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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 8-K CURRENT REPORT

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 8-K CURRENT REPORT Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 8-K CURRENT REPORT Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): February 27, 2017 EOG RESOURCES, INC. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification No.) 1111 Bagby, Sky Lobby 2 Houston, Texas (Address of principal executive offices) (Zip Code) (Registrant's telephone number, including area code) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR ) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR e-4(c)) Item 2.02 Results of Operations and Financial Condition. On February 27, 2017, EOG Resources, Inc. issued a press release announcing fourth quarter 2016 financial and operational results and first quarter and full year 2017 forecast and benchmark commodity pricing information (see Item 7.01 below). A copy of this release is attached as Exhibit 99.1 to this filing and is incorporated herein by reference. This information shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and is not incorporated by reference into any filing under the Securities Act of 1933, as amended, or Securities Exchange Act of 1934, as amended. Item 7.01 Regulation FD Disclosure. Accompanying the press release announcing fourth quarter 2016 financial and operational results attached hereto as Exhibit 99.1 is first quarter and full year 2017 forecast and benchmark commodity pricing information for EOG Resources, Inc., which information is incorporated herein by reference. This information shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and is not incorporated by reference into any filing under the Securities Act of 1933, as amended, or Securities Exchange Act of 1934, as amended. Item 9.01 (d) Financial Statements and Exhibits. Exhibits 99.1 Press Release of EOG Resources, Inc. dated February 27, 2017 (including the accompanying first quarter and full year 2017 forecast and benchmark commodity pricing information). 2 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. EOG RESOURCES, INC. (Registrant) Date: February 27, 2017 By: /s/ TIMOTHY K. DRIGGERS Timothy K. Driggers Executive Vice President and Chief Financial Officer (Principal Financial Officer and Duly Authorized Officer) 3 EXHIBIT INDEX Exhibit No. Description Press Release of EOG Resources, Inc. dated February 27, 2017 (including the accompanying first quarter and full year 2017 forecast and benchmark commodity pricing information). 4 EXHIBIT 99.1 EOG Resources, Inc. P.O. Box 4362, Houston, TX News Release For Further Information Contact: Investors Cedric W. Burgher (713) David J. Streit (713) W. John Wagner (713) Media and Investors Kimberly M. Ehmer (713) EOG Resources Reports Fourth Quarter and Full Year 2016 Results and Announces 2017 Capital Program Exceeds High-end of Fourth Quarter and Full Year 2016 Crude Oil Production Targets Beats Fourth Quarter and Full Year 2016 Targets for Lease and Well, Transportation and DD&A Expenses Achieves Record Capital Efficiency Gains in 2016 Replaces 163 Percent of 2016 Production at Low Finding Cost of $5.22/Boe (Excluding Price Revisions) and Increases Total Net Proved Reserves by 1.4 Percent in 2016 Targets 18 Percent Crude Oil Production Growth for 2017 within Cash Flow at Flat $50 Oil Forecasts Flat to Lower Well Costs in 2017 FOR IMMEDIATE RELEASE: Monday, February 27, 2017 HOUSTON - EOG Resources, Inc. (EOG) today reported a fourth quarter 2016 net loss of $142.4 million, or $0.25 per share. This compares to a fourth quarter 2015 net loss of $284.3 million, or $0.52 per share. For full year 2016, EOG reported a net loss of $1.1 billion, or $1.98 per share, compared to a net loss of $4.5 billion, or $8.29 per share, for the full year Adjusted non-gaap net loss for the fourth quarter 2016 was $6.7 million, or $0.01 per share, compared to adjusted non-gaap net loss of $149.5 million, or $0.27 per share, for the same prior year period. Adjusted non-gaap net loss for the full year 2016 was $892.6 million, or $1.61 per share, compared to adjusted non-gaap net income of $33.9 million, or $0.06 per share, for the full year Adjusted non-gaap net income (loss) is calculated by matching hedge realizations to settlement months and making certain other adjustments in order to exclude non-recurring and certain other items. For a reconciliation of non-gaap measures to GAAP measures, please refer to the attached tables. Higher crude oil, NGL and natural gas prices, significant well productivity improvements, and lease and well cost reductions resulted in increases in adjusted non-gaap net income, discretionary cash flow and EBITDAX for the fourth quarter 2016 compared to the fourth quarter For a reconciliation of non-gaap measures to GAAP measures, please refer to the attached tables. Operational Highlights Tremendous capital efficiency improvements in 2016 offset the impact of a significant reduction in capital expenditures resulting from low oil prices total company crude oil and condensate volumes declined less than one percent to 282,500 barrels of oil per day (Bopd) while exploration and development expenditures (excluding acquisitions) decreased 42 percent compared to Increased development activity and significant well productivity improvements drove substantial volume increases in the Delaware Basin, with additional growth from the Powder River and DJ Basins. These contributions were offset by volume declines in the Bakken and Eagle Ford resulting from lower activity levels. Natural gas liquids volumes grew 6 percent while natural gas volumes decreased 7 percent primarily due to natural decline and the sale of the company s Barnett and Haynesville Shale dry gas assets. Compared to the same prior year period, lease and well expenses decreased 20 percent and transportation expenses decreased 8 percent, both on a per-unit basis. Total operating costs, which includes lease and well, transportation, gathering and processing, and general and administrative expenses, were down 15 percent year over year. EOG achieved near company-record returns on new capital in 2016 in spite of the lowest crude oil prices in 13 years, said William R. Bill Thomas, Chairman and Chief Executive Officer. Through continued improvements in well productivity, cost reductions and expanded resource potential, EOG is positioned to excel as crude oil prices continue to recover. More than ever, EOG continues to lead the industry through its innovative technology and disciplined culture Capital Plan EOG s 2017 plan is designed to maximize returns and grow crude oil volumes while maintaining a strong balance sheet through disciplined spending. EOG expects to grow total company crude oil volumes by 18 percent, assuming investment and dividend payments within cash flow at a $50 average oil price. Capital expenditures for 2017 are expected to range from $3.7 to $4.1 billion, including production facilities and gathering, processing and other expenditures, and excluding acquisitions. The company expects to complete approximately 480 net wells in 2017, compared to 445 net wells in EOG anticipates flat to lower completed well costs in 2017 versus 2016 levels as continued efficiencies and service contract expirations are expected to offset potential cost increases. Capital will be allocated primarily to EOG s highest rate-of-return oil assets in the Eagle Ford, Delaware Basin, Rockies and the Bakken. After reducing the drilled uncompleted well inventory to a normal operating level in 2016, the company will increase its focus on its 6,000 remaining premium drilling locations. EOG is capable of delivering very strong rates of return in the current commodity price environment through premium drilling combined with the company s expectations that well costs will remain flat or lower in Premium inventory includes wells with a direct after-tax rate of return of at least 30 percent assuming $40 flat crude oil prices. EOG s goal during the last two years was to exit the industry downturn in better shape than when we entered it, Thomas said. We clearly accomplished that goal with spectacular improvements in all facets of the business. We made major technology advances in our proprietary well targeting, completion designs, drilling practices and production operations. EOG is now set to resume strong oil growth within cash flow. Delaware Basin In the fourth quarter 2016, EOG continued active development of its world-class position in the Delaware Basin. EOG integrated the assets acquired in the Yates transaction and further optimized its proprietary well targeting methods across its expanded position of 416,000 net acres. EOG completed 17 wells in the Delaware Basin Wolfcamp in the fourth quarter with an average treated lateral length of 4,900 feet per well and average 30-day initial production rates per well of 2,405 barrels of oil equivalent per day (Boed), or 1,595 Bopd, 365 barrels per day (Bpd) of natural gas liquids (NGLs) and 2.7 million cubic feet per day (MMcfd) of natural gas. In Lea County, N.M., EOG completed the Endurance 36 State Com #705H and #706H with an average treated lateral length of 7,000 feet per well and average 30-day initial production rates per well of 2,495 Bopd, 505 Bpd of NGLs and 3.7 MMcfd of natural gas. In the Delaware Basin Bone Spring, EOG completed three wells in the fourth quarter with an average treated lateral length of 4,400 feet per well and average 30-day initial production rates per well of 1,680 Boed, or 1,280 Bopd, 180 Bpd of NGLs and 1.3 MMcfd of natural gas. In Lea County, N.M., EOG completed the Della 29 Fed Com #602H with a treated lateral of 4,500 feet and 30-day initial production rates of 1,905 Bopd, 225 Bpd of NGLs and 1.7 MMcfd of natural gas. This well is six miles north of EOG s next closest Bone Spring well. In the Delaware Basin Leonard, EOG completed eight wells in the fourth quarter with an average treated lateral length of 4,600 feet per well and average 30-day initial production rates per well of 1,745 Boed, or 985 Bopd, 345 Bpd of NGLs and 2.5 MMcfd of natural gas. In Lea County, N.M., EOG completed the Leghorn 32 State #201H with a treated lateral of 4,500 feet and 30-day initial production rates of 2,550 Bopd, 480 Bpd of NGLs and 3.6 MMcfd of natural gas. This well is 12 miles north of EOG s next closest Leonard well. South Texas Eagle Ford EOG continued to achieve strong well results and efficiencies in the South Texas Eagle Ford in the fourth quarter For the full year 2016, crude oil production declined just 8 percent year-over-year, despite a 28 percent reduction in the number of well completions. In the fourth quarter, EOG completed 75 wells in the Eagle Ford with an average treated lateral length of 5,700 feet per well and average 30-day initial production rates per well of 1,190 Boed, or 990 Bopd, 85 Bpd of NGLs and 0.7 MMcfd of natural gas. The fourth quarter 2016 completions in the Eagle Ford included 45 wells that were drilled prior to South Texas Austin Chalk EOG continued to test its position in the South Texas Austin Chalk, which lies above the South Texas Eagle Ford. In the fourth quarter, EOG completed nine wells in the Austin Chalk with an average treated lateral length of 4,100 feet per well and average 30-day initial production rates per well of 1,975 Boed, or 1,475 Bopd, 220 Bpd of NGLs and 1.7 MMcfd of natural gas. Rockies and the Bakken During the fourth quarter, EOG significantly reduced its inventory of drilled uncompleted wells in the Rockies and the Bakken. In the Powder River Basin, EOG completed three wells in the fourth quarter with average 30-day initial production rates per well of 2,155 Boed, or 1,810 Bopd, 135 Bpd of NGLs and 1.3 MMcfd of natural gas. In the North Dakota Bakken, EOG completed 34 wells in the fourth quarter with average 30-day initial production rates per well of 820 Boed, or 715 Bopd, 55 Bpd of NGLs and 0.3 MMcfd of natural gas. The fourth quarter 2016 completions in the Bakken included 31 wells that were drilled prior to Reserves At year-end 2016, total company net proved reserves were 2,147 million barrels of oil equivalent (MMBoe), comprised of 55 percent crude oil and condensate, 19 percent NGLs and 26 percent natural gas. Net proved reserve additions from all sources excluding revisions due to price replaced 163 percent of EOG s 2016 production at a finding and development cost of $5.22 per barrel of oil equivalent. Revisions due to price reduced net proved reserves by 101 MMBoe and asset divestitures decreased net proved reserves by 168 MMBoe. Total company net proved reserves increased 1.4 percent in 2016 as proved reserve additions from drilling activities and revisions other than price offset the impact of asset divestitures and declines in commodity prices. (For more reserves detail and a reconciliation of non- GAAP measures to GAAP measures, please refer to the attached tables.) For the 29 th consecutive year, internal reserves estimates were within 5 percent of estimates independently prepared by DeGolyer and MacNaughton. Hedging Activity For the period January 1 through June 30, 2017, EOG has crude oil financial price swap contracts in place for 35,000 Bopd at a weighted average price of $50.04 per barrel. For the period March 1 through November 30, 2017, EOG has natural gas financial price swap contracts in place for 30,000 million British thermal units (MMBtu) per day at a weighted average price of $3.10 per MMBtu. For the period March 1 through November 30, 2018, EOG has natural gas financial price swap contracts in place for 35,000 MMBtu per day at a weighted average price of $3.00 per MMBtu. For the period March 1 through November 30, 2017, EOG sold natural gas call option contracts for 213,750 MMBtu per day at an average strike price of $3.44 per MMBtu. For the period March 1 through November 30, 2018, EOG sold natural gas call option contracts for 120,000 MMBtu per day at an average strike price of $3.38 per MMBtu. For the period March 1 through November 30, 2017, EOG purchased natural gas put option contracts for 171,000 MMBtu per day at an average strike price of $2.92 per MMBtu. For the period March 1 through November 30, 2018, EOG purchased natural gas put option contracts for 96,000 MMBtu per day at an average strike price of $2.94 per MMBtu. For the period March 1 through November 30, 2017, EOG has natural gas collar contracts for 80,000 MMBtu per day at an average ceiling price of $3.69 per MMBtu and an average floor price of $3.20 per MMBtu. A comprehensive summary of crude oil and natural gas derivative contracts is provided in the attached tables. Capital Structure and Asset Sales At December 31, 2016, EOG s total debt outstanding was $7.0 billion with a debt-to-total capitalization ratio of 33 percent. Considering cash on the balance sheet of $1.6 billion at the end of the fourth quarter, EOG s net debt was $5.4 billion with a net debt-to-total capitalization ratio of 28 percent. For a reconciliation of non-gaap measures to GAAP measures, please refer to the attached tables. Proceeds from asset sales for the full year 2016 totaled $1.1 billion, which includes $662 million of proceeds from sales made during the fourth quarter Associated production of the divested assets in 2016 at the time of each respective sale was an aggregate 220 MMcfd of natural gas, 4,000 Bopd and 8,800 Bpd of NGLs (this was partially offset by the full year impact of acquired production from the Yates transaction of 2,900 Bopd, 150 Bpd of NGLs and 20 MMcfd of natural gas). Dividend The board of directors declared a dividend of $ per share on EOG s Common Stock, payable April 28, 2017, to stockholders of record as of April 13, The indicated annual rate is $0.67 per share. Conference Call February 28, 2017 EOG s fourth quarter and full year 2016 results conference call will be available via live audio webcast at 9 a.m. Central time (10 a.m. Eastern time) on Tuesday, February 28, To access the live audio webcast and related presentation materials, log on to the Investors Overview page on the EOG website at EOG Resources, Inc. is one of the largest independent (non-integrated) crude oil and natural gas companies in the United States with proved reserves in the United States, 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. For additional information about EOG, please visit 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, 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 forwardlooking 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 forwardlooking 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 liq
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