 - 3.0 10.5 - 11.5 Average Shares Outstanding (MM) for Quarter ended December 31, 2003 Basic 114.9 Diluted 117.2 Capital Expenditures Excluding Acquisitions ($MM) - FY 2004 Approximately 1,100 Pricing Natural Gas ($/Mcf) Differentials (include the effect of physical contracts) US - below NYMEX Henry Hub $0.40 - $0.60 $0.35 - $0.55 Canada - below NYMEX Henry Hub $0.75 - $1.00 $0.65 - $0.85 Realizations Trinidad $1.30 - $1.45 $1.30 - $1.45 Crude Oil ($/Bbl) Differentials US - below WTI $0.95 - $1.25 $0.85 - $1.25 Canada - below WTI $1.50 - $4.00 $2.00 - $3.50 Trinidad - below WTI $3.75 - $4.25 $3.75 - $4.85
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