EOG Resources Inc. (EOG) detailed its first quarter 2015 financial results on May 4. The quarter ended March 31.

Commodity prices impacted the company’s results. Combined capex for exploration, development, property, plant and equipment exceeded discretionary cash flow by $486 million due to low commodity prices and service contract commitments.

There was a net loss of $169.7 million, lower than first-quarter 2014’s $660.9 million net loss.

Adjusted non-GAAP net income was $16.8 million, lower than first-quarter 2014’s $767.7 million.

For the rest of this year, EOG will direct 85% of its capital spending to the Eagle Ford, the Delaware Basin and the Bakken—its top oil plays. During the quarter, well productivity in these plays improved due to integrated completions technology, the company added. Well costs and service costs were lower, and lower costs will improve capital returns, the company said.

The company remains on track to reduce capital spending by 40% this year. The company will resume strong oil growth when oil prices are higher, and is not accelerating oil production at this time. If oil prices stabilize at $65, EOG will resume a double-digit growth plan for 2016 with balanced spending and discretionary cash flow.

Regarding hedging, EOG has crude oil price swaps in place for May 1 through June 30. There are contracts for 47,000 barrels of oil per day (bbl/d) at $91.22 weighted average price per barrel. For July 1 through Dec. 31, contracts are in place for 10Mbbl/d of oil at $89.98/bbl weighted average price.

During the quarter, natural gas hedges were increased, and there are hedges in place for about 22% of North American natural gas production for the remainder of the year. For June 1 through Dec. 31, contracts are in place for about 203,500 million British thermal units per day (MMBtu/d) at $4.31/MMBtu/d weighted average price.

At quarter’s end, EOG had $6.9 billion in total outstanding debt. There was $2.1 billion in cash on the balance sheet at March 31. Net debt was $4.8 billion.

EOG Resources Inc. is based in Houston.