Item 7.01 Regulation FD Disclosure.
On Tuesday, September 5, 2017, EOG Resources, Inc. (EOG) updated certain
guidance items for third quarter 2017 to reflect the impact of hurricane and
tropical storm Harvey on its South Texas and Eagle Ford operating areas.
Compared to its guidance issued with second quarter 2017 results on August 1,
2017, EOG reduced the midpoint of its third quarter 2017 U.S. crude oil and
condensate volume guidance range by 15 thousand barrels of oil per day, while
full year 2017 U.S. crude oil and condensate volume guidance remains unchanged.
In addition, third quarter and full year 2017 total natural gas liquids and U.S.
natural gas volume guidance and full year 2017 capital expenditures guidance
remain unchanged. See table below for the updated and confirmed guidance ranges.
For the safety of its employees and protection of facilities and equipment, EOG
suspended drilling and completion operations and shut in production in certain
areas of South Texas and the Eagle Ford in preparation for hurricane and
tropical storm Harvey. Suspended operations and shut-ins are temporary and serve
to defer production to a later date. EOG has begun to resume production as
conditions permit, and expects the majority of the impact will be realized in
the company's third quarter 2017 crude oil and condensate volumes. The relative
impact to full year 2017 crude oil and condensate volumes is smaller and EOG
expects to offset the impact through adjustments to its drilling schedule.
3Q 2017 Full Year 2017
Daily Sales Volumes
Crude Oil and Condensate Volumes (MBbld)
United States 320 - 330 332 - 338
Natural Gas Liquids Volumes (MBbld)
Total 77 - 83 80 - 83
Natural Gas Volumes (MMcfd)
United States 720 -
760 730 - 760
Capital Expenditures (Excluding Acquisitions, $MM)
Exploration and Development, Excluding Facilities
$ 3,000 - $ 3,350
Exploration and Development Facilities $ 475 - $ 510
Gathering, Processing and Other $ 225 - $ 240
MBbld Thousand barrels per day
MMcfd Million cubic feet per day
$MM U.S. Dollars in millions
EOG is not updating or confirming any other ranges for the third quarter and
full year 2017 included in guidance issued with second quarter 2017 results on
August 1, 2017.
Due to EOG's diversity of operations, assets, midstream partners, takeaway and
processing options, and downstream customers, EOG does not expect hurricane and
tropical storm Harvey to have a material impact on its long-term operations,
returns or growth prospects or on its business, financial condition or results
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