Document and Entity Information
Document and Entity Information Document - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 28, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
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 | 2022 | |
Document Fiscal Period Focus | Q1 | |
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 $0.01 per share | |
Trading Symbol | EOG | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 585,713,473 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Revenues and Other | ||
Total | $ 3,983 | $ 3,694 |
Operating Expenses | ||
Lease and Well | 318 | 270 |
Transportation Costs | 228 | 202 |
Gathering and Processing Costs | 144 | 139 |
Exploration Costs | 45 | 33 |
Dry Hole Costs | 3 | 11 |
Impairments | 55 | 44 |
Marketing Costs | 1,283 | 838 |
Depreciation, Depletion and Amortization | 847 | 900 |
General and Administrative | 124 | 110 |
Taxes Other Than Income | 390 | 215 |
Total | 3,437 | 2,762 |
Operating Income | 546 | 932 |
Other Expense, Net | (1) | (4) |
Income Before Interest Expense and Income Taxes | 545 | 928 |
Interest Expense | ||
Interest Expense, Net | 48 | 47 |
Income Before Income Taxes | 497 | 881 |
Income Tax Provision | 107 | 204 |
Net Income | $ 390 | $ 677 |
Net Income Per Share | ||
Basic | $ 0.67 | $ 1.17 |
Diluted | $ 0.67 | $ 1.16 |
Average Number of Common Shares | ||
Basic | 582 | 580 |
Diluted | 586 | 583 |
Other Comprehensive Loss | ||
Foreign Currency Translation Adjustments | $ (1) | $ (2) |
Other, Net of Tax | 0 | 0 |
Other Comprehensive Loss | (1) | (2) |
Comprehensive Income | 389 | 675 |
Crude Oil and Condensate | ||
Operating Revenues and Other | ||
Revenues | 3,889 | 2,251 |
Natural Gas Liquids | ||
Operating Revenues and Other | ||
Revenues | 681 | 314 |
Natural Gas | ||
Operating Revenues and Other | ||
Revenues | 716 | 625 |
Losses on Mark-to-Market Financial Commodity Derivative Contracts | ||
Operating Revenues and Other | ||
Revenues | (2,820) | (367) |
Gathering, Processing and Marketing | ||
Operating Revenues and Other | ||
Revenues | 1,469 | 848 |
Gains (Losses) on Asset Dispositions, Net | ||
Operating Revenues and Other | ||
Revenues | 25 | (6) |
Other, Net | ||
Operating Revenues and Other | ||
Revenues | $ 23 | $ 29 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Current Assets | ||
Cash and Cash Equivalents | $ 4,009 | $ 5,209 |
Accounts Receivable, Net | 3,213 | 2,335 |
Inventories | 586 | 584 |
Other | 671 | 456 |
Total | 8,479 | 8,584 |
Property, Plant and Equipment | ||
Oil and Gas Properties (Successful Efforts Method) | 65,408 | 67,644 |
Other Property, Plant and Equipment | 4,801 | 4,753 |
Total Property, Plant and Equipment | 70,209 | 72,397 |
Less: Accumulated Depreciation, Depletion and Amortization | (41,747) | (43,971) |
Total Property, Plant and Equipment, Net | 28,462 | 28,426 |
Deferred Income Taxes | 13 | 11 |
Other Assets | 1,143 | 1,215 |
Total Assets | 38,097 | 38,236 |
Current Liabilities | ||
Accounts Payable | 2,660 | 2,242 |
Accrued Taxes Payable | 1,130 | 518 |
Dividends Payable | 436 | 436 |
Liabilities from Price Risk Management Activities | 260 | 269 |
Current Portion of Long-Term Debt | 1,283 | 37 |
Current Portion of Operating Lease Liabilities | 223 | 240 |
Other | 272 | 300 |
Total | 6,264 | 4,042 |
Long-Term Debt | 3,816 | 5,072 |
Other Liabilities | 2,191 | 2,193 |
Deferred Income Taxes | 4,286 | 4,749 |
Commitments and Contingencies (Note 8) | ||
Stockholders' Equity | ||
Common Stock, $0.01 Par, 1,280,000,000 Shares Authorized and 585,944,344 Shares Issued at March 31, 2022 and 585,521,512 Shares Issued at December 31, 2021 | 206 | 206 |
Additional Paid in Capital | 6,095 | 6,087 |
Accumulated Other Comprehensive Loss | (13) | (12) |
Retained Earnings | 15,283 | 15,919 |
Common Stock Held in Treasury, 290,472 Shares at March 31, 2022 and 257,268 Shares at December 31, 2021 | (31) | (20) |
Total Stockholders' Equity | 21,540 | 22,180 |
Total Liabilities and Stockholders' Equity | $ 38,097 | $ 38,236 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
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) | 585,944,344 | 585,521,512 |
Treasury Stock | ||
Treasury Stock, Shares | 290,472 | 257,268 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity Statement - USD ($) $ in Millions | 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, 2020 | $ 20,302 | $ 206 | $ 5,945 | $ (12) | $ 14,170 | $ (7) |
Net Income | 677 | 0 | 0 | 0 | 677 | 0 |
Dividends, Common Stock | (241) | 0 | 0 | 0 | (241) | 0 |
Other Comprehensive Loss | (2) | 0 | 0 | (2) | 0 | 0 |
Change in Treasury Stock - Stock Compensation Plans, Net | (9) | 0 | 0 | 0 | 0 | (9) |
Restricted Stock and Restricted Stock Units, Net | 0 | 0 | (1) | 0 | 0 | 1 |
Stock-Based Compensation Expenses | 35 | 0 | 35 | 0 | 0 | 0 |
Treasury Stock Issued as Compensation | 0 | 0 | 0 | 0 | 0 | 0 |
Balance at Mar. 31, 2021 | 20,762 | 206 | 5,979 | (14) | 14,606 | (15) |
Balance at Dec. 31, 2021 | 22,180 | 206 | 6,087 | (12) | 15,919 | (20) |
Net Income | 390 | 0 | 0 | 0 | 390 | 0 |
Dividends, Common Stock | (1,026) | 0 | 0 | 0 | (1,026) | 0 |
Other Comprehensive Loss | (1) | 0 | 0 | (1) | 0 | 0 |
Common Stock Issued Under Stock Plans | 0 | 0 | 0 | 0 | 0 | 0 |
Change in Treasury Stock - Stock Compensation Plans, Net | (38) | 0 | (24) | 0 | 0 | (14) |
Restricted Stock and Restricted Stock Units, Net | 0 | 0 | (3) | 0 | 0 | 3 |
Stock-Based Compensation Expenses | 35 | 0 | 35 | 0 | 0 | 0 |
Treasury Stock Issued as Compensation | 0 | 0 | 0 | 0 | 0 | 0 |
Balance at Mar. 31, 2022 | $ 21,540 | $ 206 | $ 6,095 | $ (13) | $ 15,283 | $ (31) |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | Feb. 24, 2022 | Mar. 31, 2022 | Mar. 31, 2021 |
Statement of Stockholders' Equity [Abstract] | |||
Common Stock Dividends Declared (in dollars per share) | $ 0.75 | $ 1.75 | $ 0.4125 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash Flows from Operating Activities | ||
Net Income | $ 390 | $ 677 |
Items Not Requiring (Providing) Cash | ||
Depreciation, Depletion and Amortization | 847 | 900 |
Impairments | 55 | 44 |
Stock-Based Compensation Expenses | 35 | 35 |
Deferred Income Taxes | (465) | (36) |
(Gains) Losses on Asset Dispositions, Net | (25) | 6 |
Other, Net | 6 | 7 |
Dry Hole Costs | 3 | 11 |
Mark-to-Market Commodity Derivative Contracts | ||
Total Losses | 2,820 | 367 |
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts | (296) | (30) |
Other, Net | 2 | 1 |
Changes in Components of Working Capital and Other Assets and Liabilities | ||
Accounts Receivable | (878) | (308) |
Inventories | (14) | 64 |
Accounts Payable | 130 | 172 |
Accrued Taxes Payable | 613 | 243 |
Other Assets | (213) | (103) |
Other Liabilities | (2,250) | (89) |
Changes in Components of Working Capital Associated with Investing and Financing Activities | 68 | (91) |
Net Cash Provided by Operating Activities | 828 | 1,870 |
Investing Cash Flows | ||
Additions to Oil and Gas Properties | (939) | (875) |
Additions to Other Property, Plant and Equipment | (70) | (42) |
Proceeds from Sales of Assets | 121 | 5 |
Changes in Components of Working Capital Associated with Investing Activities | (68) | 91 |
Net Cash Used in Investing Activities | (956) | (821) |
Financing Cash Flows | ||
Long-Term Debt Repayments | 0 | (750) |
Dividends Paid | (1,023) | (219) |
Treasury Stock Purchased | (43) | (10) |
Proceeds from Stock Options Exercised and Employee Stock Purchase Plan | 4 | 0 |
Repayment of Finance Lease Liabilities | (10) | (9) |
Net Cash Used in Financing Activities | (1,072) | (988) |
Effect of Exchange Rate Changes on Cash | 0 | (2) |
Increase in Cash and Cash Equivalents | (1,200) | 59 |
Cash and Cash Equivalents at Beginning Period | 5,209 | 3,329 |
Cash and Cash Equivalents End of Period | $ 4,009 | $ 3,388 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
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, 2021, filed on February 24, 2022 (EOG's 2021 Annual Report). The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The operating results for the three months ended March 31, 2022, are not necessarily indicative of the results to be expected for the full year. Recently Issued Accounting Standards. In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (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 has evaluated the provisions of ASU 2020-04 and has concluded the application of ASU 2020-04 will not have a material 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 | 3 Months Ended |
Mar. 31, 2022 | |
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 2021 Annual Report, EOG maintains various stock-based compensation plans. Stock-based compensation expense is included on the Condensed Consolidated Statements of Income and Comprehensive Income based upon the job function of the employees receiving the grants as follows (in millions): Three Months Ended 2022 2021 Lease and Well $ 13 $ 14 Gathering and Processing Costs 1 — Exploration Costs 5 6 General and Administrative 16 15 Total $ 35 $ 35 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, restricted stock units with performance-based conditions (together with the performance units granted under the 2008 Plan, Performance 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). At March 31, 2022, approximately 18 million common shares remained available for grant under the 2021 Plan. EOG's policy is to issue shares related to the 2021 Plan grants from previously authorized unissued shares or treasury shares to the extent treasury shares are available. Stock Options and Stock-Settled Stock Appreciation Rights and Employee Stock Purchase Plan . The fair value of stock option grants and SAR grants is estimated using the Hull-White II binomial option pricing model. The fair value of Employee Stock Purchase Plan (ESPP) grants is estimated using the Black-Scholes-Merton model. Stock-based compensation expense related to stock option, SAR and ESPP grants totaled $8 million and $10 million during the three months ended March 31, 2022 and 2021, respectively. Weighted average fair values and valuation assumptions used to value stock option, SAR and ESPP grants during the three-month periods ended March 31, 2022 and 2021 are as follows: Stock Options/SARs ESPP Three Months Ended Three Months Ended 2022 2021 2022 2021 Weighted Average Fair Value of Grants $ 28.30 $ 17.03 $ 23.07 $ 14.69 Expected Volatility 42.20 % 47.18 % 39.72 % 54.99 % Risk-Free Interest Rate 0.89 % 0.28 % 0.22 % 0.09 % Dividend Yield 3.28 % 3.25 % 3.32 % 3.41 % Expected Life 5.3 years 5.2 years 0.5 years 0.5 years Expected volatility is based on an equal weighting of historical volatility and implied volatility from traded options in EOG's common stock. The risk-free interest rate is based upon United States Treasury yields in effect at the time of grant. The expected life is based upon historical experience and contractual terms of stock option, SAR and ESPP grants. The following table sets forth stock option and SAR transactions for the three-month periods ended March 31, 2022 and 2021 (stock options and SARs in thousands): Three Months Ended Three Months Ended Number of Weighted Number of Weighted Outstanding at January 1 9,969 $ 84.37 10,186 $ 84.08 Granted 2 97.64 7 53.98 Exercised (1) (2,324) 84.63 (26) 63.25 Forfeited (81) 85.86 (103) 89.21 Outstanding at March 31 (2) 7,566 $ 84.28 10,064 $ 84.06 Vested or Expected to Vest (3) 7,256 $ 85.05 9,749 $ 84.74 Exercisable at March 31 (4) 3,886 $ 101.26 6,288 $ 96.47 (1) The total intrinsic value of stock options/SARs exercised during the three months ended March 31, 2022 and 2021 was $62 million and $0.2 million, respectively. The intrinsic value is based upon the difference between the market price of EOG's common stock on the date of exercise and the exercise price of the stock options/SARs. (2) The total intrinsic value of stock options/SARs outstanding at March 31, 2022 and 2021 was $277 million and $71 million, respectively. At March 31, 2022 and 2021, the weighted average remaining contractual life was 4.3 years and 4.0 years, respectively. (3) The total intrinsic value of stock options/SARs vested or expected to vest at March 31, 2022 and 2021 was $260 million and $66 million, respectively. At March 31, 2022 and 2021, the weighted average remaining contractual life was 4.3 years and 4.0 years, respectively. (4) The total intrinsic value of stock options/SARs exercisable at March 31, 2022 and 2021 was $82 million and $3 million, respectively. At March 31, 2022 and 2021, the weighted average remaining contractual life was 2.9 years and 3.0 years, respectively. At March 31, 2022, unrecognized compensation expense related to non-vested stock option, SAR and ESPP grants totaled $54 million. Such unrecognized expense will be amortized on a straight-line basis over a weighted average period of 1.9 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 $25 million and $24 million for the three months ended March 31, 2022 and 2021. The following table sets forth restricted stock and restricted stock unit transactions for the three-month periods ended March 31, 2022 and 2021 (shares and units in thousands): Three Months Ended Three Months Ended Number of Weighted Number of Weighted Outstanding at January 1 4,680 $ 69.37 4,742 $ 74.97 Granted 14 110.66 12 60.27 Released (1) (699) 93.37 (430) 90.27 Forfeited (51) 66.77 (25) 71.16 Outstanding at March 31 (2) 3,944 $ 65.30 4,299 $ 73.42 (1) The total intrinsic value of restricted stock and restricted stock units released during the three months ended March 31, 2022 and 2021 was $81 million and $31 million, respectively. The intrinsic value is based upon the closing price of EOG's common stock on the date the restricted stock and restricted stock units are released. (2) The total intrinsic value of restricted stock and restricted stock units outstanding at March 31, 2022 and 2021 was $470 million and $312 million, respectively. At March 31, 2022, unrecognized compensation expense related to restricted stock and restricted stock units totaled $172 million. Such unrecognized expense will be amortized on a straight-line basis over a weighted average period of 1.5 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 $2 million and $1 million for the three months ended March 31, 2022 and 2021, respectively. The following table sets forth the Performance Unit transactions for the three-month periods ended March 31, 2022 and 2021 (units in thousands): Three Months Ended Three Months Ended Number of Weighted Number of Weighted Outstanding at January 1 679 $ 84.97 613 $ 88.38 Granted — — 8 49.86 Granted for Performance Multiple (1) — — 19 96.29 Released (2) (57) 136.74 (98) 96.29 Forfeited for Performance Multiple (3) (56) 136.74 — — Outstanding at March 31 (4) 566 (5) $ 74.60 542 $ 76.18 (1) Upon completion of the Performance Period for the Performance Units granted in 2017, a performance multiple of 125% was applied to the grants resulting in an additional grant of Performance Units in February 2021. (2) The total intrinsic value of Performance Units released was $7 million and $6 million for the three months ended March 31, 2022 and 2021, respectively. The intrinsic value is based upon the closing price of EOG's common stock on the date the Performance Units are released. (3) Upon completion of the Performance Period for the Performance Units granted in 2018, a performance multiple of 50% was applied to the grants resulting in a forfeiture of Performance Units in February 2022. (4) The total intrinsic value of Performance Units outstanding at March 31, 2022 and 2021 was approximately $67 million and $39 million, respectively. (5) Upon the application of the relevant performance multiple at the completion of each of the remaining Performance Periods, a minimum of zero and a maximum of 1,132 Performance Units could be outstanding. At March 31, 2022, unrecognized compensation expense related to Performance Units totaled $11 million. Such unrecognized expense will be amortized on a straight-line basis over a weighted average period of 1.9 years. |
Net Income Per Share
Net Income Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | Net Income Per Share The following table sets forth the computation of Net Income Per Share for the three-month periods ended March 31, 2022 and 2021 (in millions, except per share data): Three Months Ended 2022 2021 Numerator for Basic and Diluted Earnings Per Share - Net Income $ 390 $ 677 Denominator for Basic Earnings Per Share - Weighted Average Shares 582 580 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 586 583 Net Income Per Share Basic $ 0.67 $ 1.17 Diluted $ 0.67 $ 1.16 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 3 Months Ended |
Mar. 31, 2022 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information Net cash paid for interest and income taxes was as follows for the three-month periods ended March 31, 2022 and 2021 (in millions): Three Months Ended 2022 2021 Interest (1) $ 32 $ 49 Income Taxes, Net of Refunds Received $ 46 $ 20 (1) Net of capitalized interest of $8 million for both the three months ended March 31, 2022 and 2021. EOG's accrued capital expenditures at March 31, 2022 and 2021 were $528 million and $436 million, respectively. Non-cash investing activities for the three months ended March 31, 2022 and 2021, included additions of $63 million and $25 million, respectively, to EOG's oil and gas properties as a result of property exchanges. Non-cash investing activities for the three months ended March 31, 2021, also included additions of $74 million to EOG's other property, plant and equipment made in connection with finance lease transactions for storage facilities. Operating activities for the three months ended March 31, 2022, included the net use of cash of $2,275 million related to collateral posted for financial commodity derivative contracts. For related discussion, see Note 12. This amount is reflected in Other Liabilities within the Changes in Components of Working Capital and Other Assets and Liabilities line item on the Condensed Consolidated Statements of Cash Flows. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Selected financial information by reportable segment is presented below for the three-month periods ended March 31, 2022 and 2021 (in millions): Three Months Ended 2022 2021 Operating Revenues and Other United States $ 3,914 $ 3,606 Trinidad 69 76 Other International (1) — 12 Total $ 3,983 $ 3,694 Operating Income United States $ 519 $ 890 Trinidad 34 43 Other International (1) (7) (1) Total 546 932 Reconciling Items Other Expense, Net (1) (4) Interest Expense, Net (48) (47) Income Before Income Taxes $ 497 $ 881 (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 exploration programs in Australia in the third quarter of 2021 and in Oman in the third quarter of 2020. The decision was reached in the fourth quarter of 2021 to exit Block 36 and Block 49 in Oman. Total assets by reportable segment are presented below at March 31, 2022 and December 31, 2021 (in millions): At March 31, 2022 At December 31, 2021 Total Assets United States $ 37,275 $ 37,436 Trinidad 676 637 Other International (1) 146 163 Total $ 38,097 $ 38,236 (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 exploration programs in Australia in the third quarter of 2021 and in Oman in the third quarter of 2020. The decision was reached in the fourth quarter of 2021 to exit Block 36 and Block 49 in Oman. |
Asset Retirement Obligations
Asset Retirement Obligations | 3 Months Ended |
Mar. 31, 2022 | |
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 three-month periods ended March 31, 2022 and 2021 (in millions): Three Months Ended 2022 2021 Carrying Amount at January 1 $ 1,231 $ 1,217 Liabilities Incurred 20 12 Liabilities Settled (1) (131) (5) Accretion 11 11 Revisions 2 2 Carrying Amount at March 31 $ 1,133 $ 1,237 Current Portion $ 41 $ 49 Noncurrent Portion $ 1,092 $ 1,188 (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 | 3 Months Ended |
Mar. 31, 2022 | |
Capitalized Exploratory Well Costs [Abstract] | |
Exploratory Well Costs | Exploratory Well Costs EOG's net changes in capitalized exploratory well costs for the three-month period ended March 31, 2022, are presented below (in millions): Three Months Ended Balance at January 1 $ 7 Additions Pending the Determination of Proved Reserves 16 Reclassifications to Proved Properties (12) Costs Charged to Expense (1) (1) Balance at March 31 $ 10 (1) Includes capitalized exploratory well costs charged to either dry hole costs or impairments. At March 31, 2022, all capitalized exploratory well costs had been capitalized for periods of less than one year. |
Commitment and Contingencies
Commitment and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
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 | 3 Months Ended |
Mar. 31, 2022 | |
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 $12 million for each of the three months ended March 31, 2022 and 2021. 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 the employees of the Trinidadian subsidiary, the costs of which are not material. |
Long-Term Debt and Common Stock
Long-Term Debt and Common Stock | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 and December 31, 2021, and did not utilize any commercial paper borrowings during the three months ended March 31, 2022 and 2021. At March 31, 2022, the $1,250 million aggregate principal amount of EOG's 2.625% Senior Notes due 2023 were classified as Current Portion of Long-Term Debt on the Condensed Consolidated Balance Sheets. 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 March 31, 2022, EOG was in compliance with this financial covenant. At March 31, 2022 and December 31, 2021, 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 March 31, 2022, would have been 1.35% and 3.50%, respectively. Common Stock. On February 24, 2022, the Board declared a quarterly cash dividend on the common stock of $0.75 per share paid on April 29, 2022, to stockholders of record as of April 15, 2022. The Board also declared on such date a special dividend of $1.00 per share paid on March 29, 2022, to stockholders of record as of March 15, 2022. On May 5, 2022, the Board declared a quarterly cash dividend on the common stock of $0.75 per share payable on July 29, 2022, to stockholders of record as of July 15, 2022. The Board also declared on such date a special dividend of $1.80 per share payable on June 30, 2022, to stockholders of record as of June 15, 2022. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
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 2021 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 March 31, 2022 and December 31, 2021 (in millions): Fair Value Measurements Using: Quoted Significant Significant Total At March 31, 2022 Financial Assets: Natural Gas Basis Swaps $ — $ 23 $ — $ 23 Financial Liabilities: Crude Oil Swaps — 1,663 — 1,663 Natural Gas Swaps — 1,091 — 1,091 Crude Oil Roll Differential Swaps — 54 — 54 At December 31, 2021 Financial Assets: Natural Gas Swaps $ — $ 29 $ — $ 29 Natural Gas Basis Swaps — 2 — 2 Crude Oil Swaps — 15 — 15 Financial Liabilities: Crude Oil Roll Differential Swaps — 24 — 24 Natural Gas Swaps — 121 — 121 Crude Oil Swaps — 340 — 340 Natural Gas Basis Swaps — 1 — 1 See Note 12 for the balance sheet amounts and classification of EOG's financial commodity derivative instruments at March 31, 2022 and December 31, 2021. The estimated fair value of financial commodity derivative contracts was based upon forward commodity price curves based on quoted market prices. Financial 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, natural gas liquids (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 financial 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 both March 31, 2022 and December 31, 2021, EOG had outstanding $4,890 million aggregate principal amount of senior notes, which had estimated fair values at such dates of approximately $5,221 million and $5,577 million, respectively. The estimated fair value of debt was based upon quoted market prices and, where such prices were not available, other observable (Level 2) inputs regarding interest rates available to EOG at the end of each respective period. |
Risk Management Activities
Risk Management Activities | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Risk Management Activities | Risk Management Activities Commodity Price Risk . As more fully discussed in Note 12 to the Consolidated Financial Statements included in EOG's 2021 Annual Report, EOG engages in price risk management activities from time to time. These activities are intended to manage EOG's exposure to fluctuations in commodity prices for crude oil, NGLs and natural gas. EOG utilizes financial commodity derivative instruments, primarily price swap, option, swaption, collar and basis swap contracts, as a means to manage this price risk. EOG has not designated any of its financial commodity derivative contracts as accounting hedges and, accordingly, accounts for financial commodity derivative contracts using the mark-to-market accounting method. Financial Commodity Derivative Contracts. Presented below is a comprehensive summary of EOG's financial commodity derivative contracts settled during the three-month period ended March 31, 2022 (closed) and outstanding as of March 31, 2022. Crude oil volumes are presented in thousand barrels per day (MBbld) and prices are presented in dollars per barrel ($/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 Contracts Purchased Period Settlement Index Volume Weighted Average Price Volume (MBbld) Weighted Average Price January - March 2022 (closed) New York Mercantile Exchange (NYMEX) West Texas Intermediate (WTI) 140 $ 65.58 — $ — April - June 2022 NYMEX WTI 140 65.62 — — July - September 2022 NYMEX WTI 140 65.59 — — October - December 2022 NYMEX WTI 140 65.68 78 88.73 January - March 2023 NYMEX WTI 150 67.92 — — April - June 2023 NYMEX WTI 120 67.79 — — July - September 2023 NYMEX WTI 100 70.15 — — October - December 2023 NYMEX WTI 69 69.41 — — Crude Oil Basis Swap Contracts Contracts Sold Period Settlement Index Volume Weighted Average Price Differential January - April 2022 (closed) NYMEX WTI Roll Differential (1) 125 $ 0.15 May - 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 Financial Price Swap Contracts Contracts Sold Period Settlement Index Volume Weighted Average Price January - April 2022 (closed) NYMEX Henry Hub 725 $ 3.57 May - December 2022 NYMEX Henry Hub 725 3.57 January - December 2023 NYMEX Henry Hub 725 3.18 January - December 2024 NYMEX Henry Hub 725 3.07 January - December 2025 NYMEX Henry Hub 725 3.07 Natural Gas Basis Swap Contracts Contracts Sold Period Settlement Index Volume Weighted Average Price Differential January - March 2022 (closed) NYMEX Henry Hub Houston Ship Channel (HSC) Differential (1) 210 $ (0.01) April - December 2022 NYMEX Henry Hub HSC Differential (1) 210 (0.01) January - December 2023 NYMEX Henry Hub HSC Differential (1) 135 (0.01) January - December 2024 NYMEX Henry Hub HSC Differential (1) 10 0.00 January - December 2025 NYMEX Henry Hub HSC Differential (1) 10 0.00 (1) This settlement index is used to fix the differential between pricing at the Houston Ship Channel and NYMEX Henry Hub prices. Financial Commodity Derivatives Location on Balance Sheet. The following table sets forth the amounts and classification of EOG's outstanding financial commodity derivative instruments at March 31, 2022 and December 31, 2021. 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 March 31, 2022 December 31, 2021 Asset Derivatives Crude oil and natural gas derivative contracts - Noncurrent Portion Other Assets (1) $ — $ 6 Liability Derivatives Crude oil and natural gas derivative contracts - Current portion Liabilities from Price Risk Management Activities (2) 260 269 Noncurrent portion Other Liabilities (3) 110 37 (1) The noncurrent portion of Assets from Price Risk Management Activities consists of gross assets of $7 million, partially offset by gross liabilities of $1 million, at December 31, 2021. (2) The current portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $1,948 million, partially offset by gross assets of $13 million and collateral posted with counterparties of $1,675 million at March 31, 2022. The current portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $421 million, partially offset by gross assets of $29 million and collateral posted with counterparties of $123 million, at December 31, 2021. (3) The noncurrent portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $860 million, partially offset by gross assets of $10 million and collateral posted with counterparties of $740 million at March 31, 2022. The noncurrent portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $64 million, partially offset by gross assets of $10 million and collateral posted with counterparties of $17 million, at December 31, 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 both March 31, 2022 and December 31, 2021. EOG had $2,415 million of collateral posted and no collateral held at March 31, 2022. EOG had $140 million of collateral posted and no collateral held at December 31, 2021. Due to changes in contracted volumes and commodity prices subsequent to March 31, 2022, EOG had $2,900 million of collateral posted at May 4, 2022. |
Acquisitions and Divestitures
Acquisitions and Divestitures | 3 Months Ended |
Mar. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Acquisitions and Divestitures | Acquisitions and Divestitures During the three months ended March 31, 2022, EOG recognized net gains on asset dispositions of $25 million and received proceeds of approximately $121 million primarily due to the sale of certain legacy natural gas assets in the Rocky Mountain area. During the three months ended March 31, 2021, EOG paid cash for property acquisitions of $6 million in the United States. Additionally, during the three months ended March 31, 2021, EOG recognized net losses on asset dispositions of $6 million and received proceeds of approximately $5 million. |
Stock-Based Payments (Tables)
Stock-Based Payments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 and Comprehensive Income based upon the job function of the employees receiving the grants as follows (in millions): Three Months Ended 2022 2021 Lease and Well $ 13 $ 14 Gathering and Processing Costs 1 — Exploration Costs 5 6 General and Administrative 16 15 Total $ 35 $ 35 |
Weighted Average Fair Values and Valuation Assumptions | Weighted average fair values and valuation assumptions used to value stock option, SAR and ESPP grants during the three-month periods ended March 31, 2022 and 2021 are as follows: Stock Options/SARs ESPP Three Months Ended Three Months Ended 2022 2021 2022 2021 Weighted Average Fair Value of Grants $ 28.30 $ 17.03 $ 23.07 $ 14.69 Expected Volatility 42.20 % 47.18 % 39.72 % 54.99 % Risk-Free Interest Rate 0.89 % 0.28 % 0.22 % 0.09 % Dividend Yield 3.28 % 3.25 % 3.32 % 3.41 % Expected Life 5.3 years 5.2 years 0.5 years 0.5 years |
Stock Options and SARs Transactions | The following table sets forth stock option and SAR transactions for the three-month periods ended March 31, 2022 and 2021 (stock options and SARs in thousands): Three Months Ended Three Months Ended Number of Weighted Number of Weighted Outstanding at January 1 9,969 $ 84.37 10,186 $ 84.08 Granted 2 97.64 7 53.98 Exercised (1) (2,324) 84.63 (26) 63.25 Forfeited (81) 85.86 (103) 89.21 Outstanding at March 31 (2) 7,566 $ 84.28 10,064 $ 84.06 Vested or Expected to Vest (3) 7,256 $ 85.05 9,749 $ 84.74 Exercisable at March 31 (4) 3,886 $ 101.26 6,288 $ 96.47 (1) The total intrinsic value of stock options/SARs exercised during the three months ended March 31, 2022 and 2021 was $62 million and $0.2 million, respectively. The intrinsic value is based upon the difference between the market price of EOG's common stock on the date of exercise and the exercise price of the stock options/SARs. (2) The total intrinsic value of stock options/SARs outstanding at March 31, 2022 and 2021 was $277 million and $71 million, respectively. At March 31, 2022 and 2021, the weighted average remaining contractual life was 4.3 years and 4.0 years, respectively. (3) The total intrinsic value of stock options/SARs vested or expected to vest at March 31, 2022 and 2021 was $260 million and $66 million, respectively. At March 31, 2022 and 2021, the weighted average remaining contractual life was 4.3 years and 4.0 years, respectively. (4) The total intrinsic value of stock options/SARs exercisable at March 31, 2022 and 2021 was $82 million and $3 million, respectively. At March 31, 2022 and 2021, the weighted average remaining contractual life was 2.9 years and 3.0 years, respectively. |
Restricted Stock and Restricted Stock Unit Transactions | The following table sets forth restricted stock and restricted stock unit transactions for the three-month periods ended March 31, 2022 and 2021 (shares and units in thousands): Three Months Ended Three Months Ended Number of Weighted Number of Weighted Outstanding at January 1 4,680 $ 69.37 4,742 $ 74.97 Granted 14 110.66 12 60.27 Released (1) (699) 93.37 (430) 90.27 Forfeited (51) 66.77 (25) 71.16 Outstanding at March 31 (2) 3,944 $ 65.30 4,299 $ 73.42 (1) The total intrinsic value of restricted stock and restricted stock units released during the three months ended March 31, 2022 and 2021 was $81 million and $31 million, respectively. The intrinsic value is based upon the closing price of EOG's common stock on the date the restricted stock and restricted stock units are released. (2) The total intrinsic value of restricted stock and restricted stock units outstanding at March 31, 2022 and 2021 was $470 million and $312 million, respectively. |
Performance Award Transactions | The following table sets forth the Performance Unit transactions for the three-month periods ended March 31, 2022 and 2021 (units in thousands): Three Months Ended Three Months Ended Number of Weighted Number of Weighted Outstanding at January 1 679 $ 84.97 613 $ 88.38 Granted — — 8 49.86 Granted for Performance Multiple (1) — — 19 96.29 Released (2) (57) 136.74 (98) 96.29 Forfeited for Performance Multiple (3) (56) 136.74 — — Outstanding at March 31 (4) 566 (5) $ 74.60 542 $ 76.18 (1) Upon completion of the Performance Period for the Performance Units granted in 2017, a performance multiple of 125% was applied to the grants resulting in an additional grant of Performance Units in February 2021. (2) The total intrinsic value of Performance Units released was $7 million and $6 million for the three months ended March 31, 2022 and 2021, respectively. The intrinsic value is based upon the closing price of EOG's common stock on the date the Performance Units are released. (3) Upon completion of the Performance Period for the Performance Units granted in 2018, a performance multiple of 50% was applied to the grants resulting in a forfeiture of Performance Units in February 2022. (4) The total intrinsic value of Performance Units outstanding at March 31, 2022 and 2021 was approximately $67 million and $39 million, respectively. |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Computation of Net Income Per Share | The following table sets forth the computation of Net Income Per Share for the three-month periods ended March 31, 2022 and 2021 (in millions, except per share data): Three Months Ended 2022 2021 Numerator for Basic and Diluted Earnings Per Share - Net Income $ 390 $ 677 Denominator for Basic Earnings Per Share - Weighted Average Shares 582 580 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 586 583 Net Income Per Share Basic $ 0.67 $ 1.17 Diluted $ 0.67 $ 1.16 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Supplemental Cash Flow Information [Abstract] | |
Net Cash Paid For Interest and Income Taxes | Net cash paid for interest and income taxes was as follows for the three-month periods ended March 31, 2022 and 2021 (in millions): Three Months Ended 2022 2021 Interest (1) $ 32 $ 49 Income Taxes, Net of Refunds Received $ 46 $ 20 (1) Net of capitalized interest of $8 million for both the three months ended March 31, 2022 and 2021. |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Selected Financial Information by Reportable Segment | Selected financial information by reportable segment is presented below for the three-month periods ended March 31, 2022 and 2021 (in millions): Three Months Ended 2022 2021 Operating Revenues and Other United States $ 3,914 $ 3,606 Trinidad 69 76 Other International (1) — 12 Total $ 3,983 $ 3,694 Operating Income United States $ 519 $ 890 Trinidad 34 43 Other International (1) (7) (1) Total 546 932 Reconciling Items Other Expense, Net (1) (4) Interest Expense, Net (48) (47) Income Before Income Taxes $ 497 $ 881 (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 exploration programs in Australia in the third quarter of 2021 and in Oman in the third quarter of 2020. The decision was reached in the fourth quarter of 2021 to exit Block 36 and Block 49 in Oman. |
Assets by Reportable Segment | Total assets by reportable segment are presented below at March 31, 2022 and December 31, 2021 (in millions): At March 31, 2022 At December 31, 2021 Total Assets United States $ 37,275 $ 37,436 Trinidad 676 637 Other International (1) 146 163 Total $ 38,097 $ 38,236 (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 exploration programs in Australia in the third quarter of 2021 and in Oman in the third quarter of 2020. The decision was reached in the fourth quarter of 2021 to exit Block 36 and Block 49 in Oman. |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Asset Retirement Obligation [Abstract] | |
Asset Retirement Obligation Rollforward Analysis | The following table presents the reconciliation of the beginning and ending aggregate carrying amounts of short-term and long-term legal obligations associated with the retirement of property, plant and equipment for the three-month periods ended March 31, 2022 and 2021 (in millions): Three Months Ended 2022 2021 Carrying Amount at January 1 $ 1,231 $ 1,217 Liabilities Incurred 20 12 Liabilities Settled (1) (131) (5) Accretion 11 11 Revisions 2 2 Carrying Amount at March 31 $ 1,133 $ 1,237 Current Portion $ 41 $ 49 Noncurrent Portion $ 1,092 $ 1,188 (1) Includes settlements related to asset sales. |
Exploratory Well Costs (Tables)
Exploratory Well Costs (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Capitalized Exploratory Well Costs [Abstract] | |
Net Changes In Capitalized Exploratory Well Costs | EOG's net changes in capitalized exploratory well costs for the three-month period ended March 31, 2022, are presented below (in millions): Three Months Ended Balance at January 1 $ 7 Additions Pending the Determination of Proved Reserves 16 Reclassifications to Proved Properties (12) Costs Charged to Expense (1) (1) Balance at March 31 $ 10 (1) Includes capitalized exploratory well costs charged to either dry hole costs or impairments. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Assets and Liabilities Measured On Recurring Basis | The following table provides fair value measurement information within the fair value hierarchy for certain of EOG's financial assets and liabilities carried at fair value on a recurring basis at March 31, 2022 and December 31, 2021 (in millions): Fair Value Measurements Using: Quoted Significant Significant Total At March 31, 2022 Financial Assets: Natural Gas Basis Swaps $ — $ 23 $ — $ 23 Financial Liabilities: Crude Oil Swaps — 1,663 — 1,663 Natural Gas Swaps — 1,091 — 1,091 Crude Oil Roll Differential Swaps — 54 — 54 At December 31, 2021 Financial Assets: Natural Gas Swaps $ — $ 29 $ — $ 29 Natural Gas Basis Swaps — 2 — 2 Crude Oil Swaps — 15 — 15 Financial Liabilities: Crude Oil Roll Differential Swaps — 24 — 24 Natural Gas Swaps — 121 — 121 Crude Oil Swaps — 340 — 340 Natural Gas Basis Swaps — 1 — 1 |
Risk Management Activities (Tab
Risk Management Activities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 commodity derivative instruments at March 31, 2022 and December 31, 2021. 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 March 31, 2022 December 31, 2021 Asset Derivatives Crude oil and natural gas derivative contracts - Noncurrent Portion Other Assets (1) $ — $ 6 Liability Derivatives Crude oil and natural gas derivative contracts - Current portion Liabilities from Price Risk Management Activities (2) 260 269 Noncurrent portion Other Liabilities (3) 110 37 (1) The noncurrent portion of Assets from Price Risk Management Activities consists of gross assets of $7 million, partially offset by gross liabilities of $1 million, at December 31, 2021. (2) The current portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $1,948 million, partially offset by gross assets of $13 million and collateral posted with counterparties of $1,675 million at March 31, 2022. The current portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $421 million, partially offset by gross assets of $29 million and collateral posted with counterparties of $123 million, at December 31, 2021. (3) The noncurrent portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $860 million, partially offset by gross assets of $10 million and collateral posted with counterparties of $740 million at March 31, 2022. The noncurrent portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $64 million, partially offset by gross assets of $10 million and collateral posted with counterparties of $17 million, at December 31, 2021. |
Crude Oil | Price Swaps | |
Derivatives, Fair Value [Line Items] | |
Schedule of Derivative Instruments | Presented below is a comprehensive summary of EOG's financial commodity derivative contracts settled during the three-month period ended March 31, 2022 (closed) and outstanding as of March 31, 2022. Crude oil volumes are presented in thousand barrels per day (MBbld) and prices are presented in dollars per barrel ($/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 Contracts Purchased Period Settlement Index Volume Weighted Average Price Volume (MBbld) Weighted Average Price January - March 2022 (closed) New York Mercantile Exchange (NYMEX) West Texas Intermediate (WTI) 140 $ 65.58 — $ — April - June 2022 NYMEX WTI 140 65.62 — — July - September 2022 NYMEX WTI 140 65.59 — — October - December 2022 NYMEX WTI 140 65.68 78 88.73 January - March 2023 NYMEX WTI 150 67.92 — — April - June 2023 NYMEX WTI 120 67.79 — — July - September 2023 NYMEX WTI 100 70.15 — — October - December 2023 NYMEX WTI 69 69.41 — — |
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 January - April 2022 (closed) NYMEX WTI Roll Differential (1) 125 $ 0.15 May - 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 | |
Derivatives, Fair Value [Line Items] | |
Schedule of Derivative Instruments | Natural Gas Financial Price Swap Contracts Contracts Sold Period Settlement Index Volume Weighted Average Price January - April 2022 (closed) NYMEX Henry Hub 725 $ 3.57 May - December 2022 NYMEX Henry Hub 725 3.57 January - December 2023 NYMEX Henry Hub 725 3.18 January - December 2024 NYMEX Henry Hub 725 3.07 January - December 2025 NYMEX Henry Hub 725 3.07 |
Natural Gas | Basis Swaps | |
Derivatives, Fair Value [Line Items] | |
Schedule of Derivative Instruments | Natural Gas Basis Swap Contracts Contracts Sold Period Settlement Index Volume Weighted Average Price Differential January - March 2022 (closed) NYMEX Henry Hub Houston Ship Channel (HSC) Differential (1) 210 $ (0.01) April - December 2022 NYMEX Henry Hub HSC Differential (1) 210 (0.01) January - December 2023 NYMEX Henry Hub HSC Differential (1) 135 (0.01) January - December 2024 NYMEX Henry Hub HSC Differential (1) 10 0.00 January - December 2025 NYMEX Henry Hub HSC Differential (1) 10 0.00 (1) This settlement index is used to fix the differential between pricing at the Houston Ship Channel and NYMEX Henry Hub prices. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Details) $ in Billions | Mar. 31, 2022USD ($) |
Revolving Credit Agreement (New Facility) [Member] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 2 |
Stock-Based Payments (Details)
Stock-Based Payments (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||||
Mar. 31, 2022 | Mar. 31, 2021 | ||||
Stock Options/SARs, Employee Stock Purchase Plan (ESPP), Restricted Stock and Restricted Stock Units and Performance Units Disclosures [Line Items] | |||||
Stock-Based Compensation Expenses | $ 35 | $ 35 | |||
Common Shares Available for Grant | 18,000,000 | ||||
Aggregate Maximum of Common Shares | 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 | $ 8 | $ 10 | |||
Unrecognized compensation expense | $ 54 | ||||
Weighted average period over which unrecognized compensation expense will be recognized (in years) | 1 year 10 months 24 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) | $ 28.30 | $ 17.03 | |||
Expected Volatility (in hundredths) | 42.20% | 47.18% | |||
Risk-Free Interest Rate (in hundredths) | 0.89% | 0.28% | |||
Dividend Yield (in hundredths) | 3.28% | 3.25% | |||
Expected Life (in years) | 5 years 3 months 18 days | 5 years 2 months 12 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||||
Outstanding at January 1 (in shares) | 9,969,000 | 10,186,000 | |||
Granted (in shares) | 2,000 | 7,000 | |||
Exercised (1) (in shares) | [1] | (2,324,000) | (26,000) | ||
Forfeited (in shares) | (81,000) | (103,000) | |||
Outstanding at March 31 (2) | [2] | 7,566,000 | 10,064,000 | ||
Stock Options and SARs Vested or Expected to Vest (3) (in shares) | [3] | 7,256,000 | 9,749,000 | ||
Stock Options and SARs Exercisable at March 31 (4) (in shares) | [4] | 3,886,000 | 6,288,000 | ||
Intrinsic Value of Stock Options/SARs Exercised | [1] | $ 62 | $ 0.2 | ||
Intrinsic Value of Stock Options/SARs Outstanding | [2] | $ 277 | $ 71 | ||
Weighted Average Remaining Contractual Life for Stock Options/SARs Outstanding (in years) | [2] | 4 years 3 months 18 days | 4 years | ||
Intrinsic Value of Stock Options/SARs Vested or Expected to Vest | [3] | $ 260 | $ 66 | ||
Weighted average remaining contractual life for stock options/SARs vested or expected to vest (in years) | [3] | 4 years 3 months 18 days | 4 years | ||
Aggregate Intrinsic Value for Exercisable Units | [4] | $ 82 | $ 3 | ||
Weighted average remaining contractual life for exercisable options/SARs (in years) | [4] | 2 years 10 months 24 days | 3 years | ||
Weighted Average Grant Price Stock Option and SARs [Rollforward] | |||||
Outstanding at January 1 (price per share) | $ 84.37 | $ 84.08 | |||
Granted (price per share) | 97.64 | 53.98 | |||
Exercised (1) (price per share) | [1] | 84.63 | 63.25 | ||
Forfeited (price per share) | 85.86 | 89.21 | |||
Outstanding at March 31 (2) (price per share) | [2] | 84.28 | 84.06 | ||
Vested or Expected to Vest (3) (price per share) | [3] | 85.05 | 84.74 | ||
Exercisable at March 31 (4) (price per share) | [4] | 101.26 | 96.47 | ||
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) | $ 23.07 | $ 14.69 | |||
Expected Volatility (in hundredths) | 39.72% | 54.99% | |||
Risk-Free Interest Rate (in hundredths) | 0.22% | 0.09% | |||
Dividend Yield (in hundredths) | 3.32% | 3.41% | |||
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 | $ 172 | ||||
Weighted average period over which unrecognized compensation expense will be recognized (in years) | 1 year 6 months | ||||
Share-Based Compensation Arrangement By Restricted Stock And Restricted Stock Units Compensation Cost | $ 25 | $ 24 | |||
Restricted Stock/Restricted Stock Units and Performance Units [Roll Forward] | |||||
Outstanding at January 1 (in shares) | 4,680,000 | 4,742,000 | |||
Granted (in shares) | 14,000 | 12,000 | |||
Released (2) (in shares) | [5] | (699,000) | (430,000) | ||
Forfeited for Performance Multiple (3) (in shares) | (51,000) | (25,000) | |||
Outstanding at March 31 (4) | [6] | 3,944,000 | 4,299,000 | ||
Intrinsic value released during the year | [5] | $ 81 | $ 31 | ||
Aggregate intrinsic value of stock and units outstanding | [6] | $ 470 | $ 312 | ||
Weighted Average Grant Price Restricted Stock and Restricted Stock Units [Roll Forward] | |||||
Outstanding at January 1 (price per share) | $ 69.37 | $ 74.97 | |||
Granted (price per share) | 110.66 | 60.27 | |||
Released (2) (price per share) | [5] | 93.37 | 90.27 | ||
Forfeited (price per share) | 66.77 | 71.16 | |||
Outstanding at March 31 (3) (price per share) | [6] | $ 65.30 | $ 73.42 | ||
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 | $ 2 | $ 1 | |||
Unrecognized compensation expense | $ 11 | ||||
Weighted average period over which unrecognized compensation expense will be recognized (in years) | 1 year 10 months 24 days | ||||
Restricted Stock/Restricted Stock Units and Performance Units [Roll Forward] | |||||
Outstanding at January 1 (in shares) | 679,000 | 613,000 | |||
Granted (in shares) | 0 | 8,000 | |||
Granted for Performance Multiple (1) (in shares) | [7] | 0 | 19,000 | ||
Released (2) (in shares) | [8] | (57,000) | (98,000) | ||
Forfeited for Performance Multiple (3) (in shares) | [9] | (56,000) | 0 | ||
Outstanding at March 31 (4) | [10] | 566,000 | [11] | 542,000 | |
Intrinsic value released during the year | [8] | $ 7 | $ 6 | ||
Aggregate intrinsic value of stock and units outstanding | [10] | $ 67 | $ 39 | ||
Weighted Average Grant Price Restricted Stock and Restricted Stock Units [Roll Forward] | |||||
Outstanding at January 1 (price per share) | $ 84.97 | $ 88.38 | |||
Granted (price per share) | 0 | 49.86 | |||
Granted for Performance Multiple (1) (in dollars per share) | [7] | 0 | 96.29 | ||
Released (2) (price per share) | [8] | 136.74 | 96.29 | ||
Forfeited (price per share) | [9] | 136.74 | 0 | ||
Outstanding at March 31 (3) (price per share) | [10] | $ 74.60 | $ 76.18 | ||
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 | 50.00% | [9] | 125.00% | [7] | |
Minimum Performance Units and Stock Allowed to be Outstanding (in shares) | [11] | 0 | |||
Maximum Performance Units Allowed to be Outstanding (in shares) | [11] | 1,132 | |||
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 | $ 13 | $ 14 | |||
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 | 0 | |||
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 | 6 | |||
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 | $ 16 | $ 15 | |||
[1] | The total intrinsic value of stock options/SARs exercised during the three months ended March 31, 2022 and 2021 was $62 million and $0.2 million, respectively. The intrinsic value is based upon the difference between the market price of EOG's common stock on the date of exercise and the exercise price of the stock options/SARs. | ||||
[2] | The total intrinsic value of stock options/SARs outstanding at March 31, 2022 and 2021 was $277 million and $71 million, respectively. At March 31, 2022 and 2021, the weighted average remaining contractual life was 4.3 years and 4.0 years, respectively. | ||||
[3] | The total intrinsic value of stock options/SARs vested or expected to vest at March 31, 2022 and 2021 was $260 million and $66 million, respectively. At March 31, 2022 and 2021, the weighted average remaining contractual life was 4.3 years and 4.0 years, respectively. | ||||
[4] | The total intrinsic value of stock options/SARs exercisable at March 31, 2022 and 2021 was $82 million and $3 million, respectively. At March 31, 2022 and 2021, the weighted average remaining contractual life was 2.9 years and 3.0 years, respectively. | ||||
[5] | The total intrinsic value of restricted stock and restricted stock units released during the three months ended March 31, 2022 and 2021 was $81 million and $31 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 March 31, 2022 and 2021 was $470 million and $312 million, respectively. | ||||
[7] | Upon completion of the Performance Period for the Performance Units granted in 2017, a performance multiple of 125% was applied to the grants resulting in an additional grant of Performance Units in February 2021. | ||||
[8] | The total intrinsic value of Performance Units released was $7 million and $6 million for the three months ended March 31, 2022 and 2021, respectively. The intrinsic value is based upon the closing price of EOG's common stock on the date the Performance Units are released. | ||||
[9] | Upon completion of the Performance Period for the Performance Units granted in 2018, a performance multiple of 50% was applied to the grants resulting in a forfeiture of Performance Units in February 2022. | ||||
[10] | The total intrinsic value of Performance Units outstanding at March 31, 2022 and 2021 was approximately $67 million and $39 million, respectively. | ||||
[11] | Upon the application of the relevant performance multiple at the completion of each of the remaining Performance Periods, a minimum of zero and a maximum of 1,132 Performance Units could be outstanding. |
Net Income Per Share (Details)
Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Numerator for Basic and Diluted Earnings Per Share - [Abstract] | ||
Net Income | $ 390 | $ 677 |
Denominator for Basic Earnings Per Share - [Abstract] | ||
Weighted Average Shares | 582 | 580 |
Denominator for Diluted Earnings Per Share - [Abstract] | ||
Adjusted Diluted Weighted Average Shares | 586 | 583 |
Net Income Per Share | ||
Basic | $ 0.67 | $ 1.17 |
Diluted | $ 0.67 | $ 1.16 |
Stock Options/SARs/ESPP | ||
Potential Dilutive Common Shares - [Abstract] | ||
Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangments | 1 | 1 |
Net Income Per Share | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2 | 8 |
Restricted Stock/Units and Performance Units | ||
Potential Dilutive Common Shares - [Abstract] | ||
Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangments | 3 | 2 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Supplemental Cash Flow Information [Abstract] | |||
Interest (1) | [1] | $ 32 | $ 49 |
Income Taxes, Net of Refunds Received | 46 | 20 | |
Interest Costs Capitalized | 8 | 8 | |
Accrued Capital Expenditures | 528 | 436 | |
Non-Cash Property Exchanges | 63 | 25 | |
Noncash Additions To Other Property, Plant and Equipment | $ 74 | ||
Collateral Posted On Derivative | $ 2,275 | ||
[1] | Net of capitalized interest of $8 million for both the three months ended March 31, 2022 and 2021. |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | ||
Schedule of Segment Reporting Information By Segment [Abstract] | ||||
Operating Revenues and Other | $ 3,983 | $ 3,694 | ||
Operating Income | 546 | 932 | ||
Other Expense, Net | (1) | (4) | ||
Interest Expense, Net | (48) | (47) | ||
Income Before Income Taxes | 497 | 881 | ||
Total Assets | 38,097 | $ 38,236 | ||
United States | ||||
Schedule of Segment Reporting Information By Segment [Abstract] | ||||
Operating Revenues and Other | 3,914 | 3,606 | ||
Operating Income | 519 | 890 | ||
Total Assets | 37,275 | 37,436 | ||
Trinidad | ||||
Schedule of Segment Reporting Information By Segment [Abstract] | ||||
Operating Revenues and Other | 69 | 76 | ||
Operating Income | 34 | 43 | ||
Total Assets | 676 | 637 | ||
Other International | ||||
Schedule of Segment Reporting Information By Segment [Abstract] | ||||
Operating Revenues and Other | [1] | 0 | 12 | |
Operating Income | [1] | (7) | $ (1) | |
Total Assets | [2] | $ 146 | $ 163 | |
[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 exploration programs in Australia in the third quarter of 2021 and in Oman in the third quarter of 2020. The decision was reached in the fourth quarter of 2021 to exit Block 36 and Block 49 in Oman. | |||
[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 exploration programs in Australia in the third quarter of 2021 and in Oman in the third quarter of 2020. The decision was reached in the fourth quarter of 2021 to exit Block 36 and Block 49 in Oman. |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Asset Retirement Obligation [Abstract] | |||
Carrying Amount at January 1 | $ 1,231 | $ 1,217 | |
Liabilities Incurred | 20 | 12 | |
Liabilities Settled (1) | [1] | (131) | (5) |
Accretion | 11 | 11 | |
Revisions | 2 | 2 | |
Carrying Amount at March 31 | 1,133 | 1,237 | |
Current Portion | 41 | 49 | |
Noncurrent Portion | $ 1,092 | $ 1,188 | |
[1] | Includes settlements related to asset sales. |
Exploratory Well Costs (Details
Exploratory Well Costs (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2022USD ($) | ||
Capitalized Exploratory Well Costs that are Pending Determination of Proved Reserves [Roll Forward] | ||
Balance at January 1 | $ 7 | |
Additions Pending the Determination of Proved Reserves | 16 | |
Reclassifications to Proved Properties | (12) | |
Costs Charged to Expense (1) | (1) | [1] |
Balance at March 31 | $ 10 | |
[1] | Includes capitalized exploratory well costs charged to either dry hole costs or impairments. |
Pension and Postretirement Be_2
Pension and Postretirement Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Retirement Benefits [Abstract] | ||
Pension and Other Postretirement Benefits Cost | $ 12 | $ 12 |
Long-Term Debt and Common Sto_2
Long-Term Debt and Common Stock (Details) - USD ($) | May 05, 2022 | Feb. 24, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 |
Debt Instrument Table [Line Items] | |||||
Debt Instrument, Face Amount | $ 1,250,000,000 | ||||
Common Stock Dividends Declared (in dollars per share) | $ 0.75 | $ 1.75 | $ 0.4125 | ||
Special Cash Dividend Declared (in dollars per share) | $ 1 | ||||
Subsequent Event | |||||
Debt Instrument Table [Line Items] | |||||
Common Stock Dividends Declared (in dollars per share) | $ 0.75 | ||||
Special Cash Dividend Declared (in dollars per share) | $ 1.80 | ||||
Commercial Paper [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Current Borrowing Capacity | $ 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 | ||||
Line of Credit Facility, Expiration Date | Jun. 27, 2024 | ||||
Line Of Credit Facility Increase Additional Borrowings | $ 3,000,000,000 | ||||
Maximum Total Debt To Total Capitalization Ratio Allowed Under Financial Covenant | 65.00% | ||||
Borrowings Outstanding | $ 0 | $ 0 | |||
Eurodollar [Member] | Revolving Credit Agreement (New Facility) [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Weighted average interest rate (in hundredths) | 1.35% | ||||
Base Rate [Member] | Revolving Credit Agreement (New Facility) [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Weighted average interest rate (in hundredths) | 3.50% | ||||
2.625% Senior Notes Due 2023 | |||||
Debt Instrument Table [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 2.625% |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Disclosure [Abstract] | ||
Aggregate Principal Amount of Current and Long-Term Debt | $ 4,890 | $ 4,890 |
Estimated Fair Value of Debt | 5,221 | 5,577 |
Commodity Contract [Member] | Crude Oil | Price Swaps | ||
Financial Assets: [Abstract] | ||
Assets, Fair Value Disclosure | 15 | |
Financial Liabilities: | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 1,663 | 340 |
Commodity Contract [Member] | Crude Oil | Price Swaps | Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets: [Abstract] | ||
Assets, Fair Value Disclosure | 0 | |
Financial Liabilities: | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 |
Commodity Contract [Member] | Crude Oil | Price Swaps | Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets: [Abstract] | ||
Assets, Fair Value Disclosure | 15 | |
Financial Liabilities: | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 1,663 | 340 |
Commodity Contract [Member] | Crude Oil | Price Swaps | Fair Value, Inputs, Level 3 [Member] | ||
Financial Assets: [Abstract] | ||
Assets, Fair Value Disclosure | 0 | |
Financial Liabilities: | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 |
Commodity Contract [Member] | Crude Oil | Roll Differential Swap | ||
Financial Liabilities: | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 54 | 24 |
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 | 54 | 24 |
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 | Basis Swaps | ||
Financial Assets: [Abstract] | ||
Assets, Fair Value Disclosure | 23 | 2 |
Financial Liabilities: | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 1 | |
Commodity Contract [Member] | Natural Gas | Basis 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 | Basis Swaps | Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets: [Abstract] | ||
Assets, Fair Value Disclosure | 23 | 2 |
Financial Liabilities: | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 1 | |
Commodity Contract [Member] | Natural Gas | Basis 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 | |
Commodity Contract [Member] | Natural Gas | Price Swaps | ||
Financial Assets: [Abstract] | ||
Assets, Fair Value Disclosure | 29 | |
Financial Liabilities: | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 1,091 | 121 |
Commodity Contract [Member] | Natural Gas | Price Swaps | Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets: [Abstract] | ||
Assets, Fair Value Disclosure | 0 | |
Financial Liabilities: | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 |
Commodity Contract [Member] | Natural Gas | Price Swaps | Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets: [Abstract] | ||
Assets, Fair Value Disclosure | 29 | |
Financial Liabilities: | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 1,091 | 121 |
Commodity Contract [Member] | Natural Gas | Price Swaps | Fair Value, Inputs, Level 3 [Member] | ||
Financial Assets: [Abstract] | ||
Assets, Fair Value Disclosure | 0 | |
Financial Liabilities: | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 0 | $ 0 |
Risk Management Activities (Det
Risk Management Activities (Details) | 3 Months Ended | |||
Mar. 31, 2022USD ($)BTU$ / bblbbl | May 04, 2022USD ($) | Dec. 31, 2021USD ($) | ||
Derivatives, Fair Value [Line Items] | ||||
Liabilities from Price Risk Management Activities | $ | $ 260,000,000 | $ 269,000,000 | ||
Derivative Collateral [Abstract] | ||||
Collateral Posted On Derivative | $ | 2,275,000,000 | |||
Collateral Already Posted On Derivative | $ | 2,415,000,000 | 140,000,000 | ||
Collateral Held on Derivative | $ | 0 | 0 | ||
Subsequent Event | ||||
Derivative Collateral [Abstract] | ||||
Collateral Already Posted On Derivative | $ | $ 2,900,000,000 | |||
Assets From Price Risk Management Activities | Price Risk Derivative | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | $ | [1] | 7,000,000 | ||
Derivative Liability, Fair Value, Gross Liability | $ | [1] | 1,000,000 | ||
Other Assets | Price Risk Derivative | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Noncurrent | $ | [1] | 0 | 6,000,000 | |
Liabilities From Price Risk Management Activities | Price Risk Derivative | ||||
Derivatives, Fair Value [Line Items] | ||||
Liabilities from Price Risk Management Activities | $ | [2] | 260,000,000 | 269,000,000 | |
Derivative Asset, Fair Value, Gross Asset | $ | [2] | 13,000,000 | 29,000,000 | |
Derivative Liability, Fair Value, Gross Liability | $ | [2] | 1,948,000,000 | 421,000,000 | |
Derivative Collateral [Abstract] | ||||
Collateral Posted On Derivative | $ | [2] | 1,675,000,000 | 123,000,000 | |
Other Liabilities | Price Risk Derivative | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Noncurrent | $ | [3] | 110,000,000 | 37,000,000 | |
Derivative Asset, Fair Value, Gross Asset | $ | [3] | 10,000,000 | 10,000,000 | |
Derivative Liability, Fair Value, Gross Liability | $ | [3] | 860,000,000 | 64,000,000 | |
Derivative Collateral [Abstract] | ||||
Collateral Posted On Derivative | $ | [3] | $ 740,000,000 | $ 17,000,000 | |
Crude Oil | Derivative Contracts - January through March (closed) | Price Swaps | ||||
Derivatives, Fair Value [Line Items] | ||||
Volume (Bbld) | bbl | 140 | |||
Weighted Average Price | 65.58 | |||
Crude Oil | Offsetting Derivative Contracts - January through March (closed) | Price Swaps | ||||
Derivatives, Fair Value [Line Items] | ||||
Volume (Bbld) | bbl | 0 | |||
Weighted Average Price | 0 | |||
Crude Oil | Derivative Contracts - April through June | Price Swaps | ||||
Derivatives, Fair Value [Line Items] | ||||
Volume (Bbld) | bbl | 140 | |||
Weighted Average Price | 65.62 | |||
Crude Oil | Offsetting Derivative Contracts - April through June | Price Swaps | ||||
Derivatives, Fair Value [Line Items] | ||||
Volume (Bbld) | bbl | 0 | |||
Weighted Average Price | 0 | |||
Crude Oil | Derivative Contracts - July through September | Price Swaps | ||||
Derivatives, Fair Value [Line Items] | ||||
Volume (Bbld) | bbl | 140 | |||
Weighted Average Price | 65.59 | |||
Crude Oil | OffSetting Derivative Contracts - July through September | Price Swaps | ||||
Derivatives, Fair Value [Line Items] | ||||
Volume (Bbld) | bbl | 0 | |||
Weighted Average Price | 0 | |||
Crude Oil | Derivative Contracts - October through December | Price Swaps | ||||
Derivatives, Fair Value [Line Items] | ||||
Volume (Bbld) | bbl | 140 | |||
Weighted Average Price | 65.68 | |||
Crude Oil | OffSetting Derivative Contracts - October and December | Price Swaps | ||||
Derivatives, Fair Value [Line Items] | ||||
Volume (Bbld) | bbl | 78 | |||
Weighted Average Price | 88.73 | |||
Crude Oil | Derivative Contracts - January through March - Year Two | Price Swaps | ||||
Derivatives, Fair Value [Line Items] | ||||
Volume (Bbld) | bbl | 150 | |||
Weighted Average Price | 67.92 | |||
Crude Oil | OffSetting Derivative Contracts - January through March - Year Two | Price Swaps | ||||
Derivatives, Fair Value [Line Items] | ||||
Volume (Bbld) | bbl | 0 | |||
Weighted Average Price | 0 | |||
Crude Oil | Derivative Contracts - April through June - Year Two | Price Swaps | ||||
Derivatives, Fair Value [Line Items] | ||||
Volume (Bbld) | bbl | 120 | |||
Weighted Average Price | 67.79 | |||
Crude Oil | Offsetting Derivative Contracts - April through June - Year Two | Price Swaps | ||||
Derivatives, Fair Value [Line Items] | ||||
Volume (Bbld) | bbl | 0 | |||
Weighted Average Price | 0 | |||
Crude Oil | Derivative Contracts - July through September - Year Two | Price Swaps | ||||
Derivatives, Fair Value [Line Items] | ||||
Volume (Bbld) | bbl | 100 | |||
Weighted Average Price | 70.15 | |||
Crude Oil | Offsetting Derivative Contracts - July through September - Year Two | Price Swaps | ||||
Derivatives, Fair Value [Line Items] | ||||
Volume (Bbld) | bbl | 0 | |||
Weighted Average Price | 0 | |||
Crude Oil | Derivative Contracts - October through December - Year Two | Price Swaps | ||||
Derivatives, Fair Value [Line Items] | ||||
Volume (Bbld) | bbl | 69 | |||
Weighted Average Price | 69.41 | |||
Crude Oil | Offsetting Derivative Contracts - October through December - Year Two | Price Swaps | ||||
Derivatives, Fair Value [Line Items] | ||||
Volume (Bbld) | bbl | 0 | |||
Weighted Average Price | 0 | |||
Crude Oil | Derivative Contracts - January through April (closed) | Roll Differential Swap | ||||
Derivatives, Fair Value [Line Items] | ||||
Volume (Bbld) | bbl | [4] | 125 | ||
Weighted Average Price | [4] | 0.15 | ||
Crude Oil | Derivative Contracts - May through December | Roll Differential Swap | ||||
Derivatives, Fair Value [Line Items] | ||||
Volume (Bbld) | bbl | [4] | 125 | ||
Weighted Average Price | [4] | 0.15 | ||
Natural Gas | Derivative Contracts - January through March (closed) | Basis Swaps | ||||
Derivatives, Fair Value [Line Items] | ||||
Volume (MMBtud) | BTU | [5] | 210 | ||
Weighted Average Price | [5] | (0.01) | ||
Natural Gas | Derivative Contracts - January through April (closed) | Price Swaps | ||||
Derivatives, Fair Value [Line Items] | ||||
Volume (MMBtud) | BTU | 725 | |||
Weighted Average Price | 3.57 | |||
Natural Gas | Derivative Contracts - May through December | Price Swaps | ||||
Derivatives, Fair Value [Line Items] | ||||
Volume (MMBtud) | BTU | 725 | |||
Weighted Average Price | 3.57 | |||
Natural Gas | Derivative Contracts - April through December | Basis Swaps | ||||
Derivatives, Fair Value [Line Items] | ||||
Volume (MMBtud) | BTU | [5] | 210 | ||
Weighted Average Price | [5] | (0.01) | ||
Natural Gas | Derivative Contracts - Year Two | Price Swaps | ||||
Derivatives, Fair Value [Line Items] | ||||
Volume (MMBtud) | BTU | 725 | |||
Weighted Average Price | 3.18 | |||
Natural Gas | Derivative Contracts - Year Two | Basis Swaps | ||||
Derivatives, Fair Value [Line Items] | ||||
Volume (MMBtud) | BTU | [5] | 135 | ||
Weighted Average Price | [5] | (0.01) | ||
Natural Gas | Derivative Contracts - Year Three | Price Swaps | ||||
Derivatives, Fair Value [Line Items] | ||||
Volume (MMBtud) | BTU | 725 | |||
Weighted Average Price | 3.07 | |||
Natural Gas | Derivative Contracts - Year Three | Basis Swaps | ||||
Derivatives, Fair Value [Line Items] | ||||
Volume (MMBtud) | BTU | [5] | 10 | ||
Weighted Average Price | [5] | 0 | ||
Natural Gas | Derivative Contracts - Year Four | Price Swaps | ||||
Derivatives, Fair Value [Line Items] | ||||
Volume (MMBtud) | BTU | 725 | |||
Weighted Average Price | 3.07 | |||
Natural Gas | Derivative Contracts - Year Four | Basis Swaps | ||||
Derivatives, Fair Value [Line Items] | ||||
Volume (MMBtud) | BTU | [5] | 10 | ||
Weighted Average Price | [5] | 0 | ||
[1] | The noncurrent portion of Assets from Price Risk Management Activities consists of gross assets of $7 million, partially offset by gross liabilities of $1 million, at December 31, 2021. | |||
[2] | The current portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $1,948 million, partially offset by gross assets of $13 million and collateral posted with counterparties of $1,675 million at March 31, 2022. The current portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $421 million, partially offset by gross assets of $29 million and collateral posted with counterparties of $123 million, at December 31, 2021. | |||
[3] | The noncurrent portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $860 million, partially offset by gross assets of $10 million and collateral posted with counterparties of $740 million at March 31, 2022. The noncurrent portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $64 million, partially offset by gross assets of $10 million and collateral posted with counterparties of $17 million, at December 31, 2021. | |||
[4] | This settlement index is used to fix the differential in pricing between the NYMEX calendar month average and the physical crude oil delivery month. | |||
[5] | This settlement index is used to fix the differential between pricing at the Houston Ship Channel and NYMEX Henry Hub prices. |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | ||
Payments to Acquire Oil and Gas Property | $ 6 | |
Gains (Losses) on Asset Dispositions, Net | $ 25 | (6) |
Proceeds on Asset Dispositions | $ 121 | $ 5 |