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EOG Resources Reports First Quarter 2009 Results
- Increases 2009 Total Company Organic Production Growth Target from 3 Percent to 5.5 Percent with Original Capital Expenditure Budget
- Higher Domestic Liquids and Trinidad Natural Gas Production Drive Increased Growth
- Targets Crude Oil and Natural Gas Liquids Growth of 22 Percent in 2009 and 20 Percent in 2010
- Announces Horizontal Crude Oil Success in Canada's Waskada Field
PRNewswire-FirstCall
HOUSTON

Click here for PDF version

FOR IMMEDIATE RELEASE: Monday, May 4, 2009

HOUSTON - EOG Resources, Inc. (EOG) today reported first quarter 2009 net income available to common stockholders of $158.7 million, or $0.63 per share. This compares to first quarter 2008 net income available to common stockholders of $240.5 million, or $0.96 per share.

The results for the first quarter 2009 included a previously disclosed $351.4 million ($226.1 million after tax, or $0.90 per share) net gain on the mark-to-market of financial commodity transactions. During the quarter, the net cash inflow related to financial commodity contracts was $311.0 million ($200.1 million after tax, or $0.80 per share). Consistent with some analysts' practice of matching realizations to settlement months, adjusted non-GAAP net income available to common stockholders for the quarter was $132.7 million, or $0.53 per share. Adjusted non-GAAP net income available to common stockholders for the first quarter 2008 was $473.0 million, or $1.89 per share. (Please refer to the attached tables for the reconciliation of adjusted non-GAAP net income available to common stockholders to GAAP net income available to common stockholders.)

Operational Highlights and Targets

EOG increased its full year 2009 total company organic production growth target from 3 percent to 5.5 percent based on first quarter operational results and stronger than anticipated domestic crude oil and natural gas liquids volumes. During the first quarter, crude oil production in the United States increased 47 percent over the same period last year. The higher level of total liquids recorded during the first quarter and projected for the second half of 2009 is primarily due to higher than expected production from the North Dakota Bakken and the Fort Worth Barnett Shale. In addition, EOG projects greater natural gas production from its Trinidad operations due to reduced plant downtime. EOG expects to achieve its new production target while maintaining its previously announced total capital expenditure budget of $3.1 billion.

"Based on economic investments at current crude oil and natural gas prices, we are increasing our total 2009 production growth target to 5.5 percent, all organic. EOG is positioned to achieve total company liquids growth of 22 percent, to approximately 75,000 barrels per day in 2009. The majority of the increases will come from U.S. crude oil and natural gas liquids production during the second half of the year," said Mark G. Papa, Chairman and CEO. "With this momentum, we are targeting total liquids growth of 20 percent, to roughly 90,000 barrels per day in 2010."

EOG plans to resume full crude oil production in the North Dakota Bakken Parshall Field by July. The completion of wells drilled during EOG's winter program also is expected to commence early in the second half of 2009. To transport its Bakken crude oil production closer to markets, EOG is moving forward with a project that would utilize rail to move volumes from North Dakota to a terminal in Oklahoma by early 2010.

By applying enhanced horizontal drilling and completion technology, EOG has drilled and completed 29 successful horizontal crude oil wells in the Waskada Field in Manitoba, Canada. Recent well results indicate that EOG's current acreage position contains approximately 25 million barrels of net recoverable crude oil reserves.

EOG is continuing its Fort Worth Barnett Shale natural gas development drilling program in Johnson and Hill Counties. With more than 750 remaining drilling locations in Johnson County alone, EOG can remain active in the prolific play for several years.

EOG estimates its total production from the Barnett Shale natural gas and Combo plays will average approximately 460 million cubic feet equivalent per day (MMcfed) in 2009, increasing to 700 MMcfed in 2012, contingent on hydrocarbon prices recovering from current levels.

"We are optimistic that crude oil prices will strengthen in the latter part of 2009 and natural gas prices will recover in 2010," said Papa.

"Given our rich inventory of prospects, we expect our production profile to increase during the second half of 2009, positioning EOG to once again deliver double-digit production growth in 2010."

Conference Call Scheduled for May 5, 2009

EOG's first quarter 2009 results conference call will be available via live audio webcast at 8 a.m. Central Daylight Time (9 a.m. Eastern Daylight Time) on Tuesday, May 5, 2009. To listen, log on to www.eogresources.com. The webcast will be archived on EOG's website through Tuesday, May 19, 2009.

EOG Resources, Inc. is one of the largest independent (non-integrated) oil and natural gas companies in the United States with proved reserves in the United States, Canada, Trinidad, the United Kingdom North Sea and China. EOG Resources, Inc. is listed on the New York Stock Exchange and is traded under the ticker symbol "EOG."

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, including, among others, statements and projections regarding EOG's future financial position, operations, performance, business strategy, budgets, reserve information, levels of production and costs and statements regarding the plans and objectives of EOG's management for future operations, are forward-looking statements. EOG typically uses words such as "expect," "anticipate," "estimate," "project," "strategy," "intend," "plan," "target," "goal," "may," "will" and "believe" or the negative of those terms or other variations or comparable terminology to identify its forward-looking statements. In particular, statements, express or implied, concerning EOG's future operating results and returns or EOG's ability to replace or increase reserves, increase production or generate income or cash flows are forward-looking statements. Forward-looking statements are not guarantees of performance. Although EOG believes the expectations reflected in its forward-looking statements are reasonable and are based on reasonable assumptions, no assurance can be given that these assumptions are accurate or that these expectations will be achieved or will prove to have been correct. Moreover, EOG's forward-looking statements may be affected by known and unknown risks, events or circumstances that may be outside EOG's control. Important factors that could cause EOG's actual results to differ materially from the expectations reflected in EOG's forward-looking statements include, among others:

  --  the timing and extent of changes in prices for natural gas, crude oil
      and related commodities;
  --  changes in demand for natural gas, crude oil and related commodities,
      including ammonia and methanol;
  --  the extent to which EOG is successful in its efforts to discover,
      develop, market and produce reserves and to acquire natural gas and
      crude oil properties;
  --  the extent to which EOG can optimize reserve recovery and economically
      develop its plays utilizing horizontal and vertical drilling and
      advanced completion technologies;
  --  the extent to which EOG is successful in its efforts to economically
      develop its acreage in the Barnett Shale, the Bakken Formation, its
      Horn River Basin and Haynesville plays and its other exploration and
      development areas;
  --  EOG's ability to achieve anticipated production levels from existing
      and future natural gas and crude oil development projects, given the
      risks and uncertainties inherent in drilling, completing and operating
      natural gas and crude oil wells and the potential for interruptions of
      production, whether involuntary or intentional as a result of market
      or other conditions;
  --  the availability, proximity and capacity of, and costs associated
      with, gathering, processing, compression and transportation
      facilities;
  --  the availability, cost, terms and timing of issuance or execution of,
      and competition for, mineral licenses and leases and governmental and
      other permits and rights of way;
  --  competition in the oil and gas exploration and production industry for
      employees and other personnel, equipment, materials and services and,
      related thereto, the availability and cost of employees and other
      personnel, equipment, materials and services;
  --  EOG's ability to obtain access to surface locations for drilling and
      production facilities;
  --  the extent to which EOG's third-party-operated natural gas and crude
      oil properties are operated successfully and economically;
  --  EOG's ability to effectively integrate acquired natural gas and crude
      oil properties into its operations, fully identify existing and
      potential problems with respect to such properties and accurately
      estimate reserves, production and costs with respect to such
      properties;
  --  weather, including its impact on natural gas and crude oil demand, and
      weather-related delays in drilling and in the installation and
      operation of gathering and production facilities;
  --  the ability of EOG's customers and other contractual counterparties to
      satisfy their obligations to EOG and, related thereto, to access the
      credit and capital markets to obtain financing needed to satisfy their
      obligations to EOG;
  --  EOG's ability to access the commercial paper market and other credit
      and capital markets to obtain financing on terms it deems acceptable,
      if at all;
  --  the accuracy of reserve estimates, which by their nature involve the
      exercise of professional judgment and may therefore be imprecise;
  --  the timing and extent of changes in foreign currency exchange rates,
      interest rates, inflation rates, global and domestic financial market
      conditions and global and domestic general economic conditions;
  --  the extent and effect of any hedging activities engaged in by EOG;
  --  the timing and impact of liquefied natural gas imports;
  --  the use of competing energy sources and the development of alternative
      energy sources;
  --  political developments around the world, including in the areas in
      which EOG operates;
  --  changes in government policies, legislation and regulations, including
      environmental regulations;
  --  the extent to which EOG incurs uninsured losses and liabilities;
  --  acts of war and terrorism and responses to these acts; and

  --  the other factors described under Item 1A, "Risk Factors," on pages 13
      through 19 of EOG's Annual Report on Form 10-K for the fiscal year
      ended December 31, 2008 and any updates to those factors set forth in
      EOG's subsequent Quarterly Reports on Form 10-Q.


In light of these risks, uncertainties and assumptions, the events anticipated by EOG's forward-looking statements may not occur, and you should not place any undue reliance on any of EOG's forward-looking statements. EOG's forward-looking statements speak only as of the date made and EOG undertakes no obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.

The United States Securities and Exchange Commission (SEC) currently permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. As noted above, statements of proved reserves are only estimates and may be imprecise. Any reserve estimates provided in this press release that are not specifically designated as being estimates of proved reserves may include not only proved reserves, but also other categories of reserves that the SEC's guidelines strictly prohibit EOG from including in filings with the SEC. Investors are urged to consider closely the disclosure in EOG's Annual Report on Form 10-K for the fiscal year ended December 31, 2008, available from EOG at P.O. Box 4362, Houston, Texas 77210-4362 (Attn: Investor Relations). You can also obtain this report from the SEC by calling 1-800-SEC-0330 or from the SEC's website at www.sec.gov.

                            EOG RESOURCES, INC.
                             FINANCIAL REPORT
                             ----------------
             (Unaudited; in millions, except per share data)


                                               Three Months Ended
                                                   March 31,
                                                   ---------
                                              2009          2008
                                              ----          ----
  Net Operating Revenues                   $1,158.2      $1,134.0
                                           ========      ========
  Net Income Available to Common
   Stockholders                              $158.7        $240.5
                                             ======        ======
  Net Income Per Share Available to Common
   Stockholders
    Basic                                     $0.64         $0.98
                                              =====         =====
    Diluted                                   $0.63         $0.96
                                              =====         =====
  Average Number of Shares Outstanding
    Basic                                     248.0         245.4
                                              =====         =====
    Diluted                                   250.2         249.8
                                              =====         =====



                       SUMMARY INCOME STATEMENTS
                       -------------------------
                       (Unaudited; in thousands)


                                             Three Months Ended
                                                  March 31,
                                                  ---------
                                             2009          2008
                                             ----          ----
  Net Operating Revenues
    Natural Gas                            $567,578    $1,037,638
    Crude Oil, Condensate and
     Natural Gas Liquids                    200,328       394,848
    Gains (Losses) on Mark-to-
     Market Commodity
     Derivative Contracts                   351,383      (469,844)
    Gathering, Processing and
     Marketing                               37,842        35,985
    Other, Net                                1,078       135,391
                                              -----       -------
      Total                               1,158,209     1,134,018
                                          ---------     ---------
  Operating Expenses
    Lease and Well                          145,506       124,107
    Transportation Costs                     68,862        61,967
    Gathering and Processing
     Costs                                   17,713         8,359
    Exploration Costs                        49,623        47,943
    Dry Hole Costs                            2,994         8,428
    Impairments                              65,471        32,574
    Marketing Costs                          31,953        33,045
    Depreciation, Depletion
     and Amortization                       389,329       297,199
    General and Administrative               57,946        52,926
    Taxes Other Than Income                  47,400        86,750
                                             ------        ------
      Total                                 876,797       753,298
                                            -------       -------

  Operating Income                          281,412       380,720

  Other Income, Net                           1,739         1,583
                                              -----         -----

  Income Before Interest
   Expense and Income Taxes                 283,151       382,303

  Interest Expense, Net                      18,376        12,191
                                             ------        ------

  Income Before Income Taxes                264,775       370,112

  Income Tax Provision                      106,065       129,156
                                            -------       -------

  Net Income                                158,710       240,956

  Preferred Stock Dividends                       -           443
                                                ---           ---

  Net Income Available to
   Common Stockholders                     $158,710      $240,513
                                           ========      ========

  Dividends Declared per
   Common Share                              $0.145        $0.120
                                             ======        ======



                             EOG RESOURCES, INC.
                            OPERATING HIGHLIGHTS
                            --------------------
                                 (Unaudited)

                                                Three Months Ended
                                                     March 31,
                                                     ---------
                                                2009           2008
                                                ----           ----
  Wellhead Volumes and Prices
  ---------------------------
  Natural Gas Volumes (MMcfd) (A)
    United States                              1,193           1,085
    Canada                                       230             216
    Trinidad                                     263             231
    Other International (B)                       16              17
                                                 ---             ---
      Total                                    1,702           1,549
                                               =====           =====

  Average Natural Gas Prices ($/Mcf) ©
    United States                              $4.06           $8.05
    Canada                                      4.43            7.44
    Trinidad                                    1.32            3.87
    Other International (B)                     6.03            9.85
      Composite                                 3.71            7.36

  Crude Oil and Condensate Volumes (MBbld) (A)
    United States                               44.9            30.6
    Canada                                       3.2             2.4
    Trinidad                                     3.0             3.6
    Other International (B)                      0.1             0.1
                                                 ---             ---
      Total                                     51.2            36.7
                                                ====            ====

  Average Crude Oil and Condensate
   Prices ($/Bbl) ©
    United States                             $33.24          $92.08
    Canada                                     37.11           88.94
    Trinidad                                   33.45           87.90
    Other International (B)                    46.71           88.29
      Composite                                33.51           91.46

  Natural Gas Liquids Volumes (MBbld) (A)
    United States                               21.7            16.7
    Canada                                       1.1             1.0
                                                 ---             ---
      Total                                     22.8            17.7
                                                ====            ====

  Average Natural Gas Liquids Prices
   ($/Bbl) ©
    United States                             $22.12          $57.26
    Canada                                     25.52           57.14
      Composite                                22.29           57.26

  Natural Gas Equivalent Volumes (MMcfed) (D)
    United States                              1,593           1,370
    Canada                                       255             236
    Trinidad                                     281             252
    Other International (B)                       17              17
                                                 ---             ---
      Total                                    2,146           1,875
                                               =====           =====

  Total Bcfe (D)                               193.1           170.6

  (A) Million cubic feet per day or thousand barrels per day, as
      applicable.
  (B) Other International includes EOG's United Kingdom operations and,
      effective July 1, 2008, EOG's China operations.
  © Dollars per thousand cubic feet or per barrel, as applicable.
  (D) Million cubic feet equivalent per day or billion cubic feet
      equivalent, as applicable; includes natural gas, crude oil
      and condensate and natural gas liquids.  Natural gas equivalents
      are determined using the ratio of 6.0 thousand cubic feet of
      natural gas to 1.0 barrel of crude oil and condensate or natural
      gas liquids.



                             EOG RESOURCES, INC.
                            SUMMARY BALANCE SHEETS
                            ----------------------
                 (Unaudited; in thousands, except share data)


                                                  March 31,    December 31,
                                                     2009          2008
                                                     ----          ----

                                    ASSETS
  Current Assets
    Cash and Cash Equivalents                      $85,214      $331,311
    Accounts Receivable, Net                       558,119       722,695
    Inventories                                    242,627       187,970
    Assets from Price Risk Management
     Activities                                    856,982       779,483
    Income Taxes Receivable                          5,199        27,053
    Deferred Income Taxes                            6,822             -
    Other                                           54,776        59,939
                                                    ------        ------
         Total                                   1,809,739     2,108,451

  Property, Plant and Equipment
    Oil and Gas Properties (Successful
     Efforts Method)                            21,460,167    20,803,629
    Other Property, Plant and Equipment          1,086,093     1,057,888
                                                 ---------     ---------
                                                22,546,260    21,861,517
    Less:  Accumulated Depreciation,
     Depletion and Amortization                 (8,539,730)   (8,204,215)
                                                ----------    ----------
        Total Property, Plant and Equipment,
         Net                                    14,006,530    13,657,302
  Other Assets                                     167,440       185,473
                                                   -------       -------
  Total Assets                                 $15,983,709   $15,951,226
                                               ===========   ===========

                     LIABILITIES AND STOCKHOLDERS' EQUITY
  Current Liabilities
    Accounts Payable                              $774,434    $1,122,209
    Accrued Taxes Payable                           78,866        86,265
    Dividends Payable                               35,943        33,461
    Liabilities from Price Risk Management
     Activities                                      9,610         4,429
    Deferred Income Taxes                          296,468       368,231
    Current Portion of Long-Term Debt                    -        37,000
    Other                                           87,976       113,321
                                                    ------       -------
         Total                                   1,283,297     1,764,916


  Long-Term Debt                                 2,105,100     1,860,000
  Other Liabilities                                514,143       498,291
  Deferred Income Taxes                          2,965,632     2,813,522
  Commitments and Contingencies

  Stockholders' Equity
    Common Stock, $0.01 Par, 640,000,000 Shares Authorized:
      250,338,160 Shares Issued at
      March 31, 2009 and 249,758,577
      Shares Issued at December 31, 2008           202,503       202,498
    Additional Paid In Capital                     349,210       323,805
    Accumulated Other Comprehensive (Loss)
     Income                                        (21,694)       27,787
    Retained Earnings                            8,588,650     8,466,143
    Common Stock Held in Treasury, 62,402
     Shares at March 31, 2009 and 126,911
     Shares at December 31, 2008                    (3,132)       (5,736)
                                                    ------        ------
           Total Stockholders' Equity            9,115,537     9,014,497
                                                 ---------     ---------
  Total Liabilities and Stockholders' Equity   $15,983,709   $15,951,226
                                               ===========   ===========



                                EOG RESOURCES, INC.
                         SUMMARY STATEMENTS OF CASH FLOWS
                         --------------------------------
                            (Unaudited; in thousands)

                                                    Three Months Ended
                                                         March 31,
                                                         ---------
                                                    2009           2008
                                                    ----           ----
  Cash Flows from Operating Activities
  Reconciliation of Net Income to Net Cash
   Provided by Operating Activities:
    Net Income                                    $158,710       $240,956
    Items Not Requiring (Providing) Cash
      Depreciation, Depletion and Amortization     389,329        297,199
      Impairments                                   65,471         32,574
      Stock-Based Compensation Expenses             26,407         19,783
      Deferred Income Taxes                         83,215         83,390
      Other, Net                                      (652)      (127,968)
    Dry Hole Costs                                   2,994          8,428
    Mark-to-Market Commodity Derivative Contracts
      Total (Gains) Losses                        (351,383)       469,844
      Realized Gains                               310,964         23,210
    Other, Net                                       2,940          8,599
    Changes in Components of Working Capital and
     Other Assets and Liabilities
      Accounts Receivable                          156,926       (177,684)
      Inventories                                  (22,896)         3,285
      Accounts Payable                            (352,622)        93,452
      Accrued Taxes Payable                         14,478        (29,265)
      Other Assets                                   1,430         (1,745)
      Other Liabilities                            (18,070)       (22,165)
    Changes in Components of Working Capital
     Associated with Investing and Financing
     Activities                                    138,598          5,192
                                                   -------          -----
  Net Cash Provided by Operating Activities        605,839        927,085

  Investing Cash Flows
    Additions to Oil and Gas Properties           (822,583)    (1,060,035)
    Additions to Other Property, Plant and
     Equipment                                     (65,013)       (87,589)
    Proceeds from Sales of Assets                      447        346,891
    Changes in Components of Working Capital
     Associated with Investing Activities         (138,532)        (4,750)
    Other, Net                                         554         (1,235)
                                                       ---         ------
  Net Cash Used in Investing Activities         (1,025,127)      (806,718)

  Financing Cash Flows
    Net Commercial Paper and Uncommitted
     Credit Facility Borrowings                    208,100              -
    Dividends Paid                                 (33,491)       (22,089)
    Redemption of Preferred Stock                        -         (5,395)
    Excess Tax Benefits from Stock-Based
     Compensation                                    4,688         35,496
    Treasury Stock Purchased                        (4,904)        (5,508)
    Proceeds from Stock Options Exercised            1,152         29,537
    Other, Net                                         (66)          (442)
                                                       ---           ----
  Net Cash Provided by Financing Activities        175,479         31,599

  Effect of Exchange Rate Changes on Cash           (2,288)        (1,259)
                                                    ------         ------

  Increase (Decrease) in Cash and Cash
   Equivalents                                    (246,097)       150,707
  Cash and Cash Equivalents at Beginning
   of Period                                       331,311         54,231
                                                   -------         ------
  Cash and Cash Equivalents at End of Period       $85,214       $204,938
                                                   =======       ========



                              EOG RESOURCES, INC.
                  QUANTITATIVE RECONCILIATION OF ADJUSTED NET
                  -------------------------------------------
               INCOME AVAILABLE TO COMMON STOCKHOLDERS (Non-GAAP)
               --------------------------------------------------
              TO NET INCOME AVAILABLE TO COMMON STOCKHOLDERS (GAAP)
              -----------------------------------------------------
                 (Unaudited; in thousands, except per share data)


  The following chart adjusts three-month periods ended March 31, 2009 and
  2008, reported Net Income Available to Common Stockholders (GAAP) to
  reflect actual net cash realized from financial commodity price
  transactions by eliminating the unrealized mark-to-market (gains) losses
  from these transactions and to eliminate the gain on the sale of
  Appalachian assets in the first quarter of 2008.  EOG believes this
  presentation may be useful to investors who follow the practice of some
  industry analysts who adjust reported company earnings to match
  realizations to production settlement months and make certain other
  adjustments to exclude one-time items.  EOG management uses this
  information for comparative purposes within the industry.


                                                      Three Months Ended
                                                           March 31,
                                                           ---------
                                                      2009           2008
                                                      ----           ----

  Reported Net Income Available to Common
   Stockholders (GAAP)                             $158,710       $240,513

  Mark-to-Market (MTM) Commodity Derivative
   Contracts Impact
    Total (Gains) Losses                           (351,383)       469,844
    Realized Gains                                  310,964         23,210
                                                    -------         ------
       Subtotal                                     (40,419)       493,054
                                                    -------        -------

    After Tax MTM Impact                            (26,010)       317,280
                                                    -------        -------

  Less:  Gain on Sale of Appalachian Assets, Net
   of Tax                                                 -        (84,748)
                                                        ---        -------


  Adjusted Net Income Available to Common
   Stockholders (Non-GAAP)                         $132,700       $473,045
                                                   ========       ========

  Net Income Per Share Available to Common
   Stockholders (GAAP)
    Basic                                             $0.64          $0.98
                                                      =====          =====
    Diluted                                           $0.63          $0.96
                                                      =====          =====

  Adjusted Net Income Per Share Available to
   Common Stockholders (Non-GAAP)
    Basic                                             $0.54          $1.93
                                                      =====          =====
    Diluted                                           $0.53          $1.89
                                                      =====          =====

  Average Number of Shares
    Basic                                           247,991        245,430
                                                    =======        =======
    Diluted                                         250,204        249,763
                                                    =======        =======



                              EOG RESOURCES, INC.
             QUANTITATIVE RECONCILIATION OF DISCRETIONARY CASH FLOW
             ------------------------------------------------------
                   AVAILABLE TO COMMON STOCKHOLDERS (Non-GAAP)
                   -------------------------------------------
               TO NET CASH PROVIDED BY OPERATING ACTIVITIES (GAAP)
               ---------------------------------------------------
                            (Unaudited; in thousands)

  The following chart reconciles three-month periods ended March 31, 2009
  and 2008, Net Cash Provided by Operating Activities (GAAP) to
  Discretionary Cash Flow Available to Common Stockholders (Non-GAAP).
  EOG believes this presentation may be useful to investors who follow the
  practice of some industry analysts who adjust Net Cash Provided by
  Operating Activities for Exploration Costs (excluding Stock-Based
  Compensation Expenses), Changes in Components of Working Capital and
  Other Assets and Liabilities, Changes in Components of Working Capital
  Associated with Investing and Financing Activities and Preferred Stock
  Dividends.  EOG management uses this information for comparative purposes
  within the industry.

                                                      Three Months Ended
                                                           March 31,
                                                           ---------
                                                       2009          2008
                                                       ----          ----
  Net Cash Provided by Operating Activities (GAAP)  $605,839      $927,085

  Adjustments
    Exploration Costs (excluding Stock-Based
     Compensation Expenses)                           44,471        43,923
    Changes in Components of Working Capital and
     Other Assets and Liabilities
      Accounts Receivable                           (156,926)      177,684
      Inventories                                     22,896        (3,285)
      Accounts Payable                               352,622       (93,452)
      Accrued Taxes Payable                          (14,478)       29,265
      Other Assets                                    (1,430)        1,745
      Other Liabilities                               18,070        22,165
    Changes in Components of Working Capital
     Associated with Investing and Financing
     Activities                                     (138,598)       (5,192)
    Preferred Stock Dividends                              -          (443)
                                                         ---          ----

  Discretionary Cash Flow Available to Common
   Stockholders (Non-GAAP)                          $732,466    $1,099,495
                                                    ========    ==========

Investors
Maire A. Baldwin
(713) 651-6EOG (651-6364)

Media and Investors
Elizabeth M. Ivers
(713) 651-7132

 

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