Document_and_Entity_Informatio
Document and Entity Information (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Apr. 24, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | EOG RESOURCES INC | ||
Entity Central Index Key | 821189 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $63,532,000,000 | ||
Entity Common Stock, Shares Outstanding | 548,934,496 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | Q1 | ||
Document Type | 10-Q | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Mar-15 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income and Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net Operating Revenues | ||
Crude Oil and Condensate | $1,260,244 | $2,397,102 |
Natural Gas Liquids | 111,990 | 246,235 |
Natural Gas | 287,782 | 556,693 |
Gains (Losses) on Mark-to-Market Commodity Derivative Contracts | 76,208 | -155,736 |
Gathering, Processing and Marketing | 570,270 | 1,015,411 |
Gains on Asset Dispositions, Net | 1,607 | 11,498 |
Other, Net | 10,437 | 12,468 |
Total | 2,318,538 | 4,083,671 |
Operating Expenses | ||
Lease and Well | 361,481 | 320,834 |
Transportation Costs | 228,312 | 243,237 |
Gathering and Processing Costs | 36,009 | 33,924 |
Exploration Costs | 39,449 | 48,058 |
Dry Hole Costs | 14,670 | 8,348 |
Impairments | 69,436 | 113,361 |
Marketing Costs | 638,662 | 1,006,304 |
Depreciation, Depletion and Amortization | 912,788 | 946,491 |
General and Administrative | 84,297 | 82,862 |
Taxes Other Than Income | 106,429 | 195,973 |
Total | 2,491,533 | 2,999,392 |
Operating Income (Loss) | -172,995 | 1,084,279 |
Other Expense, Net | -9,991 | -3,338 |
Income (Loss) Before Interest Expense and Income Taxes | -182,986 | 1,080,941 |
Interest Expense | ||
Interest Expense, Net | 53,345 | 50,152 |
Income (Loss) Before Income Taxes | -236,331 | 1,030,789 |
Income Tax Provision (Benefit) | -66,583 | 369,861 |
Net Income (Loss) | -169,748 | 660,928 |
Net Income (Loss) Per Share | ||
Basic | ($0.31) | $1.22 |
Diluted | ($0.31) | $1.21 |
Dividends Declared per Common Share | $0.17 | $0.13 |
Average Number of Common Shares | ||
Basic | 544,998 | 542,278 |
Diluted | 544,998 | 548,071 |
Comprehensive Income (Loss) | ||
Net Income (Loss) | -169,748 | 660,928 |
Other Comprehensive Income (Loss) | ||
Foreign Currency Translation Adjustments | -13,167 | -12,930 |
Foreign Currency Swap Transaction | 0 | 50 |
Income Tax Related to Foreign Currency Swap Transaction | 0 | -670 |
Interest Rate Swap Transaction | 0 | 777 |
Income Tax Related to Interest Rate Swap Transaction | 0 | -281 |
Other | -211 | 23 |
Other Comprehensive Loss | -13,378 | -13,031 |
Comprehensive Income (Loss) | ($183,126) | $647,897 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current Assets | ||
Cash and Cash Equivalents | $2,127,419 | $2,087,213 |
Accounts Receivable, Net | 1,266,582 | 1,779,311 |
Inventories | 764,206 | 706,597 |
Assets from Price Risk Management Activities | 329,825 | 465,128 |
Income Taxes Receivable | 61,120 | 71,621 |
Deferred Income Taxes | 18,703 | 19,618 |
Other | 225,513 | 286,533 |
Total | 4,793,368 | 5,416,021 |
Property, Plant and Equipment | ||
Oil and Gas Properties (Successful Efforts Method) | 47,727,944 | 46,503,532 |
Other Property, Plant and Equipment | 3,849,210 | 3,750,958 |
Total Property, Plant and Equipment | 51,577,154 | 50,254,490 |
Less: Accumulated Depreciation, Depletion and Amortization | -21,855,433 | -21,081,846 |
Total Property, Plant and Equipment, Net | 29,721,721 | 29,172,644 |
Other Assets | 177,365 | 174,022 |
Total Assets | 34,692,454 | 34,762,687 |
Current Liabilities | ||
Accounts Payable | 2,182,041 | 2,860,548 |
Accrued Taxes Payable | 121,729 | 140,098 |
Dividends Payable | 91,280 | 91,594 |
Deferred Income Taxes | 62,209 | 110,743 |
Current Portion of Long-Term Debt | 506,579 | 6,579 |
Other | 130,914 | 174,746 |
Total | 3,094,752 | 3,384,308 |
Long-Term Debt | 6,393,690 | 5,903,354 |
Other Liabilities | 959,068 | 939,497 |
Deferred Income Taxes | 6,774,446 | 6,822,946 |
Commitments and Contingencies (Note 8) | ||
Stockholders' Equity | ||
Common Stock, $0.01 Par, 640,000,000 Shares Authorized and 549,032,089 Shares Issued at March 31, 2015 and 549,028,374 Shares Issued at December 31, 2014 | 205,492 | 205,492 |
Additional Paid in Capital | 2,819,015 | 2,837,150 |
Accumulated Other Comprehensive Income | -36,434 | -23,056 |
Retained Earnings | 14,501,816 | 14,763,098 |
Common Stock Held in Treasury, 208,004 Shares at March 31, 2015 and 733,517 Shares at December 31, 2014 | -19,391 | -70,102 |
Total Stockholders' Equity | 17,470,498 | 17,712,582 |
Total Liabilities and Stockholders' Equity | $34,692,454 | $34,762,687 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Common Stock | ||
Common Stock, Par Value (in dollars per share) | $0.01 | $0.01 |
Common Stock, Shares Authorized (in shares) | 640,000,000 | 640,000,000 |
Common Stock, Shares Issued (in shares) | 549,032,089 | 549,028,374 |
Treasury Stock (in shares) | ||
Common Stock Held in Treasury, Shares | 208,004 | 733,517 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash Flows from Operating Activities | ||
Net Income (Loss) | ($169,748) | $660,928 |
Items Not Requiring (Providing) Cash | ||
Depreciation, Depletion and Amortization | 912,788 | 946,491 |
Impairments | 69,436 | 113,361 |
Stock-Based Compensation Expenses | 33,052 | 35,565 |
Deferred Income Taxes | -97,241 | 232,808 |
Gains on Asset Dispositions, Net | -1,607 | -11,498 |
Other, Net | 12,469 | 5,442 |
Dry Hole Costs | 14,670 | 8,348 |
Mark-to-Market Commodity Derivative Contracts | ||
Total (Gains) Losses | -76,208 | 155,736 |
Net Cash Received from (Payments for) Settlements of Commodity Derivative Contracts | 367,707 | -34,033 |
Excess Tax Benefits from Stock-Based Compensation | -8,858 | -27,422 |
Other, Net | 1,616 | 3,589 |
Changes in Components of Working Capital and Other Assets and Liabilities | ||
Accounts Receivable | 353,100 | -144,317 |
Inventories | -62,172 | -68,948 |
Accounts Payable | -677,875 | 361,810 |
Accrued Taxes Payable | 2,105 | 139,801 |
Other Assets | 59,176 | -12,536 |
Other Liabilities | -31,855 | -29,169 |
Changes in Components of Working Capital Associated with Investing and Financing Activities | 259,992 | -68,283 |
Net Cash Provided by Operating Activities | 960,547 | 2,267,673 |
Investing Cash Flows | ||
Additions to Oil and Gas Properties | -1,428,733 | -1,736,630 |
Additions to Other Property, Plant and Equipment | -116,866 | -165,966 |
Proceeds from Sales of Assets | 1,118 | 19,825 |
Changes in Restricted Cash | 0 | -9,047 |
Changes in Components of Working Capital Associated with Investing Activities | -259,741 | 68,258 |
Net Cash Used in Investing Activities | -1,804,222 | -1,823,560 |
Financing Cash Flows | ||
Long-Term Debt Borrowings | 990,225 | 496,220 |
Long-Term Debt Repayments | 0 | -500,000 |
Settlement of Foreign Currency Swap | 0 | -31,573 |
Dividends Paid | -91,661 | -51,780 |
Excess Tax Benefits from Stock-Based Compensation | 8,858 | 27,422 |
Treasury Stock Purchased | -15,459 | -28,897 |
Proceeds from Stock Options Exercised and Employee Stock Purchase Plan | 3,984 | 985 |
Debt Issuance Costs | -1,603 | -942 |
Repayment of Capital Lease Obligation | -1,521 | -1,474 |
Other, Net | -251 | 25 |
Net Cash Provided by (Used in) Financing Activities | 892,572 | -90,014 |
Effect of Exchange Rate Changes on Cash | -8,691 | -5,096 |
Increase in Cash and Cash Equivalents | 40,206 | 349,003 |
Cash and Cash Equivalents at Beginning of Period | 2,087,213 | 1,318,209 |
Cash and Cash Equivalents at End of Period | $2,127,419 | $1,667,212 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies [Text Block] | 1. Summary of Significant Accounting Policies |
General. The consolidated financial statements of EOG Resources, Inc., together with its subsidiaries (collectively, EOG), included herein have been prepared by management without audit pursuant to the rules and regulations of the United States Securities and Exchange Commission (SEC). Accordingly, they reflect all normal recurring adjustments which are, in the opinion of management, necessary for a fair presentation of the financial results for the interim periods presented. Certain information and notes normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) have been condensed or omitted pursuant to such rules and regulations. However, management believes that the disclosures included either on the face of the financial statements or in these notes are sufficient to make the interim information presented not misleading. These consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in EOG's Annual Report on Form 10-K for the year ended December 31, 2014, filed on February 18, 2015 (EOG's 2014 Annual Report). | |
The preparation of financial statements in conformity with U.S. 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. The operating results for the three months ended March 31, 2015, are not necessarily indicative of the results to be expected for the full year. | |
Recently Issued Accounting Standards. In April 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-03, "Interest - Computation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs" (ASU 2015-03), which changes the presentation of debt issuance costs in financial statements. Under ASU 2015-03, an entity will present debt issuance costs in the balance sheet as a direct reduction from the related debt liability rather than as an asset. Amortization of such costs will be presented as a component of interest expense. ASU 2015-03 is effective for interim and annual reporting periods beginning after December 15, 2015. Early adoption is permitted. EOG does not expect the adoption of ASU 2015-03 to have a material impact on EOG's financial statements. | |
In May 2014, the FASB issued ASU 2014-09 "Revenue From Contracts With Customers" (ASU 2014-09), which will require entities to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 will supersede most current guidance related to revenue recognition when it becomes effective. The new standard also will require expanded disclosures regarding the nature, amount, timing and certainty of revenue and cash flows from contracts with customers. ASU 2014-09 will be effective for interim and annual reporting periods beginning after December 15, 2016. Early adoption is not permitted. The FASB has proposed a one-year delay of the effective date and to allow early adoption. EOG is analyzing what impact the new standard will have on its consolidated financial statements and related disclosures. |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||
Stock-Based Compensation | 2. Stock-Based Compensation | |||||||||||||||
As more fully discussed in Note 7 to the Consolidated Financial Statements included in EOG's 2014 Annual Report, EOG maintains various stock-based compensation plans. Stock-based compensation expense is included on the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) based upon the job function of the employees receiving the grants as follows (in millions): | ||||||||||||||||
Three Months Ended | ||||||||||||||||
March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
Lease and Well | $ | 12.1 | $ | 11.6 | ||||||||||||
Gathering and Processing Costs | 0.3 | 0.3 | ||||||||||||||
Exploration Costs | 7.4 | 7.9 | ||||||||||||||
General and Administrative | 13.3 | 15.8 | ||||||||||||||
Total | $ | 33.1 | $ | 35.6 | ||||||||||||
The Amended and Restated EOG Resources, Inc. 2008 Omnibus Equity Compensation Plan (2008 Plan) provides for grants of stock options, stock-settled stock appreciation rights (SARs), restricted stock and restricted stock units, performance units and performance stock and other stock-based awards. At March 31, 2015, approximately 27.9 million common shares remained available for grant under the 2008 Plan. EOG's policy is to issue shares related to the 2008 Plan from either previously authorized unissued shares or treasury shares to the extent treasury shares are available. | ||||||||||||||||
Stock Options and Stock-Settled Stock Appreciation Rights and Employee Stock Purchase Plan. The fair value of stock option grants and SAR grants is estimated using the Hull-White II binomial option pricing model. The fair value of Employee Stock Purchase Plan (ESPP) grants is estimated using the Black-Scholes-Merton model. Stock-based compensation expense related to stock option, SAR and ESPP grants totaled $11.6 million and $12.0 million during the three months ended March 31, 2015 and 2014, respectively. | ||||||||||||||||
Weighted average fair values and valuation assumptions used to value stock option, SAR and ESPP grants during the three-month periods ended March 31, 2015 and 2014 are as follows: | ||||||||||||||||
Stock Options/SARs | ESPP | |||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Weighted Average Fair Value of Grants | $ | 30.35 | $ | 26.11 | $ | 23.39 | $ | 18.3 | ||||||||
Expected Volatility | 40.01 | % | 35.89 | % | 37.47 | % | 25.83 | % | ||||||||
Risk-Free Interest Rate | 0.82 | % | 0.84 | % | 0.11 | % | 0.09 | % | ||||||||
Dividend Yield | 0.73 | % | 0.48 | % | 0.72 | % | 0.44 | % | ||||||||
Expected Life | 5.3 years | 5.3 years | 0.5 years | 0.5 years | ||||||||||||
Expected volatility is based on an equal weighting of historical volatility and implied volatility from traded options in EOG's common stock. The risk-free interest rate is based upon United States Treasury yields in effect at the time of grant. The expected life is based upon historical experience and contractual terms of stock option, SAR and ESPP grants. | ||||||||||||||||
The following table sets forth stock option and SAR transactions for the three-month periods ended March 31, 2015 and 2014 (stock options and SARs in thousands): | ||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||
March 31, 2015 | March 31, 2014 | |||||||||||||||
Number of | Weighted | Number of | Weighted | |||||||||||||
Stock | Average | Stock | Average | |||||||||||||
Options/SARs | Grant | Options/SARs | Grant | |||||||||||||
Price | Price | |||||||||||||||
Outstanding at January 1 | 10,493 | 64.96 | 10,452 | $ | 54.43 | |||||||||||
Granted | 30 | 91.85 | 40 | 84.74 | ||||||||||||
Exercised (1) | (459 | ) | 47.25 | (353 | ) | 44.4 | ||||||||||
Forfeited | (96 | ) | 77.96 | (66 | ) | 61.56 | ||||||||||
Outstanding at March 31 (2) | 9,968 | 65.73 | 10,073 | $ | 54.85 | |||||||||||
Vested or Expected to Vest (3) | 9,586 | 65.09 | 9,619 | $ | 54.44 | |||||||||||
Exercisable at March 31 (4) | 4,882 | 49.85 | 4,314 | $ | 44 | |||||||||||
-1 | The total intrinsic value of stock options/SARs exercised for the three months ended March 31, 2015 and 2014 was $20.1 million and $16.2 million, respectively. The intrinsic value is based upon the difference between the market price of EOG's common stock on the date of exercise and the grant price of the stock options/SARs. | |||||||||||||||
-2 | The total intrinsic value of stock options/SARs outstanding at March 31, 2015 and 2014 was $279.5 million and $435.5 million, respectively. At March 31, 2015 and 2014, the weighted average remaining contractual life was 4.2 years and 4.4 years, respectively. | |||||||||||||||
-3 | The total intrinsic value of stock options/SARs vested or expected to vest at March 31, 2015 and 2014 was $274.1 million and $419.8 million, respectively. At March 31, 2015 and 2014, the weighted average remaining contractual life was 4.1 years and 4.3 years, respectively. | |||||||||||||||
-4 | The total intrinsic value of stock options/SARs exercisable at March 31, 2015 and 2014 was $204.5 million and $233.3 million, respectively. At March 31, 2015 and 2014, the weighted average remaining contractual life was 2.8 years and 3.0 years, respectively. | |||||||||||||||
At March 31, 2015, unrecognized compensation expense related to non-vested stock option, SAR and ESPP grants totaled $98.4 million. Such unrecognized expense will be amortized on a straight-line basis over a weighted average period of 2.5 years. | ||||||||||||||||
Restricted Stock and Restricted Stock Units. Employees may be granted restricted (non-vested) stock and/or restricted stock units without cost to them. Stock-based compensation expense related to restricted stock and restricted stock units totaled $21.2 million and $22.7 million for the three months ended March 31, 2015 and 2014, respectively. | ||||||||||||||||
The following table sets forth restricted stock and restricted stock unit transactions for the three-month periods ended March 31, 2015 and 2014 (shares and units in thousands): | ||||||||||||||||
Three Months Ended March 31, 2015 | Three Months Ended March 31, 2014 | |||||||||||||||
Number of | Weighted | Number of | Weighted | |||||||||||||
Shares and | Average | Shares and | Average | |||||||||||||
Units | Grant Date | Units | Grant Date | |||||||||||||
Fair Value | Fair Value | |||||||||||||||
Outstanding at January 1 | 5,394 | $ | 64.39 | 7,358 | $ | 49.54 | ||||||||||
Granted | 438 | 87.93 | 384 | 94.01 | ||||||||||||
Released (1) | (365 | ) | 51.22 | (838 | ) | 24.47 | ||||||||||
Forfeited | (44 | ) | 76.19 | (55 | ) | 57.73 | ||||||||||
Outstanding at March 31 (2) | 5,423 | $ | 67.08 | 6,849 | $ | 55.04 | ||||||||||
-1 | The total intrinsic value of restricted stock and restricted stock units released for the three months ended March 31, 2015 and 2014 was $32.8 million and $79.0 million, respectively. The intrinsic value is based upon the closing price of EOG's common stock on the date the restricted stock and restricted stock units are released. | |||||||||||||||
-2 | The total intrinsic value of restricted stock and restricted stock units outstanding at March 31, 2015 and 2014 was $497.3 million and $671.8 million, respectively. | |||||||||||||||
At March 31, 2015, unrecognized compensation expense related to restricted stock and restricted stock units totaled $190.7 million. Such unrecognized expense will be amortized on a straight-line basis over a weighted average period of 2.6 years. | ||||||||||||||||
Performance Units and Performance Stock. EOG grants performance units and/or performance stock to its executive officers. The fair value of the performance units and performance stock is estimated using a Monte Carlo simulation. Stock-based compensation expense related to performance unit and performance stock grants totaled $0.3 million and $0.9 million for the three months ended March 31, 2015 and 2014, respectively. | ||||||||||||||||
The following table sets forth performance unit and performance stock transactions for the three-month periods ended March 31, 2015 and 2014 (shares and units in thousands): | ||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||
March 31, 2015 | March 31, 2014 | |||||||||||||||
Number of | Weighted | Number of | Weighted | |||||||||||||
Shares and | Average | Shares and | Average | |||||||||||||
Units | Grant Date | Units | Grant Date | |||||||||||||
Fair Value | Fair Value | |||||||||||||||
Outstanding at January 1 | 333 | $ | 90.17 | 261 | $ | 82.18 | ||||||||||
Granted | — | — | — | — | ||||||||||||
Released | — | — | — | — | ||||||||||||
Forfeited | — | — | — | — | ||||||||||||
Outstanding at March 31 (1) | 333 | $ | 90.17 | 261 | $ | 82.18 | ||||||||||
-1 | The total intrinsic value of performance units and performance stock outstanding at March 31, 2015 and 2014 was $30.6 million and $21.9 million, respectively. | |||||||||||||||
At March 31, 2015, unrecognized compensation expense related to performance units and performance stock totaled $5.1 million. Such unrecognized expense will be amortized on a straight-line basis over a weighted average period of 3.6 years. |
Net_Income_Loss_Per_Share
Net Income (Loss) Per Share | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Net Income Per Share [Text Block] | 3. Net Income (Loss) Per Share | |||||||
The following table sets forth the computation of Net Income (Loss) Per Share for the three-month periods ended March 31, 2015 and 2014 (in thousands, except per share data): | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Numerator for Basic and Diluted Earnings Per Share - | ||||||||
Net Income (Loss) | $ | (169,748 | ) | $ | 660,928 | |||
Denominator for Basic Earnings Per Share - | ||||||||
Weighted Average Shares | 544,998 | 542,278 | ||||||
Potential Dilutive Common Shares - | ||||||||
Stock Options/SARs | — | 2,426 | ||||||
Restricted Stock/Units and Performance Units/Stock | — | 3,367 | ||||||
Denominator for Diluted Earnings Per Share - | ||||||||
Adjusted Diluted Weighted Average Shares | 544,998 | 548,071 | ||||||
Net Income (Loss) Per Share | ||||||||
Basic | $ | (0.31 | ) | $ | 1.22 | |||
Diluted | $ | (0.31 | ) | $ | 1.21 | |||
The diluted earnings per share calculation excludes stock options, SARs, restricted stock and units and performance units and stock that were anti-dilutive. Shares underlying the excluded stock options and SARs totaled 4.2 million and 0.2 million shares for the three months ended March 31, 2015 and 2014, respectively. For the three months ended March 31, 2015, 5.8 million shares of restricted stock and restricted stock units and performance units and performance stock were excluded. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||
Supplemental Cash Flow Information [Text Block] | 4. Supplemental Cash Flow Information | |||||||
Net cash paid for interest and income taxes was as follows for the three-month periods ended March 31, 2015 and 2014 (in thousands): | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Interest (1) | $ | 56,124 | $ | 53,547 | ||||
Income Taxes, Net of Refunds Received | $ | 12,787 | $ | 21,359 | ||||
-1 | Net of capitalized interest of $12 million and $14 million for the three months ended March 31, 2015 and 2014, respectively. | |||||||
EOG's accrued capital expenditures at March 31, 2015 and 2014 were $771 million and $867 million, respectively. |
Segment_Information
Segment Information | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Segment Reporting [Abstract] | ||||||||
Segment Information [Text Block] | 5. Segment Information | |||||||
As more fully discussed in Note 13, during the fourth quarter of 2014, EOG completed the sale of substantially all of its Canadian operations. As a result, information related to EOG's remaining Canadian operations have been included in the Other International segment and prior year amounts have been reclassified to conform to current year presentation. Selected financial information by reportable segment is presented below for the three-month periods ended March 31, 2015 and 2014 (in thousands): | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Net Operating Revenues | ||||||||
United States | $ | 2,212,582 | $ | 3,852,065 | ||||
Trinidad | 96,562 | 136,733 | ||||||
Other International (1) | 9,394 | 94,873 | ||||||
Total | $ | 2,318,538 | $ | 4,083,671 | ||||
Operating Income (Loss) | ||||||||
United States | $ | (181,856 | ) | $ | 1,041,021 | |||
Trinidad | 46,980 | 74,315 | ||||||
Other International (1) | (38,119 | ) | (31,057 | ) | ||||
Total | (172,995 | ) | 1,084,279 | |||||
Reconciling Items | ||||||||
Other Expense, Net | (9,991 | ) | (3,338 | ) | ||||
Interest Expense, Net | (53,345 | ) | (50,152 | ) | ||||
Income (Loss) Before Income Taxes | $ | (236,331 | ) | $ | 1,030,789 | |||
(1) Other International primarily includes EOG's Canada, United Kingdom, China and Argentina operations. | ||||||||
Total assets by reportable segment are presented below at March 31, 2015 and December 31, 2014 (in thousands): | ||||||||
At | At | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Total Assets | ||||||||
United States | $ | 32,843,772 | $ | 32,871,398 | ||||
Trinidad | 910,740 | 865,674 | ||||||
Other International (1) | 937,942 | 1,025,615 | ||||||
Total | $ | 34,692,454 | $ | 34,762,687 | ||||
(1) Other International primarily includes EOG's Canada, United Kingdom, China and Argentina operations. |
Asset_Retirement_Obligations
Asset Retirement Obligations | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Asset Retirement Obligation [Abstract] | ||||||||
Asset Retirement Obligations [Text Block] | 6. 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 three-month periods ended March 31, 2015 and 2014 (in thousands): | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Carrying Amount at Beginning of Period | $ | 752,718 | $ | 761,898 | ||||
Liabilities Incurred | 11,281 | 37,453 | ||||||
Liabilities Settled (1) | (6,816 | ) | (6,850 | ) | ||||
Accretion | 7,840 | 13,751 | ||||||
Revisions | 2,880 | — | ||||||
Foreign Currency Translations | (4,949 | ) | (6,636 | ) | ||||
Carrying Amount at End of Period | $ | 762,954 | $ | 799,616 | ||||
Current Portion | $ | 9,280 | $ | 37,308 | ||||
Noncurrent Portion | $ | 753,674 | $ | 762,308 | ||||
-1 | Includes settlements related to asset sales. | |||||||
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. |
Exploratory_Well_Costs
Exploratory Well Costs | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Capitalized Exploratory Well Costs [Abstract] | ||||
Exploratory Well Costs [Text Block] | 7. Exploratory Well Costs | |||
EOG's net changes in capitalized exploratory well costs for the three-month period ended March 31, 2015, are presented below (in thousands): | ||||
Three Months Ended | ||||
March 31, 2015 | ||||
Balance at January 1 | $ | 17,253 | ||
Additions Pending the Determination of Proved Reserves | 12,963 | |||
Reclassifications to Proved Properties | (10,407 | ) | ||
Costs Charged to Expense | — | |||
Balance at March 31 | $ | 19,809 | ||
At March 31, 2015, all capitalized exploratory well costs had been capitalized for periods of less than one year. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies [Text Block] | 8. Commitments and 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, 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. |
Pension_and_Postretirement_Ben
Pension and Postretirement Benefits | 3 Months Ended |
Mar. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Postretirement Benefits [Text Block] | 9. Pension and Postretirement Benefits |
EOG has defined contribution pension plans in place for most of its employees in the United States, Canada, Trinidad and the United Kingdom, and defined benefit pension plans covering certain of its employees in Canada and Trinidad. For the three months ended March 31, 2015 and 2014, EOG's total costs recognized for these pension plans were $9.4 million and $9.7 million, respectively. In connection with the divestiture of substantially all of its Canadian assets in the fourth quarter of 2014, EOG has elected to terminate the Canadian non-contributory defined benefit pension plan. EOG also has postretirement medical and dental plans in place for eligible employees in the United States and Trinidad, the costs of which are not material. |
LongTerm_Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt [Text Block] | 10. Long-Term Debt |
EOG had no outstanding commercial paper borrowings or uncommitted credit facility borrowings at March 31, 2015 and did not utilize any such borrowings during the three months ended March 31, 2015. During the three months ended March 31, 2014, EOG utilized commercial paper and short-term borrowings under uncommitted credit facilities, bearing market interest rates, for various corporate financing purposes. The average borrowings outstanding under the commercial paper program and under uncommitted credit facilities were $31 million and $0.3 million, respectively, during the three months ended March 31, 2014. The weighted average interest rates for commercial paper borrowings and uncommitted credit facility borrowings were 0.25% and 0.70%, respectively, during the three months ended March 31, 2014. | |
At March 31, 2015, $400 million aggregate principal amount of 2.500% Senior Notes due 2016 were classified as long-term debt based upon EOG's intent and ability to ultimately replace such amount with other long-term debt. | |
On March 17, 2015, EOG closed its sale of $500 million aggregate principal amount of its 3.15% Senior Notes due 2025 and $500 million aggregate principal amount of its 3.90% Senior Notes due 2035 (together, the Notes). Interest on the Notes is payable semi-annually in arrears on April 1 and October 1 of each year, beginning on October 1, 2015. Net proceeds from the Notes offering of approximately $990 million were used for general corporate purposes. | |
EOG currently has a $2.0 billion senior unsecured Revolving Credit Agreement (Agreement) with domestic and foreign lenders. The Agreement matures on October 11, 2016, and includes an option for EOG to extend, on up to two occasions, the term for successive one-year periods, subject to, among certain other terms and conditions, the consent of the banks holding greater than 50% of the commitments then outstanding under the Agreement. At March 31, 2015, there were no borrowings or letters of credit outstanding under the Agreement. Advances under the Agreement accrue interest based, at EOG's option, on either the London InterBank Offered Rate plus an applicable margin (Eurodollar rate), or the base rate (as defined in the Agreement) plus an applicable margin. At March 31, 2015, the Eurodollar rate and applicable base rate, had there been any amounts borrowed under the Agreement, would have been 1.05% and 3.25%, respectively. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value Measurements [Text Block] | 11. Fair Value Measurements | |||||||||||||||
As more fully discussed in Note 13 to the Consolidated Financial Statements included in EOG's 2014 Annual Report, certain of EOG's financial and nonfinancial assets and liabilities are reported at fair value on the Consolidated Balance Sheets. The following table provides fair value measurement information within the fair value hierarchy for certain of EOG's financial assets and liabilities carried at fair value on a recurring basis at March 31, 2015 and December 31, 2014 (in millions): | ||||||||||||||||
Fair Value Measurements Using: | ||||||||||||||||
Quoted | Significant | Significant | Total | |||||||||||||
Prices in | Other | Unobservable | ||||||||||||||
Active | Observable | Inputs | ||||||||||||||
Markets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
At March 31, 2015 | ||||||||||||||||
Financial Assets | ||||||||||||||||
Natural Gas Options/Swaptions | $ | — | $ | 86 | $ | — | $ | 86 | ||||||||
Crude Oil Swaps | — | 103 | — | 103 | ||||||||||||
Crude Oil Options/Swaptions | — | 141 | — | 141 | ||||||||||||
At December 31, 2014 | ||||||||||||||||
Financial Assets | ||||||||||||||||
Natural Gas Options/Swaptions | $ | — | $ | 100 | $ | — | $ | 100 | ||||||||
Crude Oil Swaps | — | 121 | — | 121 | ||||||||||||
Crude Oil Options/Swaptions | — | 244 | — | 244 | ||||||||||||
The estimated fair value of crude oil and natural gas derivative contracts (including options/swaptions) was based upon forward commodity price curves based on quoted market prices. Commodity derivative contracts were valued by utilizing an independent third-party derivative valuation provider who uses various types of valuation models, as applicable. | ||||||||||||||||
The initial measurement of asset retirement obligations at fair value is calculated using discounted cash flow techniques and based on internal estimates of future retirement costs associated with property, plant and equipment. Significant Level 3 inputs used in the calculation of asset retirement obligations include plugging costs and reserve lives. A reconciliation of EOG's asset retirement obligations is presented in Note 6. | ||||||||||||||||
Proved oil and gas properties and other assets with a carrying amount of $7 million were written down to their fair value of $2 million, resulting in pretax impairment charges of $5 million for the three months ended March 31, 2015. Significant Level 3 inputs associated with the calculation of discounted cash flows used in the impairment analysis include EOG's estimate of future crude oil and natural gas prices, production costs, development expenditures, anticipated production of proved reserves, appropriate risk-adjusted discount rates and other relevant data. | ||||||||||||||||
Fair Value of Debt. At March 31, 2015 and December 31, 2014, EOG had outstanding $6,890 million and $5,890 million, respectively, aggregate principal amount of debt, which had estimated fair values of approximately $7,370 million and $6,242 million, respectively. The estimated fair value of debt was based upon quoted market prices and, where such prices were not available, other observable (Level 2) inputs regarding interest rates available to EOG at the end of each respective period. |
Risk_Management_Activities
Risk Management Activities | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||
Risk Management Activities [Text Block] | 12. Risk Management Activities | ||||||||||
Commodity Price Risk. As more fully discussed in Note 12 to the Consolidated Financial Statements included in EOG's 2014 Annual Report, EOG engages in price risk management activities from time to time. These activities are intended to manage EOG's exposure to fluctuations in commodity prices for crude oil and natural gas. EOG utilizes financial commodity derivative instruments, primarily price swap, option, swaption, collar and basis swap contracts, as a means to manage this price risk. EOG has not designated any of its financial commodity derivative contracts as accounting hedges and, accordingly, accounts for financial commodity derivative contracts using the mark-to-market accounting method. | |||||||||||
Commodity Derivative Contracts. Presented below is a comprehensive summary of EOG's crude oil derivative contracts at March 31, 2015, with notional volumes expressed in barrels per day (Bbld) and prices expressed in dollars per barrel ($/Bbl). | |||||||||||
Crude Oil Derivative Contracts | |||||||||||
Volume | Weighted Average Price | ||||||||||
(Bbld) | ($/Bbl) | ||||||||||
2015 (1) | |||||||||||
January 1, 2015 through March 31, 2015 (closed) | 47,000 | $ | 91.22 | ||||||||
April 1, 2015 through June 30, 2015 | 47,000 | 91.22 | |||||||||
July 1, 2015 through December 31, 2015 | 10,000 | 89.98 | |||||||||
-1 | EOG has entered into crude oil derivative contracts which give counterparties the option to extend certain current derivative contracts for additional six-month periods. Options covering a notional volume of 37,000 Bbld are exercisable on June 30, 2015. If the counterparties exercise all such options, the notional volume of EOG's existing crude oil derivative contracts will increase by 37,000 Bbld at an average price of $91.56 per barrel for each month during the period July 1, 2015 through December 31, 2015. | ||||||||||
Presented below is a comprehensive summary of EOG's natural gas derivative contracts at March 31, 2015, with notional volumes expressed in million British thermal units (MMBtu) per day (MMBtud) and prices expressed in dollars per MMBtu ($/MMBtu). | |||||||||||
Natural Gas Derivative Contracts | |||||||||||
Volume (MMBtud) | Weighted Average Price | ||||||||||
($/MMBtu) | |||||||||||
2015 (1) | |||||||||||
January 1, 2015 through February 28, 2015 (closed) | 235,000 | $ | 4.47 | ||||||||
March 2015 (closed) | 225,000 | 4.48 | |||||||||
April 2015 (closed) | 195,000 | 4.49 | |||||||||
May-15 | 235,000 | 4.13 | |||||||||
Jun-15 | 275,000 | 3.97 | |||||||||
Jul-15 | 275,000 | 3.98 | |||||||||
August 1, 2015 through December 31, 2015 | 175,000 | 4.51 | |||||||||
-1 | EOG has entered into natural gas derivative contracts which give counterparties the option of entering into derivative contracts at future dates. All such options are exercisable monthly up until the settlement date of each monthly contract. If the counterparties exercise all such options, the notional volume of EOG's existing natural gas derivative contracts will increase by 175,000 MMBtud at an average price of $4.51 per MMBtu for each month during the period May 1, 2015 through December 31, 2015. | ||||||||||
The following table sets forth the amounts and classification of EOG's outstanding derivative financial instruments at March 31, 2015 and December 31, 2014. Certain amounts may be presented on a net basis on the consolidated financial statements when such amounts are with the same counterparty and subject to a master netting arrangement (in millions): | |||||||||||
Fair Value at | |||||||||||
Description | Location on Balance Sheet | March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||||
Asset Derivatives | |||||||||||
Crude oil and natural gas derivative contracts - | |||||||||||
Current portion | Assets from Price Risk Management Activities (1) | $ | 330 | $ | 465 | ||||||
Liability Derivatives | |||||||||||
Crude oil and natural gas derivative contracts - | |||||||||||
Current portion | Liabilities from Price Risk Management | $ | — | $ | — | ||||||
Activities (2) | |||||||||||
-1 | The current portion of Assets from Price Risk Management Activities consists of gross assets of $339 million, partially offset by gross liabilities of $9 million at March 31, 2015, and gross assets of $477 million, partially offset by gross liabilities of $12 million at December 31, 2014. | ||||||||||
-2 | The current portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $9 million, offset by gross assets of $9 million at March 31, 2015, and gross liabilities of $12 million, offset by gross assets of $12 million at December 31, 2014. | ||||||||||
Credit Risk. Notional contract amounts are used to express the magnitude of commodity price swap agreements. The amounts potentially subject to credit risk, in the event of nonperformance by the counterparties, are equal to the fair value of such contracts (see Note 11). EOG evaluates its exposure to significant counterparties on an ongoing basis, including those arising from physical and financial transactions. In some instances, EOG renegotiates payment terms and/or requires collateral, parent guarantees or letters of credit to minimize credit risk. | |||||||||||
All of EOG's outstanding derivative instruments are covered by International Swap Dealers Association Master Agreements (ISDAs) with counterparties. The ISDAs may contain provisions that require EOG, if it is the party in a net liability position, to post collateral when the amount of the net liability exceeds the threshold level specified for EOG's then-current credit ratings. In addition, the ISDAs may also provide that as a result of certain circumstances, including certain events that cause EOG's credit ratings to become materially weaker than its then-current ratings, the counterparty may require all outstanding derivatives under the ISDAs to be settled immediately. See Note 11 for the aggregate fair value of all derivative instruments that were in a net asset position at March 31, 2015 and December 31, 2014. EOG held collateral of $125 million and $278 million at March 31, 2015 and December 31, 2014, respectively, and had no collateral posted at March 31, 2015 or December 31, 2014. |
Divestitures
Divestitures | 3 Months Ended |
Mar. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Divestitures [Text Block] | 13. Divestitures |
During the first three months of 2015, EOG received proceeds of approximately $1 million from sales of assets. During the first three months of 2014, EOG received proceeds of approximately $20 million primarily from sales of producing properties and acreage in the Mid-Continent and Rocky Mountain areas. | |
During the fourth quarter of 2014, EOG received proceeds of approximately $400 million from the divestiture of all its assets in Manitoba and the majority of its assets in Alberta (collectively, the Canadian Sales). The Canadian Sales that closed on or about December 1, 2014, occurred in two separate transactions, an asset sale and the sale of the stock of certain of EOG's Canadian subsidiaries. As these two transactions represented a substantially complete liquidation of EOG's Canadian operations, EOG reclassified approximately $383 million of cumulative translation adjustments previously recorded in Accumulated Other Comprehensive Income (Loss) on the Consolidated Balance Sheets to Net Income (Gains on Asset Dispositions, Net) on the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). The Canadian Sales also resulted in the release of approximately $150 million of restricted cash related to future abandonment liabilities. |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | Stock-based compensation expense is included on the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) based upon the job function of the employees receiving the grants as follows (in millions): | |||||||||||||||
Three Months Ended | ||||||||||||||||
March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
Lease and Well | $ | 12.1 | $ | 11.6 | ||||||||||||
Gathering and Processing Costs | 0.3 | 0.3 | ||||||||||||||
Exploration Costs | 7.4 | 7.9 | ||||||||||||||
General and Administrative | 13.3 | 15.8 | ||||||||||||||
Total | $ | 33.1 | $ | 35.6 | ||||||||||||
Weighted Average Fair Values and Valuation Assumptions | Weighted average fair values and valuation assumptions used to value stock option, SAR and ESPP grants during the three-month periods ended March 31, 2015 and 2014 are as follows: | |||||||||||||||
Stock Options/SARs | ESPP | |||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Weighted Average Fair Value of Grants | $ | 30.35 | $ | 26.11 | $ | 23.39 | $ | 18.3 | ||||||||
Expected Volatility | 40.01 | % | 35.89 | % | 37.47 | % | 25.83 | % | ||||||||
Risk-Free Interest Rate | 0.82 | % | 0.84 | % | 0.11 | % | 0.09 | % | ||||||||
Dividend Yield | 0.73 | % | 0.48 | % | 0.72 | % | 0.44 | % | ||||||||
Expected Life | 5.3 years | 5.3 years | 0.5 years | 0.5 years | ||||||||||||
Stock Options and SARs Transactions | The following table sets forth stock option and SAR transactions for the three-month periods ended March 31, 2015 and 2014 (stock options and SARs in thousands): | |||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||
March 31, 2015 | March 31, 2014 | |||||||||||||||
Number of | Weighted | Number of | Weighted | |||||||||||||
Stock | Average | Stock | Average | |||||||||||||
Options/SARs | Grant | Options/SARs | Grant | |||||||||||||
Price | Price | |||||||||||||||
Outstanding at January 1 | 10,493 | 64.96 | 10,452 | $ | 54.43 | |||||||||||
Granted | 30 | 91.85 | 40 | 84.74 | ||||||||||||
Exercised (1) | (459 | ) | 47.25 | (353 | ) | 44.4 | ||||||||||
Forfeited | (96 | ) | 77.96 | (66 | ) | 61.56 | ||||||||||
Outstanding at March 31 (2) | 9,968 | 65.73 | 10,073 | $ | 54.85 | |||||||||||
Vested or Expected to Vest (3) | 9,586 | 65.09 | 9,619 | $ | 54.44 | |||||||||||
Exercisable at March 31 (4) | 4,882 | 49.85 | 4,314 | $ | 44 | |||||||||||
-1 | The total intrinsic value of stock options/SARs exercised for the three months ended March 31, 2015 and 2014 was $20.1 million and $16.2 million, respectively. The intrinsic value is based upon the difference between the market price of EOG's common stock on the date of exercise and the grant price of the stock options/SARs. | |||||||||||||||
-2 | The total intrinsic value of stock options/SARs outstanding at March 31, 2015 and 2014 was $279.5 million and $435.5 million, respectively. At March 31, 2015 and 2014, the weighted average remaining contractual life was 4.2 years and 4.4 years, respectively. | |||||||||||||||
-3 | The total intrinsic value of stock options/SARs vested or expected to vest at March 31, 2015 and 2014 was $274.1 million and $419.8 million, respectively. At March 31, 2015 and 2014, the weighted average remaining contractual life was 4.1 years and 4.3 years, respectively. | |||||||||||||||
-4 | The total intrinsic value of stock options/SARs exercisable at March 31, 2015 and 2014 was $204.5 million and $233.3 million, respectively. At March 31, 2015 and 2014, the weighted average remaining contractual life was 2.8 years and 3.0 years, respectively. | |||||||||||||||
Restricted Stock and Restricted Stock Unit Transactions | The following table sets forth restricted stock and restricted stock unit transactions for the three-month periods ended March 31, 2015 and 2014 (shares and units in thousands): | |||||||||||||||
Three Months Ended March 31, 2015 | Three Months Ended March 31, 2014 | |||||||||||||||
Number of | Weighted | Number of | Weighted | |||||||||||||
Shares and | Average | Shares and | Average | |||||||||||||
Units | Grant Date | Units | Grant Date | |||||||||||||
Fair Value | Fair Value | |||||||||||||||
Outstanding at January 1 | 5,394 | $ | 64.39 | 7,358 | $ | 49.54 | ||||||||||
Granted | 438 | 87.93 | 384 | 94.01 | ||||||||||||
Released (1) | (365 | ) | 51.22 | (838 | ) | 24.47 | ||||||||||
Forfeited | (44 | ) | 76.19 | (55 | ) | 57.73 | ||||||||||
Outstanding at March 31 (2) | 5,423 | $ | 67.08 | 6,849 | $ | 55.04 | ||||||||||
-1 | The total intrinsic value of restricted stock and restricted stock units released for the three months ended March 31, 2015 and 2014 was $32.8 million and $79.0 million, respectively. The intrinsic value is based upon the closing price of EOG's common stock on the date the restricted stock and restricted stock units are released. | |||||||||||||||
-2 | The total intrinsic value of restricted stock and restricted stock units outstanding at March 31, 2015 and 2014 was $497.3 million and $671.8 million, respectively. | |||||||||||||||
Performance Units and Performance Stock Transactions | The following table sets forth performance unit and performance stock transactions for the three-month periods ended March 31, 2015 and 2014 (shares and units in thousands): | |||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||
March 31, 2015 | March 31, 2014 | |||||||||||||||
Number of | Weighted | Number of | Weighted | |||||||||||||
Shares and | Average | Shares and | Average | |||||||||||||
Units | Grant Date | Units | Grant Date | |||||||||||||
Fair Value | Fair Value | |||||||||||||||
Outstanding at January 1 | 333 | $ | 90.17 | 261 | $ | 82.18 | ||||||||||
Granted | — | — | — | — | ||||||||||||
Released | — | — | — | — | ||||||||||||
Forfeited | — | — | — | — | ||||||||||||
Outstanding at March 31 (1) | 333 | $ | 90.17 | 261 | $ | 82.18 | ||||||||||
-1 | The total intrinsic value of performance units and performance stock outstanding at March 31, 2015 and 2014 was $30.6 million and $21.9 million, respectively. |
Net_Income_Loss_Per_Share_Tabl
Net Income (Loss) Per Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Computation of Net Income Per Share | The following table sets forth the computation of Net Income (Loss) Per Share for the three-month periods ended March 31, 2015 and 2014 (in thousands, except per share data): | |||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Numerator for Basic and Diluted Earnings Per Share - | ||||||||
Net Income (Loss) | $ | (169,748 | ) | $ | 660,928 | |||
Denominator for Basic Earnings Per Share - | ||||||||
Weighted Average Shares | 544,998 | 542,278 | ||||||
Potential Dilutive Common Shares - | ||||||||
Stock Options/SARs | — | 2,426 | ||||||
Restricted Stock/Units and Performance Units/Stock | — | 3,367 | ||||||
Denominator for Diluted Earnings Per Share - | ||||||||
Adjusted Diluted Weighted Average Shares | 544,998 | 548,071 | ||||||
Net Income (Loss) Per Share | ||||||||
Basic | $ | (0.31 | ) | $ | 1.22 | |||
Diluted | $ | (0.31 | ) | $ | 1.21 | |||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||
Net Cash Paid For Interest and Income Taxes | Net cash paid for interest and income taxes was as follows for the three-month periods ended March 31, 2015 and 2014 (in thousands): | |||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Interest (1) | $ | 56,124 | $ | 53,547 | ||||
Income Taxes, Net of Refunds Received | $ | 12,787 | $ | 21,359 | ||||
-1 | Net of capitalized interest of $12 million and $14 million for the three months ended March 31, 2015 and 2014, respectively. |
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Segment Reporting [Abstract] | ||||||||
Selected Financial Information by Reportable Segment | Selected financial information by reportable segment is presented below for the three-month periods ended March 31, 2015 and 2014 (in thousands): | |||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Net Operating Revenues | ||||||||
United States | $ | 2,212,582 | $ | 3,852,065 | ||||
Trinidad | 96,562 | 136,733 | ||||||
Other International (1) | 9,394 | 94,873 | ||||||
Total | $ | 2,318,538 | $ | 4,083,671 | ||||
Operating Income (Loss) | ||||||||
United States | $ | (181,856 | ) | $ | 1,041,021 | |||
Trinidad | 46,980 | 74,315 | ||||||
Other International (1) | (38,119 | ) | (31,057 | ) | ||||
Total | (172,995 | ) | 1,084,279 | |||||
Reconciling Items | ||||||||
Other Expense, Net | (9,991 | ) | (3,338 | ) | ||||
Interest Expense, Net | (53,345 | ) | (50,152 | ) | ||||
Income (Loss) Before Income Taxes | $ | (236,331 | ) | $ | 1,030,789 | |||
(1) Other International primarily includes EOG's Canada, United Kingdom, China and Argentina operations. | ||||||||
Assets by Reportable Segment | Total assets by reportable segment are presented below at March 31, 2015 and December 31, 2014 (in thousands): | |||||||
At | At | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Total Assets | ||||||||
United States | $ | 32,843,772 | $ | 32,871,398 | ||||
Trinidad | 910,740 | 865,674 | ||||||
Other International (1) | 937,942 | 1,025,615 | ||||||
Total | $ | 34,692,454 | $ | 34,762,687 | ||||
(1) Other International primarily includes EOG's Canada, United Kingdom, China and Argentina operations. |
Asset_Retirement_Obligations_T
Asset Retirement Obligations (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Asset Retirement Obligation [Abstract] | ||||||||
Asset Retirement Obligation Rollforward Analysis | 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 three-month periods ended March 31, 2015 and 2014 (in thousands): | |||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Carrying Amount at Beginning of Period | $ | 752,718 | $ | 761,898 | ||||
Liabilities Incurred | 11,281 | 37,453 | ||||||
Liabilities Settled (1) | (6,816 | ) | (6,850 | ) | ||||
Accretion | 7,840 | 13,751 | ||||||
Revisions | 2,880 | — | ||||||
Foreign Currency Translations | (4,949 | ) | (6,636 | ) | ||||
Carrying Amount at End of Period | $ | 762,954 | $ | 799,616 | ||||
Current Portion | $ | 9,280 | $ | 37,308 | ||||
Noncurrent Portion | $ | 753,674 | $ | 762,308 | ||||
-1 | Includes settlements related to asset sales. |
Exploratory_Well_Costs_Tables
Exploratory Well Costs (Tables) | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Capitalized Exploratory Well Costs [Abstract] | ||||
Net Changes In Capitalized Exploratory Well Costs | EOG's net changes in capitalized exploratory well costs for the three-month period ended March 31, 2015, are presented below (in thousands): | |||
Three Months Ended | ||||
March 31, 2015 | ||||
Balance at January 1 | $ | 17,253 | ||
Additions Pending the Determination of Proved Reserves | 12,963 | |||
Reclassifications to Proved Properties | (10,407 | ) | ||
Costs Charged to Expense | — | |||
Balance at March 31 | $ | 19,809 | ||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value Assets and Liabilities Measured On Recurring Basis | The following table provides fair value measurement information within the fair value hierarchy for certain of EOG's financial assets and liabilities carried at fair value on a recurring basis at March 31, 2015 and December 31, 2014 (in millions): | |||||||||||||||
Fair Value Measurements Using: | ||||||||||||||||
Quoted | Significant | Significant | Total | |||||||||||||
Prices in | Other | Unobservable | ||||||||||||||
Active | Observable | Inputs | ||||||||||||||
Markets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
At March 31, 2015 | ||||||||||||||||
Financial Assets | ||||||||||||||||
Natural Gas Options/Swaptions | $ | — | $ | 86 | $ | — | $ | 86 | ||||||||
Crude Oil Swaps | — | 103 | — | 103 | ||||||||||||
Crude Oil Options/Swaptions | — | 141 | — | 141 | ||||||||||||
At December 31, 2014 | ||||||||||||||||
Financial Assets | ||||||||||||||||
Natural Gas Options/Swaptions | $ | — | $ | 100 | $ | — | $ | 100 | ||||||||
Crude Oil Swaps | — | 121 | — | 121 | ||||||||||||
Crude Oil Options/Swaptions | — | 244 | — | 244 | ||||||||||||
Risk_Management_Activities_Tab
Risk Management Activities (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||
Commodity Derivative Contracts - Crude Oil | Presented below is a comprehensive summary of EOG's crude oil derivative contracts at March 31, 2015, with notional volumes expressed in barrels per day (Bbld) and prices expressed in dollars per barrel ($/Bbl). | ||||||||||
Crude Oil Derivative Contracts | |||||||||||
Volume | Weighted Average Price | ||||||||||
(Bbld) | ($/Bbl) | ||||||||||
2015 (1) | |||||||||||
January 1, 2015 through March 31, 2015 (closed) | 47,000 | $ | 91.22 | ||||||||
April 1, 2015 through June 30, 2015 | 47,000 | 91.22 | |||||||||
July 1, 2015 through December 31, 2015 | 10,000 | 89.98 | |||||||||
-1 | EOG has entered into crude oil derivative contracts which give counterparties the option to extend certain current derivative contracts for additional six-month periods. Options covering a notional volume of 37,000 Bbld are exercisable on June 30, 2015. If the counterparties exercise all such options, the notional volume of EOG's existing crude oil derivative contracts will increase by 37,000 Bbld at an average price of $91.56 per barrel for each month during the period July 1, 2015 through December 31, 2015. | ||||||||||
Commodity Derivative Contracts - Natural Gas | Presented below is a comprehensive summary of EOG's natural gas derivative contracts at March 31, 2015, with notional volumes expressed in million British thermal units (MMBtu) per day (MMBtud) and prices expressed in dollars per MMBtu ($/MMBtu). | ||||||||||
Natural Gas Derivative Contracts | |||||||||||
Volume (MMBtud) | Weighted Average Price | ||||||||||
($/MMBtu) | |||||||||||
2015 (1) | |||||||||||
January 1, 2015 through February 28, 2015 (closed) | 235,000 | $ | 4.47 | ||||||||
March 2015 (closed) | 225,000 | 4.48 | |||||||||
April 2015 (closed) | 195,000 | 4.49 | |||||||||
May-15 | 235,000 | 4.13 | |||||||||
Jun-15 | 275,000 | 3.97 | |||||||||
Jul-15 | 275,000 | 3.98 | |||||||||
August 1, 2015 through December 31, 2015 | 175,000 | 4.51 | |||||||||
-1 | EOG has entered into natural gas derivative contracts which give counterparties the option of entering into derivative contracts at future dates. All such options are exercisable monthly up until the settlement date of each monthly contract. If the counterparties exercise all such options, the notional volume of EOG's existing natural gas derivative contracts will increase by 175,000 MMBtud at an average price of $4.51 per MMBtu for each month during the period May 1, 2015 through December 31, 2015. | ||||||||||
Schedule of Derivative Instruments In Statement Of Financial Position, Fair Value | The following table sets forth the amounts and classification of EOG's outstanding derivative financial instruments at March 31, 2015 and December 31, 2014. Certain amounts may be presented on a net basis on the consolidated financial statements when such amounts are with the same counterparty and subject to a master netting arrangement (in millions): | ||||||||||
Fair Value at | |||||||||||
Description | Location on Balance Sheet | March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||||
Asset Derivatives | |||||||||||
Crude oil and natural gas derivative contracts - | |||||||||||
Current portion | Assets from Price Risk Management Activities (1) | $ | 330 | $ | 465 | ||||||
Liability Derivatives | |||||||||||
Crude oil and natural gas derivative contracts - | |||||||||||
Current portion | Liabilities from Price Risk Management | $ | — | $ | — | ||||||
Activities (2) | |||||||||||
-1 | The current portion of Assets from Price Risk Management Activities consists of gross assets of $339 million, partially offset by gross liabilities of $9 million at March 31, 2015, and gross assets of $477 million, partially offset by gross liabilities of $12 million at December 31, 2014. | ||||||||||
-2 | The current portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $9 million, offset by gross assets of $9 million at March 31, 2015, and gross liabilities of $12 million, offset by gross assets of $12 million at December 31, 2014. |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 3 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Stock based compensation by job function [Line Items] | ||||
Compensation expense related to the company's stock-based compensation plans | $33.10 | $35.60 | ||
Stock Options/SARs and Employee Stock Purchase Plan (ESPP) Disclosures [Line Items] | ||||
Stock-based compensation expense related to stock options, SAR and ESPP grants | 11.6 | 12 | ||
Share-Based Compensation Arrangement By Share Based Payment Award Stock Option/SARs, ESPP, Restricted Stock/Units and Performance Units/Stock [Abstract] | ||||
Unrecognized compensation expense | 98.4 | |||
Weighted average period over which unrecognized compensation expense will be recognized (in years) | 2 years 6 months | |||
Performance Units and Performance Stock [Abstract] | ||||
Common Shares Available for Grant | 27,900,000 | |||
Stock Options and SARs [Member] | ||||
Weighted Average Fair Values And Valuation Assumptions Used To Value Stock Option/SARs, ESPP, and Performance Units/Stock Stock-Based Compensation [Abstract] | ||||
Weighted Average Fair Value of Grants (price per share) | $30.35 | $26.11 | ||
Expected Volatility (in hundredths) | 40.01% | 35.89% | ||
Risk-Free Interest Rate (in hundredths) | 0.82% | 0.84% | ||
Dividend Yield (in hundredths) | 0.73% | 0.48% | ||
Expected Life (in years) | 5 years 3 months 18 days | 5 years 3 months 18 days | ||
Stock Options and SARs Rollforward [Abstract] | ||||
Outstanding at January 1 (in shares) | 10,493,000 | 10,452,000 | ||
Granted (in shares) | 30,000 | 40,000 | ||
Exercised (1) (in shares) | -459,000 | [1] | -353,000 | [1] |
Forfeited (in shares) | -96,000 | -66,000 | ||
Outstanding at March 31 (2) (in shares) | 9,968,000 | [2] | 10,073,000 | [2] |
Share-Based Compensation Arrangement By Share Based Payment Award Stock Option/SARs, ESPP, Restricted Stock/Units and Performance Units/Stock [Abstract] | ||||
Outstanding at January 1 (price per share) | $64.96 | $54.43 | ||
Granted (price per share) | $91.85 | $84.74 | ||
Exercised (1) (price per share) | $47.25 | [1] | $44.40 | [1] |
Forfeited (price per share) | $77.96 | $61.56 | ||
Outstanding at March 31 (2) (price per share) | $65.73 | [2] | $54.85 | [2] |
Stock Options and SARs Vested or Expected to Vest (in shares) | 9,586,000 | [3] | 9,619,000 | [3] |
Weighted average grant price for stock options/SARs vested or expected to vest (price per share) | $65.09 | [3] | $54.44 | [3] |
Stock Options and SARs Exercisable at March 31 (in shares) | 4,882,000 | [4] | 4,314,000 | [4] |
Stock Options and SARs Exercisable at March 31 (price per share) | $49.85 | [4] | $44 | [4] |
Intrinsic value of stock options/SARs exercised during the period | 20.1 | 16.2 | ||
Aggregate intrinsic value for outstanding stock options and SARs | 279.5 | 435.5 | ||
Weighted average remaining contractual life for stock options/SARs outstanding (in years) | 4 years 2 months 12 days | 4 years 4 months 24 days | ||
Aggregate intrinsic value of stock options/SARs vested or expected to vest | 274.1 | 419.8 | ||
Weighted average remaining contractual life for stock options/SARs vested or expected to vest (in years) | 4 years 1 month 6 days | 4 years 3 months 18 days | ||
Aggregate intrinsic value for exercisable units | 204.5 | 233.3 | ||
Weighted average remaining contractual life for exercisable options/SARs (in years) | 2 years 9 months 18 days | 3 years | ||
Weighted average period over which unrecognized compensation expense will be recognized (in years) | 2 years 7 months 6 days | |||
ESPP [Member] | ||||
Weighted Average Fair Values And Valuation Assumptions Used To Value Stock Option/SARs, ESPP, and Performance Units/Stock Stock-Based Compensation [Abstract] | ||||
Weighted Average Fair Value of Grants (price per share) | $23.39 | $18.30 | ||
Expected Volatility (in hundredths) | 37.47% | 25.83% | ||
Risk-Free Interest Rate (in hundredths) | 0.11% | 0.09% | ||
Dividend Yield (in hundredths) | 0.72% | 0.44% | ||
Expected Life (in years) | 6 months | 6 months | ||
Restricted Stock and Restricted Stock Units [Member] | ||||
Share-Based Compensation Arrangement By Share Based Payment Award Stock Option/SARs, ESPP, Restricted Stock/Units and Performance Units/Stock [Abstract] | ||||
Unrecognized compensation expense | 190.7 | |||
Weighted average period over which unrecognized compensation expense will be recognized (in years) | 3 years 7 months 6 days | |||
Share-Based Compensation Arrangement By Restricted Stock And Restricted Stock Units Compensation Cost | 21.2 | 22.7 | ||
Restricted Stock/Restricted Stock Units and Performance Units/Performance Stock [Roll Forward] | ||||
Outstanding at January 1 (in shares) | 5,394,000 | 7,358,000 | ||
Granted (in shares) | 438,000 | 384,000 | ||
Released (in shares) | -365,000 | [5] | -838,000 | [5] |
Forfeited (in shares) | -44,000 | -55,000 | ||
Outstanding at March 31 (1) (in shares) | 5,423,000 | [6] | 6,849,000 | [6] |
Weighted Average Grant Price Restricted Stock and Restricted Stock Units/Performance Units and Performance Stock [Roll Forward] | ||||
Outstanding at January 1 (price per share) | $64.39 | $49.54 | ||
Granted (price per share) | $87.93 | $94.01 | ||
Released (price per share) | $51.22 | [5] | $24.47 | [5] |
Forfeited (price per share) | $76.19 | $57.73 | ||
Outstanding at March 31 (1) (price per share) | $67.08 | [6] | $55.04 | [6] |
Intrinsic value of restricted stock and restricted stock units released during the year | 32.8 | 79 | ||
Aggregate intrinsic value of stock and units outstanding | 497.3 | 671.8 | ||
Performance Units and Performance Stock [Member] | ||||
Share-Based Compensation Arrangement By Share Based Payment Award Stock Option/SARs, ESPP, Restricted Stock/Units and Performance Units/Stock [Abstract] | ||||
Unrecognized compensation expense | 5.1 | |||
Restricted Stock/Restricted Stock Units and Performance Units/Performance Stock [Roll Forward] | ||||
Outstanding at January 1 (in shares) | 333,000 | 261,000 | ||
Granted (in shares) | 0 | 0 | ||
Released (in shares) | 0 | 0 | ||
Forfeited (in shares) | 0 | 0 | ||
Outstanding at March 31 (1) (in shares) | 333,000 | [7] | 261,000 | [7] |
Weighted Average Grant Price Restricted Stock and Restricted Stock Units/Performance Units and Performance Stock [Roll Forward] | ||||
Outstanding at January 1 (price per share) | $90.17 | $82.18 | ||
Granted (price per share) | $0 | $0 | ||
Released (price per share) | $0 | $0 | ||
Forfeited (price per share) | $0 | $0 | ||
Outstanding at March 31 (1) (price per share) | $90.17 | [7] | $82.18 | [7] |
Aggregate intrinsic value of stock and units outstanding | 30.6 | 21.9 | ||
Performance Units and Performance Stock [Abstract] | ||||
Share-Based Compensation Arrangement By Performance Units and Performance Stock Compensation Cost | 0.3 | 0.9 | ||
Lease And Well [Member] | ||||
Stock based compensation by job function [Line Items] | ||||
Compensation expense related to the company's stock-based compensation plans | 12.1 | 11.6 | ||
Gathering And Processing Costs [Member] | ||||
Stock based compensation by job function [Line Items] | ||||
Compensation expense related to the company's stock-based compensation plans | 0.3 | 0.3 | ||
Exploration Costs [Member] | ||||
Stock based compensation by job function [Line Items] | ||||
Compensation expense related to the company's stock-based compensation plans | 7.4 | 7.9 | ||
General And Administrative [Member] | ||||
Stock based compensation by job function [Line Items] | ||||
Compensation expense related to the company's stock-based compensation plans | $13.30 | $15.80 | ||
[1] | The total intrinsic value of stock options/SARs exercised for the three months ended MarchB 31, 2015 and 2014 was $20.1 million and $16.2 million, respectively. The intrinsic value is based upon the difference between the market price of EOG's common stock on the date of exercise and the grant price of the stock options/SARs. | |||
[2] | The total intrinsic value of stock options/SARs outstanding at MarchB 31, 2015 and 2014 was $279.5 million and $435.5 million, respectively. At MarchB 31, 2015 and 2014, the weighted average remaining contractual life was 4.2 years and 4.4 years, respectively. | |||
[3] | The total intrinsic value of stock options/SARs vested or expected to vest at MarchB 31, 2015 and 2014 was $274.1 million and $419.8 million, respectively. At MarchB 31, 2015 and 2014, the weighted average remaining contractual life was 4.1 years and 4.3 years, respectively. | |||
[4] | The total intrinsic value of stock options/SARs exercisable at MarchB 31, 2015 and 2014 was $204.5 million and $233.3 million, respectively. At MarchB 31, 2015 and 2014, the weighted average remaining contractual life was 2.8 years and 3.0 years, respectively. | |||
[5] | The total intrinsic value of restricted stock and restricted stock units released for the three months ended MarchB 31, 2015 and 2014 was $32.8 million and $79.0 million, respectively. The intrinsic value is based upon the closing price of EOG's common stock on the date the restricted stock and restricted stock units are released. | |||
[6] | The total intrinsic value of restricted stock and restricted stock units outstanding at MarchB 31, 2015 and 2014 was $497.3 million and $671.8 million, respectively. | |||
[7] | The total intrinsic value of performance units and performance stock outstanding at MarchB 31, 2015 and 2014 was $30.6 million and $21.9 million, respectively. |
Net_Income_Loss_Per_Share_Deta
Net Income (Loss) Per Share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Numerator for Basic and Diluted Earnings Per Share - [Abstract] | ||
Net Income (Loss) | ($169,748) | $660,928 |
Denominator for Basic Earnings Per Share - [Abstract] | ||
Weighted Average Shares | 544,998,000 | 542,278,000 |
Potential Dilutive Common Shares -[Abstract] | ||
Stock Options/SARs | 0 | 2,426,000 |
Restricted Stock/Units and Performance Units/Stock | 0 | 3,367,000 |
Denominator for Diluted Earnings Per Share - [Abstract] | ||
Adjusted Diluted Weighted Average Shares | 544,998,000 | 548,071,000 |
Net Income (Loss) Per Share [Abstract] | ||
Basic | ($0.31) | $1.22 |
Diluted | ($0.31) | $1.21 |
Anti-dilutive Stock Options and SARs excluded from Diluted Earnings Per Share Calculation (shares in thousands) | 4,200,000 | 200,000 |
Restricted Stock and Restricted Stock Units and Performance Units and Performance Stock Excluded from Calculation | 5,800,000 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | |||
Supplemental Cash Flow Information [Abstract] | ||||
Interest (1) | $56,124,000 | [1] | $53,547,000 | [1] |
Income Taxes, Net of Refunds Received | 12,787,000 | 21,359,000 | ||
Interest Costs Capitalized | 12,000,000 | 14,000,000 | ||
Accrued Capital Expenditures | $771,000,000 | $867,000,000 | ||
[1] | Net of capitalized interest of $12 million and $14 million for the three months ended MarchB 31, 2015 and 2014, respectively. |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | |||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |||
Schedule of Segment Reporting Information By Segment [Abstract] | ||||||
Net Operating Revenues | $2,318,538 | $4,083,671 | ||||
Operating Income (Loss) | -172,995 | 1,084,279 | ||||
Other Expense, Net | -9,991 | -3,338 | ||||
Interest Expense, Net | -53,345 | -50,152 | ||||
Income (Loss) Before Income Taxes | -236,331 | 1,030,789 | ||||
Total Assets | 34,692,454 | 34,762,687 | ||||
United States [Member] | ||||||
Schedule of Segment Reporting Information By Segment [Abstract] | ||||||
Net Operating Revenues | 2,212,582 | 3,852,065 | ||||
Operating Income (Loss) | -181,856 | 1,041,021 | ||||
Total Assets | 32,843,772 | 32,871,398 | ||||
Trinidad [Member] | ||||||
Schedule of Segment Reporting Information By Segment [Abstract] | ||||||
Net Operating Revenues | 96,562 | 136,733 | ||||
Operating Income (Loss) | 46,980 | 74,315 | ||||
Total Assets | 910,740 | 865,674 | ||||
Other International [Member] | ||||||
Schedule of Segment Reporting Information By Segment [Abstract] | ||||||
Net Operating Revenues | 9,394 | [1] | 94,873 | [1] | ||
Operating Income (Loss) | -38,119 | [1] | -31,057 | [1] | ||
Total Assets | $937,942 | [1] | $1,025,615 | [1] | ||
[1] | Other International primarily includes EOG's Canada, United Kingdom, China and Argentina operations. |
Asset_Retirement_Obligations_D
Asset Retirement Obligations (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Asset Retirement Obligation [Abstract] | ||||
Carrying Amount at Beginning of Period | $752,718 | $761,898 | ||
Liabilities Incurred | 11,281 | 37,453 | ||
Liabilities Settled (1) | -6,816 | [1] | -6,850 | [1] |
Accretion | 7,840 | 13,751 | ||
Revisions | 2,880 | 0 | ||
Foreign Currency Translations | -4,949 | -6,636 | ||
Carrying Amount at End of Period | 762,954 | 799,616 | ||
Current Portion | 9,280 | 37,308 | ||
Noncurrent Portion | $753,674 | $762,308 | ||
[1] | Includes settlements related to asset sales. |
Exploratory_Well_Costs_Details
Exploratory Well Costs (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
CapitalizedExploratoryWellCostsAbstract [Line Items] | |
Balance at January 1 | $17,253 |
Additions Pending the Determination of Proved Reserves | 12,963 |
Reclassifications to Proved Properties | -10,407 |
Costs Charged to Expense | 0 |
Balance at March 31 | $19,809 |
Pension_and_Postretirement_Ben1
Pension and Postretirement Benefits (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Defined Benefit and Defined Contribution Plan Disclosure [Line Items] | ||
Total pension plan costs | $9.40 | $9.70 |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Debt Instrument Issuance [Abstract] | ||
Net proceeds from Issuance of Senior Long-Term Debt | $990,000,000 | |
Uncommitted Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Borrowings Outstanding | 0 | |
Average Outstanding Amount | 300,000 | |
Weighted average interest rate (in hundredths) | 0.70% | |
Commercial Paper [Member] | ||
Line of Credit Facility [Line Items] | ||
Borrowings Outstanding | 0 | |
Average Outstanding Amount | 31,000,000 | |
Weighted average interest rate (in hundredths) | 0.25% | |
Revolving Credit Agreement [Member] | ||
Line of Credit Facility [Line Items] | ||
Letters of Credit Outstanding | 0 | |
Borrowings Outstanding | 0 | |
Line of Credit Facility, Expiration Date | 11-Oct-16 | |
Maximum borrowing capacity | 2,000,000,000 | |
Eurodollar rate at period end (in hundredths) | 1.05% | |
Base rate at period end (in hundredths) | 3.25% | |
3.90% Senior Notes due 2035 [Member] | ||
Debt Instrument Issuance [Abstract] | ||
Debt Instrument Issuance Face Amount | 500,000,000 | |
Debt Instrument Issuance Interest Rate | 3.90% | |
3.15 % Senior Notes due 2025 [Member] | ||
Debt Instrument Issuance [Abstract] | ||
Debt Instrument Issuance Face Amount | 500,000,000 | |
Debt Instrument Issuance Interest Rate | 3.15% | |
2.500% Senior Notes Due 2016 [Member] | ||
Debt Instrument Issuance [Abstract] | ||
Debt Instrument Issuance Face Amount | $400,000,000 | |
Debt Instrument Issuance Interest Rate | 2.50% |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Financial Assets: | ||
Financial Assets: Natural Gas Options/Swaptions | $86 | $100 |
Financial Assets: Crude Oil Swaps | 103 | 121 |
Financial Assets: Crude Oil Options/Swaptions | 141 | 244 |
Proved Oil and Gas Properties and Other Assets Carrying Amount | 7 | |
Proved Oil and Gas Properties and Other Assets Written Down During the Period - Fair value at End of Period | 2 | |
Pretax Impairment Charges for Proved Oil and Gas Properties and Other Assets | 5 | |
Aggregate Principal Amount of Current and Long-Term Debt | 6,890 | 5,890 |
Estimated Fair Value of Debt | 7,370 | 6,242 |
Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets: | ||
Financial Assets: Natural Gas Options/Swaptions | 0 | 0 |
Financial Assets: Crude Oil Swaps | 0 | 0 |
Financial Assets: Crude Oil Options/Swaptions | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets: | ||
Financial Assets: Natural Gas Options/Swaptions | 86 | 100 |
Financial Assets: Crude Oil Swaps | 103 | 121 |
Financial Assets: Crude Oil Options/Swaptions | 141 | 244 |
Fair Value, Inputs, Level 3 [Member] | ||
Financial Assets: | ||
Financial Assets: Natural Gas Options/Swaptions | 0 | 0 |
Financial Assets: Crude Oil Swaps | 0 | 0 |
Financial Assets: Crude Oil Options/Swaptions | $0 | $0 |
Risk_Management_Activities_Det
Risk Management Activities (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Dec. 31, 2014 | |||
bbl | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Assets, Current | $329,825,000 | $465,128,000 | ||
Derivative Collateral [Abstract] | ||||
Collateral Held on Derivative | 125,000,000 | 278,000,000 | ||
Collateral Had on Derivaitve | 0 | 0 | ||
Crude Oil and Natural Gas Derivative Contracts [Member] | Liabilities From Price Risk Management Activities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liabilities, Current | 0 | [1] | 0 | [1] |
Derivative Assets, Current, Gross | 9,000,000 | [1] | 12,000,000 | [1] |
Derivative Liabilities, Current, Gross | 9,000,000 | [1] | 12,000,000 | [1] |
Crude Oil and Natural Gas Derivative Contracts [Member] | Assets From Price Risk Management Activities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Assets, Current | 330,000,000 | [2] | 465,000,000 | [2] |
Derivative Assets, Current, Gross | 339,000,000 | [2] | 477,000,000 | [2] |
Derivative Liabilities, Current, Gross | $9,000,000 | [2] | $12,000,000 | [2] |
Crude Oil Derivative Contracts January - March (closed) [Member] | ||||
Derivative [Line Items] | ||||
Volume (Bbld) | 47,000 | |||
Derivative Weighted Average Price Crude Oil ($/Bbl) | 91.22 | |||
Crude Oil Derivative Contracts April - June [Member] | ||||
Derivative [Line Items] | ||||
Volume (Bbld) | 47,000 | [3] | ||
Derivative Weighted Average Price Crude Oil ($/Bbl) | 91.22 | [3] | ||
Crude Oil Derivative Contracts July - December [Member] | ||||
Derivative [Line Items] | ||||
Volume (Bbld) | 10,000 | [3] | ||
Derivative Weighted Average Price Crude Oil ($/Bbl) | 89.98 | [3] | ||
Volumes (Bbld) - Derivative Swaption Contracts | 37,000 | [3] | ||
Average Price ($/Bbl) - Derivative Swaption Contracts | 91.56 | [3] | ||
Natural Gas Derivative Contracts January - February (closed) [Member] | ||||
Derivative [Line Items] | ||||
Volume (MMBtud) | 235,000 | |||
Derivative Weighted Average Price Natural Gas ($/MMBtu) | 4.47 | |||
Natural Gas Derivative Contracts March (closed) [Member] | ||||
Derivative [Line Items] | ||||
Volume (MMBtud) | 225,000 | |||
Derivative Weighted Average Price Natural Gas ($/MMBtu) | 4.48 | |||
Natural Gas Derivative Contracts April (closed) [Member] | ||||
Derivative [Line Items] | ||||
Volume (MMBtud) | 195,000 | |||
Derivative Weighted Average Price Natural Gas ($/MMBtu) | 4.49 | |||
Natural Gas Derivative Contracts May [Member] | ||||
Derivative [Line Items] | ||||
Volume (MMBtud) | 235,000 | [4] | ||
Derivative Weighted Average Price Natural Gas ($/MMBtu) | 4.13 | [4] | ||
Natural Gas Derivative Contracts June [Member] | ||||
Derivative [Line Items] | ||||
Volume (MMBtud) | 275,000 | [4] | ||
Derivative Weighted Average Price Natural Gas ($/MMBtu) | 3.97 | [4] | ||
Natural Gas Derivative Contracts July [Member] | ||||
Derivative [Line Items] | ||||
Volume (MMBtud) | 275,000 | [4] | ||
Derivative Weighted Average Price Natural Gas ($/MMBtu) | 3.98 | [4] | ||
Natural Gas Derivative Contracts August - December [Member] | ||||
Derivative [Line Items] | ||||
Volume (MMBtud) | 175,000 | [4] | ||
Derivative Weighted Average Price Natural Gas ($/MMBtu) | 4.51 | [4] | ||
Natural Gas Derivative Contracts May - December [Domain] | ||||
Derivative [Line Items] | ||||
Volumes (MMBtud) - Options Contracts | 175,000 | [4] | ||
Average Price ($/MMBtu) - Derivative Options Contracts | 4.51 | [4] | ||
[1] | The current portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $9 million, offset by gross assets of $9 million at MarchB 31, 2015, and gross liabilities of $12 million, offset by gross assets of $12 million at DecemberB 31, 2014. | |||
[2] | The current portion of Assets from Price Risk Management Activities consists of gross assets of $339 million, partially offset by gross liabilities of $9 million at MarchB 31, 2015, and gross assets of $477 million, partially offset by gross liabilities of $12 million at DecemberB 31, 2014. | |||
[3] | EOG has entered into crude oil derivative contracts which give counterparties the option to extend certain current derivative contracts for additional six-month periods. Options covering a notional volume of 37,000 Bbld are exercisable on June 30, 2015. If the counterparties exercise all such options, the notional volume of EOG's existing crude oil derivative contracts will increase by 37,000 Bbld at an average price of $91.56 per barrel for each month during the period July 1, 2015 through December 31, 2015. | |||
[4] | EOG has entered into natural gas derivative contracts which give counterparties the option of entering into derivative contracts at future dates. All such options are exercisable monthly up until the settlement date of each monthly contract. If the counterparties exercise all such options, the notional volume of EOG's existing natural gas derivative contracts will increase by 175,000 MMBtud at an average price of $4.51 per MMBtu for each month during the period May 1, 2015 through December 31, 2015. |
Divestitures_Details
Divestitures (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Discontinued Operations and Disposal Groups [Abstract] | |||
Proceeds from Sales of Producing Properties, Acreage and Other Assets | $1 | $20 | $400 |
Cumulative Translation Adjustment | 383 | ||
Restricted cash related to future abandonment liabilities | $150 |