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EOG Resources, Inc. Q4 2007 Earnings Call Transcript

You will notice that the 8-K guidance also reflects tighter differentials from Henry Hub to U.S. as compared to 2007. Using the mid-point of 8-K guidance our full year 2008 unit costs for lease and well DD&A, G&A, total exploration, net interest expense, and excluding transportation and taxes other than income are forecast to increased only 2.5% over 2007, with our current hedge position for 2008, as outlined in yesterdays 8-K filling for every $0.10 change in Henry Hub, EOG's net income and cash flow is impacted by approximately $20 million. Similarly for every $1 move in WTI, EOG's net income and cash flow was impacted by approximately $8 million. Now, I'll turn it back to Mark to discuss his concluding remarks. Mark G. Papa - Chairman and Chief Executive Officer Thanks Tim. Now let me summarize.


Love requires dealing with reality vs. fantasy

This time of year, it is nearly impossible not to think about love.

The symbols of love are everywhere: red roses, the sacred flower of Venus, the goddess of love; hearts, the representation of the center of emotion; Cupid, with his bow and arrow.

Ah, Cupid! Now there is a story of love.

He was the son of Venus and possessed the ability to cause people to fall in love by shooting them with his magical arrows. According to Roman mythology, Cupid fell in love with a mortal maiden named Psyche. Cupid's mother, who was jealous of Psyche's beauty, forbade her daughter-in-law to look upon her husband.

Of course, Psyche couldn't resist and finally took a peek at her handsome husband. For punishment she was given some difficult challenges to perform. The last one piqued her curiosity so much that she opened the box she was carrying.


Seeing Red

You've heard about starving artists in Hollywood. If you're an acting hopeful, it's the same story: Don't expect to make a living in Tinseltown. Get a real job.Not necessarily true, says actor Kurtwood Smith, aka Reginald "Red" Forman on television's "That '70s Show."There are all kinds of opportunities for success in the world of film and TV, Smith told Pescadero High School students Thursday.In many niches in that world, he said, "It's a job you can make a living doing."Smith's visit to Pescadero High came about through his longtime friend Bruce Krempetz, now part-time drama teacher there.It is part of a new program Krempetz is introducing to the school through the elective drama classes. He wants to bring a wide range of speakers who are stage or film professionals to speak to the students.


BREAKING NEWS: BOB KNIGHT RESIGNS EFFECTIVE IMMEDIATELY

NewsChannel 11 has just learned that Texas Tech Basketball Coach Bob Knight has resigned effective immediately. We're told Assistant Coach Pat Knight will take over.

The announcement comes just two days before Tech's next basketball game which is Wednesday against Baylor in Waco. It also comes less than three weeks after Knight's record 900th win.

Sources tell NewsChannnel 11 that Coach Knight told Athletic Director Gerald Myers that he was ready to quit and tired of coaching. NewsChannel 11 is also told that Knight told his team Monday morning about his plans to step down.

ESPN is quoting Knight as saying ..."I've never really known when I was going to step down from this job, As I thought about it, my first thought was at the end of this season"...the best thing for the long run for this team would be for Pat and his staff to coach these remaining 10 games..."

NewsChannel 11 is at Texas Tech learning more about this developing story and we'll have the latest on NewsChannel 11 at 10.


The clock people and the sun people will converge counterproductively ...

My guess is McCain.

If that's right, then succeeding in Iraq, as quickly as possible, may not only be the surest route to the White House for the Democrats. It may also be the quickest. ... If there is a way to win, Democrats have at least as big a partisan incentive to find it as Republicans do. ... [Via Instapundit] 11:10 P.M. link

Shift_Glitch: What's happening at Nissan's Canton, Mississippi factory? The big news in the 2006 Consumer Reports New Car Preview--which features a large-sample reliability survey--is that the vehicles built at this plant have dreadful reliability records. Their repair histories are so bad CR has to use a broken bar to fit them on its chart! The Nissan Quest minivan has a reliability score of 133% worse than average. The Nissan Titan pickup is 101% worse than average.


Iraq: The Road to Learning Can Be Dangerous

The income is now a good deal better. "We have started to buy back what we sold during the last 10 years of the previous regime," Prof. Abdullah Mahdi from Diyala University in Baquba, 40 km northeast of Baghdad, told IPS. "We had sold our furniture and all we had just to eat."

"Now almost all professors have their own cars for the first time," said Prof. Adnan Juma'a from the university.

Today, a newly appointed university teacher can receive a salary of 500,000 Iraqi Dinars (400 dollars). A senior professor can get 1,000 dollars a month.

And yet, not many say life is better.

The university campus is located seven kilometres from the town. Many professors have been killed or kidnapped by militiamen and criminals en route.

"Professors, employees and students have stopped coming to the colleges and to their offices for fear of being kidnapped or killed," the head of one department told IPS on condition of anonymity.


 
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