OREANDA-NEWS. At March 31, 2015, EOG's total debt outstanding was USD 6.9 billion for a debt-to-total capitalization ratio of 28 percent. Taking into account cash on the balance sheet of USD 2.1 billion at March 31, EOG's net debt was USD 4.8 billion for a net debt-to-total capitalization ratio of 21 percent. (Please refer to the attached tables for the reconciliation of non-GAAP measures to GAAP measures.)

During the first quarter 2015, EOG's combined expenditures for exploration, development, and other property, plant and equipment exceeded discretionary cash flow by USD 486 million due to low commodity prices and service contract commitments. However, assuming oil prices remain near recent levels for the final three quarters of 2015, EOG expects balanced discretionary cash flow and capital spending for the remainder of the year.

"EOG is committed to maintaining a strong balance sheet and disciplined capital program. As expected, our first quarter capital spending was higher than levels planned for subsequent quarters. For the remainder of the year, with cost reductions and service contract roll-offs, we have the flexibility to adjust and control spending as needed," Thomas said. "We believe current oil prices will continue to drive supply and demand changes, and the global oil markets will rebalance. Meanwhile, we are improving our fundamentals rapidly and expect to emerge from this down cycle in a better position to deliver strong growth and return on capital employed."