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EOG RESOURCES, INC. (NYSE:EOG) Files An 8-K Regulation FD Disclosure

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04/20/2017 | 10:29pm CEST

EOG RESOURCES, INC. (NYSE:EOG) Files An 8-K Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure.

I. Price Risk Management
With the objective of enhancing the certainty of future revenues,
from time to time EOG Resources, Inc. (EOG) enters into New York
Mercantile Exchange (NYMEX) related financial price swap, option,
swaption, collar and basis swap contracts. EOG accounts for
financial commodity derivative contracts using the mark-to-market
accounting method.
For the first quarter of 2017, EOG anticipates a non-cash net gain
of $62.0 million on the mark-to-market of its financial commodity
derivative contracts. During the first quarter of 2017, the net
cash received from settlements of financial commodity derivative
contracts was $1.9 million. The net cash received related to
derivative contracts included certain early terminated crude oil
price swap contracts.
For the quarter ended March 31, 2017, NYMEX West Texas Intermediate
crude oil averaged $51.86 per barrel ($/Bbl), and NYMEX natural gas
at Henry Hub averaged $3.25 per million British thermal units
(MMBtu). EOG’s actual realizations for crude oil and natural gas
for the quarter ended March 31, 2017, differ from these NYMEX
prices due to delivery location, quality and appropriate revenue
adjustments.
II. Crude Oil Derivative Contracts
Since filing its Annual Report on Form 10-K for the year ended
December 31, 2016, on February 27, 2017 (Annual Report on Form
10-K), EOG has entered into additional crude oil derivative
contracts.
On March 14, 2017, EOG executed the optional early termination
provision granting EOG the right to terminate certain crude oil
price swaps with notional volumes of 30,000 barrels per day (Bbld)
at a weighted average price of $50.05 per Bbl for the period March
1, 2017 through June 30, 2017. EOG received cash of $4.6 million
for the early termination of these contracts. Presented below is a
comprehensive summary of EOG’s crude oil price swap contracts
through April 20, 2017, with notional volumes expressed in Bbld and
prices expressed in $/Bbl.
Crude Oil Price Swap Contracts
Volume (Bbld)
Weighted Average Price ($/Bbl)
January 1, 2017 through February 28, 2017 (closed)
35,000
$
50.04
March 1, 2017 through June 30, 2017 (closed)
30,000
50.05
On March 14, 2017, EOG entered into a crude oil price swap contract
for the period March 1, 2017 through June 30, 2017, with notional
volumes of 5,000 Bbld at a price of $48.81 per Bbl. This contract
offsets the remaining crude oil price swap contract for the same
time period with notional volumes of 5,000 Bbld at a price of
$50.00 per Bbl. The net cash EOG will receive for settling these
contracts is $0.7 million. The offsetting contracts were excluded
from the above table.
III. Natural Gas Derivative Contracts
Since filing its Annual Report on Form 10-K, EOG has not entered
into additional natural gas derivative contracts.
Presented below is a comprehensive summary of EOG’s natural gas
price swap contracts through April 20, 2017, with notional
volumes expressed in MMBtu per day (MMBtud) and prices expressed
in dollars per MMBtu ($/MMBtu).
Natural Gas Price Swap Contracts
Volume (MMBtud)
Weighted Average Price ($/MMBtu)
March 1, 2017 through April 30, 2017 (closed)
30,000
$
3.10
May 1, 2017 through November 30, 2017
30,000
3.10
March 1, 2018 through November 30, 2018
35,000
$
3.00
EOG has sold call options which establish a ceiling price for the
sale of notional volumes of natural gas as specified in the call
option contracts. The call options require that EOG pay the
difference between the call option strike price and either the
average or last business day NYMEX Henry Hub natural gas price
for the contract month (Henry Hub Index Price) in the event the
Henry Hub Index Price is above the call option strike price.
In addition, EOG has purchased put options which establish a
floor price for the sale of notional volumes of natural gas as
specified in the put option contracts. The put options grant EOG
the right to receive the difference between the put option strike
price and the Henry Hub Index Price in the event the Henry Hub
Index Price is below the put option strike price. Presented below
is a comprehensive summary of EOG’s natural gas call and put
option contracts through April 20, 2017, with notional volumes
expressed in MMBtud and prices expressed in $/MMBtu.
Natural Gas Option Contracts
Call Options Sold
Put Options Purchased
Volume (MMBtud)
Weighted Average Price ($/MMBtu)
Volume (MMBtud)
Weighted Average Price ($/MMBtu)
March 1, 2017 through April 30, 2017 (closed)
213,750
$
3.44
171,000
$
2.92
May 1, 2017 through November 30, 2017
213,750
3.44
171,000
2.92
March 1, 2018 through November 30, 2018
120,000
$
3.38
96,000
$
2.94
EOG has also entered into natural gas collar contracts, which
establish ceiling and floor prices for the sale of notional
volumes of natural gas as specified in the collar contracts.
The collars require that EOG pay the difference between the
ceiling price and the Henry Hub Index Price in the event the
Henry Hub Index Price is above the ceiling price. The collars
grant EOG the right to receive the difference between the floor
price and the Henry Hub Index Price in the event the Henry Hub
Index Price is below the floor price. Presented below is a
comprehensive summary of EOG’s natural gas collar contracts
through April 20, 2017, with notional volumes expressed in
MMBtud and prices expressed in $/MMbtu.
Natural Gas Collar Contracts
Weighted Average Price ($/MMbtu)
Volume (MMBtud)
Ceiling Price
Floor Price
March 1, 2017 through April 30, 2017 (closed)
80,000
$
3.69
$
3.20
May 1, 2017 through November 30, 2017
80,000
3.69
3.20
IV. Forward-Looking Statements
Information Regarding Forward-Looking Statements
This document 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, returns, budgets,
reserves, levels of production, costs and asset sales,
statements regarding future commodity prices 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,” “should”
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, reduce or otherwise control
operating and capital costs, generate income or cash flows or
pay dividends 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 any of these expectations will be
achieved (in full or at all) or will prove to have been
correct. Moreover, EOG’s forward-looking statements may be
affected by known, unknown or currently unforeseen 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, extent and duration of changes in prices
for, supplies of, and demand for, crude oil and
condensate, natural gas liquids, natural gas and
related commodities;
the extent to which EOG is successful in its efforts to
acquire or discover additional reserves;
the extent to which EOG is successful in its efforts to
economically develop its acreage in, produce reserves
and achieve anticipated production levels from, and
maximize reserve recovery from, its existing and future
crude oil and natural gas exploration and development
projects;
the extent to which EOG is successful in its efforts to
market its crude oil and condensate, natural gas
liquids, natural gas and related commodity production;
the availability, proximity and capacity of, and costs
associated with, appropriate gathering, processing,
compression, transportation and refining 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, and EOGs ability to retain mineral
licenses and leases;
the impact of, and changes in, government policies,
laws and regulations, including tax laws and
regulations; environmental, health and safety laws and
regulations relating to air emissions, disposal of
produced water, drilling fluids and other wastes,
hydraulic fracturing and access to and use of water;
laws and regulations imposing conditions or
restrictions on drilling and completion operations and
on the transportation of crude oil and natural gas;
laws and regulations with respect to derivatives and
hedging activities; and laws and regulations with
respect to the import and export of crude oil, natural
gas and related commodities;
EOG’s ability to effectively integrate acquired crude
oil and natural gas 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;
the extent to which EOG’s third-party-operated crude
oil and natural gas properties are operated
successfully and economically;
competition in the oil and gas exploration and
production industry for the acquisition of licenses,
leases and properties, employees and other personnel,
facilities, equipment, materials and services;
the availability and cost of employees and other
personnel, facilities, equipment, materials (such as
water) and services;
the accuracy of reserve estimates, which by their
nature involve the exercise of professional judgment
and may therefore be imprecise;
weather, including its impact on crude oil and natural
gas demand, and weather-related delays in drilling and
in the installation and operation (by EOG or third
parties) of production, gathering, processing,
refining, compression and transportation 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, and
to otherwise satisfy its capital expenditure
requirements;
the extent to which EOG is successful in its completion
of planned asset dispositions;
the extent and effect of any hedging activities engaged
in by EOG;
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;
political conditions and developments around the
world (such as political instability and armed
conflict), including in the areas in which EOG
operates;
the use of competing energy sources and the
development of alternative energy sources;
the extent to which EOG incurs uninsured losses and
liabilities or losses and liabilities in excess of
its insurance coverage;
acts of war and terrorism and responses to these
acts;
physical, electronic and cyber security breaches; and
the other factors described under ITEM 1A, Risk
Factors, on pages 13 through 22 of EOG’s Annual
Report on Form 10-K for the fiscal year ended
December 31, 2016, and any updates to those factors
set forth in EOG’s subsequent Quarterly Reports on
Form 10-Q or Current Reports on Form 8-K.
In light of these risks, uncertainties and assumptions, the
events anticipated by EOG’s forward-looking statements may
not occur, and, if any of such events do, we may not have
anticipated the timing of their occurrence or the duration
and extent of their impact on our actual results.
Accordingly, 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, other than as required by
applicable law, to update or revise its forward-looking
statements, whether as a result of new information,
subsequent events, anticipated or unanticipated
circumstances or otherwise.

About EOG RESOURCES, INC. (NYSE:EOG)
EOG Resources, Inc. (EOG) explores for, develops, produces and markets crude oil and natural gas primarily in major producing basins in the United States, The Republic of Trinidad and Tobago (Trinidad), the United Kingdom, The People’s Republic of China (China), Canada and, from time to time, select other international areas. The Company’s operations are all crude oil and natural gas exploration and production related. EOG’s total estimated net proved reserves include approximately 2,118 million barrels of oil equivalent (MMBoe), of which over 1,098 million barrels (MMBbl) is crude oil and condensate reserves, approximately 383 MMBbl include natural gas liquids (NGLs) reserves and over 3,825 billion cubic feet, or 637 MMBoe, includes natural gas reserves. The Company’s operations are focused in most of the productive basins in the United States with a focus on crude oil and, to a lesser extent, liquids-rich natural gas plays. EOG RESOURCES, INC. (NYSE:EOG) Recent Trading Information
EOG RESOURCES, INC. (NYSE:EOG) closed its last trading session up +0.01 at 93.30 with 3,109,057 shares trading hands.

The post EOG RESOURCES, INC. (NYSE:EOG) Files An 8-K Regulation FD Disclosure appeared first on Market Exclusive.

© Market Exclusive 2017, source Market Exclusive

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Net income 2017 731 M
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Average target price 113 $
Spread / Average Target 21%
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NameTitle
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