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 30, 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. Second Quarter and Full Year 2004 Forecast
The forecast items for the second 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. 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. 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 April 5, 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; 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
$MM US Dollars in millions
Mbd Thousand barrels per day
MM Millions
MMcfd Million cubic feet per day
NYMEX New York Mercantile Exchange
WTI West Texas Intermediate
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned thereunto duly authorized.
EOG RESOURCES, INC.
(Registrant)
Date: April 30, 2004 By: /s/ TIMOTHY K. DRIGGERS
Timothy K. Driggers
Vice President and Chief
Accounting Officer
(Principal Accounting Officer)
Estimated Ranges
(See text for additional information)
2Q 2004 Full Year 2004
Daily Production
Natural Gas (MMcfd)
US 615 - 640 630 - 658
Canada 180 - 220 195 - 228
Trinidad 150 - 170 160 - 180
UK North Sea 5 - 15
Total 945 - 1,030 990 - 1,081
Crude Oil (Mbd)
US 18.4 - 21.0 18.0 - 20.0
Canada 2.3 - 2.9 2.2 - 2.6
Trinidad 2.5 - 3.2 2.4 - 3.4
Total 23.2 - 27.1 22.6 - 26.0
Natural Gas Liquids (Mbd)
US 2.8 - 4.6 2.8 - 3.7
Canada 0.5 - 1.0 0.5 - 0.9
Total 3.3 - 5.6 3.3 - 4.6
Operating Costs
Unit Costs ($/Mcfe)
Lease and Well $0.56 - $0.60 $0.54 - $0.60
Depreciation, Depletion and Amortization $1.06 - $1.12 $1.04 - $1.12
Expenses ($MM)
Exploration, Dry Hole and Impairment 45.0 - 60.0 210.0 - 245.0
General and Administrative 27.0 - 30.0 105.0 - 120.0
Capitalized Interest 1.8 - 2.2 7.5 - 8.5
Net Interest 14.0 - 18.0 55.0 - 70.0
Taxes Other than Income (% of Revenue) 5.5 - 7.0 5.5 - 7.0
Taxes
Effective Rate 32% - 36% 32% - 36%
Deferred Ratio 55% - 80% 55% - 80%
Preferred Dividends ($MM) 2.4 - 3.0 10.5 - 11.5
Average Shares Outstanding (MM) for
Quarter ended March 31, 2004
Basic 115.6
Diluted 117.6
Capital Expenditures Excluding
Acquisitions ($MM) - FY 2004 Approximately 1,100
Pricing
Natural Gas ($/Mcf)
Differentials (include the effect
of physical contracts)
United States - below NYMEX Henry Hub $0.27 - $0.37 $0.20 - $0.40
Canada - below NYMEX Henry Hub $0.65 - $1.00 $0.70 - $0.95
Realizations
Trinidad $1.25 - $1.45 $1.25 - $1.50
Crude Oil ($/Bbl)
Differentials
US - below WTI $0.85 - $1.25 $0.80 - $1.00
Canada - below WTI $3.00 - $4.00 $2.50 - $4.00
Trinidad - below WTI $3.75 - $4.25 $3.25 - $4.25