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EOG Resources Reports Third Quarter 2009 Results
- Increases 2009 Total Production Growth Target from 5.5 to 6 Percent and Total Liquids Growth Target from 25 to 27 Percent
- Sets 2010 Target of 13 Percent Total Production Growth and 50 Percent Total Liquids Growth
- Makes Another Tactical Acquisition in Fort Worth Barnett Combo and Announces Positive Drilling Results
- Reports New Core Area in East Texas Haynesville and Increases Acreage Position
- Discloses Seven High Rate Flow Tests in Horn River Basin
PRNewswire-FirstCall
HOUSTON

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FOR IMMEDIATE RELEASE: Thursday, November 5, 2009

HOUSTON - EOG Resources, Inc. (EOG) today reported its third quarter 2009 operating and financial results. For the third quarter, EOG reported net income available to common stockholders of $4.2 million, or $0.02 per share. This compares to third quarter 2008 net income available to common stockholders of $1,556.3 million, or $6.20 per share.

The results for the third quarter 2009 included a previously disclosed $20.9 million ($13.4 million after tax, or $0.05 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 $331.2 million ($213.1 million after tax, or $0.84 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 $203.9 million, or $0.81 per share. Adjusted non-GAAP net income available to common stockholders for the third quarter 2008 was $588.3 million, or $2.34 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.)

Full Year 2009 and 2010 Production Growth Forecasts

Based on the performance of its North American liquids plays, EOG has increased its 2009 total company production growth target from 5.5 to 6 percent. For 2010, EOG has set a total company organic production growth target of 13 percent that includes total liquids production growth of 50 percent.

Operational Highlights and Targets

With recent well results from the North Dakota Bakken Core and Lite areas and the Fort Worth Barnett Shale Combo Play showing the impact of substantially more effective completions, EOG is increasing its total company liquids production growth estimate from 25 to 27 percent for 2009. Carrying this momentum into 2010, EOG plans to ramp up operations in these areas and, therefore, is raising its full year 2010 crude oil, condensate and natural gas liquids production growth target from 20 to 50 percent.

In addition, EOG announced a tactical acquisition of core Barnett Shale Combo assets in Montague and Cooke Counties, Texas with the addition of 7,800 net acres during the third quarter.

Two recent horizontal Combo wells, the Christian A #1H and B #1H, in which EOG has 100 percent working interest, were drilled in Cooke County. They began initial production at 1,000 and 600 barrels of oil per day (Bopd) with 2.5 and 2.0 million cubic feet per day (MMcfd) of natural gas, respectively. Reflecting the implementation of EOG's improved completion techniques, recent horizontal wells in eastern Montague and western Cooke Counties indicate estimated per well reserves of over 280,000 barrels of oil equivalent (Boe), net, an 80 percent improvement over EOG's early 2008 per well reserve estimates for the play. In the core area of the Combo where pay intervals are thickest, EOG has been developing its acreage by drilling vertical wells. EOG has 100 percent working interest in the Fitzgerald #1 and Stephenson #1, which reported initial production rates of 1,100 and 450 Bopd with 2.1 and 0.7 MMcfd, respectively. EOG expects to recover over 220,000 Boe, net from vertical wells drilled in this core area.

EOG also reported positive well results from crude oil drilling activity in the North Dakota Bakken Core and Lite areas where it is operating a five-rig program. In the Bakken Core, EOG has 100 and 92 percent working interest, respectively, in the Fertile #9-8H and Fertile #13-18H. The wells commenced production at rates of 1,000 and 1,100 Bopd, respectively. In the Bakken Lite, EOG completed the Sidonia #2-5H and Ross #5-08H at initial rates of 626 and 750 Bopd, respectively. EOG has 78 and 100 percent working interest, respectively, in the wells. In addition, EOG drilled and tested its first wells in the Three Forks Formation to determine the extent of prospectivity across its acreage position. Initial results from the first two wells indicate encouraging pressure and flow rates in a portion of its acreage. By operating a 14-rig drilling program in North Dakota in 2010, EOG plans to focus on the Bakken Core and Lite, as well as further drilling and testing of the Three Forks Formation.

"EOG is successfully transferring its technical expertise in drilling horizontal natural gas wells to unconventional oil and liquids rich reservoirs," said Mark G. Papa, Chairman and CEO. "Although it is late in the year, EOG is on track to target a higher liquids growth rate for 2009 because of the quality of wells that we are making in the Barnett Combo and Bakken Core and Lite. On the strength of the results from our unconventional liquids plays, we have the confidence to raise EOG's 2010 total company crude oil, condensate and natural gas liquids production growth target from 20 percent to 50 percent."

As one of the first operators to test the extension of the Haynesville Play further southwest into Nacogdoches and Shelby Counties, Texas, EOG reported initial production rates from three wells that equal the better wells drilled to date in the Louisiana core area. In Nacogdoches County, the Hill #1, Pop Pop Gas Unit #1 and Hassell Gas Unit #1, which were drilled early in the third quarter, began initial production at rates in excess of 15 MMcfd of natural gas. EOG has 42 percent working interest in the wells. Based on this confirmation and the results of the Gammage #1 exploration well drilled in Nacogdoches County, EOG has increased its acreage position in the play. Including the recent acquisition of approximately 37,000 net acres in Nacogdoches County, EOG now has 153,000 total net acres in the Haynesville Play, after adjusting for the expected exercise of third party preferential purchase rights.

In the Horn River Basin of British Columbia, EOG's summer program concentrated on the completion of seven natural gas wells drilled the previous winter. The wells had initial production rates ranging from 16 to 23 MMcfd. In addition, EOG reached agreement with the British Columbia government on royalty incentives for a significant portion of the company's acreage.

"This has been an especially dynamic quarter for EOG with considerable strides made on both the liquids and gas sides of our business," said Papa. "Although EOG rarely makes an acquisition, we added tactical parcels to two of our core plays - the Barnett Combo and Haynesville. I'm particularly pleased that our focus on horizontal unconventional oil is already yielding meaningful results."

Conference Call Scheduled for November 6, 2009

EOG's third quarter 2009 results conference call will be available via live audio webcast at 8 a.m. Central Standard Time (9 a.m. Eastern Standard Time) on Friday, November 6, 2009. To listen, log on to www.eogresources.com. The webcast will be archived on EOG's website through Friday, November 20, 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 and China. EOG Resources, Inc. is listed on the New York Stock Exchange and is traded under the ticker symbol "EOG."

This press release (including the accompanying forecast and benchmark commodity pricing information) 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  Nine Months Ended
                      September 30,     September 30,
                      -------------     -------------
                      2009     2008     2009     2008
                      ----     ----     ----     ----
  Net Operating
   Revenues         $1,006.8 $3,263.9 $3,026.1 $5,493.4
                    ======== ======== ======== ========
  Net Income
   Available to
   Common
   Stockholders         $4.2 $1,556.3   $146.2 $1,975.0
                        ==== ========   ====== ========
  Net Income Per Share
   Available to Common
   Stockholders
    Basic              $0.02    $6.30    $0.59    $8.02
                       =====    =====    =====    =====
    Diluted            $0.02    $6.20    $0.58    $7.88
                       =====    =====    =====    =====
  Average Number of
   Shares Outstanding
    Basic              249.5    247.2    248.6    246.3
                       =====    =====    =====    =====
    Diluted            252.4    250.9    251.3    250.8
                       =====    =====    =====    =====



                      SUMMARY INCOME STATEMENTS
                      -------------------------
           (Unaudited; in thousands, except per share data)


                         Three Months Ended     Nine Months Ended
                            September 30,         September 30,
                          ----------------       ---------------
                          2009        2008       2009       2008
                          ----        ----       ----       ----
  Net Operating Revenues
    Natural Gas         $450,304  $1,259,130  $1,477,926 $3,637,325
    Crude Oil,
     Condensate and
     Natural Gas
     Liquids             398,806     574,402     886,268  1,494,043
    Gains on Mark-to-
     Market Commodity
     Derivative
     Contracts            20,877   1,381,733     405,830     69,067
    Gathering,
     Processing and
     Marketing           134,553      51,145     249,679    150,907
    Other, Net             2,309      (2,524)      6,394    142,074
                           -----      ------       -----    -------
      Total            1,006,849   3,263,886   3,026,097  5,493,416
                       ---------   ---------   ---------  ---------
  Operating Expenses
    Lease and Well       142,183     142,238     422,288    396,294
    Transportation
     Costs                70,971      78,136     205,844    203,205
    Gathering and
     Processing Costs     13,318       9,104      44,552     26,385
    Exploration Costs     44,910      37,943     128,840    145,397
    Dry Hole Costs         3,016      12,849      39,653     28,062
    Impairments           69,404      32,142     181,921    113,591
    Marketing Costs      131,816      44,380     237,819    140,411
    Depreciation,
     Depletion and
     Amortization        385,330     346,247   1,150,251    958,740
    General and
     Administrative       62,775      70,893     179,481    185,459
    Taxes Other Than
     Income               47,823      97,771     118,715    279,866
                          ------      ------     -------    -------
      Total              971,546     871,703   2,709,364  2,477,410
                         -------     -------   ---------  ---------

  Operating Income        35,303   2,392,183     316,733  3,016,006

  Other Income
   (Expense), Net           (339)     13,864       2,637     28,756
                            ----      ------       -----     ------

  Income Before
   Interest Expense
   and Income Taxes       34,964   2,406,047     319,370  3,044,762

  Interest Expense,
   Net                    30,407      12,095      73,594     33,315
                          ------      ------      ------     ------

  Income Before
   Income Taxes            4,557   2,393,952     245,776  3,011,447

  Income Tax Provision       361     837,667      99,576  1,036,000
                             ---     -------      ------  ---------

  Net Income               4,196   1,556,285     146,200  1,975,447

  Preferred Stock
   Dividends                   -           -           -        443
                             ---         ---         ---        ---

  Net Income
   Available to Common
   Stockholders           $4,196  $1,556,285    $146,200 $1,975,004
                          ======  ==========    ======== ==========

  Dividends Declared
   per Common Share       $0.145      $0.135      $0.435     $0.375
                          ======      ======      ======     ======



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

                                   Three Months            Nine Months
                                       Ended                  Ended
                                   September 30,          September 30,
                                   -------------          -------------
                                    2009    2008           2009    2008
                                    ----    ----           ----    ----
  Wellhead Volumes and Prices
  ---------------------------
  Natural Gas Volumes (MMcfd) (A)
    United States                  1,128   1,196          1,153   1,141
    Canada                           219     224            224     218
    Trinidad                         268     240            266     229
    Other International (B)           13      19             15      16
                                      --      --             --      --
      Total                        1,628   1,679          1,658   1,604
                                   =====   =====          =====   =====

  Average Natural Gas Prices
   ($/Mcf) ©
    United States                  $3.27   $8.99          $3.57   $9.15
    Canada                          3.15    8.15           3.67    8.33
    Trinidad                        1.77    4.04           1.54    3.86
    Other International (B)         3.53    7.41           4.45    8.90
      Composite                     3.01    8.15           3.27    8.28

  Crude Oil and Condensate Volumes
   (MBbld) (A)
    United States                   51.7    41.8           46.5    35.9
    Canada                           4.7     3.0            3.6     2.7
    Trinidad                         3.0     3.4            3.0     3.4
    Other International (B)          0.1     0.1            0.1     0.1
                                     ---     ---            ---     ---
      Total                         59.5    48.3           53.2    42.1
                                    ====    ====           ====    ====

  Average Crude Oil and
   Condensate Prices ($/Bbl)©
    United States                 $60.79 $109.86         $49.54 $107.36
    Canada                         61.43  109.71          51.91  104.57
    Trinidad                       57.07  111.39          46.13  103.80
    Other International (B)        57.93  112.77          50.11  104.66
      Composite                    60.65  109.96          49.51  106.89

  Natural Gas Liquids Volumes
   (MBbld) (A)
    United States                   23.1    13.2           22.2    14.7
    Canada                           1.0     1.1            1.1     1.0
                                     ---     ---            ---     ---
      Total                         24.1    14.3           23.3    15.7
                                    ====    ====           ====    ====

  Average Natural Gas Liquids
   Prices ($/Bbl) ©
    United States                 $31.15  $69.79         $26.42  $63.08
    Canada                         30.96   64.01          27.29   62.45
      Composite                    31.14   69.33          26.46   63.04

  Natural Gas Equivalent
   Volumes (MMcfed) (D)
    United States                  1,577   1,525          1,566   1,445
    Canada                           253     249            252     240
    Trinidad                         286     261            284     250
    Other International (B)           13      20             15      16
                                      --      --             --      --
      Total                        2,129   2,055          2,117   1,951
                                   =====   =====          =====   =====

  Total Bcfe (D)                   195.9   189.1          578.1   534.5

  (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)


                                               September 30,  December 31,
                                                    2009         2008
                                               -------------  ------------

                                   ASSETS
  Current Assets
    Cash and Cash Equivalents                     $608,511     $331,311
    Accounts Receivable, Net                       604,260      722,695
    Inventories                                    240,230      187,970
    Assets from Price Risk Management
     Activities                                    290,536      779,483
    Income Taxes Receivable                         27,134       27,053
    Other                                           61,018       59,939
                                                    ------       ------
         Total                                   1,831,689    2,108,451

  Property, Plant and Equipment
    Oil and Gas Properties (Successful
     Efforts Method)                            23,515,362   20,803,629
    Other Property, Plant and Equipment          1,261,505    1,057,888
                                                 ---------    ---------
        Total Property, Plant and Equipment     24,776,867   21,861,517
    Less:  Accumulated Depreciation,
     Depletion and Amortization                 (9,524,312)  (8,204,215)
                                                ----------   ----------
        Total Property, Plant and Equipment,
         Net                                    15,252,555   13,657,302
  Other Assets                                     137,049      185,473
                                                   -------      -------
  Total Assets                                 $17,221,293  $15,951,226
                                               ===========  ===========

                     LIABILITIES AND STOCKHOLDERS' EQUITY
  Current Liabilities
    Accounts Payable                              $783,764   $1,122,209
    Accrued Taxes Payable                           86,334       86,265
    Dividends Payable                               36,255       33,461
    Liabilities from Price Risk Management
     Activities                                     16,370        4,429
    Deferred Income Taxes                          114,304      368,231
    Current Portion of Long-Term Debt               37,000       37,000
    Other                                          127,124      113,321
                                                   -------      -------
         Total                                   1,201,151    1,764,916


  Long-Term Debt                                 2,760,000    1,860,000
  Other Liabilities                                609,150      498,291
  Deferred Income Taxes                          3,133,252    2,813,522
  Commitments and Contingencies

  Stockholders' Equity
    Common Stock, $0.01 Par, 640,000,000
     Shares Authorized:  252,421,628 Shares
     Issued at September 30, 2009 and
     249,758,577 Shares Issued at
     December 31, 2008                             202,524      202,498
    Additional Paid In Capital                     528,544      323,805
    Accumulated Other Comprehensive Income         291,627       27,787
    Retained Earnings                            8,502,940    8,466,143
    Common Stock Held in Treasury, 128,898
      Shares at September 30, 2009
      and 126,911 Shares at December 31, 2008       (7,895)      (5,736)
                                                    ------       ------
           Total Stockholders' Equity            9,517,740    9,014,497
                                                 ---------    ---------
  Total Liabilities and Stockholders' Equity   $17,221,293  $15,951,226
                                               ===========  ===========



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

                                                     Nine Months Ended
                                                        September 30,
                                                      ----------------
                                                      2009        2008
                                                      ----        ----
  Cash Flows from Operating Activities
  Reconciliation of Net Income to Net
   Cash Provided by Operating Activities:
    Net Income                                      $146,200  $1,975,447
    Items Not Requiring (Providing) Cash
      Depreciation, Depletion and Amortization     1,150,251     958,740
      Impairments                                    181,921     113,591
      Stock-Based Compensation Expenses               74,532      76,344
      Deferred Income Taxes                           39,793     790,699
      Other, Net                                       2,738    (135,325)
    Dry Hole Costs                                    39,653      28,062
    Mark-to-Market Commodity Derivative Contracts
      Total Gains                                   (405,830)    (69,067)
      Realized Gains (Losses)                        986,980    (237,326)
    Other, Net                                         9,385      14,390
    Changes in Components of Working
     Capital and Other Assets and Liabilities
      Accounts Receivable                            119,099    (219,947)
      Inventories                                    (23,592)    (45,354)
      Accounts Payable                              (361,698)    221,449
      Accrued Taxes Payable                          (17,955)    135,747
      Other Assets                                    (4,255)    (18,756)
      Other Liabilities                                9,357      (3,397)
    Changes in Components of Working Capital
     Associated with Investing and Financing
     Activities                                      147,097      14,389
                                                     -------      ------
  Net Cash Provided by Operating Activities        2,093,676   3,599,686

  Investing Cash Flows
    Additions to Oil and Gas Properties           (2,267,884) (3,532,343)
    Additions to Other Property, Plant and
     Equipment                                      (240,614)   (320,699)
    Proceeds from Sales of Assets                      2,515     369,669
    Changes in Components of Working Capital
     Associated with Investing Activities           (146,783)    (14,501)
    Other, Net                                         1,405      (1,316)
                                                       -----      ------
  Net Cash Used in Investing Activities           (2,651,361) (3,499,190)

  Financing Cash Flows
    Long-Term Debt Borrowings                        900,000     750,000
    Long-Term Debt Repayments                              -     (38,000)
    Dividends Paid                                  (105,989)    (81,453)
    Redemption of Preferred Stock                          -      (5,395)
    Excess Tax Benefits from Stock-Based
     Compensation                                     34,052      69,824
    Treasury Stock Purchased                          (9,888)    (11,266)
    Proceeds from Stock Options Exercised and
     Employee Stock Purchase Plan                     13,691      67,414
    Debt Issuance Costs                               (8,887)     (6,704)
    Other, Net                                          (314)        112
                                                        ----         ---
  Net Cash Provided by Financing Activities          822,665     744,532

  Effect of Exchange Rate Changes on Cash             12,220     (13,282)
                                                      ------     -------

  Increase in Cash and Cash Equivalents              277,200     831,746
  Cash and Cash Equivalents at Beginning of
   Period                                            331,311      54,231
                                                     -------      ------
  Cash and Cash Equivalents at End of Period        $608,511    $885,977
                                                    ========    ========



                            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 and nine-month periods ended
  September 30, 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 EOG's 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    Nine Months Ended
                                 September 30,         September 30,
                                ---------------      ----------------
                                2009       2008      2009        2008
                                ----       ----      ----        ----

  Reported Net Income
   Available to Common
   Stockholders (GAAP)         $4,196  $1,556,285  $146,200  $1,975,004

  Mark-to-Market (MTM)
   Commodity Derivative
   Contracts Impact
    Total Gains               (20,877) (1,381,733) (405,830)    (69,067)
    Realized Gains (Losses)   331,240    (122,467)  986,980    (237,326)
                              -------    --------   -------    --------
       Subtotal               310,363  (1,504,200)  581,150    (306,393)
                              -------  ----------   -------    --------

    After Tax MTM Impact      199,719    (967,953)  373,970    (197,164)
                              -------    --------   -------    --------

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


  Adjusted Net Income
   Available to Common
   Stockholders (Non-GAAP)   $203,915    $588,332  $520,170  $1,693,092
                             ========    ========  ========  ==========

  Net Income Per Share
   Available to Common
   Stockholders (GAAP)
    Basic                       $0.02       $6.30     $0.59       $8.02
                                =====       =====     =====       =====
    Diluted                     $0.02       $6.20     $0.58       $7.88
                                =====       =====     =====       =====

  Adjusted Net Income Per
   Share Available to
   Common Stockholders (Non-
   GAAP)
    Basic                       $0.82       $2.38     $2.09       $6.87
                                =====       =====     =====       =====
    Diluted                     $0.81       $2.34     $2.07       $6.75
                                =====       =====     =====       =====

  Average Number of Shares
    Basic                     249,535     247,155   248,647     246,343
                              =======     =======   =======     =======
    Diluted                   252,422     250,930   251,288     250,765
                              =======     =======   =======     =======



                              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 and nine-month periods ended
  September 30, 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           Nine Months
                                Ended September 30,    Ended September 30,
                                -------------------    -------------------
                                  2009       2008        2009        2008
                                  ----       ----        ----        ----
  Net Cash Provided by
   Operating Activities
   (GAAP)                      $816,458  $1,537,065  $2,093,676  $3,599,686

  Adjustments
    Exploration Costs
     (excluding Stock-Based
     Compensation Expenses)      39,814      32,818     113,644     131,909
    Changes in Components of
     Working Capital and Other
     Assets and Liabilities
      Accounts Receivable        29,922    (175,579)   (119,099)    219,947
      Inventories                 1,441      36,178      23,592      45,354
      Accounts Payable          (53,125)     34,046     361,698    (221,449)
      Accrued Taxes Payable         212    (228,485)     17,955    (135,747)
      Other Assets               (3,232)    (42,867)      4,255      18,756
      Other Liabilities         (34,199)     (5,043)     (9,357)      3,397
    Changes in Components of
     Working Capital Associated
     with Investing and
     Financing Activities        22,086     (15,164)   (147,097)    (14,389)
    Preferred Stock Dividends         -           -           -        (443)
                                    ---         ---         ---        ----

  Discretionary Cash Flow
   Available to Common
   Stockholders (Non-GAAP)     $819,377  $1,172,969  $2,339,267  $3,647,021
                               ========  ==========  ==========  ==========



                            EOG RESOURCES, INC.
         FOURTH QUARTER AND FULL YEAR 2009 FORECAST AND BENCHMARK
         --------------------------------------------------------
                             COMMODITY PRICING
                             -----------------

       (a)  Fourth Quarter and Full Year 2009 Forecast

  The forecast items for the fourth quarter and full year 2009 set forth
  below for EOG Resources, Inc. (EOG) are based on current available
  information and expectations as of the date of the accompanying press
  release. This forecast replaces and supersedes any previously issued
  guidance or forecast.

       (b) Benchmark Commodity Pricing

  EOG bases United States and Canada natural gas price differentials upon
  the natural gas price at Henry Hub, Louisiana using the simple average of
  the NYMEX settlement prices for the last three trading days of the
  applicable month.

  EOG bases United States, Canada and Trinidad crude oil and condensate
  price differentials upon the West Texas Intermediate crude oil price at
  Cushing, Oklahoma using the simple average of the NYMEX settlement prices
  for each trading day within the applicable calendar month.


                                            ESTIMATED RANGES
                                            ----------------
                                               (Unaudited)
                                                               Full Year
                                     4Q 2009                      2009
                                     -------                   ---------
  Daily Production
    Natural Gas (MMcfd)
          United States           1,075  -  1,115           1,132  -  1,145
          Canada                    210  -    230             221  -    226
          Trinidad                  240  -    260             260  -    264
          Other International        10  -     15              13  -     15
          Total                   1,535  -  1,620           1,626  -  1,650

    Crude Oil and Condensate
     (MBbld)
          United States            49.0  -   52.0            47.0  -   48.0
          Canada                    4.8  -    6.8             4.0  -    4.4
          Trinidad                  2.8  -    3.2             2.9  -    3.1
          Total                    56.6  -   62.0            53.9  -   55.5

    Natural Gas Liquids (MBbld)
          United States            21.0  -   26.0            22.0  -   23.2
          Canada                    0.7  -    1.0             0.9  -    1.1
          Total                    21.7  -   27.0            22.9  -   24.3

    Natural Gas Equivalent
     Volumes (MMcfed)
          United States           1,495  -  1,583           1,546  -  1,572
          Canada                    243  -    277             250  -    259
          Trinidad                  257  -    279             278  -    283
          Other International        10  -     15              13  -     15
          Total                   2,005  -  2,154           2,087  -  2,129



                                             ESTIMATED RANGES
                                             ----------------
                                                (Unaudited)
  Operating Costs                     4Q 2009               Full Year 2009
                                      -------               --------------
    Unit Costs ($/Mcfe)
          Lease and Well          $0.73  -  $0.77           $0.73  -  $0.76
          Transportation
           Costs                  $0.33  -  $0.37           $0.35  -  $0.37
          Depreciation,
           Depletion and
           Amortization           $2.01  -  $2.06           $1.99  -  $2.03

  Expenses ($MM)
    Exploration, Dry Hole
     and Impairment              $150.0  - $170.0          $500.0  - $520.0
    General and
     Administrative               $60.0     $64.0          $238.5    $244.5
    Gathering and Processing      $16.0  -  $20.0           $61.0  -  $67.0
    Capitalized Interest          $13.0  -  $15.0           $50.5  -  $54.0
    Net Interest                  $28.0  -  $32.0           $98.0  - $110.0

  Taxes Other Than Income
   (% of Revenue)                   5.5% -    7.0%            5.1% -   5.6%

  Income Taxes
    Effective Rate                   30% -     40%             35% -    45%
    Current Taxes ($MM)             $10  -    $20             $65  -    $85

  Capital Expenditures ($MM)
   - FY 2009
    Exploration and
     Development,
     excluding Acquisitions                      Approximately       $3,100
    Gathering, Processing and
     Other                                       Approximately         $300
    Acquisitions                                 Approximately         $320

  Pricing - (Refer to Benchmark
   Commodity Pricing in text)
    Natural Gas ($/Mcf)
      Differentials (include
       the effect of physical
       contracts)
          United States -
           below NYMEX
           Henry Hub              $0.15  -  $0.35           $0.33  -  $0.38
          Canada - below
           NYMEX Henry Hub        $0.20  -  $0.40           $0.25  -  $0.35

      Realizations
          Trinidad                $1.50  -  $2.50           $1.50  -  $1.75
          Other
           International          $3.75  -  $5.25           $4.20  -  $4.60

    Crude Oil and Condensate
     ($/Bbl)
      Differentials
          United States -
           below WTI              $9.50  - $13.00           $8.00  -  $9.00
          Canada - below
           WTI                    $6.00  - $10.00           $4.40  -  $5.00
          Trinidad -
           below WTI              $8.75  - $12.75          $10.50  - $11.50

  Definitions
  -----------
    $/Bbl     U.S. Dollars per barrel
    $/Mcf     U.S. Dollars per thousand cubic feet
    $/Mcfe    U.S. Dollars per thousand cubic feet equivalent
    $MM       U.S. Dollars in millions
    MBbld     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

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

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

 

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