8-K 1 eog8k4-26guide.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: April 26, 2005 _______________ 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) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions. [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) EOG RESOURCES, INC. Item 7.01 Regulation FD Disclosure. I. Second Quarter and Full Year 2005 Forecast The forecast items for the second quarter and full year 2005 set forth below for EOG Resources, Inc. (EOG) are based on current available information and expectations as of the date of this document. This forecast replaces and supersedes any previously issued guidance or forecast. Estimates are provided in the attached table, which is incorporated by reference herein. II. 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; the availability and cost of drilling rigs, experienced drilling crews and tubular steel; the availability, terms and timing of governmental and other permits and rights of way; the availability of pipeline transportation capacity; the extent to which EOG can replicate on its other Barnett Shale acreage outside of Johnson and Parker Counties, Texas, the results of its most recent Barnett Shale wells; whether EOG is successful in its efforts to more densely develop its acreage in the Barnett Shale and other production areas; political developments around the world; acts of war and terrorism and responses to these acts; 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 $MM US Dollars in millions Mbd Thousand barrels per day MMcfd Million cubic feet per day MMcfed Million cubic feet equivalent per day NYMEX New York Mercantile Exchange WTI West Texas Intermediate SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. EOG RESOURCES, INC. (Registrant) Date: April 26, 2005 By: /s/TIMOTHY K. DRIGGERS Timothy K. Driggers Vice President and Chief Accounting Officer (Principal Accounting Officer) Estimated Ranges (See text for additional information) 2Q 2005 Full Year 2005 Daily Production Natural Gas (MMcfd) US 710 - 735 686 - 735 Canada 205 - 220 215 - 235 Trinidad 180 - 200 215 - 230 UK North Sea 30 - 40 30 - 42 Total 1,125 - 1,195 1,146 - 1,242 Crude Oil (Mbd) US 20.0 - 24.0 20.0 - 24.2 Canada 2.0 - 2.6 2.3 - 3.0 Trinidad 2.6 - 4.2 3.8 - 4.6 Total 24.6 - 30.8 26.1 - 31.8 Natural Gas Liquids (Mbd) US 4.5 - 5.5 4.4 - 5.2 Canada 0.5 - 1.2 0.4 - 1.1 Total 5.0 - 6.7 4.8 - 6.3 Natural Gas Equivalent Volumes (MMcfed) US 857 - 912 832 - 911 Canada 220 - 243 231 - 260 Trinidad 196 - 225 238 - 258 UK North Sea 30 - 40 30 - 42 Total 1,303 - 1,420 1,331 - 1,471 Operating Costs Unit Costs ($/Mcfe) Lease and Well including Transportation $0.66 - $0.72 $0.60 - $0.70 Depreciation, Depletion and Amortization $1.20 - $1.24 $1.14 - $1.22 Expenses ($MM) Exploration, Dry Hole and Impairment 65.0 - 100.0 260.0 - 280.0 General and Administrative 28.0 - 34.0 115.0 - 130.0 Capitalized Interest 3.0 - 3.5 12.0 - 15.0 Net Interest 12.0 - 16.0 52.0 - 57.0 Taxes Other Than Income (% of Revenue) 5.3% - 5.9% 5.6% - 6.0% Income Taxes Effective Rate 34% - 36% 34% - 36% Deferred Ratio 30% - 50% 30% - 50% Preferred Dividends ($MM) 1.6 - 2.0 7.0 - 8.0 Capital Expenditures excluding Acquisitions ($MM) - FY 2005 Approximately 1,600 Pricing Natural Gas ($/Mcf) Differentials (include the effect of physical contracts) United States - below NYMEX Henry Hub $0.10 - $0.45 $0.15 - $0.35 Canada - below NYMEX Henry Hub $0.70 - $1.10 $0.65 - $1.05 Realizations Trinidad $1.50 - $2.00 $1.50 - $2.00 UK North Sea $5.00 - $7.50 $5.00 - $7.50 Crude Oil ($/Bbl) Differentials US - below WTI $1.00 - $1.50 $1.00 - $1.50 Canada - below WTI $2.50 - $5.00 $2.50 - $5.00 Trinidad - below WTI $5.00 - $6.25 $5.00 - $6.25