EOG Resources (EOG) 10-Q 4 Aug 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	6 Months Ended
	Jun. 30, 2021	Jul. 28, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	1-9743
Entity Registrant Name	EOG RESOURCES, INC.
Entity Central Index Key	0000821189
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-0684736
Entity Address, Address Line One	1111 Bagby
Entity Address, Address Line Two	Sky Lobby 2
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77002
City Area Code	713
Local Phone Number	651-7000
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	EOG
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		583,860,156

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Operating Revenues and Other
Total	$ 4,139,000,000	$ 1,103,000,000	$ 7,833,000,000	$ 5,821,000,000
Operating Expenses
Lease and Well	270,000,000	245,000,000	540,000,000	575,000,000
Transportation Costs	214,000,000	152,000,000	416,000,000	360,000,000
Gathering and Processing Costs	128,000,000	97,000,000	267,000,000	225,000,000
Exploration Costs	35,000,000	27,000,000	68,000,000	67,000,000
Dry Hole Costs	13,000,000	0	24,000,000	0
Impairments	44,000,000	305,000,000	88,000,000	1,878,000,000
Marketing Costs	991,000,000	444,000,000	1,829,000,000	1,554,000,000
Depreciation, Depletion and Amortization	914,000,000	707,000,000	1,814,000,000	1,707,000,000
General and Administrative	120,000,000	132,000,000	230,000,000	246,000,000
Taxes Other Than Income	239,000,000	81,000,000	454,000,000	238,000,000
Total	2,968,000,000	2,190,000,000	5,730,000,000	6,850,000,000
Operating Income (Loss)	1,171,000,000	(1,087,000,000)	2,103,000,000	(1,029,000,000)
Other Income (Expense), Net	(2,000,000)	(4,000,000)	(6,000,000)	14,000,000
Income (Loss) Before Interest Expense and Income Taxes	1,169,000,000	(1,091,000,000)	2,097,000,000	(1,015,000,000)
Interest Expense
Interest Expense, Net	45,000,000	54,000,000	92,000,000	99,000,000
Income (Loss) Before Income Taxes	1,124,000,000	(1,145,000,000)	2,005,000,000	(1,114,000,000)
Income Tax Provision (Benefit)	217,000,000	(235,000,000)	421,000,000	(214,000,000)
Net Income (Loss)	$ 907,000,000	$ (910,000,000)	$ 1,584,000,000	$ (900,000,000)
Net Income (Loss) Per Share
Basic	$ 1.56	$ (1.57)	$ 2.73	$ (1.55)
Diluted	$ 1.55	$ (1.57)	$ 2.72	$ (1.55)
Average Number of Common Shares
Basic	580,000	579,000	580,000	579,000
Diluted	584,000	579,000	583,000	579,000
Other Comprehensive Loss
Foreign Currency Translation Adjustments	$ (1,000,000)	$ (2,000,000)	$ (3,000,000)	$ 0
Other, Net of Tax	0	0	0	0
Other Comprehensive Loss	(1,000,000)	(2,000,000)	(3,000,000)	0
Comprehensive Income (Loss)	906,000,000	(912,000,000)	1,581,000,000	(900,000,000)
Crude Oil and Condensate
Operating Revenues and Other
Revenues	2,699,000,000	615,000,000	4,950,000,000	2,680,000,000
Natural Gas Liquids
Operating Revenues and Other
Revenues	367,000,000	93,000,000	681,000,000	254,000,000
Natural Gas
Operating Revenues and Other
Revenues	404,000,000	141,000,000	1,029,000,000	351,000,000
Gains (Losses) on Mark-to-Market Commodity Derivative Contracts
Operating Revenues and Other
Revenues	(427,000,000)	(127,000,000)	(794,000,000)	1,079,000,000
Gathering, Processing and Marketing
Operating Revenues and Other
Revenues	1,022,000,000	362,000,000	1,870,000,000	1,401,000,000
Gains (Losses) on Asset Dispositions, Net
Operating Revenues and Other
Revenues	51,000,000	14,000,000	45,000,000	30,000,000
Other, Net
Operating Revenues and Other
Revenues	$ 23,000,000	$ 5,000,000	$ 52,000,000	$ 26,000,000

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Current Assets
Cash and Cash Equivalents	$ 3,880,000,000	$ 3,329,000,000
Accounts Receivable, Net	2,015,000,000	1,522,000,000
Inventories	516,000,000	629,000,000
Assets from Price Risk Management Activities	0	65,000,000
Income Taxes Receivable	11,000,000	23,000,000
Other	513,000,000	294,000,000
Total	6,935,000,000	5,862,000,000
Property, Plant and Equipment
Oil and Gas Properties (Successful Efforts Method)	66,299,000,000	64,793,000,000
Other Property, Plant and Equipment	4,635,000,000	4,479,000,000
Total Property, Plant and Equipment	70,934,000,000	69,272,000,000
Less: Accumulated Depreciation, Depletion and Amortization	(42,275,000,000)	(40,673,000,000)
Total Property, Plant and Equipment, Net	28,659,000,000	28,599,000,000
Deferred Income Tax Assets, Net	3,000,000	2,000,000
Other Assets	1,288,000,000	1,342,000,000
Total Assets	36,885,000,000	35,805,000,000
Current Liabilities
Accounts Payable	2,012,000,000	1,681,000,000
Accrued Taxes Payable	286,000,000	206,000,000
Dividends Payable	820,000,000	217,000,000
Liabilities from Price Risk Management Activities	396,000,000	0
Current Portion of Long-Term Debt	39,000,000	781,000,000
Current Portion of Operating Lease Liabilities	253,000,000	295,000,000
Other	196,000,000	280,000,000
Total	4,002,000,000	3,460,000,000
Long-Term Debt	5,086,000,000	5,035,000,000
Other Liabilities	2,186,000,000	2,149,000,000
Deferred Income Tax Liabilities, Net	4,730,000,000	4,859,000,000
Commitments and Contingencies (Note 8)
Stockholders' Equity
Common Stock, $0.01 Par, 1,280,000,000 Shares Authorized and 584,102,233 Shares Issued at June 30, 2021 and 583,694,850 Shares Issued at December 31, 2020	206,000,000	206,000,000
Additional Paid in Capital	6,017,000,000	5,945,000,000
Accumulated Other Comprehensive Loss	(15,000,000)	(12,000,000)
Retained Earnings	14,689,000,000	14,170,000,000
Common Stock Held in Treasury, 243,058 Shares at June 30, 2021 and 124,265 Shares at December 31, 2020	(16,000,000)	(7,000,000)
Total Stockholders' Equity	20,881,000,000	20,302,000,000
Total Liabilities and Stockholders' Equity	$ 36,885,000,000	$ 35,805,000,000
Common Stock, Par Value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, Shares Authorized (in shares)	1,280,000,000	1,280,000,000
Common Stock, Shares Issued (in shares)	584,102,233	583,694,850
Treasury Stock, Shares	243,058	124,265

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Common Stock
Common Stock, Par Value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, Shares Authorized (in shares)	1,280,000,000	1,280,000,000
Common Stock, Shares Issued (in shares)	584,102,233	583,694,850
Treasury Stock
Treasury Stock, Shares	243,058	124,265

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity Statement - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings [Member]	Treasury Stock [Member]
Balance at Dec. 31, 2019	$ 21,640,000	$ 206,000	$ 5,817,000	$ (5,000)	$ 15,649,000	$ (27,000)
Net Income (Loss)	(900,000)	0	0	0	(900,000)	0
Dividends, Common Stock	(437,000)	0	0	0	(437,000)	0
Other Comprehensive Loss	0	0	0	0	0	0
Change in Treasury Stock - Stock Compensation Plans, Net	4,000	0	(7,000)	0	0	11,000
Restricted Stock and Restricted Stock Units, Net	0	0	(4,000)	0	0	4,000
Stock-Based Compensation Expenses	80,000	0	80,000	0	0	0
Treasury Stock Issued as Compensation	1,000	0	0	0	0	1,000
Balance at Jun. 30, 2020	20,388,000	206,000	5,886,000	(5,000)	14,312,000	(11,000)
Balance at Mar. 31, 2020	21,471,000	206,000	5,853,000	(3,000)	15,440,000	(25,000)
Net Income (Loss)	(910,000)	0	0	0	(910,000)	0
Dividends, Common Stock	(218,000)	0	0	0	(218,000)	0
Other Comprehensive Loss	(2,000)	0	0	(2,000)	0	0
Change in Treasury Stock - Stock Compensation Plans, Net	7,000	0	(7,000)	0	0	14,000
Restricted Stock and Restricted Stock Units, Net	0	0	0	0	0	0
Stock-Based Compensation Expenses	40,000	0	40,000	0	0	0
Treasury Stock Issued as Compensation	0	0	0	0	0	0
Balance at Jun. 30, 2020	20,388,000	206,000	5,886,000	(5,000)	14,312,000	(11,000)
Balance at Dec. 31, 2020	20,302,000	206,000	5,945,000	(12,000)	14,170,000	(7,000)
Net Income (Loss)	1,584,000	0	0	0	1,584,000	0
Dividends, Common Stock	(1,065,000)	0	0	0	(1,065,000)	0
Other Comprehensive Loss	(3,000)	0	0	(3,000)	0	0
Common Stock Issued Under Stock Plans	9,000	0	9,000	0	0	0
Change in Treasury Stock - Stock Compensation Plans, Net	(12,000)	0	(2,000)	0	0	(10,000)
Restricted Stock and Restricted Stock Units, Net	0	0	(1,000)	0	0	1,000
Stock-Based Compensation Expenses	66,000	0	66,000	0	0	0
Treasury Stock Issued as Compensation	0	0	0	0	0	0
Balance at Jun. 30, 2021	20,881,000	206,000	6,017,000	(15,000)	14,689,000	(16,000)
Balance at Mar. 31, 2021	20,762,000	206,000	5,979,000	(14,000)	14,606,000	(15,000)
Net Income (Loss)	907,000	0	0	0	907,000	0
Dividends, Common Stock	(824,000)	0	0	0	(824,000)	0
Other Comprehensive Loss	(1,000)	0	0	(1,000)	0	0
Common Stock Issued Under Stock Plans	9,000	0	9,000	0	0	0
Change in Treasury Stock - Stock Compensation Plans, Net	(3,000)	0	(2,000)	0	0	(1,000)
Restricted Stock and Restricted Stock Units, Net	0	0	0	0	0	0
Stock-Based Compensation Expenses	31,000	0	31,000	0	0	0
Treasury Stock Issued as Compensation	0	0	0	0	0	0
Balance at Jun. 30, 2021	$ 20,881,000	$ 206,000	$ 6,017,000	$ (15,000)	$ 14,689,000	$ (16,000)

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	May 06, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Common Stock Dividends Declared (in dollars per share)	$ 1	$ 1.4125	$ 0.4125	$ 0.375	$ 1.825	$ 0.75	$ 0.375

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash Flows from Operating Activities
Net Income (Loss)	$ 1,584,000	$ (900,000)
Items Not Requiring (Providing) Cash
Depreciation, Depletion and Amortization	1,814,000	1,707,000
Impairments	88,000	1,878,000
Stock-Based Compensation Expenses	66,000	80,000
Deferred Income Taxes	(133,000)	(208,000)
Gains (Losses) on Asset Dispositions, Net	45,000	30,000
Other, Net	13,000	0
Dry Hole Costs	24,000	0
Mark-to-Market Commodity Derivative Contracts
Total (Gains) Losses	794,000	(1,079,000)
Net Cash Received from (Payments for) Settlements of Commodity Derivative Contracts	(223,000)	724,000
Other, Net	1,000	0
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable	(494,000)	1,191,000
Inventories	101,000	85,000
Accounts Payable	183,000	(1,185,000)
Accrued Taxes Payable	80,000	(61,000)
Other Assets	(222,000)	253,000
Other Liabilities	(57,000)	(64,000)
Changes in Components of Working Capital Associated with Investing and Financing Activities	(145,000)	282,000
Net Cash Provided by Operating Activities	3,429,000	2,673,000
Investing Cash Flows
Additions to Oil and Gas Properties	(1,843,000)	(1,990,000)
Additions to Other Property, Plant and Equipment	(97,000)	(147,000)
Proceeds from Sales of Assets	146,000	43,000
Changes in Components of Working Capital Associated with Investing Activities	145,000	(282,000)
Net Cash Used in Investing Activities	(1,649,000)	(2,376,000)
Financing Cash Flows
Long-Term Debt Borrowings	0	1,484,000
Long-Term Debt Repayments	(750,000)	(1,000,000)
Dividends Paid	(458,000)	(384,000)
Treasury Stock Purchased	(12,000)	(5,000)
Proceeds from Stock Options Exercised	9,000	8,000
Debt Issuance Costs	0	(3,000)
Repayment of Finance Lease Liabilities	(18,000)	(8,000)
Net Cash Provided by (Used in) Financing Activities	(1,229,000)	92,000
Effect of Exchange Rate Changes on Cash	0	0
Increase in Cash and Cash Equivalents	551,000	389,000
Cash and Cash Equivalents at Beginning Period	3,329,000	2,028,000
Cash and Cash Equivalents End of Period	$ 3,880,000	$ 2,417,000

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies General. The condensed 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 condensed 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, 2020, filed on February 25, 2021 (EOG's 2020 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 and six months ended June 30, 2021, are not necessarily indicative of the results to be expected for the full year. Effective January 1, 2021, EOG adopted the provisions of Accounting Standards Update (ASU) 2019-12, "Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes" (ASU 2019-12). ASU 2019-12 amends certain aspects of accounting for income taxes, including the removal of specific exceptions within existing U.S. GAAP related to the incremental approach for intraperiod tax allocation and updates to the general methodology for calculating income taxes in interim periods, among other changes. ASU 2019-12 also requires an entity to reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date, among other requirements. The effects of ASU 2019-12 applicable to EOG were all required on a prospective basis. There was no impact upon adoption of ASU 2019-12 to its consolidated financial statements or related disclosures. Recently Issued Accounting Standards. In March 2020, the Financial Accounting Standards Board (FASB) issued ASU 2020-04, "Reference Rate Reform (Topic 848)" (ASU 2020-04), which provides optional expedients and exceptions for accounting treatment of contracts which are affected by the anticipated discontinuation of the London InterBank Offered Rate (LIBOR) and other rates resulting from rate reform. Contract terms that are modified due to the replacement of a reference rate are not required to be remeasured or reassessed under relevant accounting standards. Early adoption is permitted. ASU 2020-04 covers certain contracts which reference these rates and that are entered into on or before December 31, 2022. EOG is evaluating the provisions of ASU 2020-04 and has not determined the full impact on its consolidated financial statements and related disclosures related to its $2.0 billion senior unsecured Revolving Credit Agreement.

Stock-Based Payments

Stock-Based Payments	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation As more fully discussed in Note 7 to the Consolidated Financial Statements included in EOG's 2020 Annual Report, EOG maintains various stock-based compensation plans. Stock-based compensation expense is included on the Condensed 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 Six Months Ended 2021 2020 2021 2020 Lease and Well $ 11 $ 15 $ 25 $ 30 Gathering and Processing Costs 1 1 1 1 Exploration Costs 5 7 11 14 General and Administrative 14 17 29 35 Total $ 31 $ 40 $ 66 $ 80 The Amended and Restated EOG Resources, Inc. 2008 Omnibus Equity Compensation Plan (2008 Plan) provided for grants of stock options, stock-settled stock appreciation rights (SARs), restricted stock and restricted stock units, performance units and other stock-based awards. EOG's stockholders approved the EOG Resources, Inc. 2021 Omnibus Equity Compensation Plan (2021 Plan) at the 2021 Annual Meeting of Stockholders. Therefore, no further grants were made from the 2008 Plan from and after the April 29, 2021 effective date of the 2021 Plan. The 2021 Plan provides for grants of stock options, SARs, restricted stock and restricted stock units and other stock-based awards, up to an aggregate maximum of 20 million shares of common stock, plus any shares that are subject to outstanding awards under the 2008 Plan as of April 29, 2021, that are subsequently canceled, forfeited, expire or are otherwise not issued or are settled in cash. Under the 2021 Plan, grants may be made to employees and non-employee members of EOG's Board of Directors (Board). EOG's policy is to issue shares related to 2021 Plan grants from previously authorized unissued shares or treasury shares to the extent treasury shares are available. At June 30, 2021, approximately 20 million shares of common stock remained available for grant under the 2021 Plan. 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 $9 million and $15 million during the three months ended June 30, 2021 and 2020, respectively, and $19 million and $29 million during the six months ended June 30, 2021 and 2020, respectively. Weighted average fair values and valuation assumptions used to value stock option, SAR and ESPP grants during the six-month periods ended June 30, 2021 and 2020 are as follows: Stock Options/SARs ESPP Six Months Ended Six Months Ended 2021 2020 2021 2020 Weighted Average Fair Value of Grants $ 20.73 $ 16.94 $ 14.69 $ 20.80 Expected Volatility 46.40 % 42.10 % 54.99 % 35.24 % Risk-Free Interest Rate 0.36 % 0.93 % 0.09 % 1.56 % Dividend Yield 2.87 % 1.94 % 3.41 % 1.56 % Expected Life 5.2 years 5.1 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 six-month periods ended June 30, 2021 and 2020 (stock options and SARs in thousands): Six Months Ended Six Months Ended Number of Weighted Number of Weighted Outstanding at January 1 10,186 $ 84.08 9,395 $ 94.53 Granted 14 64.97 16 58.40 Exercised (1) (239) 69.85 (23) 69.59 Forfeited (234) 91.54 (389) 91.39 Outstanding at June 30 (2) 9,727 $ 84.23 8,999 $ 94.66 Vested or Expected to Vest (3) 9,421 $ 84.91 8,670 $ 94.67 Exercisable at June 30 (4) 6,023 $ 97.08 4,963 $ 94.61 (1) The total intrinsic value of stock options/SARs exercised during the six months ended June 30, 2021 and 2020 was $3.0 million and $0.4 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 exercise price of the stock options/SARs. (2) The total intrinsic value of stock options/SARs outstanding at June 30, 2021 and 2020 was $114 million and $0.1 million, respectively. At June 30, 2021 and 2020, the weighted average remaining contractual life was 3.8 years and 3.9 years, respectively. (3) The total intrinsic value of stock options/SARs vested or expected to vest at June 30, 2021 and 2020 was $106 million and $0.1 million, respectively. At June 30, 2021 and 2020, the weighted average remaining contractual life was 3.8 years and 3.9 years, respectively. (4) The total intrinsic value of stock options/SARs exercisable at June 30, 2021 and 2020 was $16 million and zero, respectively. At June 30, 2021 and 2020, the weighted average remaining contractual life was 2.7 years. At June 30, 2021, unrecognized compensation expense related to non-vested stock option, SAR and ESPP grants totaled $37 million. Such unrecognized expense will be amortized on a straight-line basis over a weighted average period of 1.6 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 million and $24 million for the three months ended June 30, 2021 and 2020, respectively, and $45 million and $49 million for the six months ended June 30, 2021 and 2020, respectively. The following table sets forth restricted stock and restricted stock unit transactions for the six-month periods ended June 30, 2021 and 2020 (shares and units in thousands): Six Months Ended Six Months Ended Number of Weighted Number of Weighted Outstanding at January 1 4,742 $ 74.97 4,546 $ 90.16 Granted 45 72.56 67 51.83 Released (1) (523) 87.61 (304) 88.58 Forfeited (47) 70.24 (36) 90.61 Outstanding at June 30 (2) 4,217 $ 73.43 4,273 $ 89.67 (1) The total intrinsic value of restricted stock and restricted stock units released during the six months ended June 30, 2021 and 2020 was $38 million and $13 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 June 30, 2021 and 2020 was $352 million and $217 million, respectively. At June 30, 2021, unrecognized compensation expense related to restricted stock and restricted stock units totaled $133 million. Such unrecognized expense will be amortized on a straight-line basis over a weighted average period of 1.3 years. Performance Units. EOG grants performance units annually to its executive officers without cost to them. As more fully discussed in the grant agreements, the performance metric applicable to the performance units is EOG's total shareholder return over a three-year performance period relative to the total shareholder return of a designated group of peer companies (Performance Period). Upon the application of the performance multiple at the completion of the Performance Period, a minimum of 0% and a maximum of 200% of the performance units granted could be outstanding. The fair value of the performance units is estimated using a Monte Carlo simulation. Stock-based compensation expense related to the performance unit grants totaled $1 million for each of the three months ended June 30, 2021 and 2020 and $2 million for each of the six months ended June 30, 2021 and 2020. The following table sets forth the performance unit transactions for the six-month periods ended June 30, 2021 and 2020 (units in thousands): Six Months Ended Six Months Ended Number of Weighted Number of Weighted Outstanding at January 1 613 $ 88.38 598 $ 103.91 Granted 8 55.69 — — Granted for Performance Multiple (1) 19 113.81 66 119.10 Released (2) (98) 113.81 (121) 123.56 Forfeited — — — — Outstanding at June 30 (3) 542 (4) $ 84.23 543 $ 101.38 (1) Upon completion of the Performance Period for the performance units granted in 2017 and 2016, a performance multiple of 125% and 150%, respectively, was applied to each of the grants resulting in additional grants of performance units in February 2021 and February 2020, respectively. (2) The total intrinsic value of performance units released during the six months ended June 30, 2021 and 2020 was $6 million and $9 million, respectively. The intrinsic value is based upon the closing price of EOG's common stock on the date the performance units are released. (3) The total intrinsic value of performance units outstanding at June 30, 2021 and 2020 was approximately $45 million and $28 million, respectively. (4) Upon the application of the relevant performance multiple at the completion of each of the remaining Performance Periods, a minimum of 76,785 and a maximum of 1,007,705 performance units could be outstanding. At June 30, 2021, unrecognized compensation expense related to performance units totaled $6 million. Such unrecognized expense will be amortized on a straight-line basis over a weighted average period of 1.7 years.

Net Income (Loss) Per Share

Net Income (Loss) Per Share	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Net Income (Loss) Per Share	Net Income (Loss) Per Share The following table sets forth the computation of Net Income (Loss) Per Share for the three-month and six-month periods ended June 30, 2021 and 2020 (in millions, except per share data): Three Months Ended Six Months Ended 2021 2020 2021 2020 Numerator for Basic and Diluted Earnings Per Share - Net Income (Loss) $ 907 $ (910) $ 1,584 $ (900) Denominator for Basic Earnings Per Share - Weighted Average Shares 580 579 580 579 Potential Dilutive Common Shares - Stock Options/SARs/ESPP 1 — 1 — Restricted Stock/Units and Performance Units 3 — 2 — Denominator for Diluted Earnings Per Share - Adjusted Diluted Weighted Average Shares 584 579 583 579 Net Income (Loss) Per Share Basic $ 1.56 $ (1.57) $ 2.73 $ (1.55) Diluted $ 1.55 $ (1.57) $ 2.72 $ (1.55) The diluted earnings per share calculation excludes stock option, SAR, restricted stock, restricted stock unit, performance unit and ESPP grants that were anti-dilutive. Shares underlying the excluded stock option, SAR and ESPP grants were 5 million and 9 million shares for the three months ended June 30, 2021 and 2020, respectively, and were 7 million and 9 million shares for the six months ended June 30, 2021 and 2020, respectively. For the three and six months ended June 30, 2020, 5 million shares underlying grants of restricted stock, restricted stock units and performance units were excluded.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
	Jun. 30, 2021
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information Net cash paid (received) for interest and income taxes was as follows for the six-month periods ended June 30, 2021 and 2020 (in millions): Six Months Ended 2021 2020 Interest (1) $ 102 $ 69 Income Taxes, Net of Refunds Received $ 507 $ (76) (1) Net of capitalized interest of $15 million and $17 million for the six months ended June 30, 2021 and 2020, respectively. EOG's accrued capital expenditures at June 30, 2021 and 2020 were $445 million and $246 million, respectively. Non-cash investing activities for the six months ended June 30, 2021 and 2020, included additions of $25 million and $55 million, respectively, to EOG's oil and gas properties as a result of property exchanges. Non-cash investing activities for the six months ended June 30, 2021 and 2020

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Segment Information	Segment Information Selected financial information by reportable segment is presented below for the three-month and six-month periods ended June 30, 2021 and 2020 (in millions): Three Months Ended Six Months Ended 2021 2020 2021 2020 Operating Revenues and Other United States $ 3,995 $ 1,055 $ 7,601 $ 5,716 Trinidad 81 34 157 76 Other International (1) 63 14 75 29 Total $ 4,139 $ 1,103 $ 7,833 $ 5,821 Operating Income (Loss) United States (2) $ 1,077 $ (1,079) $ 1,967 $ (974) Trinidad 41 10 84 23 Other International (1) (3) 53 (18) 52 (78) Total 1,171 (1,087) 2,103 (1,029) Reconciling Items Other Income (Expense), Net (2) (4) (6) 14 Interest Expense, Net (45) (54) (92) (99) Income (Loss) Before Income Taxes $ 1,124 $ (1,145) $ 2,005 $ (1,114) (1) Other International primarily consists of EOG's China and Canada operations. The China operations were sold in the second quarter of 2021. EOG began an exploration program in Oman in the third quarter of 2020. (2) EOG recorded pretax impairment charges of $6 million and $1,462 million for the three and six months ended June 30, 2020, respectively, for proved oil and gas properties, leasehold costs and other assets due to the decline in commodity prices. See Note 11. In addition, EOG recorded pretax impairment charges of $219 million for the three and six months ended June 30, 2020, for sand and crude-by-rail assets. (3) EOG recorded pretax impairment charges of $19 million for the three months ended June 30, 2020, and $79 million for the six months ended June 30, 2020, for proved oil and gas properties and firm commitment contracts related to its decision to exit the Horn River Basin in British Columbia, Canada. Total assets by reportable segment are presented below at June 30, 2021 and December 31, 2020 (in millions): At At Total Assets United States $ 36,057 $ 35,048 Trinidad 580 546 Other International (1) 248 211 Total $ 36,885 $ 35,805

Asset Retirement Obligations

Asset Retirement Obligations	6 Months Ended
	Jun. 30, 2021
Asset Retirement Obligation [Abstract]
Asset Retirement Obligations	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 six-month periods ended June 30, 2021 and 2020 (in millions): Six Months Ended 2021 2020 Carrying Amount at January 1 $ 1,217 $ 1,111 Liabilities Incurred 40 17 Liabilities Settled (1) (55) (25) Accretion 22 23 Revisions 3 20 Carrying Amount at June 30 $ 1,227 $ 1,146 Current Portion $ 47 $ 39 Noncurrent Portion $ 1,180 $ 1,107 (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 Condensed Consolidated Balance Sheets.

Exploratory Well Costs

Exploratory Well Costs	6 Months Ended
	Jun. 30, 2021
Capitalized Exploratory Well Costs [Abstract]
Exploratory Well Costs	Exploratory Well Costs EOG's net changes in capitalized exploratory well costs for the six-month period ended June 30, 2021, are presented below (in millions): Six Months Ended Balance at January 1 $ 29 Additions Pending the Determination of Proved Reserves 14 Reclassifications to Proved Properties (3) Costs Charged to Expense (1) (12) Balance at June 30 $ 28 (1) Includes capitalized exploratory well costs charged to either dry hole costs or impairments. Six Months Ended Capitalized exploratory well costs that have been capitalized for a period of one year or less $ 13 Capitalized exploratory well costs that have been capitalized for a period greater than one year (1) 15 Balance at June 30 $ 28 Number of exploratory wells that have been capitalized for a period greater than one year 1 (1) Consists of costs related to a project in Trinidad at June 30, 2021.

Commitment and Contingencies

Commitment and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesThere 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 Bene

Pension and Postretirement Benefits	6 Months Ended
	Jun. 30, 2021
Retirement Benefits [Abstract]
Pension and Postretirement Benefits	Pension and Postretirement Benefits Pension Plans. EOG has a defined contribution pension plan in place for most of its employees in the United States. EOG's contributions to the pension plan 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 the pension plan were $25 million and $21 million for the six months ended June 30, 2021 and 2020, respectively. In addition, EOG's Trinidadian subsidiary maintains a contributory defined benefit pension plan and a matched savings plan, both of which are available to most of its employees of the Trinidadian subsidiary, the costs of which are not material.

Long-Term Debt and Common Stock

Long-Term Debt and Common Stock	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Long-Term Debt and Common Stock	Long-Term Debt and Common Stock Long-Term Debt. EOG had no outstanding commercial paper borrowings at June 30, 2021 and December 31, 2020, and did not utilize any commercial paper borrowings during the six months ended June 30, 2021 and 2020. EOG currently has a $2.0 billion senior unsecured Revolving Credit Agreement (Agreement) with domestic and foreign lenders (Banks). The Agreement has a scheduled maturity date of June 27, 2024, and includes an option for EOG to extend, on up to two occasions, the term for successive one-year periods subject to certain terms and conditions. The Agreement (i) commits the Banks to provide advances up to an aggregate principal amount of $2.0 billion at any one time outstanding, with an option for EOG to request increases in the aggregate commitments to an amount not to exceed $3.0 billion, subject to certain terms and conditions and (ii) includes a swingline subfacility and a letter of credit subfacility. Advances under the Agreement will accrue interest based, at EOG's option, on either LIBOR plus an applicable margin (Eurodollar rate) or the base rate (as defined in the Agreement) plus an applicable margin. The Agreement contains representations, warranties, covenants and events of default that EOG believes are customary for investment-grade, senior unsecured commercial bank credit agreements, including a financial covenant for the maintenance of a ratio of total debt-to-capitalization (as such terms are defined in the Agreement) of no greater than 65%. At June 30, 2021, EOG was in compliance with this financial covenant. At June 30, 2021 and December 31, 2020, there were no borrowings or letters of credit outstanding under the Agreement. The Eurodollar rate and base rate (inclusive of the applicable margin), had there been any amounts borrowed under the Agreement at June 30, 2021, would have been 1.00% and 3.25%, respectively. On February 1, 2021, EOG repaid upon maturity the $750 million aggregate principal amount of its 4.100% Senior Notes due 2021. Common Stock. On February 25, 2021, EOG's Board increased the quarterly cash dividend on the common stock from the previous $0.375 per share to $0.4125 per share, effective beginning with the dividend paid on April 30, 2021, to stockholders of record as of April 16, 2021. On May 6, 2021, EOG's Board declared a special cash dividend on the common stock of $1.00 per share in addition to a quarterly dividend of $0.4125 per share. Both the special cash dividend and the quarterly cash dividend are payable on July 30, 2021 to stockholders of record as of July 16, 2021.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Recurring Fair Value Measurements. As more fully discussed in Note 13 to the Consolidated Financial Statements included in EOG's 2020 Annual Report, certain of EOG's financial and nonfinancial assets and liabilities are reported at fair value on the Condensed 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 June 30, 2021 and December 31, 2020 (in millions): Fair Value Measurements Using: Quoted Significant Significant Total At June 30, 2021 Financial Assets: Natural Gas Swaps $ — $ 34 $ — $ 34 Financial Liabilities: Natural Gas Swaps — 41 — 41 Crude Oil Swaps — 318 — 318 Crude Oil Roll Differential Swaps — 41 — 41 Natural Gas Liquids Swaps — 44 — 44 At December 31, 2020 Financial Assets: Natural Gas Swaps $ — $ 66 $ — $ 66 Financial Liabilities: Crude Oil Roll Differential Swaps — 1 — 1 See Note 12 for the balance sheet amounts and classification of EOG's financial derivative instruments at June 30, 2021 and December 31, 2020. The estimated fair value of commodity derivative contracts 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. Non-Recurring Fair Value Measurements. 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. When circumstances indicate that proved oil and gas properties may be impaired, EOG compares expected undiscounted future cash flows at a depreciation, depletion and amortization group level to the unamortized capitalized cost of the asset. If the expected undiscounted future cash flows, based on EOG's estimate of (and assumptions regarding) significant Level 3 inputs, including future crude oil, NGLs and natural gas prices, operating costs, development expenditures, anticipated production from proved reserves and other relevant data, are lower than the unamortized capitalized cost, the capitalized cost is reduced to fair value. Fair value is generally calculated using the Income Approach described in the Fair Value Measurement Topic of the Accounting Standards Codification. In certain instances, EOG utilizes accepted offers from third-party purchasers as the basis for determining fair value. EOG utilized average prices per acre from comparable market transactions and estimated discounted cash flows as the basis for determining the fair value of unproved and proved properties, respectively, received in non-cash property exchanges. See Note 4. Fair Value Disclosures. EOG's financial instruments, other than commodity derivative contracts, consist of cash and cash equivalents, accounts receivable, accounts payable and current and long-term debt. The carrying values of cash and cash equivalents, accounts receivable and accounts payable approximate fair value. At June 30, 2021 and December 31, 2020, respectively, EOG had outstanding $4,890 million and $5,640 million aggregate principal amount of senior notes, which had estimated fair values at such dates of approximately $5,654 million and $6,505 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	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Risk Management Activities	Risk Management Activities Commodity Price Risk . As more fully discussed in Note 12 to the Consolidated Financial Statements included in EOG's 2020 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, NGLs 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 financial commodity derivative contracts as of June 30, 2021. Crude oil and NGL volumes are presented in thousand barrels per day (MBbld) and prices are presented in dollars per barrel ($/Bbl). Natural gas volumes are presented in million British Thermal Units per day (MMBtud) and prices are presented in dollars per million British Thermal Units ($/MMBtu). Crude Oil Financial Price Swap Contracts Contracts Sold Period Settlement Index Volume Weighted Average Price January 2021 (closed) New York Mercantile Exchange (NYMEX) West Texas Intermediate (WTI) 151 $ 50.06 February - March 2021 (closed) NYMEX WTI 201 51.29 April - June 2021 (closed) NYMEX WTI 150 51.68 July - September 2021 NYMEX WTI 150 52.71 January - March 2022 NYMEX WTI 140 65.58 April - June 2022 NYMEX WTI 100 64.98 July - September 2022 NYMEX WTI 60 64.26 October - December 2022 NYMEX WTI 30 63.59 Crude Oil Basis Swap Contracts Contracts Sold Period Settlement Index Volume Weighted Average Price Differential February 2021 (closed) NYMEX WTI Roll Differential (1) 30 $ 0.11 March - July 2021 (closed) NYMEX WTI Roll Differential (1) 125 0.17 August - December 2021 NYMEX WTI Roll Differential (1) 125 0.17 January - December 2022 NYMEX WTI Roll Differential (1) 125 0.15 _________________ (1) This settlement index is used to fix the differential in pricing between the NYMEX calendar month average and the physical crude oil delivery month. NGL Financial Price Swap Contracts Contracts Sold Period Settlement Index Volume Weighted Average Price January - June 2021 (closed) Mont Belvieu Propane (non-Tet) 15 $ 29.44 July - December 2021 Mont Belvieu Propane (non-Tet) 15 29.44 Natural Gas Financial Price Swap Contracts Contracts Sold Contracts Purchased Period Settlement Index Volume Weighted AveragePrice ($/MMBtu) Volume (MMBtud in thousands) Weighted Average Price ($/MMBtu) January - March 2021 (closed) NYMEX Henry Hub 500 $ 2.99 500 $ 2.43 April - July 2021 (closed) NYMEX Henry Hub 500 2.99 570 2.81 August - September 2021 NYMEX Henry Hub 500 2.99 570 2.81 October - December 2021 NYMEX Henry Hub 500 2.99 500 2.83 January - December 2022 (closed) (1) NYMEX Henry Hub 20 2.75 — — April - July 2021 (closed) Japan Korea Marker (JKM) 70 6.65 — — August - September 2021 JKM 70 6.65 — — _________________ (1) In January 2021, EOG executed the early termination provision granting EOG the right to terminate all of its open 2022 natural gas price swap contracts. EOG received net cash of $0.6 million for the settlement of these contracts. Commodity Derivatives Location on Balance Sheet. The following table sets forth the amounts and classification of EOG's outstanding financial derivative instruments at June 30, 2021 and December 31, 2020. Certain amounts may be presented on a net basis on the Condensed 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 June 30, 2021 December 31, 2020 Asset Derivatives Crude oil, NGLs and natural gas derivative contracts - Current portion Assets from Price Risk Management Activities $ — $ 65 Noncurrent Portion Other Assets — 1 Liability Derivatives Crude oil, NGLs and natural gas derivative contracts - Current portion Liabilities from Price Risk Management Activities (1) $ 396 $ — Noncurrent portion Other Liabilities 14 1 (1) The current portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $430 million, partially offset by gross assets of $34 million, at June 30, 2021. Credit Risk. Notional contract amounts are used to express the magnitude of a financial derivative. 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 exposures 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 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 liability position at June 30, 2021 and a net asset position at December 31, 2020. EOG had $107 million of collateral posted and no collateral held at June 30, 2021, and had no collateral posted or held at December 31, 2020.

Acquisitions and Divestitures

Acquisitions and Divestitures	6 Months Ended
	Jun. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures During the six months ended June 30, 2021, EOG paid cash for property acquisitions of $92 million in the United States. Additionally, during the six months ended June 30, 2021, EOG recognized net gains on asset dispositions of $45 million and received proceeds of approximately $146 million primarily due to the sale of its China operations during the second quarter of 2021. During the six months ended June 30, 2020, EOG paid cash for property acquisitions of $46 million in the United States. Additionally, during the six months ended June 30, 2020, EOG recognized net gains on asset dispositions of $30 million, primarily due to the sale of proved properties and non-cash property exchanges of unproved leasehold in Texas, New Mexico and the Rocky Mountain area, and received proceeds of approximately $43 million.

Stock-Based Payments (Tables)

Stock-Based Payments (Tables)	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs	Stock-based compensation expense is included on the Condensed 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 Six Months Ended 2021 2020 2021 2020 Lease and Well $ 11 $ 15 $ 25 $ 30 Gathering and Processing Costs 1 1 1 1 Exploration Costs 5 7 11 14 General and Administrative 14 17 29 35 Total $ 31 $ 40 $ 66 $ 80
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 six-month periods ended June 30, 2021 and 2020 are as follows: Stock Options/SARs ESPP Six Months Ended Six Months Ended 2021 2020 2021 2020 Weighted Average Fair Value of Grants $ 20.73 $ 16.94 $ 14.69 $ 20.80 Expected Volatility 46.40 % 42.10 % 54.99 % 35.24 % Risk-Free Interest Rate 0.36 % 0.93 % 0.09 % 1.56 % Dividend Yield 2.87 % 1.94 % 3.41 % 1.56 % Expected Life 5.2 years 5.1 years 0.5 years 0.5 years
Stock Options and SARs Transactions	The following table sets forth stock option and SAR transactions for the six-month periods ended June 30, 2021 and 2020 (stock options and SARs in thousands): Six Months Ended Six Months Ended Number of Weighted Number of Weighted Outstanding at January 1 10,186 $ 84.08 9,395 $ 94.53 Granted 14 64.97 16 58.40 Exercised (1) (239) 69.85 (23) 69.59 Forfeited (234) 91.54 (389) 91.39 Outstanding at June 30 (2) 9,727 $ 84.23 8,999 $ 94.66 Vested or Expected to Vest (3) 9,421 $ 84.91 8,670 $ 94.67 Exercisable at June 30 (4) 6,023 $ 97.08 4,963 $ 94.61 (1) The total intrinsic value of stock options/SARs exercised during the six months ended June 30, 2021 and 2020 was $3.0 million and $0.4 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 exercise price of the stock options/SARs. (2) The total intrinsic value of stock options/SARs outstanding at June 30, 2021 and 2020 was $114 million and $0.1 million, respectively. At June 30, 2021 and 2020, the weighted average remaining contractual life was 3.8 years and 3.9 years, respectively. (3) The total intrinsic value of stock options/SARs vested or expected to vest at June 30, 2021 and 2020 was $106 million and $0.1 million, respectively. At June 30, 2021 and 2020, the weighted average remaining contractual life was 3.8 years and 3.9 years, respectively. (4) The total intrinsic value of stock options/SARs exercisable at June 30, 2021 and 2020 was $16 million and zero, respectively. At June 30, 2021 and 2020, the weighted average remaining contractual life was 2.7 years.
Restricted Stock and Restricted Stock Unit Transactions	The following table sets forth restricted stock and restricted stock unit transactions for the six-month periods ended June 30, 2021 and 2020 (shares and units in thousands): Six Months Ended Six Months Ended Number of Weighted Number of Weighted Outstanding at January 1 4,742 $ 74.97 4,546 $ 90.16 Granted 45 72.56 67 51.83 Released (1) (523) 87.61 (304) 88.58 Forfeited (47) 70.24 (36) 90.61 Outstanding at June 30 (2) 4,217 $ 73.43 4,273 $ 89.67 (1) The total intrinsic value of restricted stock and restricted stock units released during the six months ended June 30, 2021 and 2020 was $38 million and $13 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 June 30, 2021 and 2020 was $352 million and $217 million, respectively.
Performance Award Transactions	The following table sets forth the performance unit transactions for the six-month periods ended June 30, 2021 and 2020 (units in thousands): Six Months Ended Six Months Ended Number of Weighted Number of Weighted Outstanding at January 1 613 $ 88.38 598 $ 103.91 Granted 8 55.69 — — Granted for Performance Multiple (1) 19 113.81 66 119.10 Released (2) (98) 113.81 (121) 123.56 Forfeited — — — — Outstanding at June 30 (3) 542 (4) $ 84.23 543 $ 101.38 (1) Upon completion of the Performance Period for the performance units granted in 2017 and 2016, a performance multiple of 125% and 150%, respectively, was applied to each of the grants resulting in additional grants of performance units in February 2021 and February 2020, respectively. (2) The total intrinsic value of performance units released during the six months ended June 30, 2021 and 2020 was $6 million and $9 million, respectively. The intrinsic value is based upon the closing price of EOG's common stock on the date the performance units are released. (3) The total intrinsic value of performance units outstanding at June 30, 2021 and 2020 was approximately $45 million and $28 million, respectively.

Net Income (Loss)Per Share (Tab

Net Income (Loss)Per Share (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Computation of Net Income (Loss) Per Share	The following table sets forth the computation of Net Income (Loss) Per Share for the three-month and six-month periods ended June 30, 2021 and 2020 (in millions, except per share data): Three Months Ended Six Months Ended 2021 2020 2021 2020 Numerator for Basic and Diluted Earnings Per Share - Net Income (Loss) $ 907 $ (910) $ 1,584 $ (900) Denominator for Basic Earnings Per Share - Weighted Average Shares 580 579 580 579 Potential Dilutive Common Shares - Stock Options/SARs/ESPP 1 — 1 — Restricted Stock/Units and Performance Units 3 — 2 — Denominator for Diluted Earnings Per Share - Adjusted Diluted Weighted Average Shares 584 579 583 579 Net Income (Loss) Per Share Basic $ 1.56 $ (1.57) $ 2.73 $ (1.55) Diluted $ 1.55 $ (1.57) $ 2.72 $ (1.55)

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2021
Supplemental Cash Flow Information [Abstract]
Net Cash Paid For Interest and Income Taxes	Net cash paid (received) for interest and income taxes was as follows for the six-month periods ended June 30, 2021 and 2020 (in millions): Six Months Ended 2021 2020 Interest (1) $ 102 $ 69 Income Taxes, Net of Refunds Received $ 507 $ (76) (1) Net of capitalized interest of $15 million and $17 million for the six months ended June 30, 2021 and 2020, respectively.

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Selected Financial Information by Reportable Segment	Selected financial information by reportable segment is presented below for the three-month and six-month periods ended June 30, 2021 and 2020 (in millions): Three Months Ended Six Months Ended 2021 2020 2021 2020 Operating Revenues and Other United States $ 3,995 $ 1,055 $ 7,601 $ 5,716 Trinidad 81 34 157 76 Other International (1) 63 14 75 29 Total $ 4,139 $ 1,103 $ 7,833 $ 5,821 Operating Income (Loss) United States (2) $ 1,077 $ (1,079) $ 1,967 $ (974) Trinidad 41 10 84 23 Other International (1) (3) 53 (18) 52 (78) Total 1,171 (1,087) 2,103 (1,029) Reconciling Items Other Income (Expense), Net (2) (4) (6) 14 Interest Expense, Net (45) (54) (92) (99) Income (Loss) Before Income Taxes $ 1,124 $ (1,145) $ 2,005 $ (1,114) (1) Other International primarily consists of EOG's China and Canada operations. The China operations were sold in the second quarter of 2021. EOG began an exploration program in Oman in the third quarter of 2020. (2) EOG recorded pretax impairment charges of $6 million and $1,462 million for the three and six months ended June 30, 2020, respectively, for proved oil and gas properties, leasehold costs and other assets due to the decline in commodity prices. See Note 11. In addition, EOG recorded pretax impairment charges of $219 million for the three and six months ended June 30, 2020, for sand and crude-by-rail assets. (3) EOG recorded pretax impairment charges of $19 million for the three months ended June 30, 2020, and $79 million for the six months ended June 30, 2020, for proved oil and gas properties and firm commitment contracts related to its decision to exit the Horn River Basin in British Columbia, Canada.
Assets by Reportable Segment	Total assets by reportable segment are presented below at June 30, 2021 and December 31, 2020 (in millions): At At Total Assets United States $ 36,057 $ 35,048 Trinidad 580 546 Other International (1) 248 211 Total $ 36,885 $ 35,805

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	6 Months Ended
	Jun. 30, 2021
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 six-month periods ended June 30, 2021 and 2020 (in millions): Six Months Ended 2021 2020 Carrying Amount at January 1 $ 1,217 $ 1,111 Liabilities Incurred 40 17 Liabilities Settled (1) (55) (25) Accretion 22 23 Revisions 3 20 Carrying Amount at June 30 $ 1,227 $ 1,146 Current Portion $ 47 $ 39 Noncurrent Portion $ 1,180 $ 1,107 (1) Includes settlements related to asset sales.

Exploratory Well Costs (Tables)

Exploratory Well Costs (Tables)	6 Months Ended
	Jun. 30, 2021
Capitalized Exploratory Well Costs [Abstract]
Net Changes In Capitalized Exploratory Well Costs	EOG's net changes in capitalized exploratory well costs for the six-month period ended June 30, 2021, are presented below (in millions): Six Months Ended Balance at January 1 $ 29 Additions Pending the Determination of Proved Reserves 14 Reclassifications to Proved Properties (3) Costs Charged to Expense (1) (12) Balance at June 30 $ 28 (1) Includes capitalized exploratory well costs charged to either dry hole costs or impairments.
Schedule of Aging of Capitalized Exploratory Well Costs	Six Months Ended Capitalized exploratory well costs that have been capitalized for a period of one year or less $ 13 Capitalized exploratory well costs that have been capitalized for a period greater than one year (1) 15 Balance at June 30 $ 28 Number of exploratory wells that have been capitalized for a period greater than one year 1 (1) Consists of costs related to a project in Trinidad at June 30, 2021.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2021
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 June 30, 2021 and December 31, 2020 (in millions): Fair Value Measurements Using: Quoted Significant Significant Total At June 30, 2021 Financial Assets: Natural Gas Swaps $ — $ 34 $ — $ 34 Financial Liabilities: Natural Gas Swaps — 41 — 41 Crude Oil Swaps — 318 — 318 Crude Oil Roll Differential Swaps — 41 — 41 Natural Gas Liquids Swaps — 44 — 44 At December 31, 2020 Financial Assets: Natural Gas Swaps $ — $ 66 $ — $ 66 Financial Liabilities: Crude Oil Roll Differential Swaps — 1 — 1

Risk Management Activities (Tab

Risk Management Activities (Tables)	6 Months Ended
	Jun. 30, 2021
Derivatives, Fair Value [Line Items]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The following table sets forth the amounts and classification of EOG's outstanding financial derivative instruments at June 30, 2021 and December 31, 2020. Certain amounts may be presented on a net basis on the Condensed 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 June 30, 2021 December 31, 2020 Asset Derivatives Crude oil, NGLs and natural gas derivative contracts - Current portion Assets from Price Risk Management Activities $ — $ 65 Noncurrent Portion Other Assets — 1 Liability Derivatives Crude oil, NGLs and natural gas derivative contracts - Current portion Liabilities from Price Risk Management Activities (1) $ 396 $ — Noncurrent portion Other Liabilities 14 1
Crude Oil | Price Swaps
Derivatives, Fair Value [Line Items]
Schedule of Derivative Instruments	Presented below is a comprehensive summary of EOG's financial commodity derivative contracts as of June 30, 2021. Crude oil and NGL volumes are presented in thousand barrels per day (MBbld) and prices are presented in dollars per barrel ($/Bbl). Natural gas volumes are presented in million British Thermal Units per day (MMBtud) and prices are presented in dollars per million British Thermal Units ($/MMBtu). Crude Oil Financial Price Swap Contracts Contracts Sold Period Settlement Index Volume Weighted Average Price January 2021 (closed) New York Mercantile Exchange (NYMEX) West Texas Intermediate (WTI) 151 $ 50.06 February - March 2021 (closed) NYMEX WTI 201 51.29 April - June 2021 (closed) NYMEX WTI 150 51.68 July - September 2021 NYMEX WTI 150 52.71 January - March 2022 NYMEX WTI 140 65.58 April - June 2022 NYMEX WTI 100 64.98 July - September 2022 NYMEX WTI 60 64.26 October - December 2022 NYMEX WTI 30 63.59
Crude Oil | Roll Differential Swap
Derivatives, Fair Value [Line Items]
Schedule of Derivative Instruments	Crude Oil Basis Swap Contracts Contracts Sold Period Settlement Index Volume Weighted Average Price Differential February 2021 (closed) NYMEX WTI Roll Differential (1) 30 $ 0.11 March - July 2021 (closed) NYMEX WTI Roll Differential (1) 125 0.17 August - December 2021 NYMEX WTI Roll Differential (1) 125 0.17 January - December 2022 NYMEX WTI Roll Differential (1) 125 0.15 _________________ (1) This settlement index is used to fix the differential in pricing between the NYMEX calendar month average and the physical crude oil delivery month.
Natural Gas Liquids | Mont Belvieu Propane Price Swap
Derivatives, Fair Value [Line Items]
Schedule of Derivative Instruments	NGL Financial Price Swap Contracts Contracts Sold Period Settlement Index Volume Weighted Average Price January - June 2021 (closed) Mont Belvieu Propane (non-Tet) 15 $ 29.44 July - December 2021 Mont Belvieu Propane (non-Tet) 15 29.44
Natural Gas
Derivatives, Fair Value [Line Items]
Schedule of Derivative Instruments	Natural Gas Financial Price Swap Contracts Contracts Sold Contracts Purchased Period Settlement Index Volume Weighted AveragePrice ($/MMBtu) Volume (MMBtud in thousands) Weighted Average Price ($/MMBtu) January - March 2021 (closed) NYMEX Henry Hub 500 $ 2.99 500 $ 2.43 April - July 2021 (closed) NYMEX Henry Hub 500 2.99 570 2.81 August - September 2021 NYMEX Henry Hub 500 2.99 570 2.81 October - December 2021 NYMEX Henry Hub 500 2.99 500 2.83 January - December 2022 (closed) (1) NYMEX Henry Hub 20 2.75 — — April - July 2021 (closed) Japan Korea Marker (JKM) 70 6.65 — — August - September 2021 JKM 70 6.65 — — _________________ (1) In January 2021, EOG executed the early termination provision granting EOG the right to terminate all of its open 2022 natural gas price swap contracts. EOG received net cash of $0.6 million for the settlement of these contracts.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Details) $ in Billions	Jun. 30, 2021USD ($)
Revolving Credit Agreement (New Facility) [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 2

Stock-Based Payments (Details)

Stock-Based Payments (Details) - USD ($)		3 Months Ended			6 Months Ended
		Jun. 30, 2021		Jun. 30, 2020	Jun. 30, 2021		Jun. 30, 2020
Stock Options/SARs, Employee Stock Purchase Plan (ESPP), Restricted Stock and Restricted Stock Units and Performance Units Disclosures [Line Items]
Stock-Based Compensation Expenses		$ 31,000,000		$ 40,000,000	$ 66,000,000		$ 80,000,000
Common Shares Available for Grant		20,000,000			20,000,000
Aggregate Maximum of Common Shares		20,000,000			20,000,000
Stock Options And SARs
Stock Options/SARs, Employee Stock Purchase Plan (ESPP), Restricted Stock and Restricted Stock Units and Performance Units Disclosures [Line Items]
Stock-based compensation expense related to stock options, SAR and ESPP grants		$ 9,000,000		$ 15,000,000	$ 19,000,000		$ 29,000,000
Unrecognized compensation expense		$ 37,000,000			$ 37,000,000
Weighted average period over which unrecognized compensation expense will be recognized (in years)					1 year 7 months 6 days
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)					$ 20.73		$ 16.94
Expected Volatility (in hundredths)					46.40%		42.10%
Risk-Free Interest Rate (in hundredths)					0.36%		0.93%
Dividend Yield (in hundredths)					2.87%		1.94%
Expected Life (in years)					5 years 2 months 12 days		5 years 1 month 6 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at January 1 (in shares)					10,186,000		9,395,000
Granted (in shares)					14,000		16,000
Exercised (1) (in shares)	[1]				(239,000)		(23,000)
Forfeited (in shares)					(234,000)		(389,000)
Outstanding at June 30 (2)	[2]	9,727,000		8,999,000	9,727,000		8,999,000
Stock Options and SARs Vested or Expected to Vest (3) (in shares)	[3]	9,421,000		8,670,000	9,421,000		8,670,000
Stock Options and SARs Exercisable at March 31 (4) (in shares)	[4]	6,023,000		4,963,000	6,023,000		4,963,000
Intrinsic Value of Stock Options/SARs Exercised	[1]				$ 3,000,000		$ 400,000
Intrinsic Value of Stock Options/SARs Outstanding	[2]	$ 114,000,000		$ 100,000	$ 114,000,000		$ 100,000
Weighted Average Remaining Contractual Life for Stock Options/SARs Outstanding (in years)	[2]				3 years 9 months 18 days		3 years 9 months 18 days
Intrinsic Value of Stock Options/SARs Vested or Expected to Vest	[3]	106,000,000		100,000	$ 106,000,000		$ 100,000
Weighted average remaining contractual life for stock options/SARs vested or expected to vest (in years)	[3]				3 years 9 months 18 days		3 years 10 months 24 days
Aggregate Intrinsic Value for Exercisable Units	[4]	$ 16,000,000		$ 0	$ 16,000,000		$ 0
Weighted average remaining contractual life for exercisable options/SARs (in years)	[4]				2 years 8 months 12 days		2 years 8 months 12 days
Weighted Average Grant Price Stock Option and SARs [Rollforward]
Outstanding at January 1 (price per share)					$ 84.08		$ 94.53
Granted (price per share)					64.97		58.40
Exercised (1) (price per share)	[1]				69.85		69.59
Forfeited (price per share)					91.54		91.39
Outstanding at June 30 (2)	[2]	$ 84.23		$ 94.66	84.23		94.66
Vested or Expected to Vest (3) (price per share)	[3]	84.91		94.67	84.91		94.67
Exercisable at June 30 (4)	[4]	$ 97.08		$ 94.61	97.08		94.61
ESPP
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)					$ 14.69		$ 20.80
Expected Volatility (in hundredths)					54.99%		35.24%
Risk-Free Interest Rate (in hundredths)					0.09%		1.56%
Dividend Yield (in hundredths)					3.41%		1.56%
Expected Life (in years)					6 months		6 months
Restricted Stock And Restricted Stock Units
Stock Options/SARs, Employee Stock Purchase Plan (ESPP), Restricted Stock and Restricted Stock Units and Performance Units Disclosures [Line Items]
Unrecognized compensation expense		$ 133,000,000			$ 133,000,000
Weighted average period over which unrecognized compensation expense will be recognized (in years)					1 year 3 months 18 days
Share-Based Compensation Arrangement By Restricted Stock And Restricted Stock Units Compensation Cost		$ 21,000,000		$ 24,000,000	$ 45,000,000		$ 49,000,000
Restricted Stock/Restricted Stock Units and Performance Units [Roll Forward]
Outstanding at January 1 (in shares)					4,742,000		4,546,000
Granted (in shares)					45,000		67,000
Released (1) (in shares)	[5]				(523,000)		(304,000)
Forfeited (in shares)					(47,000)		(36,000)
Outstanding at June 30 (3)	[6]	4,217,000		4,273,000	4,217,000		4,273,000
Intrinsic value released during the year	[5]				$ 38,000,000		$ 13,000,000
Aggregate intrinsic value of stock and units outstanding	[6]	$ 352,000,000		$ 217,000,000	$ 352,000,000		$ 217,000,000
Weighted Average Grant Price Restricted Stock and Restricted Stock Units [Roll Forward]
Outstanding at January 1 (price per share)					$ 74.97		$ 90.16
Granted (price per share)					72.56		51.83
Released (2) (price per share)	[5]				87.61		88.58
Forfeited (price per share)					70.24		90.61
Outstanding at June 30 (3) (price per share)	[6]	$ 73.43		$ 89.67	$ 73.43		$ 89.67
Performance Unit
Stock Options/SARs, Employee Stock Purchase Plan (ESPP), Restricted Stock and Restricted Stock Units and Performance Units Disclosures [Line Items]
Stock-Based Compensation Expenses		$ 1,000,000		$ 1,000,000	$ 2,000,000		$ 2,000,000
Unrecognized compensation expense		$ 6,000,000			$ 6,000,000
Weighted average period over which unrecognized compensation expense will be recognized (in years)					1 year 8 months 12 days
Restricted Stock/Restricted Stock Units and Performance Units [Roll Forward]
Outstanding at January 1 (in shares)					613,000		598,000
Granted (in shares)					8,000		0
Granted for Performance Multiple (1)	[7]				19,000		66,000
Released (1) (in shares)	[8]				(98,000)		(121,000)
Forfeited (in shares)					0		0
Outstanding at June 30 (3)	[9]	542,000	[10]	543,000	542,000	[10]	543,000
Intrinsic value released during the year					$ 6,000,000	[8]	$ 9,000,000
Aggregate intrinsic value of stock and units outstanding	[9]	$ 45,000,000		$ 28,000,000	$ 45,000,000		$ 28,000,000
Weighted Average Grant Price Restricted Stock and Restricted Stock Units [Roll Forward]
Outstanding at January 1 (price per share)					$ 88.38		$ 103.91
Granted (price per share)					55.69		0
Granted for Performance Multiple (1) (in dollars per share)	[7]				113.81		119.10
Released (2) (price per share)	[8]				113.81		123.56
Forfeited (price per share)					0		0
Outstanding at June 30 (3) (price per share)	[9]	$ 84.23		$ 101.38	$ 84.23		$ 101.38
Performance Units and Performance Stock Disclosures [Abstract]
Performance Period for Performance Units and Shares					3 years
Minimum Performance Multiple at the Completion of the Performance Period					0.00%
Maximum Performance Multiple at the Completion of the Performance Period					200.00%
Performance Multiple Applied at the Completion Period	[7]				125.00%		150.00%
Minimum Performance Units and Stock Allowed to be Outstanding	[10]				76,785
Maximum Performance Units Allowed to be Outstanding	[10]				1,007,705
Lease and Well
Stock Options/SARs, Employee Stock Purchase Plan (ESPP), Restricted Stock and Restricted Stock Units and Performance Units Disclosures [Line Items]
Stock-Based Compensation Expenses		$ 11,000,000		$ 15,000,000	$ 25,000,000		$ 30,000,000
Gathering and Processing Costs
Stock Options/SARs, Employee Stock Purchase Plan (ESPP), Restricted Stock and Restricted Stock Units and Performance Units Disclosures [Line Items]
Stock-Based Compensation Expenses		1,000,000		1,000,000	1,000,000		1,000,000
Exploration Costs
Stock Options/SARs, Employee Stock Purchase Plan (ESPP), Restricted Stock and Restricted Stock Units and Performance Units Disclosures [Line Items]
Stock-Based Compensation Expenses		5,000,000		7,000,000	11,000,000		14,000,000
General and Administrative
Stock Options/SARs, Employee Stock Purchase Plan (ESPP), Restricted Stock and Restricted Stock Units and Performance Units Disclosures [Line Items]
Stock-Based Compensation Expenses		$ 14,000,000		$ 17,000,000	$ 29,000,000		$ 35,000,000
[1]	The total intrinsic value of stock options/SARs exercised during the six months ended June 30, 2021 and 2020 was $3.0 million and $0.4 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 exercise price of the stock options/SARs.
[2]	The total intrinsic value of stock options/SARs outstanding at June 30, 2021 and 2020 was $114 million and $0.1 million, respectively. At June 30, 2021 and 2020, the weighted average remaining contractual life was 3.8 years and 3.9 years, respectively.
[3]	The total intrinsic value of stock options/SARs vested or expected to vest at June 30, 2021 and 2020 was $106 million and $0.1 million, respectively. At June 30, 2021 and 2020, the weighted average remaining contractual life was 3.8 years and 3.9 years, respectively.
[4]	The total intrinsic value of stock options/SARs exercisable at June 30, 2021 and 2020 was $16 million and zero, respectively. At June 30, 2021 and 2020, the weighted average remaining contractual life was 2.7 years.
[5]	The total intrinsic value of restricted stock and restricted stock units released during the six months ended June 30, 2021 and 2020 was $38 million and $13 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 June 30, 2021 and 2020 was $352 million and $217 million, respectively.
[7]	Upon completion of the Performance Period for the performance units granted in 2017 and 2016, a performance multiple of 125% and 150%, respectively, was applied to each of the grants resulting in additional grants of performance units in February 2021 and February 2020, respectively.
[8]	The total intrinsic value of performance units released during the six months ended June 30, 2021 and 2020 was $6 million and $9 million, respectively. The intrinsic value is based upon the closing price of EOG's common stock on the date the performance units are released.
[9]	The total intrinsic value of performance units outstanding at June 30, 2021 and 2020 was approximately $45 million and $28 million, respectively.
[10]	Upon the application of the relevant performance multiple at the completion of each of the remaining Performance Periods, a minimum of 76,785 and a maximum of 1,007,705 performance units could be outstanding.

Net Income (Loss) Per Share (De

Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator for Basic and Diluted Earnings Per Share - [Abstract]
Net Income (Loss)	$ 907,000	$ (910,000)	$ 1,584,000	$ (900,000)
Denominator for Basic Earnings Per Share - [Abstract]
Weighted Average Shares	580,000	579,000	580,000	579,000
Denominator for Diluted Earnings Per Share - [Abstract]
Adjusted Diluted Weighted Average Shares	584,000	579,000	583,000	579,000
Net Income (Loss) Per Share
Basic	$ 1.56	$ (1.57)	$ 2.73	$ (1.55)
Diluted	$ 1.55	$ (1.57)	$ 2.72	$ (1.55)
Stock Options, SARs and ESPP [Member]
Potential Dilutive Common Shares - [Abstract]
Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangments	1,000	0	1,000	0
Net Income (Loss) Per Share
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	5,000	9,000	7,000	9,000
Restricted Stock/Units and Performance Units/Stock
Potential Dilutive Common Shares - [Abstract]
Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangments	3,000	0	2,000	0
Net Income (Loss) Per Share
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		5,000		5,000

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020
Supplemental Cash Flow Information [Abstract]
Interest (1)	[1]	$ 102	$ 69
Income Taxes, Net of Refunds Received		507	(76)
Interest Costs Capitalized		15	17
Accrued Capital Expenditures		445	246
Non-Cash Property Exchanges		25	55
Noncash Additions To Other Property, Plant and Equipment		$ 74	$ 73
[1]	Net of capitalized interest of $15 million and $17 million for the six months ended June 30, 2021 and 2020, respectively.

Segment Information (Details)

Segment Information (Details) - USD ($)		3 Months Ended			6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020		Jun. 30, 2021	Jun. 30, 2020		Dec. 31, 2020
Schedule of Segment Reporting Information By Segment [Abstract]
Operating Revenues and Other		$ 4,139,000,000	$ 1,103,000,000		$ 7,833,000,000	$ 5,821,000,000
Operating Income (Loss)		1,171,000,000	(1,087,000,000)		2,103,000,000	(1,029,000,000)
Other Income (Expense), Net		(2,000,000)	(4,000,000)		(6,000,000)	14,000,000
Interest Expense, Net		(45,000,000)	(54,000,000)		(92,000,000)	(99,000,000)
Income (Loss) Before Income Taxes		1,124,000,000	(1,145,000,000)		2,005,000,000	(1,114,000,000)
Total Assets		36,885,000,000			36,885,000,000			$ 35,805,000,000
United States
Schedule of Segment Reporting Information By Segment [Abstract]
Operating Revenues and Other		3,995,000,000	1,055,000,000		7,601,000,000	5,716,000,000
Operating Income (Loss)	[1]	1,077,000,000	(1,079,000,000)		1,967,000,000	(974,000,000)
Total Assets		36,057,000,000			36,057,000,000			35,048,000,000
Pretax Impairment Charges for Proved Oil and Gas Properties and Other Property, Plant and Equipment			6,000,000			1,462,000,000
Pretax Impairment Changes For Other Assets			219,000,000			219,000,000
Trinidad
Schedule of Segment Reporting Information By Segment [Abstract]
Operating Revenues and Other		81,000,000	34,000,000		157,000,000	76,000,000
Operating Income (Loss)		41,000,000	10,000,000		84,000,000	23,000,000
Total Assets		580,000,000			580,000,000			546,000,000
Other International
Schedule of Segment Reporting Information By Segment [Abstract]
Operating Revenues and Other	[2]	63,000,000	14,000,000		75,000,000	29,000,000
Operating Income (Loss)	[2]	53,000,000	(18,000,000)	[3]	52,000,000	(78,000,000)	[3]
Total Assets	[4]	$ 248,000,000			$ 248,000,000			$ 211,000,000
Pretax Impairment Charges for Proved Oil and Gas Properties and Other Property, Plant and Equipment			$ 19,000,000			$ 79,000,000
[1]	EOG recorded pretax impairment charges of $6 million and $1,462 million for the three and six months ended June 30, 2020, respectively, for proved oil and gas properties, leasehold costs and other assets due to the decline in commodity prices. See Note 11. In addition, EOG recorded pretax impairment charges of $219 million for the three and six months ended June 30, 2020, for sand and crude-by-rail assets.
[2]	Other International primarily consists of EOG's China and Canada operations. The China operations were sold in the second quarter of 2021. EOG began an exploration program in Oman in the third quarter of 2020.
[3]	EOG recorded pretax impairment charges of $19 million for the three months ended June 30, 2020, and $79 million for the six months ended June 30, 2020, for proved oil and gas properties and firm commitment contracts related to its decision to exit the Horn River Basin in British Columbia, Canada.
[4]	Other International primarily consists of EOG's China and Canada operations. The China operations were sold in the second quarter of 2021. EOG began an exploration program in Oman in the third quarter of 2020.

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) - USD ($) $ in Millions		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020
Asset Retirement Obligation [Abstract]
Carrying Amount at January 1		$ 1,217	$ 1,111
Liabilities Incurred		40	17
Liabilities Settled (1)	[1]	(55)	(25)
Accretion		22	23
Revisions		3	20
Carrying Amount at June 30		1,227	1,146
Current Portion		47	39
Noncurrent Portion		$ 1,180	$ 1,107
[1]	Includes settlements related to asset sales.

Exploratory Well Costs (Details

Exploratory Well Costs (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)well
Capitalized Exploratory Well Costs that are Pending Determination of Proved Reserves [Roll Forward]
Balance at January 1	$ 29
Additions Pending the Determination of Proved Reserves	14
Reclassifications to Proved Properties	(3)
Costs Charged to Expense (1)	(12)	[1]
Balance at June 30	28
Capitalized Exploratory Well Costs that Have Been Capitalized for Period of One Year or Less	13
Capitalized Exploratory Well Costs that Have Been Capitalized for Period Greater than One Year	$ 15	[2]
Projects that have Exploratory Well Costs that have been Capitalized for Period Greater than One Year, Number of Projects | well	1
[1]	Includes capitalized exploratory well costs charged to either dry hole costs or impairments.
[2]	Consists of costs related to a project in Trinidad at June 30, 2021.

Pension and Postretirement Be_2

Pension and Postretirement Benefits (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Defined Benefit and Defined Contribution Plan Disclosure [Line Items]
Pension and Other Postretirement Benefits Cost	$ 25	$ 21

Long-Term Debt and Common Sto_2

Long-Term Debt and Common Stock (Details) - USD ($)	May 06, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Debt Instrument Table [Line Items]
Common Stock Dividends Declared (in dollars per share)	$ 1	$ 1.4125	$ 0.4125	$ 0.375	$ 1.825	$ 0.75	$ 0.375
Commercial Paper [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Current Borrowing Capacity		$ 0			$ 0		$ 0
Revolving Credit Agreement (New Facility) [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 2,000,000,000			$ 2,000,000,000
Line of Credit Facility, Expiration Date					Jun. 27, 2024
Revolving Credit Agreement 2020 [Member]
Line of Credit Facility [Line Items]
Line Of Credit Facility Increase Additional Borrowings					$ 3,000,000,000
Maximum Total Debt To Total Capitalization Ratio Allowed Under Financial Covenant		65.00%			65.00%
Borrowings Outstanding					$ 0		$ 0
Eurodollar [Member]
Line of Credit Facility [Line Items]
Weighted average interest rate (in hundredths)					1.00%
Base Rate [Member]
Line of Credit Facility [Line Items]
Weighted average interest rate (in hundredths)					3.25%
4.100% Senior Notes Due 2021 [Member]
Debt Instrument Table [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		4.10%			4.10%
Debt Instrument, Face Amount		$ 750,000,000			$ 750,000,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Aggregate Principal Amount of Current and Long-Term Debt	$ 4,890	$ 5,640
Estimated Fair Value of Debt	5,654	6,505
Commodity Contract [Member] | Crude Oil | Price Swaps
Financial Liabilities:
Financial and Nonfinancial Liabilities, Fair Value Disclosure	318
Commodity Contract [Member] | Crude Oil | Price Swaps | Fair Value, Inputs, Level 1 [Member]
Financial Liabilities:
Financial and Nonfinancial Liabilities, Fair Value Disclosure	0
Commodity Contract [Member] | Crude Oil | Price Swaps | Fair Value, Inputs, Level 2 [Member]
Financial Liabilities:
Financial and Nonfinancial Liabilities, Fair Value Disclosure	318
Commodity Contract [Member] | Crude Oil | Price Swaps | Fair Value, Inputs, Level 3 [Member]
Financial Liabilities:
Financial and Nonfinancial Liabilities, Fair Value Disclosure	0
Commodity Contract [Member] | Crude Oil | Roll Differential Swap
Financial Liabilities:
Financial and Nonfinancial Liabilities, Fair Value Disclosure	41	1
Commodity Contract [Member] | Crude Oil | Roll Differential Swap | Fair Value, Inputs, Level 1 [Member]
Financial Liabilities:
Financial and Nonfinancial Liabilities, Fair Value Disclosure	0	0
Commodity Contract [Member] | Crude Oil | Roll Differential Swap | Fair Value, Inputs, Level 2 [Member]
Financial Liabilities:
Financial and Nonfinancial Liabilities, Fair Value Disclosure	41	1
Commodity Contract [Member] | Crude Oil | Roll Differential Swap | Fair Value, Inputs, Level 3 [Member]
Financial Liabilities:
Financial and Nonfinancial Liabilities, Fair Value Disclosure	0	0
Commodity Contract [Member] | Natural Gas Liquids | Price Swaps
Financial Liabilities:
Financial and Nonfinancial Liabilities, Fair Value Disclosure	44
Commodity Contract [Member] | Natural Gas Liquids | Price Swaps | Fair Value, Inputs, Level 1 [Member]
Financial Liabilities:
Financial and Nonfinancial Liabilities, Fair Value Disclosure	0
Commodity Contract [Member] | Natural Gas Liquids | Price Swaps | Fair Value, Inputs, Level 2 [Member]
Financial Liabilities:
Financial and Nonfinancial Liabilities, Fair Value Disclosure	44
Commodity Contract [Member] | Natural Gas Liquids | Price Swaps | Fair Value, Inputs, Level 3 [Member]
Financial Liabilities:
Financial and Nonfinancial Liabilities, Fair Value Disclosure	0
Commodity Contract [Member] | Natural Gas | Price Swaps
Financial Assets: [Abstract]
Assets, Fair Value Disclosure	34	66
Financial Liabilities:
Financial and Nonfinancial Liabilities, Fair Value Disclosure	41
Commodity Contract [Member] | Natural Gas | Price Swaps | Fair Value, Inputs, Level 1 [Member]
Financial Assets: [Abstract]
Assets, Fair Value Disclosure	0	0
Financial Liabilities:
Financial and Nonfinancial Liabilities, Fair Value Disclosure	0
Commodity Contract [Member] | Natural Gas | Price Swaps | Fair Value, Inputs, Level 2 [Member]
Financial Assets: [Abstract]
Assets, Fair Value Disclosure	34	66
Financial Liabilities:
Financial and Nonfinancial Liabilities, Fair Value Disclosure	41
Commodity Contract [Member] | Natural Gas | Price Swaps | Fair Value, Inputs, Level 3 [Member]
Financial Assets: [Abstract]
Assets, Fair Value Disclosure	0	$ 0
Financial Liabilities:
Financial and Nonfinancial Liabilities, Fair Value Disclosure	$ 0

Risk Management Activities (Det

Risk Management Activities (Details) MMBTU in Thousands		6 Months Ended
		Jun. 30, 2021USD ($)MMBTU$ / bblMBbls	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Derivatives, Fair Value [Line Items]
Assets from Price Risk Management Activities | $		$ 0		$ 65,000,000
Liabilities from Price Risk Management Activities | $		396,000,000		0
Net Cash Received from (Payments for) Settlements of Commodity Derivative Contracts | $		(223,000,000)	$ 724,000,000
Derivative Collateral [Abstract]
Collateral Had on Derivative | $		107,000,000		0
Collateral Held on Derivative | $		0		0
Price Risk Derivative
Derivatives, Fair Value [Line Items]
Derivative Liability, Noncurrent | $		14,000,000		1,000,000
Other Assets | $		0		1,000,000
Derivative Contracts - Year Two
Derivatives, Fair Value [Line Items]
Net Cash Received from (Payments for) Settlements of Commodity Derivative Contracts | $		600,000
Assets From Price Risk Management Activities | Price Risk Derivative
Derivatives, Fair Value [Line Items]
Assets from Price Risk Management Activities | $		0		65,000,000
Liabilities From Price Risk Management Activities
Derivatives, Fair Value [Line Items]
Liabilities from Price Risk Management Activities | $		430,000,000
Other Assets | $		34,000,000
Liabilities From Price Risk Management Activities | Price Risk Derivative
Derivatives, Fair Value [Line Items]
Liabilities from Price Risk Management Activities | $	[1]	$ 396,000,000		$ 0
Crude Oil | Derivative Contracts - January (closed) | Price Swaps
Derivatives, Fair Value [Line Items]
Volume (Bbld) | MBbls		151,000
Weighted Average Price		50.06
Crude Oil | Derivative Contracts - February through March (closed) | Price Swaps
Derivatives, Fair Value [Line Items]
Volume (Bbld) | MBbls		201,000
Weighted Average Price		51.29
Crude Oil | Derivative Contracts - April through May (closed) [Member] | Price Swaps
Derivatives, Fair Value [Line Items]
Volume (Bbld) | MBbls		150,000
Weighted Average Price		51.68
Crude Oil | Derivative Contracts - July through September | Price Swaps
Derivatives, Fair Value [Line Items]
Volume (Bbld) | MBbls		150,000
Weighted Average Price		52.71
Crude Oil | Derivative Contracts - January through March - Year Two | Price Swaps
Derivatives, Fair Value [Line Items]
Volume (Bbld) | MBbls		140,000
Weighted Average Price		65.58
Crude Oil | Derivative Contracts - April through June - Year Two [Member] | Price Swaps
Derivatives, Fair Value [Line Items]
Volume (Bbld) | MBbls		100,000
Weighted Average Price		64.98
Crude Oil | Derivative Contracts - July through September - Year Two [Member] | Price Swaps
Derivatives, Fair Value [Line Items]
Volume (Bbld) | MBbls		60,000
Weighted Average Price		64.26
Crude Oil | Derivative Contracts - October through December - Year Two [Member] | Price Swaps
Derivatives, Fair Value [Line Items]
Volume (Bbld) | MBbls		30,000
Weighted Average Price		63.59
Crude Oil | Derivative Contracts - February (closed) | Roll Differential Swap
Derivatives, Fair Value [Line Items]
Volume (Bbld) | MBbls	[2]	30,000
Weighted Average Price	[2]	0.11
Crude Oil | Derivative Contracts - March through July (closed) | Roll Differential Swap
Derivatives, Fair Value [Line Items]
Volume (Bbld) | MBbls	[2]	125,000
Weighted Average Price	[2]	0.17
Crude Oil | Derivative Contracts - August through December | Roll Differential Swap
Derivatives, Fair Value [Line Items]
Volume (Bbld) | MBbls	[2]	125,000
Weighted Average Price	[2]	0.17
Crude Oil | Derivative Contracts - Year Two | Roll Differential Swap
Derivatives, Fair Value [Line Items]
Volume (Bbld) | MBbls	[2]	125,000
Weighted Average Price	[2]	0.15
Natural Gas Liquids | Derivative Contracts - January through June (closed) | Mont Belvieu Propane Price Swap
Derivatives, Fair Value [Line Items]
Volume (Bbld) | MBbls		15,000
Weighted Average Price		29.44
Natural Gas Liquids | Derivative Contracts - July through December | Mont Belvieu Propane Price Swap
Derivatives, Fair Value [Line Items]
Volume (Bbld) | MBbls		15,000
Weighted Average Price		29.44
Natural Gas | Derivative Contracts - Year Two | Price Swaps
Derivatives, Fair Value [Line Items]
Volume (MMBtud) | MMBTU	[3]	20
Weighted Average Price	[3]	2.75
Natural Gas | Derivative Contracts - January through March (closed) | Price Swaps
Derivatives, Fair Value [Line Items]
Volume (MMBtud) | MMBTU		500
Weighted Average Price		2.99
Natural Gas | Derivative Contracts - April through July (closed) | Price Swaps
Derivatives, Fair Value [Line Items]
Volume (MMBtud) | MMBTU		500
Weighted Average Price		2.99
Natural Gas | Derivative Contracts - April through July (closed) | Japan Korea Marker Price Swap
Derivatives, Fair Value [Line Items]
Volume (MMBtud) | MMBTU		70
Weighted Average Price		6.65
Natural Gas | Derivative Contracts - August through September | Price Swaps
Derivatives, Fair Value [Line Items]
Volume (MMBtud) | MMBTU		500
Weighted Average Price		2.99
Natural Gas | Derivative Contracts - August through September | Japan Korea Marker Price Swap
Derivatives, Fair Value [Line Items]
Volume (MMBtud) | MMBTU		70
Weighted Average Price		6.65
Natural Gas | Derivative Contracts - October though December | Price Swaps
Derivatives, Fair Value [Line Items]
Volume (MMBtud) | MMBTU		500
Weighted Average Price		2.99
Natural Gas | Offsetting Derivative Contracts - January through March (closed) | Price Swaps
Derivatives, Fair Value [Line Items]
Volume (MMBtud) | MMBTU		500
Weighted Average Price		2.43
Natural Gas | OffSetting Derivative Contracts - October through December | Price Swaps
Derivatives, Fair Value [Line Items]
Volume (MMBtud) | MMBTU		500
Weighted Average Price		2.83
Natural Gas | OffSetting Derivative Contracts - Year Two | Price Swaps
Derivatives, Fair Value [Line Items]
Volume (MMBtud) | MMBTU	[3]	0
Weighted Average Price	[3]	0
Natural Gas | Offsetting Derivative Contracts - April through July (closed) | Price Swaps
Derivatives, Fair Value [Line Items]
Volume (MMBtud) | MMBTU		570
Weighted Average Price		2.81
Natural Gas | Offsetting Derivative Contracts - April through July (closed) | Japan Korea Marker Price Swap
Derivatives, Fair Value [Line Items]
Volume (MMBtud) | MMBTU		0
Weighted Average Price		0
Natural Gas | OffSetting Derivative Contracts - August through September | Price Swaps
Derivatives, Fair Value [Line Items]
Volume (MMBtud) | MMBTU		570
Weighted Average Price		2.81
Natural Gas | OffSetting Derivative Contracts - August through September | Japan Korea Marker Price Swap
Derivatives, Fair Value [Line Items]
Volume (MMBtud) | MMBTU		0
Weighted Average Price		0
[1]	The current portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $430 million, partially offset by gross assets of $34 million, at June 30, 2021.
[2]	This settlement index is used to fix the differential in pricing between the NYMEX calendar month average and the physical crude oil delivery month.
[3]	In January 2021, EOG executed the early termination provision granting EOG the right to terminate all of its open 2022 natural gas price swap contracts. EOG received net cash of $0.6 million for the settlement of these contracts.

Acquisitions and Divestitures (

Acquisitions and Divestitures (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
Payments to Acquire Oil and Gas Property	$ 92	$ 46
Gains (Losses) on Asset Dispositions, Net	45	30
Proceeds on Asset Dispositions	$ 146	$ 43