email   rss   
Press Releases
EOG Resources, Inc. And Burlington Resources Exchange Oil And Gas Properties

Click here for PDF version

FOR IMMEDIATE RELEASE: Thursday, February 10, 2000

HOUSTON – Using current assets as currency, EOG Resources, Inc. and Burlington Resources today announced the signing of a definitive agreement for the exchange of certain properties to complement each company’s respective asset base and provide meaningful economies of scale.

The oil and gas properties that EOG Resources will receive in southeast New Mexico and West Texas will increase reserves and production in the Permian Basin where it has current operations. Burlington will receive primarily gas properties centered in its operating areas of northwest Oklahoma and Hemphill County, Texas. The underlying proved developed reserves of the EOG Resources and Burlington Resources properties involved in the exchange each equate to approximately 40 billion cubic feet equivalent of natural gas or 6.5 million barrels of oil equivalent.

According to Mark G. Papa, Chairman and CEO of EOG Resources, Inc., and Bobby S. Shackouls, Chairman, CEO and President of Burlington Resources, the exchange is mutually beneficial.

“The exchange is accretive to earnings and cash flow for EOG Resources and it increases our 2000 drilling inventory”, said Papa.

“The Anadarko Basin is an area where we have a track record of long-term value creation and competitive financial returns. These longer-lived, lower-cost assets will contribute to our overall portfolio of exploitation-oriented investment opportunities” said Shackouls.

This press release may contain projections and other forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Any such projections or statements reflect the Company’s current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that such projections will be achieved and actual results could differ materially from those projected. A discussion of important factors that could cause actual results to differ materially from those projected is included in the Company’s periodic reports filed with the Securities and Exchange Commission.

Top of Page