EOG Resources (EOG) 10-K 25 Feb 10 2009 FY Annual report Financial data

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income (USD $)
In Thousands, except Per Share data	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Net Operating Revenues
Natural Gas	$2,050,963	$4,452,058	$3,032,805
Crude Oil, Condensate and Natural Gas Liquids	1,348,510	1,769,926	987,523
Gains on Mark-to-Market Commodity Derivative Contracts	431,757	597,911	93,108
Gathering, Processing and Marketing	407,116	164,535	73,539
Gains on Property Dispositions, Net	535,436	123,473	43,628
Other, Net	13,177	19,240	8,700
Total	4,786,959	7,127,143	4,239,303
Operating Expenses
Lease and Well	579,290	559,185	452,044
Transportation Costs	283,329	274,090	152,236
Gathering and Processing Costs	57,632	40,550	27,775
Exploration Costs	169,592	193,886	150,445
Dry Hole Costs	51,243	55,167	115,382
Impairments	305,832	192,859	147,517
Marketing Costs	397,375	152,842	66,680
Depreciation, Depletion and Amortization	1,549,188	1,326,875	1,065,545
General and Administrative	248,274	243,708	205,210
Taxes Other Than Income	174,363	320,796	208,073
Total	3,816,118	3,359,958	2,590,907
Operating Income	970,841	3,767,185	1,648,396
Other Income, Net	2,071	31,012	29,250
Income Before Interest Expense and Income Taxes	972,912	3,798,197	1,677,646
Interest Expense
Incurred	155,820	94,286	76,102
Capitalized	(54,919)	(42,628)	(29,324)
Net Interest Expense	100,901	51,658	46,778
Income Before Income Taxes	872,011	3,746,539	1,630,868
Income Tax Provision	325,384	1,309,620	540,950
Net Income	546,627	2,436,919	1,089,918
Preferred Stock Dividends	0	443	6,663
Net Income Available to Common Stockholders	546,627	2,436,476	1,083,255
Net Income Per Share Available to Common Stockholders
Basic	2.2	9.88	4.45
Diluted	2.17	9.72	4.37
Dividends Declared Per Common Share	0.58	0.51	0.36
Average Number of Common Shares
Basic	248,996	246,662	243,469
Diluted	251,884	250,542	247,637
Statement of Comprehensive Income
Net Income	546,627	2,436,919	1,089,918
Foreign Currency Translation Adjustments	308,286	(431,940)	282,619
Foreign Currency Swap Transaction	6,336	(9,637)	10,789
Income Tax Related to Foreign Currency Swap Transaction	(1,519)	2,442	(3,086)
Defined Benefit Pension and Postretirement Plans	(1,469)	608	(595)
Income Tax Related to Defined Benefit Pension and Postretirement Plans	299	(388)	271
Comprehensive Income	$858,560	$1,998,004	$1,379,916

Consolidated Balance Sheets

Consolidated Balance Sheets (USD $)
In Thousands	Dec. 31, 2009	Dec. 31, 2008
Current Assets
Cash and Cash Equivalents	$685,751	$331,311
Accounts Receivable, Net	771,417	722,695
Inventories	261,723	187,970
Assets from Price Risk Management Activities	20,915	779,483
Income Taxes Receivable	37,009	27,053
Other	62,726	59,939
Total	1,839,541	2,108,451
Property, Plant and Equipment
Oil and Gas Properties (Successful Efforts Method)	24,614,311	20,803,629
Other Property, Plant and Equipment	1,350,132	1,057,888
Total Property, Plant and Equipment	25,964,443	21,861,517
Less: Accumulated Depreciation, Depletion and Amortization	(9,825,218)	(8,204,215)
Total Property, Plant and Equipment, Net	16,139,225	13,657,302
Other Assets	139,901	185,473
Total Assets	18,118,667	15,951,226
Current Liabilities
Accounts Payable	979,139	1,122,209
Accrued Taxes Payable	92,858	86,265
Dividends Payable	36,286	33,461
Liabilities from Price Risk Management Activities	27,218	4,429
Deferred Income Taxes	35,414	368,231
Current Portion of Long-Term Debt	37,000	37,000
Other	137,645	113,321
Total	1,345,560	1,764,916
Long-Term Debt	2,760,000	1,860,000
Other Liabilities	632,652	498,291
Deferred Income Taxes	3,382,413	2,813,522
Stockholders' Equity
Common Stock, $0.01 Par, 640,000,000 Shares Authorized: 252,627,177 Shares and 249,758,577 Shares Issued at December 31, 2009 and 2008, respectively	202,526	202,498
Additional Paid in Capital	596,702	323,805
Accumulated Other Comprehensive Income	339,720	27,787
Retained Earnings	8,866,747	8,466,143
Common Stock Held in Treasury, 118,525 Shares and 126,911 Shares at December 31, 2009 and 2008, respectively	(7,653)	(5,736)
Total Stockholders' Equity	9,998,042	9,014,497
Total Liabilities and Stockholders' Equity	$18,118,667	$15,951,226

Balance Sheet Parentheticals

Balance Sheet Parentheticals (USD $)
	Dec. 31, 2009	Dec. 31, 2008
Common Stock
$ Par Value Per Share	0.01	0.01
Shares Authorized	640,000,000	640,000,000
Shares Issued	252,627,177	249,758,577
Treasury Stock
Common Stock Held in Treasury	118,525	126,911

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (USD $)
In Thousands	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Common Stock (CommonStockMember)	Preferred Stock	Retained Earnings (RetainedEarningsMember)	Common Stock Held in Treasury (CommonStockHeldInTreasuryMember)	Total
Balance at Dec. 31, 2006	$129,986	$176,704	$202,495	$52,887	$5,151,034	($113,435)	$5,599,671
Net Income					1,089,918		1,089,918
Redemption of Preferred Stock				(48,260)			(48,260)
Amortization of Preferred Stock Discount				350	(350)
Preferred Stock Dividends Declared					(6,313)		(6,313)
Common Stock Dividends Declared					(88,368)		(88,368)
Foreign Currency Translation Adjustments		282,619					282,619
Foreign Currency Swap Transaction, Net of Tax		7,703					7,703
Defined Benefit Pension and Post Retirement Plans, Net of Tax		(324)					(324)
Treasury Stock Issued Under Stock Plans	16,205					30,106	46,311
Excess Tax Benefits from Stock-Based Compensation	29,084						29,084
Restricted Stock and Restricted Stock Units	(21,426)					21,426
Stock-Based Compensation Expenses	67,253						67,253
Adoption of Accounting Standard for Uncertainty in Income Taxes	0	0	0	0	10,800	0	10,800
Balance at Dec. 31, 2007	221,102	466,702	202,495	4,977	6,156,721	(61,903)	6,990,094
Net Income					2,436,919		2,436,919
Redemption of Preferred Stock				(5,000)			(5,000)
Amortization of Preferred Stock Discount				23	(23)
Preferred Stock Dividends Declared					(420)		(420)
Common Stock Dividends Declared					(127,054)		(127,054)
Foreign Currency Translation Adjustments		(431,940)					(431,940)
Foreign Currency Swap Transaction, Net of Tax		(7,195)					(7,195)
Defined Benefit Pension and Post Retirement Plans, Net of Tax		220					220
Treasury Stock Issued Under Stock Plans	7,260					47,649	54,909
Excess Tax Benefits from Stock-Based Compensation	6,446						6,446
Restricted Stock and Restricted Stock Units	(8,515)		3			8,512
Stock-Based Compensation Expenses	97,493						97,493
Treasury Stock Issued as Compensation	19	0	0	0	0	6	25
Balance at Dec. 31, 2008	323,805	27,787	202,498	0	8,466,143	(5,736)	9,014,497
Net Income					546,627		546,627
Common Stock Issued Under Stock Plans	18,641		3				18,644
Common Stock Dividends Declared					(146,023)		(146,023)
Foreign Currency Translation Adjustments		308,286					308,286
Foreign Currency Swap Transaction, Net of Tax		4,817					4,817
Defined Benefit Pension and Post Retirement Plans, Net of Tax		(1,170)					(1,170)
Treasury Stock Issued Under Stock Plans	(4,240)					(4,923)	(9,163)
Excess Tax Benefits from Stock-Based Compensation	76,134						76,134
Restricted Stock and Restricted Stock Units	(2,483)		10			2,473
Stock-Based Compensation Expenses	95,037						95,037
Shares Issued for Property Acquisition	89,566		15				89,581
Treasury Stock Issued as Compensation	242	0	0	0	0	533	775
Balance at Dec. 31, 2009	$596,702	$339,720	$202,526	$0	$8,866,747	($7,653)	$9,998,042

Stockholders' Equity Parentheti

Stockholders' Equity Parentheticals (USD $)
	1/1/2009 - 12/31/2009	1/1/2008 - 12/31/2008	1/1/2007 - 12/31/2007
Common Stock Dividends Declared
Common Stock Dividends Declared, $ Per Share	0.58	0.51	0.36

Statement of Cash Flows

Statement of Cash Flows (USD $)
In Thousands	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Cash Flows From Operating Activities
Net Income	$546,627	$2,436,919	$1,089,918
Depreciation, Depletion and Amortization	1,549,188	1,326,875	1,065,545
Impairments	305,832	192,859	147,517
Stock-Based Compensation Expenses	95,180	97,493	67,253
Deferred Income Taxes	174,392	1,133,630	426,827
Gains on Property Dispositions, Net	(535,436)	(123,473)	(43,628)
Other, Net	6,761	(14,919)	(510)
Dry Hole Costs	51,243	55,167	115,382
Total Gains	(431,757)	(597,911)	(93,108)
Realized Gains (Losses)	1,277,584	(136,625)	127,969
Excess Tax Benefits from Stock-Based Compensation	(76,134)	(6,446)	(27,339)
Other, Net	18,862	13,229	24,268
Accounts Receivable	(47,818)	95,165	(85,024)
Inventories	(50,146)	(92,049)	9,638
Accounts Payable	(153,565)	30,253	228,354
Accrued Taxes Payable	90,929	72,467	(12,663)
Other Assets	(5,515)	(10,715)	(8,416)
Other Liabilities	(12,305)	9,061	12,614
Changes in Components of Working Capital Associated with Investing and Financing Activities	118,517	152,269	(143,594)
Net Cash Provided by Operating Activities	2,922,439	4,633,249	2,901,003
Investing Cash Flows
Additions to Oil and Gas Properties	(3,176,783)	(4,718,860)	(3,401,986)
Additions to Other Property, Plant and Equipment	(326,226)	(476,611)	(277,076)
Proceeds from Sales of Assets	212,000	383,559	83,295
Changes in Components of Working Capital Associated with Investing Activities	(118,221)	(152,374)	143,668
Other, Net	(5,321)	(2,232)	(3,675)
Net Cash Used in Investing Activities	(3,414,551)	(4,966,518)	(3,455,774)
Financing Cash Flows
Long-Term Debt Borrowings	900,000	750,000	610,000
Long-Term Debt Repayments	0	(38,000)	(158,442)
Dividends Paid	(142,260)	(115,204)	(84,020)
Redemption of Preferred Stock	0	(5,395)	(51,197)
Excess Tax Benefits from Stock-Based Compensation	76,134	6,446	27,339
Treasury Stock Purchased	(10,986)	(17,834)	(7,638)
Proceeds from Stock Options Exercised and Employee Stock Purchase Plan	20,465	72,572	55,320
Debt Issuance Costs	(8,895)	(7,585)	(5,206)
Other, Net	(296)	105	(71)
Net Cash Provided by Financing Activities	834,162	645,105	386,085
Effect of Exchange Rate Changes on Cash	12,390	(34,756)	4,662
Increase (Decrease) in Cash and Cash Equivalents	354,440	277,080	(164,024)
Cash and Cash Equivalents at Beginning of Period	331,311	54,231	218,255
Cash and Cash Equivalents at End of Period	$685,751	$331,311	$54,231

Summary of Significant Accounti

Summary of Significant Accounting Policies
	12 Months Ended Dec. 31, 2009 USD / shares
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	1. Summary of Significant Accounting Policies Principles of Consolidation. The consolidated financial statements of EOG Resources, Inc. (EOG) include the accounts of all domestic and foreign subsidiaries. Investments in unconsolidated affiliates, in which EOG is able to exercise significant influence, are accounted for using the equity method. All intercompany accounts and transactions have been eliminated. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Certain reclassifications have been made to prior period financial statements to conform with the current presentation. Financial Instruments. EOG's financial instruments consist of cash and cash equivalents, commodity derivative contracts, accounts receivable, accounts payable and current and long-term debt. The carrying values of cash and cash equivalents, marketable securities, commodity derivative contracts, accounts receivable and accounts payable approximate fair value (see Notes 2 and 11). Cash and Cash Equivalents. EOG records as cash equivalents all highly liquid short-term investments with original maturities of three months or less. Oil and Gas Operations. EOG accounts for its natural gas and crude oil exploration and production activities under the successful efforts method of accounting. Oil and gas lease acquisition costs are capitalized when incurred. Unproved properties with individually significant acquisition costs are amortized over the lease term and analyzed on a property-by-property basis for any impairment in value. Unproved properties with acquisition costs that are not individually significant are aggregated, and the portion of such costs estimated to be nonproductive is amortized over the remaining lease term. If the unproved properties are determined to be productive, the appropriate related costs are transferred to proved oil and gas properties. Lease rentals are expensed as incurred. Oil and gas exploration costs, other than the costs of drilling exploratory wells, are charged to expense as incurred. The costs of drilling exploratory wells are capitalized pending determination of whether they have discovered proved commercial reserves. Exploratory drilling costs are capitalized when drilling is complete if it is determined that there is economic producibility supported by either actual production, a conclusive formation test or by certain technical data if the discovery is located offshore in the Gulf of Mexico. If proved commercial reserves are not discovered, such drilling costs are expensed. In some circumstances, it may be uncertain whether proved commercial reserves have been found when drilling has been completed. Such exploratory well drilling costs may continue to be capitalized if the reserve quantity i

Long-Term Debt

Long-Term Debt
	12 Months Ended Dec. 31, 2009 USD / shares
Long-Term Debt, Preferred Stock and Common Stock
Long-Term Debt	2. Long-Term Debt Long-Term Debt at December31, 2009 and 2008 consisted of the following (in thousands): 2009 2008 6.125% Senior Notes due 2013 $ 400,000 $ 400,000 5.875%Senior Notes due 2017 600,000 600,000 6.875% Senior Notes due 2018 350,000 350,000 5.625% Senior Notes due 2019 900,000 - 6.65% Senior Notes due 2028 140,000 140,000 Subsidiary Revolving Credit Facility due 2010 37,000 37,000 7.00% Subsidiary Debt due 2011 220,000 220,000 4.75% Subsidiary Debt due 2014 150,000 150,000 2,797,000 1,897,000 Less: Current Portion of Long-Term Debt 37,000 37,000 Total $ 2,760,000 $ 1,860,000 At December 31, 2009, the aggregate annual maturities of long-term debt were $37 million in 2010, $220 million in 2011, zero in 2012, $400 million in 2013, and $150 million in 2014. During 2009 and 2008, EOG utilized commercial paper and short-term borrowings under uncommitted credit facilities, bearing market interest rates, for various corporate financing purposes. EOG had no outstanding borrowings from commercial paper or uncommitted credit facilities at December 31, 2009. The weighted average interest rates for commercial paper and uncommitted credit facility borrowings for 2009 were 0.96% and 1.07%, respectively. On May 21, 2009, EOG completed its public offering of $900 million aggregate principal amount of 5.625% Senior Notes due 2019 (2019 Notes). Interest on the 2019 Notes is payable semi-annually in arrears on June 1 and December 1 of each year, beginning December 1, 2009. Net proceeds from the offering of approximately $891 million were used for general corporate purposes, including repayment of outstanding commercial paper borrowings. On May 11, 2009, EOG Resources Trinidad Limited, a wholly owned foreign subsidiary of EOG, amended its 3-year, $75 million Revolving Credit Agreement (Credit Agreement) to extend the scheduled maturity date of the remaining outstanding balance of $37 million from May 12, 2009 to May 12, 2010. Borrowings under the Credit Agreement accrue interest based, at EOG's option, on either the Eurodollar rate or the base rate of the Credit Agreement's administrative agent. The applicable Eurodollar rate at December 31, 2009 was 2.73%. The weighted average Eurodollar rate for the amount outstanding during the year ended December 31, 2009 was 2.79%. On September 30, 2008, EOG completed its public offering of $400 million aggregate principal amount of 6.125% Senior Notes due 2013 and $350 million aggregate principal amount of 6.875% Senior Notes due 2018 (Notes). Interest on the Notes is payable semi-annually in arrears on April 1 and October 1 of each year, beginning April 1, 2009. Net proceeds from the offering of approximately $743 million were used for general corporate purposes, including repayment of outstanding commercial paper and borrowings under other uncommitted credit facilities. EOG currently has a $1.0 billion unsecured Revolving Credit Agreement (Agreement) with domestic and foreign lenders. The Agreement

Stockholders' Equity

Stockholders' Equity
	1/1/2009 - 12/31/2009 USD / shares
Stockholders' Equity
Stockholders' Equity	3. Stockholders' Equity Common Stock. EOG purchases shares of its common stock from time to time in the open market. In September 2001, EOG's Board of Directors (Board) authorized the purchase of an aggregate maximum of 10 million shares of common stock of EOG that superseded all previous authorizations. At December 31, 2009, 6,386,200 shares remained available for purchase under this authorization. In addition, shares of EOG's common stock are from time to time withheld by, or returned to, EOG in satisfaction of tax withholding obligations arising upon the exercise of employee stock options or stock-settled stock appreciation rights. the vesting of restricted stock or restricted stock unit grants or in payment of the exercise price of employee stock options. Such shares withheld or returned do not count against the Board authorization discussed above. Shares purchased, withheld and returned are held in treasury for, among other purposes, fulfilling any obligations arising under EOG's stock plans and any other approved transactions or activities for which such shares of common stock shall be required. The Board increased the quarterly cash dividend on EOG's common stock from $0.06 per share to $0.09 per share on January 31, 2007 effective beginning with the dividend paid on April 30, 2007, to $0.12 per share on February 7, 2008 effective beginning with the dividend paid on April 30, 2008, to $0.135 per share on July 29, 2008 effective beginning with the dividend paid on October 31, 2008 and to $0.145 per share on February 4, 2009 effective beginning with the dividend paid on April 30, 2009. On February 9, 2010, EOG's Board increased the quarterly cash dividend on the common stock from the current $0.145 per share to $0.155 per share effective beginning with the dividend to be paid on April 30, 2010. The following summarizes EOG's common stock activity for each of the years ended December 31, 2007, 2008 and 2009 (in thousands): Common Shares Issued Treasury Outstanding Balance at December 31, 2006 249,460 (5,725) 243,735 Treasury Stock Purchased (1) - (126) (126) Treasury Stock Issued Under Employee Stock Purchase Plan - 102 102 Treasury Stock Issued Under Other Equity Compensation Plans - 2,814 2,814 Balance at December 31, 2007 249,460 (2,935) 246,525 Common Stock Issued Under Equity Compensation Plans 299 - 299 Treasury Stock Purchased (1) - (195) (195) Treasury Stock Issued Under Employee Stock Purchase Plan - 103 103 Treasury Stock Issued Under Other Equity Compensation Plans - 2,900 2,900 Balance at December 31, 2008 249,759 (127) 249,632 Common Stock Issued Under Equity Compensation Plans 1,347 - 1,347 Treasury Stock Purchased (1) - (168) (168) Common Stock Issued Under Employee Stock Purchase Plan 71 - 71 Treasury Stock Issued Under Other Equity Compensation Plans - 177 177 Common Stock Issued for Property Acquisition 1,450

Other Income, Net

Other Income, Net
	12 Months Ended Dec. 31, 2009 USD / shares
Other Income, Net
Other Income, Net	4. Other Income, Net Other income, net for 2009 included equity income from investments in the Caribbean Nitrogen Company Limited (CNCL) and Nitrogen (2000) Unlimited (N2000) ammonia plants ($4 million), net foreign currency transaction gains ($4 million) and losses on sales of warehouse stock ($4 million). Other income, net for 2008 included interest income ($9 million), equity income from investments in CNCL and N2000 ammonia plants ($19 million), net foreign currency transaction losses ($5 million) and settlements received related to the Enron Corp. bankruptcy ($3 million).

Income Taxes

Income Taxes
	12 Months Ended Dec. 31, 2009 USD / shares
Income Taxes
Income Taxes	5. Income Taxes The principal components of EOG's net deferred income tax liabilities at December31, 2009 and 2008 were as follows (in thousands): 2009 2008 Current Deferred Income Tax (Assets) Liabilities Commodity Hedging Contracts $ 11,559 $ 276,438 Deferred Compensation Plans (11,121) (8,226) Timing Differences Associated With Different Year-ends in Foreign Jurisdictions 27,659 98,736 Other 7,317 1,283 Total Net Current Deferred Income Tax Liabilities $ 35,414 $ 368,231 Noncurrent Deferred Income Tax (Assets) Liabilities Oil and Gas Exploration and Development Costs Deducted for Tax Over Book Depreciation, Depletion and Amortization $ 3,746,302 $ 3,048,651 Non-Producing Leasehold Costs (67,347) (50,841) Seismic Costs Capitalized for Tax (64,917) (47,325) Equity Awards (76,978) (52,300) Capitalized Interest 76,852 62,488 Alternative Minimum Tax Credit Carryforward (200,034) (143,142) Other (31,465) (4,009) Total Net Noncurrent Deferred Income Tax Liabilities $ 3,382,413 $ 2,813,522 Total Net Deferred Income Tax Liabilities $ 3,417,827 $ 3,181,753 The components of Income Before Income Taxes for the years indicated below were as follows (in thousands): 2009 2008 2007 United States $ 784,248 $ 3,138,175 $ 1,191,093 Foreign 87,763 608,364 439,775 Total $ 872,011 $ 3,746,539 $ 1,630,868 The principal components of EOG's Income Tax Provision for the years indicated below were as follows (in thousands): 2009 2008 2007 Current: Federal $ 95,194 $ 50,776 $ (7,284) State 8,783 5,674 (3,999) Foreign 47,015 119,540 125,406 Total 150,992 175,990 114,123 Deferred: Federal 166,045 1,010,535 416,925 State 31,580 56,540 26,506 Foreign (23,233) 66,555 (16,604) Total 174,392 1,133,630 426,827 Income Tax Provision $ 325,384 $ 1,309,620 $ 540,950 The differences between taxes computed at the United States federal statutory tax rate and EOG's effective rate were as follows: 2009 2008 2007 Statutory Federal Income Tax Rate 35.00% 35.00% 35.00% State Income Tax, Net of Federal Benefit 3.00 1.08 0.90 Income Tax Provision Related to Foreign Operations (0.80) (0.72) (0.67) Change in Canadian Federal and Provincial Statutory Tax Rates and Other Canadian Adjustments - - (2.10) Domestic Production Activities Deduction 0.06 0.01 0.11 Other 0.05 (0.41) (0.07) Effective Income Tax Rate 37.31% 34.96% 33.17% The balance of unrecognized tax benefits at December 31, 2009 was $29 million ($16 m

Employee Benefit Plans

Employee Benefit Plans
	12 Months Ended Dec. 31, 2009 USD / shares
Pension and Postretirement Benefits
Pension and Postretirement Benefits	6. Employee Benefit Plans Pension Plans and Postretirement Benefits At December 31, 2009, EOG and its subsidiaries in Canada and Trinidad maintained certain defined benefit pension and postretirement medical plans covering certain eligible employees. EOG plan assets and benefit obligations are currently measured as of the date of EOG's fiscal year-end. During 2009, approximately $0.1 million from such plans was amortized from accumulated other comprehensive income through net periodic benefit costs. Pension Plans. EOG has a non-contributory defined contribution pension plan and a matched defined contribution savings plan in place for most of its employees in the United States. EOG's contributions to these pension plans are based on various percentages of compensation and, in some instances, are based upon the amount of the employees' contributions. EOG's total costs recognized for these plans were $22 million, $20 million and $16 million for 2009, 2008 and 2007, respectively. In addition, EOG's Canadian subsidiary maintains both a non-contributory defined benefit pension plan and a non-contributory defined contribution pension plan, as well as a matched defined contribution savings plan. EOG's Trinidadian subsidiary maintains a contributory defined benefit pension plan and a matched savings plan. With the exception of Canada's non-contributory defined benefit pension plan, which is closed to new employees, these pension plans are available to most employees of the Canadian and Trinidadian subsidiaries. EOG's combined contributions to these plans were $2.3 million, $2.7 million and $2.7 million for 2009, 2008 and 2007, respectively. For the Canadian and Trinidadian defined benefit pension plans, the benefit obligation, fair value of plan assets and prepaid/(accrued) benefit cost totaled $9.1 million, $7.7 million and $(0.9) million, respectively, at December 31, 2009 and $6.2 million, $6.2 million and $0.3 million, respectively, at December 31, 2008. Weighted average discount rate, expected return on plan assets, rate of compensation increase and rate of pension increase assumptions used to determine net periodic benefit cost for the pension plans were 7.87%, 7.99%, 5.73% and 1.51%, respectively, at December 31, 2009; 7.90%, 8.05%, 5.80% and 1.46%, respectively, at December 31, 2008 and 6.85%, 7.47%, 5.15% and 1.90%, respectively, at December 31, 2007. Weighted average discount rate, rate of compensation increase and rate of pension increase assumptions used to determine benefit obligations for the pension plans were 5.76%, 4.14% and 1.74%, respectively, for the year ended December 31, 2009 and 7.59%, 5.02% and 1.99%, respectively, for the year ended December 31, 2008. The weighted average asset allocation at December 31, 2009 consisted of equities (46%), debt and fixed income securities (44%) and other assets (10%). The weighted average asset allocation at December 31, 2008 consisted of equities (48%), debt and fixed income securities (44%) and other assets (8%). The fair value of Canada's pension plan assets was $5.0 million at December 31, 2009. Such assets consisted of mutual funds valued using Level 1 inputs, whic

Commitments and Contingencies

Commitments and Contingencies
	12 Months Ended Dec. 31, 2009 USD / shares
Commitments and Contingencies
Commitments and Contigencies	7. Commitments and Contingencies Letters of Credit. At December 31, 2009, EOG had standby letters of credit and guarantees outstanding totaling approximately $681 million, of which $407 million represents guarantees of subsidiary indebtedness (see Note 2) and $274 million primarily represents guarantees of payment obligations on behalf of subsidiaries. At December 31, 2008, EOG had standby letters of credit and guarantees outstanding totaling approximately $568 million, of which $445 million represents guarantees of subsidiary indebtedness and $123 million primarily represents guarantees of payment obligations on behalf of subsidiaries. As of February 24, 2010, there were no demands for payment under these guarantees. Minimum Commitments. At December 31, 2009, total minimum commitments from long-term non-cancelable operating leases, drilling rig commitments, seismic purchase and other purchase obligations, and pipeline transportation service commitments, based on current pipeline transportation rates and the foreign currency exchange rates used to convert Canadian dollars and British pounds into United States dollars at December 31, 2009, are as follows (in thousands): Total Minimum Commitments 2010 $ 582,385 2011 - 2012 702,166 2013 - 2014 652,454 2015 and beyond 1,221,976 $ 3,158,981 Included in the table above are leases for buildings, facilities and equipment with varying expiration dates through 2022. Rental expenses associated with existing leases amounted to $77 million, $70 million and $60 million for 2009, 2008 and 2007, respectively. Contingencies. There are currently various suits and claims pending against EOG that have arisen in the ordinary course of EOG's business, including contract disputes, personal injury and property damage claims and title disputes. While the ultimate outcome and impact on EOG cannot be predicted with certainty, management believes that the resolution of these suits and claims will not, individually or in the aggregate, have a material adverse effect on EOG's consolidated financial position, results of operations or cash flow. EOG records reserves for contingencies when information available indicates that a loss is probable and the amount of the loss can be reasonably estimated.

Net Income Per Share Available

Net Income Per Share Available to Common Stockholders
	12 Months Ended Dec. 31, 2009 USD / shares
Earnings Per Share
Earnings Per Share	8. Net Income Per Share Available to Common Stockholders The following table sets forth the computation of Net Income Per Share Available to Common Stockholders for the years ended December 31, 2009, 2008 and 2007 (in thousands, except per share data): 2009 2008 2007 Numerator for Basic and Diluted Earnings per Share - Net Income $ 546,627 $ 2,436,919 $ 1,089,918 Less: Preferred Stock Dividends - 443 6,663 Net Income Available to Common Stockholders $ 546,627 $ 2,436,476 $ 1,083,255 Denominator for Basic Earnings per Share - Weighted Average Shares 248,996 246,662 243,469 Potential Dilutive Common Shares - Stock Options/SARs 1,691 2,629 2,915 Restricted Stock and Restricted Stock Units 1,197 1,251 1,253 Denominator for Diluted Earnings per Share - Adjusted Diluted Weighted Average Shares 251,884 250,542 247,637 Net Income Per Share Available to Common Stockholders Basic $ 2.20 $ 9.88 $ 4.45 Diluted $ 2.17 $ 9.72 $ 4.37 The diluted earnings per share calculation excludes stock options and SARs that were anti-dilutive. The excluded stock options and SARs totaled 2.5 million, 0.1 million and 2.4 million for the years ended December 31, 2009, 2008 and 2007, respectively.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information
	12 Months Ended Dec. 31, 2009 USD / shares
Supplemental Cash Flow Information
Supplemental Cash Flow Information	9. Supplemental Cash Flow Information Cash paid for interest and income taxes, net of refunds received, was as follows for the years ended December31, 2009, 2008 and 2007 (in thousands): 2009 2008 2007 Interest $ 100,939 $ 48,029 $ 38,616 Income Taxes, Net of Refunds Received $ 51,684 $ 94,598 $ 144,234 Non-cash investing and financing activities for the year ended December 31, 2009 included the following (see Note 17): the issuance of 1,450,000 shares of EOG common stock valued at $90 million at the transaction closing date in connection with EOG's purchase of certain proved developed and undeveloped reserves and unproved acreage; non-cash additions to EOG's oil and gas properties in the amount of $353 million in connection with EOG's asset exchange agreement; and non-cash additions to EOG's oil and gas properties in connection with contingent consideration valued at $35 million at December 31, 2009 in connection with EOG's acquisition of certain unproved properties.

Business Segment Information

Business Segment Information
	12 Months Ended Dec. 31, 2009 USD / shares
Segment Information
Segment Information	10. Business Segment Information EOG's operations are all natural gas and crude oil exploration and production related. The Segment Reporting Topic of the ASC establishes standards for reporting information about operating segments in annual financial statements. Operating segments are defined as components of an enterprise about which separate financial information is available and evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. EOG's chief operating decision making process is informal and involves the Chairman of the Board and Chief Executive Officer and other key officers. This group routinely reviews and makes operating decisions related to significant issues associated with each of EOG's major producing areas in the United States, Canada, Trinidad, the United Kingdom and China. For segment reporting purposes, the chief operating decision maker considers the major United States producing areas to be one operating segment. Financial information by reportable segment is presented below as of and for the years ended December31, 2009, 2008 and 2007 (in thousands): United Other States Canada Trinidad International (1) Total 2009 Natural Gas $ 1,540,042 $ 315,792 $ 172,560 $ 22,569 $ 2,050,963 Crude Oil, Condensate and Natural Gas Liquids 1,192,045 98,118 57,089 1,258 1,348,510 Gains on Mark-to-Market Commodity Derivative Contracts 431,757 - - - 431,757 Gathering, Processing and Marketing 407,097 - 19 - 407,116 Gains on Property Dispositions, Net 535,295 141 - - 535,436 Other, Net 9,693 (16) 3,500 - 13,177 Net Operating Revenues (2) 4,115,929 414,035 233,168 23,827 4,786,959 Depreciation, Depletion and Amortization 1,282,180 211,514 47,119 8,375 1,549,188 Operating Income (Expense) 896,937 (31,767) 143,993 (38,322) 970,841 Interest Income 137 612 146 205 1,100 Other Income (Expense) (7,396) 5,212 4,387 (1,232) 971 Net Interest Expense 84,411 28,934 1,332 (13,776) 100,901 Income Before Income Taxes 805,267 (54,877) 147,194 (25,573) 872,011 Income Tax Provision (Benefit) 290,473 (27,073) 57,363 4,621 325,384 Additions to Oil and Gas Properties, Excluding Dry Hole Costs 2,770,482 268,604 31,219 55,235 3,125,540 Total Property, Plant and Equipment, Net 12,769,240 2,740,473 532,989 96,523 16,139,225 Total Assets 14,108,129 2,888,949 813,901 307,688 18,118,667 2008 Natural Gas $ 3,497,620 $ 619,792 $ 285,184 $ 49,462 $ 4,452,058 Crude Oil, Condensate and Natural Gas Liquids 1,552,163 107,915 107,87

Risk Management Activities

Risk Management Activities
	12 Months Ended Dec. 31, 2009 USD / shares
Risk Management Activities
Risk Management Activities	11. Risk Management Activities Commodity Price Risks. EOG engages in price risk management activities from time to time. These activities are intended to manage EOG's exposure to fluctuations in commodity prices for natural gas and crude oil. EOG utilizes financial commodity derivative instruments, primarily price swap, collar and basis swap contracts, as a means to manage this price risk. In addition to financial transactions, EOG is a party to various physical commodity contracts for the sale of hydrocarbons that cover varying periods of time and have varying pricing provisions. Under the provisions of ASC Topic 815 (Derivatives and Hedging), these physical commodity contracts qualify for the normal purchases and normal sales exception and, therefore, are not subject to hedge accounting or mark-to-market accounting. The financial impact of physical commodity contracts is included in revenues at the time of settlement, which in turn affects average realized hydrocarbon prices. During 2009, 2008 and 2007, EOG elected not to designate any of its financial commodity derivative contracts as accounting hedges and, accordingly, accounted for these financial commodity derivative contracts using the mark-to-market accounting method. During 2009, EOG recognized net gains on mark-to-market financial commodity derivative contracts of $432 million, which included net realized gains of $1,278 million. During 2008, EOG recognized net gains on mark-to-market financial commodity derivative contracts of $598 million, which included net realized losses of $137 million. During 2007, EOG recognized net gains on mark-to-market financial commodity derivative contracts of $93 million, which included net realized gains of $128 million. At December 31, 2009, the fair value of EOG's financial commodity derivative contracts was reflected in the Consolidated Balance Sheets as Current Assets - Assets From Price Risk Management Activities ($21 million), Current Liabilities - Liabilities from Price Risk Management Activities ($27 million) and Other Liabilities ($10 million). At December 31, 2008, the fair value of EOG's financial commodity derivative contracts was reflected in the Consolidated Balance Sheets as Current Assets - Assets From Price Risk Management Activities ($779 million), Other Assets ($57 million), Current Liabilities - Liabilities from Price Risk Management Activities ($4 million) and Other Liabilities ($8 million). Financial Collar Contracts. Presented below is a comprehensive summary of EOG's natural gas financial collar contracts at December 31, 2009. The notional volumes are expressed in million British thermal units per day (MMBtud) and prices are expressed in dollars per million British thermal units ($/MMBtu). The average floor price of EOG's outstanding natural gas financial collar contracts for 2010 is $10.10 per million British thermal units (MMBtu) and the average ceiling price is $12.38 per MMBtu. Natural Gas Financial Collar Contracts Floor Price Ceiling Price Weighted Weighted Average Ceiling Average Volume Floor Range Price Range Price (MMBtud) ($/MMBtu) (

Fair Value Measurements

Fair Value Measurements
	12 Months Ended Dec. 31, 2009 USD / shares
Fair Value Measurements
Fair Value Measurements	12. Fair Value Measurements Certain of EOG's financial and nonfinancial assets and liabilities are reported at fair value on the accompanying Consolidated Balance Sheets. Effective January 1, 2008, EOG adopted the provisions of the Fair Value Measurements and Disclosures Topic of the ASC (ASC Topic 820) for its financial assets and liabilities. ASC Topic 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, ASC Topic 820 establishes a fair value hierarchy that prioritizes the relative reliability of inputs used in fair value measurements. The hierarchy gives highest priority to Level 1 inputs that represent unadjusted quoted market prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date. Level 2 inputs are directly or indirectly observable inputs other than quoted prices included within Level 1. Level 3 inputs are unobservable inputs and have the lowest priority in the hierarchy. ASC Topic 820 requires that an entity give consideration to the credit risk of its counterparties, as well as its own credit risk, when measuring financial assets and liabilities at fair value. EOG adopted the provisions of ASC Topic 820 relating to nonfinancial assets and liabilities effective January 1, 2009. The following table provides fair value measurement information within the hierarchy for certain of EOG's financial assets and liabilities carried at fair value at December 31, 2009 and 2008 (in millions): Fair Value Measurements Using: Quoted Significant Prices in Other Significant Active Observable Unobservable Markets Inputs Inputs (Level 1) (Level 2) (Level 3) Total At December 31, 2009 Financial Assets: Natural gas collars, price swaps and basis swaps $ - $ 21 $ - $ 21 Financial Liabilities: Natural gas collars, price swaps and basis swaps $ - $ 37 $ - $ 37 Foreign currency rate swap - 49 - 49 Contingent consideration (see Note 17) - - 35 35 At December 31, 2008 Financial Assets: Natural gas collars, price swaps and basis swaps $ - $ 836 $ - $ 836 Financial Liabilities: Natural gas collars, price swaps and basis swaps $ - $ 12 $ - $ 12 Foreign currency rate swap - 26 - 26 The estimated fair value of natural gas collar, price swap and basis swap contracts was based upon forward commodity price curves based on quoted market prices. The estimated fair value of the foreign currency rate swap was based upon forward currency rates. In connection with the acquisition of certain unproved acreage in Nacogdoches County, Texas, during the fourth quarter of 2009, EOG could be required to make an additional one-time payment to the sellers contingent u

Accounting for Certain Long-Liv

Accounting for Certain Long-Lived Assets
	12 Months Ended Dec. 31, 2009 USD / shares
Accounting for Certain Long-Lived Assets
Accounting for Certain Long-Lived Assets	13. Accounting for Certain Long-Lived Assets EOG reviews its proved oil and gas properties for impairment purposes by comparing the expected undiscounted future cash flows at a producing field level to the unamortized capitalized cost of the asset. During 2009, 2008 and 2007, such reviews indicated that unamortized capitalized costs of certain properties were higher than their expected undiscounted future cash flows due primarily to downward reserve revisions, drilling of marginal or uneconomic wells, or development dry holes in certain producing fields. As a result, EOG recorded pretax charges of $90 million, $58 million and $60 million in the United States operating segment during 2009, 2008 and 2007, respectively, and $4 million, $2 million and $22 million in the Canada operating segment during 2009, 2008 and 2007, respectively. Additionally, during 2008, EOG recorded pretax charges of $20 million and $6 million in the Trinidad and United Kingdom operating segments, respectively. The pretax charges are included in Impairments on the Consolidated Statements of Income and Comprehensive Income. The carrying values for assets determined to be impaired were adjusted to estimated fair values based on projected future net cash flows discounted using an appropriate risk-adjusted discount rate. Amortization of unproved oil and gas property costs, including amortization of capitalized interest, was $212 million, $107 million and $66 million for 2009, 2008 and 2007, respectively.

Asset Retirement Obligations

Asset Retirement Obligations
	12 Months Ended Dec. 31, 2009 USD / shares
Asset Retirement Obligations
Asset Retirement Obligations	14. Asset Retirement Obligations The following table presents the reconciliation of the beginning and ending aggregate carrying amounts of short-term and long-term legal obligations associated with the retirement of property, plant and equipment for the years ended December 31, 2009 and 2008 (in thousands): 2009 2008 Carrying Amount at Beginning of Period $ 368,159 $ 211,124 Liabilities Incurred 70,932 58,942 Liabilities Settled (29,920) (18,813) Accretion 24,218 15,356 Revisions (1) 10,564 111,112 Foreign Currency Translations 12,531 (9,562) Carrying Amount at End of Period $ 456,484 $ 368,159 Current Portion $ 29,630 $ 19,459 Noncurrent Portion $ 426,854 $ 348,700 (1) Revisions to asset retirement obligations primarily reflect changes in abandonment cost estimates. The current and noncurrent portions of EOG's asset retirement obligations are included in Current Liabilities - Other and Other Liabilities, respectively, on the Consolidated Balance Sheets.

Investment in Caribbean Nitroge

Investment in Caribbean Nitrogen Company Limited and Nitrogen (2000) Unlimited
	12 Months Ended Dec. 31, 2009 USD / shares
Investment in Caribbean Nitrogen Company Limited and Nitrogen (2000) Unlimited
Investment in Caribbean Nitrogen Company Limited and Nitrogen (2000) Unlimited	15. Investment in Caribbean Nitrogen Company Limited and Nitrogen (2000) Unlimited EOG, through certain wholly-owned subsidiaries, owns equity interests in two Trinidadian companies: Caribbean Nitrogen Company Limited (CNCL) and Nitrogen (2000) Unlimited (N2000). At December 31, 2009, EOG's equity interests in CNCL and N2000 were 12% and 10%, respectively. At December 31, 2009, the investment in CNCL was $22 million. CNCL commenced ammonia production in June 2002. At December 31, 2009, CNCL had a long-term debt balance of $59 million, which is non-recourse to CNCL's shareholders. EOG would be liable for its share of any post-completion deficiency funds, loans to fund the costs of operation, payment of principal and interest to the principal creditor and other cash deficiencies of CNCL up to $15 million, approximately $2 million of which is net to EOG's interest. Since inception, there have been no borrowings under this agreement. The shareholders' agreement governing CNCL requires the consent of the holders of 90% or more of the shares to take certain material actions. Accordingly, given its current level of equity ownership, EOG is able to exercise significant influence over the operating and financial policies of CNCL and, therefore, it accounts for the investment using the equity method. During 2009, EOG recognized equity income of $0.5 million and received cash dividends of $3 million from CNCL. At December 31, 2009, the investment in N2000 was $19 million. N2000 commenced ammonia production in August 2004. At December 31, 2009, N2000 had a long-term debt balance of $74 million, which is non-recourse to N2000's shareholders. EOG would be liable for its share of any post-completion deficiency funds, loans to fund the costs of operation, payment of principal and interest to the principal creditor and other cash deficiencies of N2000 up to $15 million, approximately $2 million of which is net to EOG's interest. Since inception, there have been no borrowings under this agreement. The shareholders' agreement governing N2000 requires the consent of the holders of 100% of the shares to take certain material actions. Accordingly, given its current level of equity ownership, EOG is able to exercise significant influence over the operating and financial policies of N2000 and, therefore, it accounts for the investment using the equity method. During 2009, EOG recognized equity income of $3 million and received cash dividends of $4 million from N2000.

Suspended Well Costs

Suspended Well Costs
	12 Months Ended Dec. 31, 2009 USD / shares
Suspended Well Costs
Suspended Well Costs	16. Suspended Well Costs EOG's net changes in suspended well costs for the years ended December 31, 2009, 2008 and 2007 are presented below (in thousands): Year Ended December 31, 2009 2008 2007 Balance at January 1 $ 85,255 $ 148,881 $ 77,365 Additions Pending the Determination of Proved Reserves 75,362 96,698 132,993 Reclassifications to Proved Properties (40,614) (120,110) (23,716) Charged to Dry Hole Costs (11,223) (22,116) (18,232) Foreign Currency Translations 9,679 (18,098) 6,105 Other - - (25,634) (1) Balance at December 31 $ 118,459 $ 85,255 $ 148,881 (1) During 2007, EOG decided to no longer participate in the further evaluation of the Northwest Territories discovery and sold all of its interest to the outside operator for $5 million. Prior to the sale, EOG recorded an impairment charge of approximately $21 million. The following table provides an aging of suspended well costs at December 31, 2009, 2008 and 2007 (in thousands, except well count): Year Ended December 31, 2009 2008 2007 Capitalized exploratory well costs that have been capitalized for a period less than one year $ 51,141 $ 31,784 $ 97,624 Capitalized exploratory well costs that have been capitalized for a period greater than one year 67,318 (1) 53,471 (2) 51,257 (3) Total $ 118,459 $ 85,255 $ 148,881 Number of exploratory wells that have been capitalized for a period greater than one year 4 3 2 (1) Consists of costs related to three shale projects in British Columbia, Canada (B.C.) ($45 million) and an outside operated, offshore Central North Sea project in the United Kingdom (U.K.) ($22 million). In the B.C. shale projects, EOG is currently evaluating infrastructure alternatives for delivery of product. In the Central North Sea project, EOG is currently evaluating an export route for production from the project. The operator expects to submit a revised field development plan to the U.K. Department of Energy and Climate Change during the second quarter of 2010 and anticipates approval in late 2010. (2) Costs related to two shale projects in British Columbia, Canada (B.C.) ($35 million) and an outside operated, offshore Central North Sea project in the United Kingdom ($19 million). (3) Costs related to a shale project in B.C. ($38 million) and an outside operated, offshore Central North Sea project in the United Kingdom ($13 million).

Property Acquisitions and Dives

Property Acquisitions and Divestitures
	12 Months Ended Dec. 31, 2009 USD / shares
Property Acquisitions and Divestitures
Property Acquisitions and Divestitures	17. Property Acquisitions and Divestitures In December 2009, EOG and a third party entered into an asset exchange agreement whereby the two parties exchanged certain natural gas related properties in the Rocky Mountain area. In accordance with provisions of ASC Topic 805 (Business Combinations), EOG realized a pretax gain of $390 million on the exchange to reflect the excess of the fair value of the properties received over the book basis of the properties given up in the transaction (see Note 12). In November 2009, EOG entered into an agreement to sell its crude oil and natural gas related assets located in California for consideration of $202 million subject to customary adjustments under the agreement. The assets sold accounted for less than 1% of EOG's total 2009 production. The transaction closed on December 10, 2009. EOG realized a pretax gain of approximately $146 million on the sale. In October 2009, EOG entered into an agreement to acquire unproved acreage located in Nacogdoches County, Texas within the Haynesville and Bossier Shale formations (Haynesville Assets). EOG acquired a portion of the unproved acreage at the principal and supplemental closings held in October 2009 and December 2009, respectively. The acquisition agreement provides for an additional one-time supplemental cash payment to the sellers of the Haynesville Assets that is contingent on the satisfaction of certain conditions (within a five-year period beginning on the principal closing date) set forth in the acquisition agreement with respect to future natural gas prices. EOG estimated the fair value of the contingent consideration as of the acquisition dates in accordance with the provisions of the ASC Topic 805 and has included such amount in Other Liabilities on the Consolidated Balance Sheets. The fair value of such contingent consideration was $35 million at December 31, 2009 (see Note 12). The aggregate consideration recorded in 2009 for the acquisition of the Haynesville Assets was $134 million, including the contingent consideration. During the third quarter of 2009, EOG completed three transactions to acquire certain crude oil and natural gas properties and related assets located in Montague and Cooke Counties, Texas (Barnett Shale Combo Assets). The Barnett Shale Combo Assets consist of proved developed and undeveloped reserves and unproved acreage. The aggregate purchase price of the transactions totaled $197 million, consisting of cash consideration of $107 million and 1,450,000 shares of EOG common stock valued at $89.6 million on the closing date of the applicable transaction. In February 2008, EOG completed a sale of the majority of its producing shallow gas assets and surrounding acreage in the Appalachian Basin to a subsidiary of EXCO Resources, Inc., an independent oil and gas company. The Appalachian area divested included approximately 2,400 operated wells that accounted for approximately 1% of EOG's total 2007 production and approximately 2% of its total year-end 2007 proved reserves. Proceeds on the sale totaled $386 million and EOG realized a pretax gain of $128 million on the sale.

Supplemental Information to Con

Supplemental Information to Consolidated Financial Statements
	12 Months Ended Dec. 31, 2009 USD / shares
Supplemental Oil and Gas Information
Supplemental Oil and Gas Information (Unaudited)	SUPPLEMENTAL INFORMATION TO CONSOLIDATED FINANCIAL STATEMENTS (In Thousands, Except Per Share Data Unless Otherwise Indicated) (Unaudited) Oil and Gas Producing Activities In December 2008, the United States Securities and Exchange Commission (SEC) released a final rule, Modernization of Oil and Gas Reporting, which amends the oil and gas reporting requirements effective January 1, 2010. The key revisions include: using a 12-month average price to determine reserves; including nontraditional resources in reserves if they are intended to be upgraded to synthetic oil and gas; the ability to use reliable technologies to determine and estimate reserves; permitting the optional disclosure of probable and possible reserves; reporting the independence and qualifications of the reserve preparer or auditor and filing a report as an exhibit when a third party is relied upon to prepare reserve estimates or conduct reserve audits; and disclosing the development of any proved undeveloped reserves, including the total quantity of proved undeveloped reserves at year-end, material changes to proved undeveloped reserves during the year, investments and progress toward the development of proved undeveloped reserves and an explanation of the reasons why material concentrations of proved undeveloped reserves have remained undeveloped for five years or more after disclosure as proved undeveloped reserves In January 2010, the Financial Accounting Standards Board (FASB) issued FASB Accounting Standards Update (ASU) No. 2010-03, Oil and Gas Reserve Estimations and Disclosures (ASU No. 2010-03). This update aligns the current oil and gas reserve estimation and disclosure requirements of the Extractive Industries - Oil and Gas topic of the FASB Accounting Standards Codification (ASC Topic 932) with the changes required by the SEC final rule, Modernization of Oil and Gas Reporting. ASU No. 2010-03 must be applied prospectively as a change in accounting principle that is inseparable from a change in accounting estimate and is effective for entities with annual reporting periods ending on or after December 31, 2009. Oil and Gas Reserves. Users of this information should be aware that the process of estimating quantities of proved, proved developed and proved undeveloped natural gas and liquids reserves is very complex, requiring significant subjective decisions in the evaluation of all available geological, engineering and economic data for each reservoir. The data for a given reservoir may also change substantially over time as a result of numerous factors including, but not limited to, additional development activity, evolving production history and continual reassessment of the viability of production under varying economic conditions. Consequently, material revisions (upward or downward) to existing reserve estimates may occur from time to time. Although every reasonable effort is made to ensure that reserve estimates reported represent the most accurate assessments possible, the significance of the subjective decisions required and variances in available data for various reservoirs make these estimates generally less prec

Supplemental Unaudited Quarterl

Supplemental Unaudited Quarterly Financial Information
	12 Months Ended Dec. 31, 2009 USD / shares
Supplemental Unaudited Quarterly Financial Information
Supplemental Unaudited Quarterly Financial Information	SUPPLEMENTAL INFORMATION TO CONSOLIDATED FINANCIAL STATEMENTS (Concluded) Unaudited Quarterly Financial Information (In Thousands, Except Per Share Data) Quarter Ended Mar 31 Jun 30 Sep 30 Dec 31 2009 Net Operating Revenues $ 1,158,209 $ 861,039 $ 1,006,849 $ 1,760,862 Operating Income $ 281,412 $ 18 $ 35,303 $ 654,108 Income Before Income Taxes $ 264,775 $ (23,556) $ 4,557 $ 626,235 Income Tax Provision 106,065 (6,850) 361 225,808 Net Income Available to Common Stockholders $ 158,710 $ (16,706) $ 4,196 $ 400,427 Net Income Per Share Available to Common Stockholders (1) Basic $ 0.64 $ (0.07) $ 0.02 $ 1.60 Diluted $ 0.63 $ (0.07) $ 0.02 $ 1.58 Average Number of Common Shares Basic 247,991 248,207 249,535 250,127 Diluted 250,204 248,207 252,422 253,493 2008 Net Operating Revenues $ 1,134,018 $ 1,095,512 $ 3,263,886 $ 1,633,727 Operating Income $ 380,720 $ 243,103 $ 2,392,183 $ 751,179 Income Before Income Taxes $ 370,112 $ 247,383 $ 2,393,952 $ 735,092 Income Tax Provision 129,156 69,177 837,667 273,620 Net Income 240,956 178,206 1,556,285 461,472 Preferred Stock Dividends (2) 443 - - - Net Income Available to Common Stockholders $ 240,513 $ 178,206 $ 1,556,285 $ 461,472 Net Income Per Share Available to Common Stockholders (1) Basic $ 0.98 $ 0.72 $ 6.30 $ 1.86 Diluted $ 0.96 $ 0.71 $ 6.20 $ 1.84 Average Number of Common Shares Basic 245,430 246,536 247,155 247,672 Diluted 249,763 251,135 250,930 250,162 (1) The sum of quarterly net income per share available to common stockholders may not agree with total year net income per share available to common stockholders as each quarterly computation is based on the weighted average of common shares outstanding. (2) Includes premium and fees associated with the repurchase of preferred stock in the first quarter of 2008. See Note 3 to Consolidated Financial Statements.

Schedule of Valuation and Quali

Schedule of Valuation and Qualifying Accounts
	12 Months Ended Dec. 31, 2009 USD / shares
Schedule of Valuation and Qualifying Accounts
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]	Schedule II EOG RESOURCES,INC. VALUATION AND QUALIFYING ACCOUNTS For the Years Ended December31, 2009, 2008 and 2007 (In Thousands) Column A Column B Column C Column D Column E Additions Balance at Charged to Deductions Balance at Beginning of Costs and From End of Description Year Expenses Reserves Year 2009 Allowance deducted from Accounts Receivable $ 13,131 $ 145 $ 48 $ 13,228 2008 Allowance deducted from Accounts Receivable $ 16,019 $ 57 $ 2,945 $ 13,131 2007 Allowance deducted from Accounts Receivable $ 17,299 $ 16 $ 1,296 $ 16,019

Document Information

Document Information
	12 Months Ended Dec. 31, 2009 USD / shares
Document Information
Document Type	10-K
Amendment Flag	false
Document Period End Date	2009-12-31

Entity Information

Entity Information (USD $)
	12 Months Ended Dec. 31, 2009	Feb. 19, 2010	Jun. 30, 2009
Entity Information
Entity Registrant Name	EOG RESOURCES INC
Entity Central Index Key	0000821189
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$16,923,094,790
Entity Common Stock, Shares Outstanding		252,578,053