EOG Reserve Replacement Exceeds 375%

Enron Oil & Gas Co. said it expects 1998 all-sources netproved reserve additions of more than 1.6 Tcfe, resulting in areserve replacement ratio greater than 375%. The company’s 1998production is estimated to be 420 Bcfe, and 1998 average unitfinding cost is anticipated to be below 50 cents/Mcfe. Of thereserves added in 1998, about 800 Bcfe were added in Trinidad,300Bcfe in India and 500 Bcfe in North America.

January 11, 1999

EOG Income Falls on Weak Oil Prices

Enron Oil & Gas second-quarter earnings were hit by weak oilprices but buoyed by stronger gas prices. Second quarter 1998 NorthAmerican wellhead gas prices averaged $1.96/Mcf, up 9% versus anaverage of $1.80/Mcf in the second quarter of 1997. North Americancrude oil and condensate prices were $12.82/barrel for the secondquarter of 1998, down 32% as compared to $18.89/barrel a year ago.

July 14, 1998

EOG 1Q Up Despite Low Prices

Enron Oil & Gas reported first quarter net income of $27.0million, 17 cents/share, compared to $23.1 million, 15 cents/share,for first quarter of 1997. Discretionary cash flow increased to$124.0 million in the first quarter of 1998 compared to $110.1million for the comparable quarter in 1997. Net operating revenuesincreased to $199.8 million in the first quarter of 1998 comparedto $180.7 million a year ago.

April 14, 1998
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