EOG EOG Resources Inc

By Micah Maidenberg

EOG Resources Inc. said Monday it expects the difficult economic environment for energy producers, including lower commodity prices, to be reflected in its first quarter results.

The company said it remains flexible in developing and executing on its capital plan by continuing to reduce its capital and operating expenses in light of the current economic environment.

Like other companies focused on U.S. shale production regions, EOG has faced significant pressure amid weaker oil prices due to the coronavirus pandemic and a battle for market share in the global oil market between Russia and Saudi Arabia.

On April 1, EOG used cash on hand to repay a bond that matured on that date, the company said. EOG has also recently entered into derivative contracts to help it manage risks related to oil prices, according to a filing.

The company said it has $2.9 billion in cash and cash equivalents and another $2 billion availability under a credit line.

Write to Micah Maidenberg at micah.maidenberg@wsj.com

(END) Dow Jones Newswires

April 06, 2020 09:12 ET (13:12 GMT)

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