EOG Resources (EOG) 10-Q 4 Aug 22 2022 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2022	Jul. 28, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	1-9743
Entity Registrant Name	EOG RESOURCES, INC.
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		586,044,522
Entity Central Index Key	0000821189
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating Revenues and Other
Total	$ 7,407	$ 4,139	$ 11,390	$ 7,833
Operating Expenses
Lease and Well	324	270	642	540
Transportation Costs	244	214	472	416
Gathering and Processing Costs	152	128	296	267
Exploration Costs	35	35	80	68
Dry Hole Costs	20	13	23	24
Impairments	91	44	146	88
Marketing Costs	2,127	991	3,410	1,829
Depreciation, Depletion and Amortization	911	914	1,758	1,814
General and Administrative	128	120	252	230
Taxes Other Than Income	472	239	862	454
Total	4,504	2,968	7,941	5,730
Operating Income	2,903	1,171	3,449	2,103
Other Income (Expense), Net	27	(2)	26	(6)
Income Before Interest Expense and Income Taxes	2,930	1,169	3,475	2,097
Interest Expense, Net	48	45	96	92
Income Before Income Taxes	2,882	1,124	3,379	2,005
Income Tax Provision	644	217	751	421
Net Income	$ 2,238	$ 907	$ 2,628	$ 1,584
Net Income Per Share
Basic (in USD per share)	$ 3.84	$ 1.56	$ 4.52	$ 2.73
Diluted (in USD per share)	$ 3.81	$ 1.55	$ 4.48	$ 2.72
Average Number of Common Shares
Basic (in shares)	583	580	582	580
Diluted (in shares)	588	584	587	583
Comprehensive Income
Net Income	$ 2,238	$ 907	$ 2,628	$ 1,584
Other Comprehensive Income (Loss)
Foreign Currency Translation Adjustments	2	(1)	1	(3)
Other, Net of Tax	(1)	0	(1)	0
Other Comprehensive Income (Loss)	1	(1)	0	(3)
Comprehensive Income	2,239	906	2,628	1,581
Crude Oil and Condensate
Operating Revenues and Other
Revenue from contract with customer	4,699	2,699	8,588	4,950
Natural Gas Liquids
Operating Revenues and Other
Revenue from contract with customer	777	367	1,458	681
Natural Gas
Operating Revenues and Other
Revenue from contract with customer	1,000	404	1,716	1,029
Losses on Mark-to-Market Financial Commodity Derivative Contracts
Operating Revenues and Other
Revenue not from contract with customer	(1,377)	(427)	(4,197)	(794)
Gathering, Processing and Marketing
Operating Revenues and Other
Revenue from contract with customer	2,169	1,022	3,638	1,870
Gains on Asset Dispositions, Net
Operating Revenues and Other
Revenue not from contract with customer	97	51	122	45
Other, Net
Operating Revenues and Other
Revenue not from contract with customer	$ 42	$ 23	$ 65	$ 52

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Current Assets
Cash and Cash Equivalents	$ 3,073	$ 5,209
Accounts Receivable, Net	3,735	2,335
Inventories	739	584
Assets from Price Risk Management Activities	1	0
Other	605	456
Total	8,153	8,584
Property, Plant and Equipment
Oil and Gas Properties (Successful Efforts Method)	66,098	67,644
Other Property, Plant and Equipment	4,862	4,753
Total Property, Plant and Equipment	70,960	72,397
Less:  Accumulated Depreciation, Depletion and Amortization	(42,113)	(43,971)
Total Property, Plant and Equipment, Net	28,847	28,426
Deferred Income Taxes	12	11
Other Assets	1,127	1,215
Total Assets	38,139	38,236
Current Liabilities
Accounts Payable	2,896	2,242
Accrued Taxes Payable	594	518
Dividends Payable	437	436
Liabilities from Price Risk Management Activities	79	269
Current Portion of Long-Term Debt	1,282	37
Current Portion of Operating Lease Liabilities	216	240
Other	264	300
Total	5,768	4,042
Long-Term Debt	3,809	5,072
Other Liabilities	2,067	2,193
Deferred Income Taxes	4,183	4,749
Commitments and Contingencies (Note 8)
Stockholders' Equity
Common Stock, $0.01 Par, 1,280,000,000 Shares Authorized and 586,391,670 Shares Issued at June 30, 2022 and 585,521,512 Shares Issued at December 31, 2021	206	206
Additional Paid in Capital	6,128	6,087
Accumulated Other Comprehensive Loss	(12)	(12)
Retained Earnings	16,028	15,919
Common Stock Held in Treasury, 344,705 Shares at June 30, 2022 and 257,268 Shares at December 31, 2021	(38)	(20)
Total Stockholders' Equity	22,312	22,180
Total Liabilities and Stockholders' Equity	$ 38,139	$ 38,236

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value (in USD 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)	586,391,670	585,521,512
Treasury stock, shares (in shares)	344,705	257,268

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Millions	Total	Common Stock	Additional Paid In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Common Stock Held In Treasury
Beginning Balance at Dec. 31, 2020	$ 20,302	$ 206	$ 5,945	$ (12)	$ 14,170	$ (7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	1,584				1,584
Common stock dividends declared	(1,065)				(1,065)
Other Comprehensive Income (Loss)	(3)			(3)
Common Stock Issued Under Stock Plans	9		9
Change in Treasury Stock - Stock Compensation Plans, Net	(12)		(2)			(10)
Restricted Stock and Restricted Stock Units, Net	0		(1)			1
Stock-Based Compensation Expenses	66		66
Treasury Stock Issued as Compensation	0
Ending Balance at Jun. 30, 2021	20,881	206	6,017	(15)	14,689	(16)
Beginning Balance at Mar. 31, 2021	20,762	206	5,979	(14)	14,606	(15)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	907				907
Common stock dividends declared	(824)				(824)
Other Comprehensive Income (Loss)	(1)			(1)
Common Stock Issued Under Stock Plans	9		9
Change in Treasury Stock - Stock Compensation Plans, Net	(3)		(2)			(1)
Restricted Stock and Restricted Stock Units, Net	0
Stock-Based Compensation Expenses	31		31
Treasury Stock Issued as Compensation	0
Ending Balance at Jun. 30, 2021	20,881	206	6,017	(15)	14,689	(16)
Beginning Balance at Dec. 31, 2021	22,180	206	6,087	(12)	15,919	(20)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	2,628				2,628
Common stock dividends declared	(2,519)				(2,519)
Other Comprehensive Income (Loss)	0			0
Common Stock Issued Under Stock Plans	13		13
Change in Treasury Stock - Stock Compensation Plans, Net	(55)		(35)			(20)
Restricted Stock and Restricted Stock Units, Net	0		(2)			2
Stock-Based Compensation Expenses	65		65
Treasury Stock Issued as Compensation	0
Ending Balance at Jun. 30, 2022	22,312	206	6,128	(12)	16,028	(38)
Beginning Balance at Mar. 31, 2022	21,540	206	6,095	(13)	15,283	(31)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	2,238				2,238
Common stock dividends declared	(1,493)				(1,493)
Other Comprehensive Income (Loss)	1			1
Common Stock Issued Under Stock Plans	13		13
Change in Treasury Stock - Stock Compensation Plans, Net	(17)		(11)			(6)
Restricted Stock and Restricted Stock Units, Net	0		1			(1)
Stock-Based Compensation Expenses	30		30
Treasury Stock Issued as Compensation	0
Ending Balance at Jun. 30, 2022	$ 22,312	$ 206	$ 6,128	$ (12)	$ 16,028	$ (38)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares			3 Months Ended		6 Months Ended
	May 05, 2022	Feb. 24, 2022	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Stockholders' Equity [Abstract]
Common stock dividends declared (in USD per share)	$ 0.75	$ 0.75	$ 2.55	$ 1.4125	$ 4.30	$ 1.825

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash Flows from Operating Activities
Net Income	$ 2,628	$ 1,584
Items Not Requiring (Providing) Cash
Depreciation, Depletion and Amortization	1,758	1,814
Impairments	146	88
Stock-Based Compensation Expenses	65	66
Deferred Income Taxes	(567)	(133)
Gains on Asset Dispositions, Net	(122)	(45)
Other, Net	(10)	13
Dry Hole Costs	23	24
Mark-to-Market Financial Commodity Derivative Contracts
Total Losses	4,197	794
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts	(2,410)	(223)
Other, Net	21	1
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable	(1,400)	(494)
Inventories	(171)	101
Accounts Payable	389	183
Accrued Taxes Payable	77	80
Other Assets	(142)	(222)
Other Liabilities	(1,817)	(57)
Changes in Components of Working Capital Associated with Investing Activities	211	(145)
Net Cash Provided by Operating Activities	2,876	3,429
Investing Cash Flows
Additions to Oil and Gas Properties	(2,288)	(1,843)
Additions to Other Property, Plant and Equipment	(145)	(97)
Proceeds from Sales of Assets	231	146
Other Investing Activities	(30)	0
Changes in Components of Working Capital Associated with Investing Activities	(211)	145
Net Cash Used in Investing Activities	(2,443)	(1,649)
Financing Cash Flows
Long-Term Debt Repayments	0	(750)
Dividends Paid	(2,509)	(458)
Treasury Stock Purchased	(58)	(12)
Proceeds from Stock Options Exercised and Employee Stock Purchase Plan	17	9
Repayment of Finance Lease Liabilities	(19)	(18)
Net Cash Used in Financing Activities	(2,569)	(1,229)
Effect of Exchange Rate Changes on Cash	0	0
Increase (Decrease) in Cash and Cash Equivalents	(2,136)	551
Cash and Cash Equivalents at Beginning of Period	5,209	3,329
Cash and Cash Equivalents at End of Period	$ 3,073	$ 3,880

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 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 Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 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 Six Months Ended 2022 2021 2022 2021 Lease and Well $ 10 $ 11 $ 23 $ 25 Gathering and Processing Costs 1 1 2 1 Exploration Costs 5 5 10 11 General and Administrative 14 14 30 29 Total $ 30 $ 31 $ 65 $ 66 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 June 30, 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 $9 million during the three months ended June 30, 2022 and 2021, respectively, and $17 million and $19 million during the six months ended June 30, 2022 and 2021, respectively. Weighted average fair values and valuation assumptions used to value stock option, SAR and ESPP grants during the six-month periods ended June 30, 2022 and 2021 are as follows: Stock Options/SARs ESPP Six Months Ended Six Months Ended 2022 2021 2022 2021 Weighted Average Fair Value of Grants $ 28.30 $ 20.73 $ 23.07 $ 14.69 Expected Volatility 42.20 % 46.40 % 39.72 % 54.99 % Risk-Free Interest Rate 0.89 % 0.36 % 0.22 % 0.09 % Dividend Yield 3.28 % 2.87 % 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 six-month periods ended June 30, 2022 and 2021 (stock options and SARs in thousands): Six Months Ended Six Months Ended Number of Weighted Number of Weighted Outstanding at January 1 9,969 $ 84.37 10,186 $ 84.08 Granted 2 97.64 14 64.97 Exercised (1) (3,928) 93.12 (239) 69.85 Forfeited (137) 87.54 (234) 91.54 Outstanding at June 30 (2) 5,906 $ 78.49 9,727 $ 84.23 Vested or Expected to Vest (3) 5,603 $ 79.15 9,421 $ 84.91 Exercisable at June 30 (4) 2,305 $ 97.46 6,023 $ 97.08 (1) The total intrinsic value of stock options/SARs exercised during the six months ended June 30, 2022 and 2021 was $108 million and $3 million, respectively. The intrinsic value is based upon the difference between the market price of EOG's common stock on the date of exercise and the exercise price of the stock options/SARs. (2) The total intrinsic value of stock options/SARs outstanding at June 30, 2022 and 2021 was $202 million and $114 million, respectively. At June 30, 2022 and 2021, the weighted average remaining contractual life was 4.5 years and 3.8 years, respectively. (3) The total intrinsic value of stock options/SARs vested or expected to vest at June 30, 2022 and 2021 was $189 million and $106 million, respectively. At June 30, 2022 and 2021, the weighted average remaining contractual life was 4.4 years and 3.8 years, respectively. (4) The total intrinsic value of stock options/SARs exercisable at June 30, 2022 and 2021 was $44 million and $16 million, respectively. At June 30, 2022 and 2021, the weighted average remaining contractual life was 2.7 years. At June 30, 2022, unrecognized compensation expense related to non-vested stock option, SAR and ESPP grants totaled $46 million. Such unrecognized expense will be amortized on a straight-line basis over a weighted average period of 1.6 years. Restricted Stock and Restricted Stock Units. Employees may be granted restricted (non-vested) stock and/or restricted stock units without cost to them. Stock-based compensation expense related to restricted stock and restricted stock units totaled $20 million and $21 million for the three months ended June 30, 2022 and 2021, respectively, and $45 million for both the six months ended June 30, 2022 and 2021. The following table sets forth restricted stock and restricted stock unit transactions for the six-month periods ended June 30, 2022 and 2021 (shares and units in thousands): Six Months Ended Six Months Ended Number of Weighted Number of Weighted Outstanding at January 1 4,680 $ 69.37 4,742 $ 74.97 Granted 48 115.48 45 72.56 Released (1) (780) 91.98 (523) 87.61 Forfeited (85) 66.23 (47) 70.24 Outstanding at June 30 (2) 3,863 $ 65.45 4,217 $ 73.43 (1) The total intrinsic value of restricted stock and restricted stock units released during the six months ended June 30, 2022 and 2021 was $91 million and $38 million, respectively. The intrinsic value is based upon the closing price of EOG's common stock on the date the restricted stock and restricted stock units are released. (2) The total intrinsic value of restricted stock and restricted stock units outstanding at June 30, 2022 and 2021 was $427 million and $352 million, respectively. At June 30, 2022, unrecognized compensation expense related to restricted stock and restricted stock units totaled $151 million. Such unrecognized expense will be amortized on a straight-line basis over a weighted average period of 1.3 years. Performance Units. EOG grants Performance Units annually to its executive officers without cost to them. As more fully discussed in the grant agreements, the performance metric applicable to the Performance Units is EOG's total shareholder return over a three-year performance period relative to the total shareholder return of a designated group of peer companies (Performance Period). Upon the application of the performance multiple at the completion of the Performance Period, a minimum of 0% and a maximum of 200% of the Performance Units granted could be outstanding. The fair value of the Performance Units is estimated using a Monte Carlo simulation. Stock-based compensation expense related to the Performance Unit grants totaled $2 million and $1 million for the three months ended June 30, 2022 and 2021, respectively, and $3 million and $2 million for the six months ended June 30, 2022 and 2021, respectively. The following table sets forth the Performance Unit transactions for the six-month periods ended June 30, 2022 and 2021 (units in thousands): Six Months Ended Six Months Ended Number of Weighted Number of Weighted Outstanding at January 1 679 $ 84.97 613 $ 88.38 Granted — — 8 55.69 Granted for Performance Multiple (1) — — 19 113.81 Released (2) (57) 136.74 (98) 113.81 Forfeited for Performance Multiple (3) (56) 136.74 — — Outstanding at June 30 (4) 566 (5) $ 74.60 542 $ 84.23 (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 six months ended June 30, 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 June 30, 2022 and 2021 was approximately $62 million and $45 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 June 30, 2022, unrecognized compensation expense related to Performance Units totaled $10 million. Such unrecognized expense will be amortized on a straight-line basis over a weighted average period of 1.7 years.

Net Income Per Share

Net Income Per Share	6 Months Ended
	Jun. 30, 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 and six-month periods ended June 30, 2022 and 2021 (in millions, except per share data): Three Months Ended Six Months Ended 2022 2021 2022 2021 Numerator for Basic and Diluted Earnings Per Share - Net Income $ 2,238 $ 907 $ 2,628 $ 1,584 Denominator for Basic Earnings Per Share - Weighted Average Shares 583 580 582 580 Potential Dilutive Common Shares - Stock Options/SARs/ESPP 2 1 2 1 Restricted Stock/Units and Performance Units 3 3 3 2 Denominator for Diluted Earnings Per Share - Adjusted Diluted Weighted Average Shares 588 584 587 583 Net Income Per Share Basic $ 3.84 $ 1.56 $ 4.52 $ 2.73 Diluted $ 3.81 $ 1.55 $ 4.48 $ 2.72

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
	Jun. 30, 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 six-month periods ended June 30, 2022 and 2021 (in millions): Six Months Ended 2022 2021 Interest (1) $ 86 $ 102 Income Taxes, Net of Refunds Received $ 1,428 $ 507 (1) Net of capitalized interest of $15 million for both the six months ended June 30, 2022 and 2021. EOG's accrued capital expenditures at June 30, 2022 and 2021 were $534 million and $445 million, respectively. Non-cash investing activities for the six months ended June 30, 2022 and 2021, included additions of $84 million and $25 million, respectively, to EOG's oil and gas properties as a result of property exchanges. Non-cash investing activities for the six months ended June 30, 2021, 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 six months ended June 30, 2022, included the net use of cash of $1,766 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	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Segment Information	Segment Information Selected financial information by reportable segment is presented below for the three-month and six-month periods ended June 30, 2022 and 2021 (in millions): Three Months Ended Six Months Ended 2022 2021 2022 2021 Operating Revenues and Other United States $ 7,338 $ 3,995 $ 11,252 $ 7,601 Trinidad 69 81 138 157 Other International (1) — 63 — 75 Total $ 7,407 $ 4,139 $ 11,390 $ 7,833 Operating Income (Loss) United States $ 2,885 $ 1,077 $ 3,404 $ 1,967 Trinidad 25 41 59 84 Other International (1) (7) 53 (14) 52 Total 2,903 1,171 3,449 2,103 Reconciling Items Other Income (Expense), Net 27 (2) 26 (6) Interest Expense, Net (48) (45) (96) (92) Income Before Income Taxes $ 2,882 $ 1,124 $ 3,379 $ 2,005 (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 June 30, 2022 and December 31, 2021 (in millions): At June 30, 2022 At December 31, 2021 Total Assets United States $ 37,271 $ 37,436 Trinidad 723 637 Other International (1) 145 163 Total $ 38,139 $ 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	6 Months Ended
	Jun. 30, 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 six-month periods ended June 30, 2022 and 2021 (in millions): Six Months Ended 2022 2021 Carrying Amount at January 1 $ 1,231 $ 1,217 Liabilities Incurred 47 40 Liabilities Settled (1) (151) (55) Accretion 20 22 Revisions 3 3 Foreign Currency Translation (1) — Carrying Amount at June 30 $ 1,149 $ 1,227 Current Portion $ 43 $ 47 Noncurrent Portion $ 1,106 $ 1,180 (1) Includes settlements related to asset sales. The current and noncurrent portions of EOG's asset retirement obligations are included in Current Liabilities - Other and Other Liabilities, respectively, on the Condensed Consolidated Balance Sheets.

Exploratory Well Costs

Exploratory Well Costs	6 Months Ended
	Jun. 30, 2022
Capitalized Exploratory Well Costs [Abstract]
Exploratory Well Costs	Exploratory Well Costs EOG's net changes in capitalized exploratory well costs for the six-month period ended June 30, 2022, are presented below (in millions): Six Months Ended Balance at January 1 $ 7 Additions Pending the Determination of Proved Reserves 40 Reclassifications to Proved Properties (12) Costs Charged to Expense (1) (19) Balance at June 30 $ 16 (1) Includes capitalized exploratory well costs charged to either dry hole costs or impairments. At June 30, 2022, all capitalized exploratory well costs had been capitalized for periods of less than one year.

Commitment and Contingencies

Commitment and Contingencies	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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 $25 million for both the six months ended June 30, 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	6 Months Ended
	Jun. 30, 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 June 30, 2022 and December 31, 2021, and did not utilize any commercial paper borrowings during the six months ended June 30, 2022 and 2021. At June 30, 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 June 30, 2022, EOG was in compliance with this financial covenant. At June 30, 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 June 30, 2022, would have been 2.69% and 4.75%, 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 paid on June 30, 2022, to stockholders of record as of June 15, 2022. On August 4, 2022, the Board declared a special dividend on the common stock of $1.50 per share payable on September 29, 2022, to stockholders of record as of September 15, 2022.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 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 June 30, 2022 and December 31, 2021 (in millions): Fair Value Measurements Using: Quoted Significant Significant Total At June 30, 2022 Financial Assets: Natural Gas Basis Swaps $ — $ 14 $ — $ 14 Crude Oil Swaps — 2 — 2 Financial Liabilities: Crude Oil Swaps — 1,040 — 1,040 Natural Gas Swaps — 948 — 948 Crude Oil Roll Differential Swaps — 57 — 57 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 June 30, 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 is 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 FASB's 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 June 30, 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 $4,881 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	6 Months Ended
	Jun. 30, 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 six-month period ended June 30, 2022 (closed) and outstanding as of June 30, 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 (closed) NYMEX WTI 140 65.62 — — July - September 2022 NYMEX WTI 140 65.59 — — October - December 2022 (closed) (1) NYMEX WTI 53 66.11 — — October - December 2022 NYMEX WTI 87 65.41 87 88.85 January - February 2023 (closed) (1) NYMEX WTI 7 69.51 — — January - February 2023 NYMEX WTI 143 67.84 6 102.26 March 2023 (closed) (1) NYMEX WTI 37 67.35 — — March 2023 NYMEX WTI 113 68.11 6 102.26 April - May 2023 (closed) (1) NYMEX WTI 29 68.28 — — April - May 2023 NYMEX WTI 91 67.63 2 98.15 June 2023 (closed) (1) NYMEX WTI 118 67.77 — — June 2023 NYMEX WTI 2 69.10 2 98.15 July - September 2023 (closed) (1) NYMEX WTI 100 70.15 — — October - December 2023 (closed) (1) NYMEX WTI 69 69.41 — — (1) In the second quarter of 2022, EOG executed the early termination provision granting EOG the right to terminate certain of its October 2022 - December 2023 crude oil financial price swap contracts which were open at that time. EOG paid net cash of $593 million for the settlement of these contracts. Crude Oil Basis Swap Contracts Contracts Sold Period Settlement Index Volume Weighted Average Price Differential January - July 2022 (closed) NYMEX WTI Roll Differential (1) 125 $ 0.15 August - 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 - July 2022 (closed) NYMEX Henry Hub 725 $ 3.57 August - September 2022 NYMEX Henry Hub 725 3.57 October - December 2022 (closed) (1) NYMEX Henry Hub 425 3.05 October - December 2022 NYMEX Henry Hub 300 4.32 January - December 2023 (closed) (1) NYMEX Henry Hub 425 3.05 January - December 2023 NYMEX Henry Hub 300 3.36 January - December 2024 NYMEX Henry Hub 725 3.07 January - December 2025 NYMEX Henry Hub 725 3.07 (1) In the second quarter of 2022, EOG executed the early termination provision granting EOG the right to terminate certain of its October 2022 - December 2023 natural gas financial price swap contracts which were open at that time. EOG paid net cash of $735 million for the settlement of these contracts. Natural Gas Basis Swap Contracts Contracts Sold Period Settlement Index Volume Weighted Average Price Differential January - June 2022 (closed) NYMEX Henry Hub Houston Ship Channel (HSC) Differential (1) 210 $ (0.01) July - 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 June 30, 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 June 30, 2022 December 31, 2021 Asset Derivatives Crude oil and natural gas derivative contracts - Current Portion Assets from Price Risk Management Activities (1) $ 1 $ — Noncurrent Portion Other Assets (2) — 6 Liability Derivatives Crude oil and natural gas derivative contracts - Current portion Liabilities from Price Risk Management Activities (3) 79 269 Noncurrent portion Other Liabilities (4) 45 37 (1) The current portion of Assets from Price Risk Management Activities consists of gross assets of $2 million, partially offset by gross liabilities of $1 million, at June 30, 2022. (2) 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. (3) The current portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $1,357 million, partially offset by gross assets of $10 million and collateral posted with counterparties of $1,268 million at June 30, 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. (4) The noncurrent portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $687 million, partially offset by gross assets of $4 million and collateral posted with counterparties of $638 million at June 30, 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 June 30, 2022 and December 31, 2021. EOG had $1,906 million of collateral posted and no collateral held at June 30, 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 June 30, 2022, EOG had $1,529 million of collateral posted at August 3, 2022.

Acquisitions and Divestitures

Acquisitions and Divestitures	6 Months Ended
	Jun. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures During the six months ended June 30, 2022. EOG paid cash for property acquisitions of $351 million in the United States. Additionally, during the six months ended June 30, 2022, EOG recognized net gains on asset dispositions of $122 million and received proceeds of approximately $231 million, primarily due to the sale of certain legacy natural gas assets in the Rocky Mountain area and producing properties in the Mid-Continent area. During the six months ended June 30, 2021, EOG paid cash for property acquisitions of $92 million in the United States. Additionally, during the six months ended June 30, 2021, EOG recognized net gains on asset dispositions of $45 million and received proceeds of approximately $146 million, primarily due to the sale of its China operations during the second quarter of 2021.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 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 Six Months Ended 2022 2021 2022 2021 Lease and Well $ 10 $ 11 $ 23 $ 25 Gathering and Processing Costs 1 1 2 1 Exploration Costs 5 5 10 11 General and Administrative 14 14 30 29 Total $ 30 $ 31 $ 65 $ 66
Schedule of Weighted Average Fair Values and Valuation Assumptions	Weighted average fair values and valuation assumptions used to value stock option, SAR and ESPP grants during the six-month periods ended June 30, 2022 and 2021 are as follows: Stock Options/SARs ESPP Six Months Ended Six Months Ended 2022 2021 2022 2021 Weighted Average Fair Value of Grants $ 28.30 $ 20.73 $ 23.07 $ 14.69 Expected Volatility 42.20 % 46.40 % 39.72 % 54.99 % Risk-Free Interest Rate 0.89 % 0.36 % 0.22 % 0.09 % Dividend Yield 3.28 % 2.87 % 3.32 % 3.41 % Expected Life 5.3 years 5.2 years 0.5 years 0.5 years
Schedule of Stock Options and SARs Transactions	The following table sets forth stock option and SAR transactions for the six-month periods ended June 30, 2022 and 2021 (stock options and SARs in thousands): Six Months Ended Six Months Ended Number of Weighted Number of Weighted Outstanding at January 1 9,969 $ 84.37 10,186 $ 84.08 Granted 2 97.64 14 64.97 Exercised (1) (3,928) 93.12 (239) 69.85 Forfeited (137) 87.54 (234) 91.54 Outstanding at June 30 (2) 5,906 $ 78.49 9,727 $ 84.23 Vested or Expected to Vest (3) 5,603 $ 79.15 9,421 $ 84.91 Exercisable at June 30 (4) 2,305 $ 97.46 6,023 $ 97.08 (1) The total intrinsic value of stock options/SARs exercised during the six months ended June 30, 2022 and 2021 was $108 million and $3 million, respectively. The intrinsic value is based upon the difference between the market price of EOG's common stock on the date of exercise and the exercise price of the stock options/SARs. (2) The total intrinsic value of stock options/SARs outstanding at June 30, 2022 and 2021 was $202 million and $114 million, respectively. At June 30, 2022 and 2021, the weighted average remaining contractual life was 4.5 years and 3.8 years, respectively. (3) The total intrinsic value of stock options/SARs vested or expected to vest at June 30, 2022 and 2021 was $189 million and $106 million, respectively. At June 30, 2022 and 2021, the weighted average remaining contractual life was 4.4 years and 3.8 years, respectively. (4) The total intrinsic value of stock options/SARs exercisable at June 30, 2022 and 2021 was $44 million and $16 million, respectively. At June 30, 2022 and 2021, the weighted average remaining contractual life was 2.7 years.
Schedule of Restricted Stock and Restricted Stock Unit Transactions	The following table sets forth restricted stock and restricted stock unit transactions for the six-month periods ended June 30, 2022 and 2021 (shares and units in thousands): Six Months Ended Six Months Ended Number of Weighted Number of Weighted Outstanding at January 1 4,680 $ 69.37 4,742 $ 74.97 Granted 48 115.48 45 72.56 Released (1) (780) 91.98 (523) 87.61 Forfeited (85) 66.23 (47) 70.24 Outstanding at June 30 (2) 3,863 $ 65.45 4,217 $ 73.43 (1) The total intrinsic value of restricted stock and restricted stock units released during the six months ended June 30, 2022 and 2021 was $91 million and $38 million, respectively. The intrinsic value is based upon the closing price of EOG's common stock on the date the restricted stock and restricted stock units are released. (2) The total intrinsic value of restricted stock and restricted stock units outstanding at June 30, 2022 and 2021 was $427 million and $352 million, respectively.
Schedule of Performance Award Transactions	The following table sets forth the Performance Unit transactions for the six-month periods ended June 30, 2022 and 2021 (units in thousands): Six Months Ended Six Months Ended Number of Weighted Number of Weighted Outstanding at January 1 679 $ 84.97 613 $ 88.38 Granted — — 8 55.69 Granted for Performance Multiple (1) — — 19 113.81 Released (2) (57) 136.74 (98) 113.81 Forfeited for Performance Multiple (3) (56) 136.74 — — Outstanding at June 30 (4) 566 (5) $ 74.60 542 $ 84.23 (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 six months ended June 30, 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 June 30, 2022 and 2021 was approximately $62 million and $45 million, respectively.

Net Income Per Share (Tables)

Net Income Per Share (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Schedule of Computation of Net Income Per Share	The following table sets forth the computation of Net Income Per Share for the three-month and six-month periods ended June 30, 2022 and 2021 (in millions, except per share data): Three Months Ended Six Months Ended 2022 2021 2022 2021 Numerator for Basic and Diluted Earnings Per Share - Net Income $ 2,238 $ 907 $ 2,628 $ 1,584 Denominator for Basic Earnings Per Share - Weighted Average Shares 583 580 582 580 Potential Dilutive Common Shares - Stock Options/SARs/ESPP 2 1 2 1 Restricted Stock/Units and Performance Units 3 3 3 2 Denominator for Diluted Earnings Per Share - Adjusted Diluted Weighted Average Shares 588 584 587 583 Net Income Per Share Basic $ 3.84 $ 1.56 $ 4.52 $ 2.73 Diluted $ 3.81 $ 1.55 $ 4.48 $ 2.72

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2022
Supplemental Cash Flow Information [Abstract]
Schedule of Net Cash Paid For Interest and Income Taxes	Net cash paid for interest and income taxes was as follows for the six-month periods ended June 30, 2022 and 2021 (in millions): Six Months Ended 2022 2021 Interest (1) $ 86 $ 102 Income Taxes, Net of Refunds Received $ 1,428 $ 507 (1) Net of capitalized interest of $15 million for both the six months ended June 30, 2022 and 2021.

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Schedule of Selected Financial Information by Reportable Segment	Selected financial information by reportable segment is presented below for the three-month and six-month periods ended June 30, 2022 and 2021 (in millions): Three Months Ended Six Months Ended 2022 2021 2022 2021 Operating Revenues and Other United States $ 7,338 $ 3,995 $ 11,252 $ 7,601 Trinidad 69 81 138 157 Other International (1) — 63 — 75 Total $ 7,407 $ 4,139 $ 11,390 $ 7,833 Operating Income (Loss) United States $ 2,885 $ 1,077 $ 3,404 $ 1,967 Trinidad 25 41 59 84 Other International (1) (7) 53 (14) 52 Total 2,903 1,171 3,449 2,103 Reconciling Items Other Income (Expense), Net 27 (2) 26 (6) Interest Expense, Net (48) (45) (96) (92) Income Before Income Taxes $ 2,882 $ 1,124 $ 3,379 $ 2,005 (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.
Schedule of Assets by Reportable Segment	Total assets by reportable segment are presented below at June 30, 2022 and December 31, 2021 (in millions): At June 30, 2022 At December 31, 2021 Total Assets United States $ 37,271 $ 37,436 Trinidad 723 637 Other International (1) 145 163 Total $ 38,139 $ 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)	6 Months Ended
	Jun. 30, 2022
Asset Retirement Obligation [Abstract]
Schedule of Asset Retirement Obligation Rollforward Analysis	The following table presents the reconciliation of the beginning and ending aggregate carrying amounts of short-term and long-term legal obligations associated with the retirement of property, plant and equipment for the six-month periods ended June 30, 2022 and 2021 (in millions): Six Months Ended 2022 2021 Carrying Amount at January 1 $ 1,231 $ 1,217 Liabilities Incurred 47 40 Liabilities Settled (1) (151) (55) Accretion 20 22 Revisions 3 3 Foreign Currency Translation (1) — Carrying Amount at June 30 $ 1,149 $ 1,227 Current Portion $ 43 $ 47 Noncurrent Portion $ 1,106 $ 1,180 (1) Includes settlements related to asset sales.

Exploratory Well Costs (Tables)

Exploratory Well Costs (Tables)	6 Months Ended
	Jun. 30, 2022
Capitalized Exploratory Well Costs [Abstract]
Schedule of Net Changes In Capitalized Exploratory Well Costs	EOG's net changes in capitalized exploratory well costs for the six-month period ended June 30, 2022, are presented below (in millions): Six Months Ended Balance at January 1 $ 7 Additions Pending the Determination of Proved Reserves 40 Reclassifications to Proved Properties (12) Costs Charged to Expense (1) (19) Balance at June 30 $ 16 (1) Includes capitalized exploratory well costs charged to either dry hole costs or impairments.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of Fair Value Assets and Liabilities Measured On Recurring Basis	The following table provides fair value measurement information within the fair value hierarchy for certain of EOG's financial assets and liabilities carried at fair value on a recurring basis at June 30, 2022 and December 31, 2021 (in millions): Fair Value Measurements Using: Quoted Significant Significant Total At June 30, 2022 Financial Assets: Natural Gas Basis Swaps $ — $ 14 $ — $ 14 Crude Oil Swaps — 2 — 2 Financial Liabilities: Crude Oil Swaps — 1,040 — 1,040 Natural Gas Swaps — 948 — 948 Crude Oil Roll Differential Swaps — 57 — 57 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)	6 Months Ended
	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	Presented below is a comprehensive summary of EOG's financial commodity derivative contracts settled during the six-month period ended June 30, 2022 (closed) and outstanding as of June 30, 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 (closed) NYMEX WTI 140 65.62 — — July - September 2022 NYMEX WTI 140 65.59 — — October - December 2022 (closed) (1) NYMEX WTI 53 66.11 — — October - December 2022 NYMEX WTI 87 65.41 87 88.85 January - February 2023 (closed) (1) NYMEX WTI 7 69.51 — — January - February 2023 NYMEX WTI 143 67.84 6 102.26 March 2023 (closed) (1) NYMEX WTI 37 67.35 — — March 2023 NYMEX WTI 113 68.11 6 102.26 April - May 2023 (closed) (1) NYMEX WTI 29 68.28 — — April - May 2023 NYMEX WTI 91 67.63 2 98.15 June 2023 (closed) (1) NYMEX WTI 118 67.77 — — June 2023 NYMEX WTI 2 69.10 2 98.15 July - September 2023 (closed) (1) NYMEX WTI 100 70.15 — — October - December 2023 (closed) (1) NYMEX WTI 69 69.41 — — (1) In the second quarter of 2022, EOG executed the early termination provision granting EOG the right to terminate certain of its October 2022 - December 2023 crude oil financial price swap contracts which were open at that time. EOG paid net cash of $593 million for the settlement of these contracts. Crude Oil Basis Swap Contracts Contracts Sold Period Settlement Index Volume Weighted Average Price Differential January - July 2022 (closed) NYMEX WTI Roll Differential (1) 125 $ 0.15 August - 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 - July 2022 (closed) NYMEX Henry Hub 725 $ 3.57 August - September 2022 NYMEX Henry Hub 725 3.57 October - December 2022 (closed) (1) NYMEX Henry Hub 425 3.05 October - December 2022 NYMEX Henry Hub 300 4.32 January - December 2023 (closed) (1) NYMEX Henry Hub 425 3.05 January - December 2023 NYMEX Henry Hub 300 3.36 January - December 2024 NYMEX Henry Hub 725 3.07 January - December 2025 NYMEX Henry Hub 725 3.07 (1) In the second quarter of 2022, EOG executed the early termination provision granting EOG the right to terminate certain of its October 2022 - December 2023 natural gas financial price swap contracts which were open at that time. EOG paid net cash of $735 million for the settlement of these contracts. Natural Gas Basis Swap Contracts Contracts Sold Period Settlement Index Volume Weighted Average Price Differential January - June 2022 (closed) NYMEX Henry Hub Houston Ship Channel (HSC) Differential (1) 210 $ (0.01) July - 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.
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 June 30, 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 June 30, 2022 December 31, 2021 Asset Derivatives Crude oil and natural gas derivative contracts - Current Portion Assets from Price Risk Management Activities (1) $ 1 $ — Noncurrent Portion Other Assets (2) — 6 Liability Derivatives Crude oil and natural gas derivative contracts - Current portion Liabilities from Price Risk Management Activities (3) 79 269 Noncurrent portion Other Liabilities (4) 45 37 (1) The current portion of Assets from Price Risk Management Activities consists of gross assets of $2 million, partially offset by gross liabilities of $1 million, at June 30, 2022. (2) 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. (3) The current portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $1,357 million, partially offset by gross assets of $10 million and collateral posted with counterparties of $1,268 million at June 30, 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. (4) The noncurrent portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $687 million, partially offset by gross assets of $4 million and collateral posted with counterparties of $638 million at June 30, 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.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Details)	Jun. 30, 2022 USD ($)
Revolving Credit Agreement | Revolving Credit Facility
Line of credit facility, maximum borrowing capacity	$ 2,000,000,000

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 30	$ 31	$ 65	$ 66
Lease and Well
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	10	11	23	25
Gathering and Processing Costs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	1	1	2	1
Exploration Costs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	5	5	10	11
General and Administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 14	$ 14	$ 30	$ 29

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate maximum of common shares (in shares)	20		20
Common shares available for grant (in shares)	18		18
Stock-based compensation expense	$ 30	$ 31	$ 65	$ 66
Stock Options, SARs and ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense related to stock options, SAR and ESPP grants	8	9	17	19
Unrecognized compensation expense	46		$ 46
Weighted average period over which unrecognized compensation expense will be recognized (in years)			1 year 7 months 6 days
Restricted Stock And Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	151		$ 151
Weighted average period over which unrecognized compensation expense will be recognized (in years)			1 year 3 months 18 days
Share-based compensation arrangement by restricted stock and restricted stock units compensation cost	20	21	$ 45	45
Performance Unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	10		$ 10
Weighted average period over which unrecognized compensation expense will be recognized (in years)			1 year 8 months 12 days
Performance period for performance units and shares (in years)			3 years
Minimum performance multiple at the completion of the performance period (as a percent)			0%
Maximum performance multiple at the completion of the performance period (as a percent)			200%
Stock-based compensation expense	$ 2	$ 1	$ 3	$ 2

Stock Based Compensation - Sche

Stock Based Compensation - Schedule of Weighted Average Fair Values and Valuation Assumptions (Details) - $ / shares	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Stock Options And SARs
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 (in USD per shares)	$ 28.30	$ 20.73
Expected volatility (as a percent)	42.20%	46.40%
Risk-free interest rate (as a percent)	0.89%	0.36%
Dividend yield (as a percent)	3.28%	2.87%
Expected life (in years)	5 years 3 months 18 days	5 years 2 months 12 days
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 (in USD per shares)	$ 23.07	$ 14.69
Expected volatility (as a percent)	39.72%	54.99%
Risk-free interest rate (as a percent)	0.22%	0.09%
Dividend yield (as a percent)	3.32%	3.41%
Expected life (in years)	6 months	6 months

Stock Based Compensation - Sc_2

Stock Based Compensation - Schedule of Stock Options and SARs Transactions (Details) - Stock Options And SARs - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Number of Stock Options/SARs
Beginning balance (in shares)	9,969	10,186
Granted (in shares)	2	14
Exercised (in shares)	(3,928)	(239)
Forfeited (in shares)	(137)	(234)
Ending balance (in shares)	5,906	9,727
Vested or Expected to Vest (in shares)	5,603	9,421
Exercisable (in shares)	2,305	6,023
Weighted Average Exercise Price
Beginning balance (in USD per share)	$ 84.37	$ 84.08
Granted (in USD per share)	97.64	64.97
Exercised (in USD per share)	93.12	69.85
Forfeited (in USD per share)	87.54	91.54
Ending balance (in USD per share)	78.49	84.23
Vested or Expected to Vest (in USD per share)	79.15	84.91
Exercisable (in USD per share)	$ 97.46	$ 97.08
Additional Disclosures
Intrinsic value of stock options/SARs exercised	$ 108	$ 3
Intrinsic value of stock options/SARs outstanding	$ 202	$ 114
Weighted average remaining contractual life for stock options/SARs outstanding (in years)	4 years 6 months	3 years 9 months 18 days
Intrinsic value of stock options/SARs vested or expected to vest	$ 189	$ 106
Weighted average remaining contractual life for stock options/SARs vested or expected to vest (in years)	4 years 4 months 24 days	3 years 9 months 18 days
Aggregate intrinsic value for exercisable units	$ 44	$ 16
Weighted average remaining contractual life for exercisable options/SARs (in years)	2 years 8 months 12 days	2 years 8 months 12 days

Stock Based Compensation - Sc_3

Stock Based Compensation - Schedule of Restricted Stock and Restricted Stock Unit Transactions (Details) - Restricted Stock And Restricted Stock Units - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Number of Shares and Units
Beginning balance (in shares)	4,680	4,742
Granted (in shares)	48	45
Released (in shares)	(780)	(523)
Forfeited (in shares)	(85)	(47)
Ending balance (in shares)	3,863	4,217
Weighted Average Grant Date Fair Value
Beginning balance (in USD per share)	$ 69.37	$ 74.97
Granted (in USD per share)	115.48	72.56
Released (in USD per share)	91.98	87.61
Forfeited (in USD per share)	66.23	70.24
Ending balance (in USD per share)	$ 65.45	$ 73.43
Additional Disclosures
Intrinsic value released	$ 91	$ 38
Aggregate intrinsic value of stock and units outstanding	$ 427	$ 352

Stock Based Compensation - Sc_4

Stock Based Compensation - Schedule of Performance Award Transactions (Details) - Performance Unit - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Number of Shares and Units
Beginning balance (in shares)	679	613
Granted (in shares)	0	8
Granted for Performance Multiple (in shares)	0	19
Released (in shares)	(57)	(98)
Forfeited for Performance Multiple (in shares)	(56)	0
Ending balance (in shares)	566	542
Weighted Average Grant Date Fair Value
Beginning balance (in USD per share)	$ 84.97	$ 88.38
Granted (in USD per share)	0	55.69
Granted for Performance Multiple (in USD per share)	0	113.81
Released (in USD per share)	136.74	113.81
Forfeited for Performance Multiple (in USD per share)	136.74	0
Ending balance (in USD per share)	$ 74.60	$ 84.23
Additional Disclosures
Performance multiple applied at the completion period (as a percent)	50%	125%
Intrinsic value released	$ 7	$ 6
Aggregate intrinsic value of stock and units outstanding	$ 62	$ 45
Minimum performance units and stock allowed to be outstanding (in shares)	0
Maximum performance units allowed to be outstanding (in shares)	1,132

Net Income Per Share - Schedule

Net Income Per Share - Schedule of Computation of Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Numerator for Basic and Diluted Earnings Per Share -
Net Income	$ 2,238	$ 907	$ 2,628	$ 1,584
Denominator for Basic Earnings Per Share -
Weighted average shares (in shares)	583	580	582	580
Denominator for Diluted Earnings Per Share -
Adjusted diluted weighted average shares (in shares)	588	584	587	583
Net Income Per Share
Basic (in USD per share)	$ 3.84	$ 1.56	$ 4.52	$ 2.73
Diluted ( in USD per share)	$ 3.81	$ 1.55	$ 4.48	$ 2.72
Stock Options/SARs/ESPP
Potential Dilutive Common Shares -
Common shares attributable to dilutive effect of share-based payment arrangements (in shares)	2	1	2	1
Restricted Stock/Units and Performance Units
Potential Dilutive Common Shares -
Common shares attributable to dilutive effect of share-based payment arrangements (in shares)	3	3	3	2

Net Income Per Share - Narrativ

Net Income Per Share - Narratives (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Stock Options And SARs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount ( in shares)	1	5	1	7

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information - Schedule of Net Cash Paid For Interest and Income Taxes (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Supplemental Cash Flow Information [Abstract]
Interest	$ 86	$ 102
Income Taxes, Net of Refunds Received	1,428	507
Interest costs capitalized	$ 15	$ 15

Supplemental Cash Flow Inform_4

Supplemental Cash Flow Information - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Supplemental Cash Flow Information [Abstract]
Accrued capital expenditures	$ 534	$ 445
Non-cash property exchanges	84	25
Noncash additions to other property, plant and equipment		$ 74
Collateral posted on derivative	$ 1,766

Segment Information - Schedule

Segment Information - Schedule of Selected Financial Information by Reportable Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Selected Information [Line Items]
Operating Revenues and Other	$ 7,407	$ 4,139	$ 11,390	$ 7,833
Operating Income (Loss)	2,903	1,171	3,449	2,103
Other Income (Expense), Net	27	(2)	26	(6)
Interest Expense, Net	(48)	(45)	(96)	(92)
Income Before Income Taxes	2,882	1,124	3,379	2,005
Operating Segments
Selected Information [Line Items]
Operating Revenues and Other	7,407	4,139	11,390	7,833
Operating Income (Loss)	2,903	1,171	3,449	2,103
Segment Reconciling Items
Selected Information [Line Items]
Other Income (Expense), Net	27	(2)	26	(6)
Interest Expense, Net	(48)	(45)	(96)	(92)
United States | Operating Segments
Selected Information [Line Items]
Operating Revenues and Other	7,338	3,995	11,252	7,601
Operating Income (Loss)	2,885	1,077	3,404	1,967
Trinidad | Operating Segments
Selected Information [Line Items]
Operating Revenues and Other	69	81	138	157
Operating Income (Loss)	25	41	59	84
Other International | Operating Segments
Selected Information [Line Items]
Operating Revenues and Other	0	63	0	75
Operating Income (Loss)	$ (7)	$ 53	$ (14)	$ 52

Segment Information - Schedul_2

Segment Information - Schedule of Assets by Reportable Segment (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Selected Information [Line Items]
Assets	$ 38,139	$ 38,236
United States
Selected Information [Line Items]
Assets	37,271	37,436
Trinidad
Selected Information [Line Items]
Assets	723	637
Other International
Selected Information [Line Items]
Assets	$ 145	$ 163

Asset Retirement Obligations -

Asset Retirement Obligations - Schedule of Asset Retirement Obligation Rollforward Analysis (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Carrying Amount at January 1	$ 1,231	$ 1,217
Liabilities Incurred	47	40
Liabilities Settled	(151)	(55)
Accretion	20	22
Revisions	3	3
Foreign Currency Translation	(1)	0
Carrying Amount at June 30	1,149	1,227
Current Portion	43	47
Noncurrent Portion	$ 1,106	$ 1,180

Exploratory Well Costs - Schedu

Exploratory Well Costs - Schedule of Net Changes In Capitalized Exploratory Well Costs (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
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	40
Reclassifications to Proved Properties	(12)
Costs charged to expense	(19)
Balance at June 30	$ 16

Pension and Postretirement Be_2

Pension and Postretirement Benefits (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Retirement Benefits [Abstract]
Pension and other postretirement benefit costs	$ 25	$ 25

Long-Term Debt and Common Sto_2

Long-Term Debt and Common Stock (Details) - USD ($)				3 Months Ended		6 Months Ended
	Aug. 04, 2022	May 05, 2022	Feb. 24, 2022	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Debt Instrument Table [Line Items]
Common stock dividends declared (in USD per share)		$ 0.75	$ 0.75	$ 2.55	$ 1.4125	$ 4.30	$ 1.825
Special cash dividend declared (in USD per share)		$ 1.80	$ 1
Subsequent Event
Debt Instrument Table [Line Items]
Special cash dividend declared (in USD per share)	$ 1.50
Revolving Credit Agreement | Revolving Credit Facility
Debt Instrument Table [Line Items]
Line of credit facility, maximum borrowing capacity				$ 2,000,000,000		$ 2,000,000,000
Line of credit facility increase additional borrowings (not to exceed)				$ 3,000,000,000		$ 3,000,000,000
Maximum total debt to total capitalization ratio allowed under financial covenant				65%		65%
Borrowings outstanding				$ 0		$ 0		$ 0
Revolving Credit Agreement | Revolving Credit Facility | Eurodollar
Debt Instrument Table [Line Items]
Weighted average interest rate (in hundredths)						2.69%
Revolving Credit Agreement | Revolving Credit Facility | Base Rate
Debt Instrument Table [Line Items]
Weighted average interest rate (in hundredths)						4.75%
Commercial Paper
Debt Instrument Table [Line Items]
Line of credit facility, current borrowing capacity				0		$ 0		$ 0
Senior Notes | 2.625% Senior Notes due 2023
Debt Instrument Table [Line Items]
Debt instrument, face amount				$ 1,250,000,000		$ 1,250,000,000
Debt instrument, interest rate (as a percent)				2.625%		2.625%

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value Assets and Liabilities Measured On Recurring Basis (Details) - Commodity Contract - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Natural Gas | Basis Swaps
Financial Assets:
Assets, fair value disclosure	$ 14	$ 2
Financial Liabilities:
Liabilities, fair value disclosure		1
Natural Gas | Basis Swaps | Quoted Prices in Active Markets (Level 1)
Financial Assets:
Assets, fair value disclosure	0	0
Financial Liabilities:
Liabilities, fair value disclosure		0
Natural Gas | Basis Swaps | Significant Other Observable Inputs (Level 2)
Financial Assets:
Assets, fair value disclosure	14	2
Financial Liabilities:
Liabilities, fair value disclosure		1
Natural Gas | Basis Swaps | Significant Unobservable Inputs (Level 3)
Financial Assets:
Assets, fair value disclosure	0	0
Financial Liabilities:
Liabilities, fair value disclosure		0
Natural Gas | Price Swaps
Financial Assets:
Assets, fair value disclosure		29
Financial Liabilities:
Liabilities, fair value disclosure	948	121
Natural Gas | Price Swaps | Quoted Prices in Active Markets (Level 1)
Financial Assets:
Assets, fair value disclosure		0
Financial Liabilities:
Liabilities, fair value disclosure	0	0
Natural Gas | Price Swaps | Significant Other Observable Inputs (Level 2)
Financial Assets:
Assets, fair value disclosure		29
Financial Liabilities:
Liabilities, fair value disclosure	948	121
Natural Gas | Price Swaps | Significant Unobservable Inputs (Level 3)
Financial Assets:
Assets, fair value disclosure		0
Financial Liabilities:
Liabilities, fair value disclosure	0	0
Crude Oil | Price Swaps
Financial Assets:
Assets, fair value disclosure	2	15
Financial Liabilities:
Liabilities, fair value disclosure	1,040	340
Crude Oil | Price Swaps | Quoted Prices in Active Markets (Level 1)
Financial Assets:
Assets, fair value disclosure	0	0
Financial Liabilities:
Liabilities, fair value disclosure	0	0
Crude Oil | Price Swaps | Significant Other Observable Inputs (Level 2)
Financial Assets:
Assets, fair value disclosure	2	15
Financial Liabilities:
Liabilities, fair value disclosure	1,040	340
Crude Oil | Price Swaps | Significant Unobservable Inputs (Level 3)
Financial Assets:
Assets, fair value disclosure	0	0
Financial Liabilities:
Liabilities, fair value disclosure	0	0
Crude Oil | Roll Differential Swap
Financial Liabilities:
Liabilities, fair value disclosure	57	24
Crude Oil | Roll Differential Swap | Quoted Prices in Active Markets (Level 1)
Financial Liabilities:
Liabilities, fair value disclosure	0	0
Crude Oil | Roll Differential Swap | Significant Other Observable Inputs (Level 2)
Financial Liabilities:
Liabilities, fair value disclosure	57	24
Crude Oil | Roll Differential Swap | Significant Unobservable Inputs (Level 3)
Financial Liabilities:
Liabilities, fair value disclosure	$ 0	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narratives (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Aggregate principal amount of current and long-term debt	$ 4,890	$ 4,890
Estimated fair value of debt	$ 4,881	$ 5,577

Risk Management Activities - Sc

Risk Management Activities - Schedule of Derivative Instruments (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2022 USD ($) $ / bbl	Jun. 30, 2022 MMBTU $ / bbl MBbls
Crude Oil | Price Swaps
Derivatives, Fair Value [Line Items]
Cash paid for settlement of contracts | $	$ 593
Crude Oil | Derivative Contracts - January through March (closed) | Price Swaps
Derivatives, Fair Value [Line Items]
Volume (MBbld) | MBbls		140
Weighted Average Price	65.58	65.58
Crude Oil | Offsetting Derivative Contracts - January through March (closed) | Price Swaps
Derivatives, Fair Value [Line Items]
Volume (MBbld) | MBbls		0
Weighted Average Price	0	0
Crude Oil | Derivative Contracts - April through June (closed) | Price Swaps
Derivatives, Fair Value [Line Items]
Volume (MBbld) | MBbls		140
Weighted Average Price	65.62	65.62
Crude Oil | Offsetting Derivative Contracts - April through June (closed) | Price Swaps
Derivatives, Fair Value [Line Items]
Volume (MBbld) | MBbls		0
Weighted Average Price	0	0
Crude Oil | Derivative Contracts - July through September | Price Swaps
Derivatives, Fair Value [Line Items]
Volume (MBbld) | MBbls		140
Weighted Average Price	65.59	65.59
Crude Oil | OffSetting Derivative Contracts - July through September | Price Swaps
Derivatives, Fair Value [Line Items]
Volume (MBbld) | MBbls		0
Weighted Average Price	0	0
Crude Oil | Derivative Contracts - October through December (Closed) | Price Swaps
Derivatives, Fair Value [Line Items]
Volume (MBbld) | MBbls		53
Weighted Average Price	66.11	66.11
Crude Oil | OffSetting Derivative Contracts - October and December (Closed) | Price Swaps
Derivatives, Fair Value [Line Items]
Volume (MBbld) | MBbls		0
Weighted Average Price	0	0
Crude Oil | Derivative Contracts - October through December | Price Swaps
Derivatives, Fair Value [Line Items]
Volume (MBbld) | MBbls		87
Weighted Average Price	65.41	65.41
Crude Oil | OffSetting Derivative Contracts - October and December | Price Swaps
Derivatives, Fair Value [Line Items]
Volume (MBbld) | MBbls		87
Weighted Average Price	88.85	88.85
Crude Oil | Derivative Contracts - January through February (Closed) | Price Swaps
Derivatives, Fair Value [Line Items]
Volume (MBbld) | MBbls		7
Weighted Average Price	69.51	69.51
Crude Oil | OffSetting Derivative Contracts - January Through February (Closed) | Price Swaps
Derivatives, Fair Value [Line Items]
Volume (MBbld) | MBbls		0
Weighted Average Price	0	0
Crude Oil | Derivative Contracts - January through February | Price Swaps
Derivatives, Fair Value [Line Items]
Volume (MBbld) | MBbls		143
Weighted Average Price	67.84	67.84
Crude Oil | OffSetting Derivative Contracts - January Through February | Price Swaps
Derivatives, Fair Value [Line Items]
Volume (MBbld) | MBbls		6
Weighted Average Price	102.26	102.26
Crude Oil | Derivative Contracts - March (Closed) | Price Swaps
Derivatives, Fair Value [Line Items]
Volume (MBbld) | MBbls		37
Weighted Average Price	67.35	67.35
Crude Oil | OffSetting Derivative Contracts - March (Closed) | Price Swaps
Derivatives, Fair Value [Line Items]
Volume (MBbld) | MBbls		0
Weighted Average Price	0	0
Crude Oil | Derivative Contracts - March | Price Swaps
Derivatives, Fair Value [Line Items]
Volume (MBbld) | MBbls		113
Weighted Average Price	68.11	68.11
Crude Oil | OffSetting Derivative Contracts - March | Price Swaps
Derivatives, Fair Value [Line Items]
Volume (MBbld) | MBbls		6
Weighted Average Price	102.26	102.26
Crude Oil | Derivative Contracts - April through May (Closed) | Price Swaps
Derivatives, Fair Value [Line Items]
Volume (MBbld) | MBbls		29
Weighted Average Price	68.28	68.28
Crude Oil | Offsetting Derivative Contracts - April through May (Closed) | Price Swaps
Derivatives, Fair Value [Line Items]
Volume (MBbld) | MBbls		0
Weighted Average Price	0	0
Crude Oil | Derivative Contracts - April Through May | Price Swaps
Derivatives, Fair Value [Line Items]
Volume (MBbld) | MBbls		91
Weighted Average Price	67.63	67.63
Crude Oil | Offsetting Derivative Contracts - April Through May | Price Swaps
Derivatives, Fair Value [Line Items]
Volume (MBbld) | MBbls		2
Weighted Average Price	98.15	98.15
Crude Oil | Derivative Contracts - June (Closed) | Price Swaps
Derivatives, Fair Value [Line Items]
Volume (MBbld) | MBbls		118
Weighted Average Price	67.77	67.77
Crude Oil | OffSetting Derivative Contracts - June (Closed) | Price Swaps
Derivatives, Fair Value [Line Items]
Volume (MBbld) | MBbls		0
Weighted Average Price	0	0
Crude Oil | Derivative Contracts - June | Price Swaps
Derivatives, Fair Value [Line Items]
Volume (MBbld) | MBbls		2
Weighted Average Price	69.10	69.10
Crude Oil | OffSetting Derivative Contracts - June | Price Swaps
Derivatives, Fair Value [Line Items]
Volume (MBbld) | MBbls		2
Weighted Average Price	98.15	98.15
Crude Oil | Derivative Contracts - July through September (Closed) | Price Swaps
Derivatives, Fair Value [Line Items]
Volume (MBbld) | MBbls		100
Weighted Average Price	70.15	70.15
Crude Oil | Offsetting Derivative Contracts - July through September (Closed) | Price Swaps
Derivatives, Fair Value [Line Items]
Volume (MBbld) | MBbls		0
Weighted Average Price	0	0
Crude Oil | Derivative Contracts - October through December Year Two (Closed) | Price Swaps
Derivatives, Fair Value [Line Items]
Volume (MBbld) | MBbls		69
Weighted Average Price	69.41	69.41
Crude Oil | Offsetting Derivative Contracts - October through December - Year Two (closed) | Price Swaps
Derivatives, Fair Value [Line Items]
Volume (MBbld) | MBbls		0
Weighted Average Price	0	0
Crude Oil | Derivative Contracts - January through July (closed) | Roll Differential Swap
Derivatives, Fair Value [Line Items]
Volume (MBbld) | MBbls		125
Weighted Average Price	0.15	0.15
Crude Oil | Derivative Contracts - August Through December | Roll Differential Swap
Derivatives, Fair Value [Line Items]
Volume (MBbld) | MBbls		125
Weighted Average Price	0.15	0.15
Natural Gas | Price Swaps
Derivatives, Fair Value [Line Items]
Cash paid for settlement of contracts | $	$ 735
Natural Gas | Derivative Contracts - October through December (Closed) | Price Swaps
Derivatives, Fair Value [Line Items]
Weighted Average Price	3.05	3.05
Volume (MMBtud in thousands) | MMBTU		425
Natural Gas | Derivative Contracts - October through December | Price Swaps
Derivatives, Fair Value [Line Items]
Weighted Average Price	4.32	4.32
Volume (MMBtud in thousands) | MMBTU		300
Natural Gas | Derivative Contracts - January through July (closed) | Price Swaps
Derivatives, Fair Value [Line Items]
Weighted Average Price	3.57	3.57
Volume (MMBtud in thousands) | MMBTU		725
Natural Gas | Derivative Contracts - August through September | Price Swaps
Derivatives, Fair Value [Line Items]
Weighted Average Price	3.57	3.57
Volume (MMBtud in thousands) | MMBTU		725
Natural Gas | Derivative Contracts - January Through December Year One (Closed) | Price Swaps
Derivatives, Fair Value [Line Items]
Weighted Average Price	3.05	3.05
Volume (MMBtud in thousands) | MMBTU		425
Natural Gas | Derivative Contracts - January Through December Year One | Price Swaps
Derivatives, Fair Value [Line Items]
Weighted Average Price	3.36	3.36
Volume (MMBtud in thousands) | MMBTU		300
Natural Gas | Derivative Contracts - January Through December Year One | Basis Swaps
Derivatives, Fair Value [Line Items]
Weighted Average Price	(0.01)	(0.01)
Volume (MMBtud in thousands) | MMBTU		135
Natural Gas | Derivative Contracts - January through December Year Two | Price Swaps
Derivatives, Fair Value [Line Items]
Weighted Average Price	3.07	3.07
Volume (MMBtud in thousands) | MMBTU		725
Natural Gas | Derivative Contracts - January through December Year Two | Basis Swaps
Derivatives, Fair Value [Line Items]
Weighted Average Price	0	0
Volume (MMBtud in thousands) | MMBTU		10
Natural Gas | Derivative Contracts - January through December Year Three | Price Swaps
Derivatives, Fair Value [Line Items]
Weighted Average Price	3.07	3.07
Volume (MMBtud in thousands) | MMBTU		725
Natural Gas | Derivative Contracts - January through December Year Three | Basis Swaps
Derivatives, Fair Value [Line Items]
Weighted Average Price	0	0
Volume (MMBtud in thousands) | MMBTU		10
Natural Gas | Derivative Contracts - January through June (closed) | Basis Swaps
Derivatives, Fair Value [Line Items]
Weighted Average Price	(0.01)	(0.01)
Volume (MMBtud in thousands) | MMBTU		210
Natural Gas | Derivative Contracts - July through December | Basis Swaps
Derivatives, Fair Value [Line Items]
Weighted Average Price	(0.01)	(0.01)
Volume (MMBtud in thousands) | MMBTU		210

Risk Management Activities - _2

Risk Management Activities - Schedule of Derivative Instruments in Statement of Financial Position, Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Derivative asset, current	$ 1	$ 0
Derivative liability, current	79	269
Collateral posted on derivative	1,766
Price Risk Derivative | Assets From Price Risk Management Activities
Derivatives, Fair Value [Line Items]
Derivative asset, current	1	0
Derivative asset, fair value, gross asset	2
Derivative liability, fair value, gross liability	1
Price Risk Derivative | Other Assets
Derivatives, Fair Value [Line Items]
Derivative asset, noncurrent	0	6
Derivative asset, fair value, gross asset		7
Derivative liability, fair value, gross liability		1
Price Risk Derivative | Liabilities From Price Risk Management Activities
Derivatives, Fair Value [Line Items]
Derivative liability, current	79	269
Derivative asset, fair value, gross asset	10	29
Derivative liability, fair value, gross liability	1,357	421
Collateral posted on derivative	1,268	123
Price Risk Derivative | Other Liabilities
Derivatives, Fair Value [Line Items]
Derivative liability, noncurrent	45	37
Derivative asset, fair value, gross asset	4	10
Derivative liability, fair value, gross liability	687	64
Collateral posted on derivative	$ 638	$ 17

Risk Management Activities - Na

Risk Management Activities - Narrative (Details) - USD ($)	Aug. 03, 2022	Jun. 30, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Collateral already posted on derivative		$ 1,906,000,000	$ 140,000,000
Collateral held on derivative		$ 0	$ 0
Subsequent Event
Derivatives, Fair Value [Line Items]
Collateral already posted on derivative	$ 1,529,000,000

Acquisitions and Divestitures (

Acquisitions and Divestitures (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]
Payments to acquire oil and gas property	$ 351	$ 92
Gains (losses) on asset dispositions, net	122	45
Proceeds on asset dispositions	$ 231	$ 146