Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Oct. 26, 2018 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | EOG RESOURCES INC | |
Entity Central Index Key | 821,189 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 579,903,041 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Operating Revenues and Other | ||||
Total | $ 4,781,624 | $ 2,644,844 | $ 12,700,863 | $ 7,867,881 |
Operating Expenses | ||||
Lease and Well | 321,568 | 251,943 | 936,236 | 762,906 |
Transportation Costs | 196,027 | 183,565 | 550,781 | 548,635 |
Gathering and Processing Costs | 114,063 | 32,590 | 324,577 | 105,480 |
Exploration Costs | 32,823 | 30,796 | 115,137 | 122,401 |
Dry Hole Costs | 358 | 50 | 5,260 | 77 |
Impairments | 44,617 | 53,677 | 160,934 | 325,798 |
Marketing Costs | 1,326,974 | 793,536 | 3,853,827 | 2,320,671 |
Depreciation, Depletion and Amortization | 918,180 | 846,222 | 2,515,445 | 2,527,642 |
General and Administrative | 111,284 | 111,717 | 310,065 | 317,462 |
Taxes Other Than Income | 209,043 | 125,912 | 582,395 | 386,319 |
Total | 3,274,937 | 2,430,008 | 9,354,657 | 7,417,391 |
Operating Income | 1,506,687 | 214,836 | 3,346,206 | 450,490 |
Other Income (Expense), Net | 3,308 | 226 | (4,516) | 8,349 |
Income Before Interest Expense and Income Taxes | 1,509,995 | 215,062 | 3,341,690 | 458,839 |
Interest Expense | ||||
Interest Expense, Net | 63,632 | 69,082 | 189,032 | 211,010 |
Income Before Income Taxes | 1,446,363 | 145,980 | 3,152,658 | 247,829 |
Income Tax Provision | 255,411 | 45,439 | 626,386 | 95,718 |
Net Income | $ 1,190,952 | $ 100,541 | $ 2,526,272 | $ 152,111 |
Net Income Per Share | ||||
Basic | $ 2.06 | $ 0.17 | $ 4.38 | $ 0.26 |
Diluted | 2.05 | 0.17 | 4.35 | 0.26 |
Dividends Declared per Common Share | $ 0.2200 | $ 0.1675 | $ 0.5900 | $ 0.5025 |
Average Number of Common Shares | ||||
Basic | 577,254 | 574,783 | 576,431 | 574,370 |
Diluted | 581,559 | 578,736 | 580,442 | 578,453 |
Other Comprehensive Income (Loss) | ||||
Foreign Currency Translation Adjustments | $ (1,952) | $ 355 | $ (179) | $ 1,924 |
Other, Net of Tax | 6 | (25) | 18 | (74) |
Other Comprehensive Income (Loss) | (1,946) | 330 | (161) | 1,850 |
Comprehensive Income | 1,189,006 | 100,871 | 2,526,111 | 153,961 |
Crude Oil and Condensate | ||||
Operating Revenues and Other | ||||
Revenues | 2,655,278 | 1,451,410 | 7,134,114 | 4,326,925 |
Natural Gas Liquids | ||||
Operating Revenues and Other | ||||
Revenues | 353,704 | 180,038 | 861,473 | 480,389 |
Natural Gas | ||||
Operating Revenues and Other | ||||
Revenues | 311,713 | 220,402 | 912,324 | 675,012 |
Gains (Losses) on Mark-to-Market Commodity Derivative Contracts | ||||
Operating Revenues and Other | ||||
Revenues | (52,081) | (6,606) | (297,735) | 64,860 |
Gathering, Processing and Marketing | ||||
Operating Revenues and Other | ||||
Revenues | 1,360,992 | 784,368 | 3,899,250 | 2,289,702 |
Gains (Losses) on Asset Dispositions, Net | ||||
Operating Revenues and Other | ||||
Revenues | 115,944 | (8,202) | 94,658 | (33,876) |
Other, Net | ||||
Operating Revenues and Other | ||||
Revenues | $ 36,074 | $ 23,434 | $ 96,779 | $ 64,869 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Current Assets | ||
Cash and Cash Equivalents | $ 1,274,132 | $ 834,228 |
Accounts Receivable, Net | 2,151,247 | 1,597,494 |
Inventories | 766,964 | 483,865 |
Assets from Price Risk Management Activities | 1,569 | 7,699 |
Income Taxes Receivable | 320,938 | 113,357 |
Other | 302,242 | 242,465 |
Total | 4,817,092 | 3,279,108 |
Property, Plant and Equipment | ||
Oil and Gas Properties (Successful Efforts Method) | 56,799,237 | 52,555,741 |
Other Property, Plant and Equipment | 4,191,958 | 3,960,759 |
Total Property, Plant and Equipment | 60,991,195 | 56,516,500 |
Less: Accumulated Depreciation, Depletion and Amortization | (33,043,454) | (30,851,463) |
Total Property, Plant and Equipment, Net | 27,947,741 | 25,665,037 |
Deferred Income Taxes | 16,880 | 17,506 |
Other Assets | 856,023 | 871,427 |
Total Assets | 33,637,736 | 29,833,078 |
Current Liabilities | ||
Accounts Payable | 2,435,773 | 1,847,131 |
Accrued Taxes Payable | 249,234 | 148,874 |
Dividends Payable | 126,829 | 96,410 |
Liabilities from Price Risk Management Activities | 132,618 | 50,429 |
Current Portion of Long-Term Debt | 1,262,874 | 356,235 |
Other | 217,819 | 226,463 |
Total | 4,425,147 | 2,725,542 |
Long-Term Debt | 5,171,949 | 6,030,836 |
Other Liabilities | 1,302,249 | 1,275,213 |
Deferred Income Taxes | 4,199,921 | 3,518,214 |
Commitments and Contingencies (Note 8) | ||
Stockholders' Equity | ||
Common Stock, $0.01 Par, 1,280,000,000 Shares Authorized and 580,308,937 Shares Issued at September 30, 2018 and 578,827,768 Shares Issued at December 31, 2017 | 205,803 | 205,788 |
Additional Paid in Capital | 5,626,259 | 5,536,547 |
Accumulated Other Comprehensive Loss | (19,458) | (19,297) |
Retained Earnings | 12,778,104 | 10,593,533 |
Common Stock Held in Treasury, 478,042 Shares at September 30, 2018 and 350,961 Shares at December 31, 2017 | (52,238) | (33,298) |
Total Stockholders' Equity | 18,538,470 | 16,283,273 |
Total Liabilities and Stockholders' Equity | $ 33,637,736 | $ 29,833,078 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2018 | Dec. 31, 2017 |
Common Stock | ||
Common Stock, Par Value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized (in shares) | 1,280,000,000 | 1,280,000,000 |
Common Stock, Shares Issued (in shares) | 580,308,937 | 578,827,768 |
Treasury Stock (in shares) | ||
Common Stock Held in Treasury, Shares | 478,042 | 350,961 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Cash Flows from Operating Activities | ||
Net Income | $ 2,526,272 | $ 152,111 |
Items Not Requiring (Providing) Cash | ||
Depreciation, Depletion and Amortization | 2,515,445 | 2,527,642 |
Impairments | 160,934 | 325,798 |
Stock-Based Compensation Expenses | 116,290 | 101,537 |
Deferred Income Taxes | 681,702 | 114,850 |
Gains (Losses) on Asset Dispositions, Net | 94,658 | (33,876) |
Other, Net | 15,314 | (4,514) |
Dry Hole Costs | 5,260 | 77 |
Mark-to-Market Commodity Derivative Contracts | ||
Total (Gains) Losses | 297,735 | (64,860) |
Net Cash Received from (Payments for) Settlements of Commodity Derivative Contracts | (180,228) | 4,730 |
Other, Net | 1,652 | 270 |
Changes in Components of Working Capital and Other Assets and Liabilities | ||
Accounts Receivable | (553,529) | (25,445) |
Inventories | (286,817) | (17,674) |
Accounts Payable | 537,525 | 112,894 |
Accrued Taxes Payable | (36,891) | (49,967) |
Other Assets | (103,334) | (83,940) |
Other Liabilities | (14,776) | (69,224) |
Changes in Components of Working Capital Associated with Investing and Financing Activities | 95,484 | (120,373) |
Net Cash Provided by Operating Activities | 5,683,380 | 2,937,788 |
Investing Cash Flows | ||
Additions to Oil and Gas Properties | (4,571,932) | (2,927,988) |
Additions to Other Property, Plant and Equipment | (202,384) | (139,558) |
Proceeds from Sales of Assets | 11,582 | 191,593 |
Other Investing Activities | (19,993) | 0 |
Changes in Components of Working Capital Associated with Investing Activities | (95,541) | 120,469 |
Net Cash Used in Investing Activities | (4,878,268) | (2,755,484) |
Financing Cash Flows | ||
Long-term Debt Repayments | 0 | (600,000) |
Dividends Paid | (311,075) | (289,261) |
Treasury Stock Purchased | (58,558) | (50,374) |
Proceeds from Stock Options Exercised and Employee Stock Purchase Plan | 12,098 | 11,174 |
Repayment of Capital Lease Obligation | (5,052) | (4,897) |
Changes in Components of Working Capital Associated with Financing Activities | 57 | (96) |
Net Cash Used in Financing Activities | (362,530) | (933,454) |
Effect of Exchange Rate Changes on Cash | (2,678) | (2,607) |
Increase (Decrease) in Cash and Cash Equivalents | 439,904 | (753,757) |
Cash and Cash Equivalents at Beginning of Period | 834,228 | 1,599,895 |
Cash and Cash Equivalents at End of Period | $ 1,274,132 | $ 846,138 |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
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, 2017 , filed on February 27, 2018 (EOG's 2017 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 nine months ended September 30, 2018 , are not necessarily indicative of the results to be expected for the full year. Effective January 1, 2018, EOG adopted the provisions of Accounting Standards Update (ASU) 2014-09, "Revenue From Contracts With Customers" (ASU 2014-09). ASU 2014-09 and other related ASUs require entities to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. EOG elected to adopt ASU 2014-09 using the modified retrospective approach, which required EOG to recognize in retained earnings the cumulative effect at the date of adoption for all existing contracts with customers which were not substantially complete as of January 1, 2018. There was no impact to retained earnings upon adoption of ASU 2014-09. EOG presents disaggregated revenues by type of commodity within its Condensed Consolidated Statements of Income and Comprehensive Income and by geographic areas defined as operating segments. See Note 5. In connection with the adoption of ASU 2014-09, EOG presents natural gas processing fees relating to certain processing and marketing agreements within its United States segment as Gathering and Processing Costs, instead of as a deduction to Revenues within its Condensed Consolidated Statements of Income and Comprehensive Income. There was no impact to operating income, net income or cash flows resulting from changes to the presentation of natural gas processing fees. The impacts of the adoption of ASU 2014-09 for the three and nine months ended September 30, 2018 , were as follows (in thousands): Three Months Ended Nine Months Ended As Reported Amounts Without Adoption of ASU 2014-09 Effect of Change As Reported Amounts Without Adoption of ASU 2014-09 Effect of Change Operating Revenues and Other Crude Oil and Condensate $ 2,655,278 $ 2,655,278 $ — $ 7,134,114 $ 7,134,114 $ — Natural Gas Liquids 353,704 352,084 1,620 861,473 856,628 4,845 Natural Gas 311,713 256,169 55,544 912,324 770,441 141,883 Gathering, Processing and Marketing 1,360,992 1,355,909 5,083 3,899,250 3,883,222 16,028 Total Operating Revenues and Other 4,781,624 4,719,377 62,247 12,700,863 12,538,107 162,756 Operating Expenses Gathering and Processing Costs 114,063 56,899 57,164 324,577 177,849 146,728 Marketing Costs 1,326,974 1,321,891 5,083 3,853,827 3,837,799 16,028 Total Operating Expenses 3,274,937 3,212,690 62,247 9,354,657 9,191,901 162,756 Operating Income 1,506,687 1,506,687 — 3,346,206 3,346,206 — Revenues are recognized for the sale of crude oil and condensate, natural gas liquids (NGLs) and natural gas at the point control of the product is transferred to the customer, typically when production is delivered and title or risk of loss transfers to the customer. Arrangements for such sales are evidenced by signed contracts with prices typically based on stated market indices, with certain adjustments for product quality and geographic location. As EOG typically invoices customers shortly after performance obligations have been fulfilled, contract assets and contract liabilities are not recognized. The balances of accounts receivable from contracts with customers on January 1, 2018 and September 30, 2018, were $1,343 million and $1,812 million , respectively, and are included in Accounts Receivable, Net on the Condensed Consolidated Balance Sheets. Losses incurred on receivables from contracts with customers are infrequent and have been immaterial. Crude Oil and Condensate. EOG sells its crude oil and condensate production at the wellhead or further downstream at a contractually-specified delivery point. Revenue is recognized when control transfers to the customer based on contract terms which reflect prevailing market prices. Any costs incurred prior to the transfer of control, such as gathering and transportation, are recognized as Operating Expenses. Natural Gas Liquids. EOG delivers certain of its natural gas production to either EOG-owned processing facilities or third-party processing facilities, where extraction of NGLs occurs. For EOG-owned facilities, revenue is recognized after processing upon transfer of NGLs to a customer. For third-party facilities, extracted NGLs are sold to the owner of the processing facility at the tailgate, or EOG takes possession and sells the extracted NGLs at the tailgate or exercises its option to sell further downstream to various customers. Under typical arrangements for third-party facilities, revenue is recognized after processing upon the transfer of control of the NGLs, either at the tailgate of the processing plant or further downstream. EOG recognizes revenues based on contract terms which reflect prevailing market prices, with processing fees recognized as Gathering and Processing Costs. Natural Gas. EOG sells its natural gas production either at the wellhead or further downstream at a contractually-specified delivery point. In connection with the extraction of NGLs, EOG sells residue gas under separate agreements. Typically, EOG takes possession of the natural gas at the tailgate of the processing facility and sells it at the tailgate or further downstream. In each case, EOG recognizes revenues when control transfers to the customer, based on contract terms which reflect prevailing market prices. Gathering, Processing and Marketing. Gathering, processing and marketing revenues represent sales of third-party crude oil and condensate, NGLs and natural gas, as well as fees associated with gathering and processing third-party natural gas and revenues from sales of EOG-owned sand. EOG evaluates whether it is the principal or agent under these transactions. As control of the underlying commodity is transferred to EOG prior to the gathering, processing and marketing activities, EOG considers itself the principal of these arrangements. Accordingly, EOG recognizes these transactions on a gross basis. Purchases of third-party commodities are recorded as Marketing Costs, with sales of third-party commodities and fees received for gathering and processing recorded as Gathering, Processing and Marketing revenues. Recently Issued Accounting Standards. In March 2018, the Financial Accounting Standards Board (FASB) issued ASU 2018-05, "Income Taxes (Topic 740) - Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118" (ASU 2018-05). In December 2017, the United States (U.S.) enacted the Tax Cuts and Jobs Act (TCJA), which made significant changes to U.S. federal income tax law. Shortly after enactment of the TCJA, the SEC staff issued Staff Accounting Bulletin No. 118 (SAB 118), which provides guidance on accounting for the impact of the TCJA. ASU 2018-05 codified various paragraphs of SAB 118 and was effective upon issuance. Under SAB 118, an entity would use a similar approach as the measurement period provided in the Business Combinations Topic of the Accounting Standards Codification (ASC). An entity will recognize those matters for which the accounting can be completed. For matters that have not been completed, the entity would either (1) recognize provisional amounts to the extent that they are reasonably able to be estimated and adjust them over time as more information becomes available or (2) for any specific income tax effects of the TCJA for which a reasonable estimate cannot be determined, continue to apply the Income Taxes Topic of the ASC on the basis of the provisions of the tax laws that were in effect immediately before the TCJA was signed into law. EOG has prepared its condensed consolidated financial statements for the three and nine months ended September 30, 2018 in accordance with ASU 2018-05. As discussed in EOG’s 2017 Annual Report, provisional amounts were recorded for tax accruals of certain aspects of the TCJA. EOG has updated and finalized the 2017 U.S. federal provisional amounts. The 2017 state provisional amounts will be finalized in the fourth quarter of 2018. During the third quarter of 2018, EOG filed its consolidated 2017 U.S. federal income tax return, along with certain tax elections, and finalized its foreign earnings and profits study. The deemed repatriation tax decreased from the provisional amount of $179 million to $40 million mostly as a result of reducing the repatriation taxable income by net operating losses (NOLs), which had previously been expected to be utilized in future years. EOG is no longer electing to pay the repatriation tax in installments over eight years after considering recent Internal Revenue Service (IRS) guidance which indicated that no tax refunds would be issued until the entire repatriation tax liability is satisfied regardless of an installment election. EOG has reviewed the tax consequences of the repatriation tax on its outside basis differences in its investment in non-U.S. subsidiaries and has confirmed that no U.S. federal deferred tax liability is required at this time. EOG has analyzed the impact of the new "global intangible low-taxed income" (GILTI) inclusion and, while no taxable income inclusion is required in 2018, EOG may become subject to GILTI inclusion in future years and will treat any resulting tax as a period expense. The remeasurement of U.S. deferred tax assets and liabilities resulted in a provisional tax benefit of $2.2 billion in 2017, which was increased by approximately $52 million in the third quarter of 2018 due to the utilization of the aforementioned NOLs at the 2017 U.S. federal corporate income tax rate of 35% instead of the future tax rate of 21% . This additional tax benefit along with other less significant tax reform adjustments has lowered the 2018 year-to-date effective tax rate approximately two percentage points. EOG recorded a provisional amount in 2017 for its refundable alternative minimum tax (AMT) credits due to the lack of guidance, at that time, on whether any portion of these credits would be sequestered due to a federal budgetary provision. In the first quarter of 2018, the IRS affirmed that any refundable AMT credits resulting from the TCJA would be subject to sequestration. EOG does not expect further clarification from the IRS or Office of Management and Budget and therefore considers the accounting for sequestration on its refundable AMT credits complete. In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)" (ASU 2016-02), which significantly changes accounting for leases by requiring that lessees recognize a right-of-use asset and a related lease liability representing the obligation to make lease payments, for certain lease transactions. Additional disclosures about an entity's lease transactions will also be required. ASU 2016-02 defines a lease as "a contract, or part of a contract, that conveys the right to control the use of identified property, plant or equipment (an identified asset) for a period of time in exchange for consideration." In January 2018, the FASB issued ASU 2018-01, "Leases (Topic 842) - Land Easement Practical Expedient for Transition to Topic 842" (ASU 2018-01), which permits an entity an optional election to not evaluate under ASU 2016-02 those existing or expired land easements that were not previously accounted for as leases prior to the adoption of ASU 2016-02. Additionally, in July 2018, the FASB issued ASU 2018-11, “Leases (Topic 842) - Targeted Improvements” (ASU 2018-11), which permits an entity (i) to apply the provisions of ASU 2016-02 at the adoption date instead of the earliest period presented in the financial statements, and, as a lessor, (ii) to account for lease and nonlease components as a single component as the nonlease components would otherwise be accounted for under the provisions of ASU 2014-09. ASU 2016-02 and other related ASUs are effective for interim and annual periods beginning after December 31, 2018, and early application is permitted. Based on the provisions of ASU 2018-11 and other related ASUs, lessees and lessors may recognize and measure leases at the beginning of the earliest period presented in the financial statements, defined as the effective date, using a modified retrospective approach, or at the adoption date by recognizing a cumulative-effect adjustment to the opening balance of retained earnings. EOG is continuing its assessment of ASU 2016-02 by implementing its project plan, including a lease accounting software solution. EOG has assessed the scope of its current contractual arrangements, reviewed the majority of its existing contracts and is continuing to evaluate certain operational and corporate policies and processes in light of these findings. EOG enters into contracts for drilling rig services, fracturing services, compression, real estate and other contracts which contain equipment and other assets used in its exploration, development and production activities and corporate functions. Certain of these contracts are anticipated to require recognition of a right-of-use asset and related lease liability. At this time, the impact upon adoption of ASU 2016-02 and other related ASUs is not quantifiable, but is expected to significantly impact EOG’s consolidated balance sheet by increasing assets and liabilities related to operating leases. EOG plans to elect the practical expedient under ASU 2018-11 and apply the provisions of ASU 2016-02 on the adoption date, January 1, 2019. Additionally, EOG plans to elect the package of practical expedients within ASU 2016-02 that allows an entity to not reassess prior to the effective date (i) whether any expired or existing contracts are or contain leases, (ii) the lease classification for any expired or existing leases, or (iii) initial direct costs for any existing leases, but does not plan to elect the practical expedient of hindsight when determining the lease term of existing contracts at the effective date. EOG also plans to elect the practical expedient under ASU 2018-01 and not evaluate existing or expired land easements not previously accounted for as leases prior to the effective date. |
Stock-Based Compensation (Notes
Stock-Based Compensation (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation As more fully discussed in Note 7 to the Consolidated Financial Statements included in EOG's 2017 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 Nine Months Ended 2018 2017 2018 2017 Lease and Well $ 12.9 $ 9.5 $ 37.1 $ 30.0 Gathering and Processing Costs 0.1 0.1 0.3 0.5 Exploration Costs 5.8 4.7 18.4 16.1 General and Administrative 30.2 29.2 60.5 54.9 Total $ 49.0 $ 43.5 $ 116.3 $ 101.5 The Amended and Restated EOG Resources, Inc. 2008 Omnibus Equity Compensation Plan (2008 Plan) provides for grants of stock options, stock-settled stock appreciation rights (SARs), restricted stock and restricted stock units, performance units and performance stock and other stock-based awards. At September 30, 2018 , approximately 13.7 million common shares remained available for grant under the 2008 Plan. EOG's policy is to issue shares related to 2008 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 $21.7 million and $20.9 million during the three months ended September 30, 2018 and 2017 , respectively, and $45.4 million and $42.9 million during the nine months ended September 30, 2018 and 2017 , respectively. Weighted average fair values and valuation assumptions used to value stock option, SAR and ESPP grants during the nine -month periods ended September 30, 2018 and 2017 are as follows: Stock Options/SARs ESPP Nine Months Ended Nine Months Ended 2018 2017 2018 2017 Weighted Average Fair Value of Grants $ 33.49 $ 23.94 $ 25.52 $ 22.10 Expected Volatility 28.22 % 28.28 % 24.36 % 26.96 % Risk-Free Interest Rate 2.68 % 1.52 % 1.86 % 0.89 % Dividend Yield 0.72 % 0.75 % 0.64 % 0.71 % Expected Life 5.0 years 5.1 years 0.5 years 0.5 years Expected volatility is based on an equal weighting of historical volatility and implied volatility from traded options in EOG's common stock. The risk-free interest rate is based upon United States Treasury yields in effect at the time of grant. The expected life is based upon historical experience and contractual terms of stock option, SAR and ESPP grants. The following table sets forth stock option and SAR transactions for the nine -month periods ended September 30, 2018 and 2017 (stock options and SARs in thousands): Nine Months Ended Nine Months Ended Number of Stock Options/SARs Weighted Average Grant Price Number of Stock Options/SARs Weighted Average Grant Price Outstanding at January 1 9,103 $ 83.89 9,850 $ 75.53 Granted 1,884 126.65 2,260 96.24 Exercised (1) (2,144 ) 69.62 (1,674 ) 55.63 Forfeited (167 ) 91.89 (269 ) 90.22 Outstanding at September 30 (2) 8,676 $ 96.55 10,167 $ 83.02 Vested or Expected to Vest (3) 8,316 $ 96.08 9,799 $ 82.69 Exercisable at September 30 (4) 4,202 $ 85.80 5,517 $ 75.59 (1) The total intrinsic value of stock options/SARs exercised for the nine months ended September 30, 2018 and 2017 was $103.7 million and $66.6 million , respectively. The intrinsic value is based upon the difference between the market price of EOG's common stock on the date of exercise and the grant price of the stock options/SARs. (2) The total intrinsic value of stock options/SARs outstanding at September 30, 2018 and 2017 was $269.1 million and $147.8 million , respectively. At September 30, 2018 and 2017 , the weighted average remaining contractual life was 4.8 years and 4.3 years , respectively. (3) The total intrinsic value of stock options/SARs vested or expected to vest at September 30, 2018 and 2017 was $261.9 million and $145.9 million , respectively. At September 30, 2018 and 2017 , the weighted average remaining contractual life was 4.7 years and 4.3 years , respectively. (4) The total intrinsic value of stock options/SARs exercisable at September 30, 2018 and 2017 was $175.5 million and $123.2 million , respectively. At September 30, 2018 and 2017 , the weighted average remaining contractual life was 3.4 years and 2.8 years , respectively. At September 30, 2018 , unrecognized compensation expense related to non-vested stock option, SAR and ESPP grants totaled $119.7 million . Such unrecognized expense will be amortized on a straight-line basis over a weighted average period of 2.3 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 $17.5 million and $15.8 million for the three months ended September 30, 2018 and 2017 , respectively, and $58.8 million and $50.0 million for the nine months ended September 30, 2018 and 2017 , respectively. The following table sets forth restricted stock and restricted stock unit transactions for the nine -month periods ended September 30, 2018 and 2017 (shares and units in thousands): Nine Months Ended Nine Months Ended Number of Shares and Units Weighted Average Grant Date Fair Value Number of Shares and Units Weighted Average Grant Date Fair Value Outstanding at January 1 3,905 $ 88.57 3,962 $ 79.63 Granted 792 117.67 1,061 97.26 Released (1) (708 ) 77.46 (837 ) 59.67 Forfeited (150 ) 91.36 (190 ) 84.66 Outstanding at September 30 (2) 3,839 $ 96.52 3,996 $ 88.25 (1) The total intrinsic value of restricted stock and restricted stock units released for the nine months ended September 30, 2018 and 2017 was $80.2 million and $81.6 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 September 30, 2018 and 2017 was $489.7 million and $386.6 million , respectively. At September 30, 2018 , unrecognized compensation expense related to restricted stock and restricted stock units totaled $194.5 million . Such unrecognized expense will be amortized on a straight-line basis over a weighted average period of 2.2 years . Performance Units and Performance Stock. EOG has granted performance units and/or performance stock (collectively, Performance Awards) to its executive officers annually since 2012. As more fully discussed in the grant agreements, the performance metric applicable to the Performance Awards 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 Awards granted could be outstanding. The fair value of the Performance Awards is estimated using a Monte Carlo simulation. Stock-based compensation expense related to the Performance Award grants totaled $9.8 million and $6.8 million for the three -month periods ended September 30, 2018 and 2017 , respectively, and $12.1 million and $8.6 million for the nine -month periods ended September 30, 2018 and 2017 , respectively. The following table sets forth the Performance Awards transactions for the nine -month periods ended September 30, 2018 and 2017 (units in thousands): Nine Months Ended Nine Months Ended Number of Units Weighted Average Price per Grant Date Number of Units Weighted Average Price per Grant Date Outstanding at January 1 502 $ 90.96 545 $ 80.92 Granted 107 127.00 78 96.29 Granted for Performance Multiple (1) 72 101.87 119 84.43 Released (2) (148 ) 84.43 (240 ) 66.69 Forfeited — — — — Outstanding at September 30 (3) 533 (4) $ 101.50 502 $ 90.96 (1) Upon completion of the Performance Period for the Performance Awards granted in 2014 and 2013, a performance multiple of 200% was applied to each of the grants resulting in additional grants of Performance Awards in February 2018 and February 2017, respectively. (2) The total intrinsic value of Performance Awards released during the nine months ended September 30, 2018 and 2017 was approximately $17.7 million and $23.6 million , respectively. The intrinsic value is based upon the closing price of EOG's common stock on the date the Performance Awards are released. (3) The total intrinsic value of Performance Awards outstanding at September 30, 2018 and 2017 was approximately $68.0 million and $48.6 million , respectively. (4) Upon the application of the relevant performance multiple at the completion of each of the remaining Performance Periods, a minimum of 143,610 and a maximum of 921,940 Performance Awards could be outstanding. At September 30, 2018 , unrecognized compensation expense related to Performance Awards totaled $11.0 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 (Notes)
Net Income Per Share (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
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 nine -month periods ended September 30, 2018 and 2017 (in thousands, except per share data): Three Months Ended Nine Months Ended 2018 2017 2018 2017 Numerator for Basic and Diluted Earnings Per Share - Net Income $ 1,190,952 $ 100,541 $ 2,526,272 $ 152,111 Denominator for Basic Earnings Per Share - Weighted Average Shares 577,254 574,783 576,431 574,370 Potential Dilutive Common Shares - Stock Options/SARs 1,432 1,451 1,317 1,518 Restricted Stock/Units and Performance Units/Stock 2,873 2,502 2,694 2,565 Denominator for Diluted Earnings Per Share - Adjusted Diluted Weighted Average Shares 581,559 578,736 580,442 578,453 Net Income Per Share Basic $ 2.06 $ 0.17 $ 4.38 $ 0.26 Diluted $ 2.05 $ 0.17 $ 4.35 $ 0.26 The diluted earnings per share calculation excludes stock options and SARs that were anti-dilutive. Shares underlying the excluded stock options and SARs were 0.5 million and 4.2 million shares for the three months ended September 30, 2018 and 2017, respectively, and were 0.2 million and 3.6 million shares, respectively, for the nine months ended September 30, 2018 and 2017, respectively. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
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 nine -month periods ended September 30, 2018 and 2017 (in thousands): Nine Months Ended 2018 2017 Interest (1) $ 172,076 $ 202,320 Income Taxes, Net of Refunds Received $ 81,059 $ 92,391 (1) Net of capitalized interest of $18 million and $21 million for the nine months ended September 30, 2018 and 2017 , respectively. EOG's accrued capital expenditures at September 30, 2018 and 2017 were $702 million and $545 million , respectively. Non-cash investing activities for the nine months ended September 30, 2018 , included additions of $222 million to EOG's oil and gas properties as a result of property exchanges and an addition of $49 million to EOG's other property, plant and equipment primarily in connection with a capital lease transaction in the Permian Basin. Non-cash investing activities for the nine months ended September 30, 2017 , included additions of $214 million to EOG's oil and gas properties as a result of property exchanges. |
Segment Information (Notes)
Segment Information (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Selected financial information by reportable segment is presented below for the three -month and nine -month periods ended September 30, 2018 and 2017 (in thousands): Three Months Ended Nine Months Ended 2018 2017 2018 2017 Operating Revenues and Other United States $ 4,653,342 $ 2,569,867 $ 12,339,086 $ 7,620,601 Trinidad 84,648 63,800 247,272 210,022 Other International (1) 43,634 11,177 114,505 37,258 Total $ 4,781,624 $ 2,644,844 $ 12,700,863 $ 7,867,881 Operating Income (Loss) United States $ 1,458,641 $ 207,173 $ 3,251,377 $ 457,018 Trinidad 48,988 21,739 117,106 70,512 Other International (1) (942 ) (14,076 ) (22,277 ) (77,040 ) Total 1,506,687 214,836 3,346,206 450,490 Reconciling Items Other Income (Expense), Net 3,308 226 (4,516 ) 8,349 Interest Expense, Net (63,632 ) (69,082 ) (189,032 ) (211,010 ) Income Before Income Taxes $ 1,446,363 $ 145,980 $ 3,152,658 $ 247,829 (1) Other International primarily consists of EOG's United Kingdom, China and Canada operations. Total assets by reportable segment are presented below at September 30, 2018 and December 31, 2017 (in thousands): At September 30, 2018 At December 31, 2017 Total Assets United States $ 32,656,676 $ 28,312,599 Trinidad 619,127 974,477 Other International (1) 361,933 546,002 Total $ 33,637,736 $ 29,833,078 (1) Other International primarily consists of EOG's United Kingdom, China and Canada operations. |
Asset Retirement Obligations (N
Asset Retirement Obligations (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
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 nine -month periods ended September 30, 2018 and 2017 (in thousands): Nine Months Ended 2018 2017 Carrying Amount at January 1 $ 946,848 $ 912,926 Liabilities Incurred 63,443 30,114 Liabilities Settled (1) (15,319 ) (53,638 ) Accretion 27,306 25,963 Revisions (39,137 ) (1,791 ) Foreign Currency Translations (2,197 ) 16,902 Carrying Amount at September 30 $ 980,944 $ 930,476 Current Portion $ 18,209 $ 23,606 Noncurrent Portion $ 962,735 $ 906,870 (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 (Notes)
Exploratory Well Costs (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
Capitalized Exploratory Well Costs [Abstract] | |
Exploratory Well Costs | Exploratory Well Costs EOG's net changes in capitalized exploratory well costs for the nine -month period ended September 30, 2018 , are presented below (in thousands): Nine Months Ended Balance at January 1 $ 2,167 Additions Pending the Determination of Proved Reserves 6,497 Reclassifications to Proved Properties (5,346 ) Costs Charged to Expense (433 ) Balance at September 30 $ 2,885 At September 30, 2018 , all capitalized exploratory well costs had been capitalized for periods of less than one year. |
Commitments and Contingencies (
Commitments and Contingencies (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies There are currently various suits and claims pending against EOG that have arisen in the ordinary course of EOG's business, including contract disputes, personal injury and property damage claims and title disputes. While the ultimate outcome and impact on EOG cannot be predicted, management believes that the resolution of these suits and claims will not, individually or in the aggregate, have a material adverse effect on EOG's consolidated financial position, results of operations or cash flow. EOG records reserves for contingencies when information available indicates that a loss is probable and the amount of the loss can be reasonably estimated. |
Pension and Postretirement Bene
Pension and Postretirement Benefits (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
Retirement Benefits [Abstract] | |
Pension and Postretirement Benefits | Pension and Postretirement Benefits EOG has defined contribution pension plans in place for most of its employees in the United States, Trinidad and the United Kingdom, and a defined benefit pension plan covering certain of its employees in Trinidad. For the nine months ended September 30, 2018 and 2017 , EOG's total costs recognized for these pension plans were $30 million and $27 million , respectively. EOG also has postretirement medical and dental plans in place for eligible employees and their dependents in the United States and Trinidad, the costs of which are not material. |
Long-Term Debt and Common Stock
Long-Term Debt and Common Stock (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Common Stock | Long-Term Debt and Common Stock Long-Term Debt. During the nine months ended September 30, 2018 and 2017 , EOG utilized commercial paper borrowings, bearing market interest rates, for various corporate financing purposes. At September 30, 2018 and December 31, 2017, EOG had no outstanding commercial paper borrowings or uncommitted credit facility borrowings. The average borrowings outstanding under the commercial paper program were $11 million and $9 million during the nine months ended September 30, 2018 and 2017 , respectively. The weighted average interest rate for commercial paper borrowings during the nine months ended September 30, 2018 and 2017 , was 1.97% and 1.39% , respectively. On October 1, 2018, EOG repaid upon maturity the $350 million aggregate principal amount of its 6.875% Senior Notes due 2018. EOG currently has a $2.0 billion senior unsecured Revolving Credit Agreement (Agreement) with domestic and foreign lenders. The Agreement has a scheduled maturity date of July 21, 2020 , 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. Advances under the Agreement will accrue interest based, at EOG's option, on either the London InterBank Offered Rate plus an applicable margin (Eurodollar rate) or the base rate (as defined in the Agreement) plus an applicable margin. At September 30, 2018 and December 31, 2017, there were no borrowings or letters of credit outstanding under the Agreement. The Eurodollar rate and applicable base rate, had there been any amounts borrowed under the Agreement at September 30, 2018, would have been 3.16% and 5.25% , respectively. Common Stock. On August 2, 2018, EOG's Board of Directors increased the quarterly cash dividend on the common stock from the previous $0.1850 per share to $0.22 per share, effective beginning with the dividend to be paid on October 31, 2018, to stockholders of record as of October 17, 2018. |
Fair Value Measurements (Notes)
Fair Value Measurements (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements As more fully discussed in Note 13 to the Consolidated Financial Statements included in EOG's 2017 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 September 30, 2018 and December 31, 2017 (in millions): Fair Value Measurements Using: Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total At September 30, 2018 Financial Assets: Crude Oil Basis Swaps $ — $ 35 $ — $ 35 Financial Liabilities: Crude Oil Swaps $ — $ 159 $ — $ 159 Crude Oil Basis Swaps — 2 — 2 At December 31, 2017 Financial Assets: Natural Gas Swaps $ — $ 2 $ — $ 2 Natural Gas Options/Collars — 6 — 6 Financial Liabilities: Crude Oil Swaps $ — $ 38 $ — $ 38 Crude Oil Basis Swaps — 19 — 19 The estimated fair value of commodity derivative contracts was based upon forward commodity price curves based on quoted market prices. Commodity derivative contracts were valued by utilizing an independent third-party derivative valuation provider who uses various types of valuation models, as applicable. The initial measurement of asset retirement obligations at fair value is calculated using discounted cash flow techniques and based on internal estimates of future retirement costs associated with property, plant and equipment. Significant Level 3 inputs used in the calculation of asset retirement obligations include plugging costs and reserve lives. A reconciliation of EOG's asset retirement obligations is presented in Note 6. Proved oil and gas properties and other assets with a carrying amount of $165 million were written down to their fair value of $131 million , resulting in pretax impairment charges of $34 million for the nine months ended September 30, 2018 . Included in the $34 million pretax impairment charges are $21 million for a commodity price-related write-down of other assets. 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 of Debt. At September 30, 2018 and December 31, 2017 , EOG had outstanding $6,390 million aggregate principal amount of senior notes, which had estimated fair values at such dates of approximately $6,400 million and $6,602 million , respectively. The estimated fair value of debt was based upon quoted market prices and, where such prices were not available, other observable (Level 2) inputs regarding interest rates available to EOG at the end of each respective period. |
Risk Management Activities (Not
Risk Management Activities (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Risk Management Activities | Risk Management Activities Commodity Price Risk . As more fully discussed in Note 12 to the Consolidated Financial Statements included in EOG's 2017 Annual Report, EOG engages in price risk management activities from time to time. These activities are intended to manage EOG's exposure to fluctuations in commodity prices for crude oil and natural gas. EOG utilizes financial commodity derivative instruments, primarily price swap, option, swaption, collar and basis swap contracts, as a means to manage this price risk. EOG has not designated any of its financial commodity derivative contracts as accounting hedges and, accordingly, accounts for financial commodity derivative contracts using the mark-to-market accounting method. Commodity Derivative Contracts. Prices received by EOG for its crude oil production generally vary from U.S. New York Mercantile Exchange (NYMEX) West Texas Intermediate prices due to adjustments for delivery location (basis) and other factors. EOG has entered into crude oil basis swap contracts in order to fix the differential between pricing in Midland, Texas, and Cushing, Oklahoma (Midland Differential). Presented below is a comprehensive summary of EOG's Midland Differential basis swap contracts for the nine months ended September 30, 2018 . The weighted average price differential expressed in dollars per barrel ($/Bbl) represents the amount of reduction to Cushing, Oklahoma, prices for the notional volumes expressed in barrels per day (Bbld) covered by the basis swap contracts. Midland Differential Basis Swap Contracts Volume (Bbld) Weighted Average Price Differential ($/Bbl) 2018 January 1, 2018 through October 31, 2018 (closed) 15,000 $ 1.063 November 1, 2018 through December 31, 2018 15,000 1.063 2019 January 1, 2019 through December 31, 2019 20,000 $ 1.075 EOG has also entered into crude oil basis swap contracts in order to fix the differential between pricing in the U.S. Gulf Coast and Cushing, Oklahoma (Gulf Coast Differential). Presented below is a comprehensive summary of EOG's Gulf Coast Differential basis swap contracts for the nine months ended September 30, 2018 . The weighted average price differential expressed in $/Bbl represents the amount of addition to Cushing, Oklahoma, prices for the notional volumes expressed in Bbld covered by the basis swap contracts. Gulf Coast Differential Basis Swap Contracts Volume (Bbld) Weighted Average Price Differential ($/Bbl) 2018 January 1, 2018 through September 30, 2018 (closed) 37,000 $ 3.818 October 2018 (closed) 52,000 3.911 November 1, 2018 through December 31, 2018 52,000 3.911 2019 January 1, 2019 through December 31, 2019 10,000 $ 5.558 Presented below is a comprehensive summary of EOG's crude oil price swap contracts for the nine months ended September 30, 2018 , with notional volumes expressed in Bbld and prices expressed in $/Bbl. Crude Oil Price Swap Contracts Volume (Bbld) Weighted Average Price ($/Bbl) 2018 January 1, 2018 through September 30, 2018 (closed) 134,000 $ 60.04 October 1, 2018 through December 31, 2018 134,000 60.04 Presented below is a comprehensive summary of EOG's natural gas price swap contracts for the nine months ended September 30, 2018 , with notional volumes expressed in million British thermal units (MMBtu) per day (MMBtud) and prices expressed in dollars per MMBtu ($/MMBtu). Natural Gas Price Swap Contracts Volume (MMBtud) Weighted Average Price ($/MMBtu) 2018 March 1, 2018 through October 31, 2018 (closed) 35,000 $ 3.00 November 2018 35,000 3.00 EOG has sold call options which establish a ceiling price for the sale of notional volumes of natural gas as specified in the call option contracts. The call options require that EOG pay the difference between the call option strike price and either the average or last business day NYMEX Henry Hub natural gas price for the contract month (Henry Hub Index Price) in the event the Henry Hub Index Price is above the call option strike price. In addition, EOG has purchased put options which establish a floor price for the sale of notional volumes of natural gas as specified in the put option contracts. The put options grant EOG the right to receive the difference between the put option strike price and the Henry Hub Index Price in the event the Henry Hub Index Price is below the put option strike price. Presented below is a comprehensive summary of EOG's natural gas call and put option contracts for the nine months ended September 30, 2018 , with notional volumes expressed in MMBtud and prices expressed in $/MMBtu. Natural Gas Option Contracts Call Options Sold Put Options Purchased Volume (MMBtud) Weighted Volume (MMBtud) Weighted 2018 March 1, 2018 through October 31, 2018 (closed) 120,000 $ 3.38 96,000 $ 2.94 November 2018 120,000 3.38 96,000 2.94 The following table sets forth the amounts and classification of EOG's outstanding financial derivative instruments at September 30, 2018 and December 31, 2017 . 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 September 30, 2018 December 31, 2017 Asset Derivatives Crude oil and natural gas derivative contracts - Current portion Assets from Price Risk Management Activities $ 2 $ 8 Noncurrent portion Other Assets 5 — Liability Derivatives Crude oil and natural gas derivative contracts - Current portion Liabilities from Price Risk Management Activities (1) $ 133 $ 50 Noncurrent portion Other Liabilities — 7 (1) The current portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $161 million , partially offset by gross assets of $28 million at September 30, 2018, and gross liabilities of $55 million , partially offset by gross assets of $5 million at December 31, 2017. 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 exposure to significant counterparties on an ongoing basis, including those arising from physical and financial transactions. In some instances, EOG renegotiates payment terms and/or requires collateral, parent guarantees or letters of credit to minimize credit risk. All of EOG's 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 September 30, 2018 and December 31, 2017 . EOG had no collateral posted and held no collateral at September 30, 2018 and December 31, 2017 . |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Acquisitions and Divestitures | Acquisitions and Divestitures During the nine months ended September 30, 2018 , EOG recognized a net gain on asset dispositions of $95 million , primarily due to non-cash property exchanges in Texas, New Mexico and Wyoming and received proceeds of approximately $12 million . Additionally, in the third quarter of 2018, EOG's wholly-owned subsidiary signed a share purchase and sale agreement for the sale of all of its interest in EOG Resources United Kingdom Limited, which is expected to close in the fourth quarter of 2018. At September 30, 2018, the book value of the assets held for sale and the related liabilities were $235 million and $65 million , respectively. During the nine months ended September 30, 2017 , EOG recognized a net loss on asset dispositions of $(34) million and received proceeds of approximately $192 million primarily from the sale of producing assets, unproved leasehold and other property, plant and equipment in Oklahoma and Texas. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Impact of Adoption of New Revenue Recognition Standard (Tables) | The impacts of the adoption of ASU 2014-09 for the three and nine months ended September 30, 2018 , were as follows (in thousands): Three Months Ended Nine Months Ended As Reported Amounts Without Adoption of ASU 2014-09 Effect of Change As Reported Amounts Without Adoption of ASU 2014-09 Effect of Change Operating Revenues and Other Crude Oil and Condensate $ 2,655,278 $ 2,655,278 $ — $ 7,134,114 $ 7,134,114 $ — Natural Gas Liquids 353,704 352,084 1,620 861,473 856,628 4,845 Natural Gas 311,713 256,169 55,544 912,324 770,441 141,883 Gathering, Processing and Marketing 1,360,992 1,355,909 5,083 3,899,250 3,883,222 16,028 Total Operating Revenues and Other 4,781,624 4,719,377 62,247 12,700,863 12,538,107 162,756 Operating Expenses Gathering and Processing Costs 114,063 56,899 57,164 324,577 177,849 146,728 Marketing Costs 1,326,974 1,321,891 5,083 3,853,827 3,837,799 16,028 Total Operating Expenses 3,274,937 3,212,690 62,247 9,354,657 9,191,901 162,756 Operating Income 1,506,687 1,506,687 — 3,346,206 3,346,206 — |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | Stock-based compensation expense is included on the 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 Nine Months Ended 2018 2017 2018 2017 Lease and Well $ 12.9 $ 9.5 $ 37.1 $ 30.0 Gathering and Processing Costs 0.1 0.1 0.3 0.5 Exploration Costs 5.8 4.7 18.4 16.1 General and Administrative 30.2 29.2 60.5 54.9 Total $ 49.0 $ 43.5 $ 116.3 $ 101.5 |
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 nine -month periods ended September 30, 2018 and 2017 are as follows: Stock Options/SARs ESPP Nine Months Ended Nine Months Ended 2018 2017 2018 2017 Weighted Average Fair Value of Grants $ 33.49 $ 23.94 $ 25.52 $ 22.10 Expected Volatility 28.22 % 28.28 % 24.36 % 26.96 % Risk-Free Interest Rate 2.68 % 1.52 % 1.86 % 0.89 % Dividend Yield 0.72 % 0.75 % 0.64 % 0.71 % Expected Life 5.0 years 5.1 years 0.5 years 0.5 years |
Stock Options and SARs Transactions | The following table sets forth stock option and SAR transactions for the nine -month periods ended September 30, 2018 and 2017 (stock options and SARs in thousands): Nine Months Ended Nine Months Ended Number of Stock Options/SARs Weighted Average Grant Price Number of Stock Options/SARs Weighted Average Grant Price Outstanding at January 1 9,103 $ 83.89 9,850 $ 75.53 Granted 1,884 126.65 2,260 96.24 Exercised (1) (2,144 ) 69.62 (1,674 ) 55.63 Forfeited (167 ) 91.89 (269 ) 90.22 Outstanding at September 30 (2) 8,676 $ 96.55 10,167 $ 83.02 Vested or Expected to Vest (3) 8,316 $ 96.08 9,799 $ 82.69 Exercisable at September 30 (4) 4,202 $ 85.80 5,517 $ 75.59 (1) The total intrinsic value of stock options/SARs exercised for the nine months ended September 30, 2018 and 2017 was $103.7 million and $66.6 million , respectively. The intrinsic value is based upon the difference between the market price of EOG's common stock on the date of exercise and the grant price of the stock options/SARs. (2) The total intrinsic value of stock options/SARs outstanding at September 30, 2018 and 2017 was $269.1 million and $147.8 million , respectively. At September 30, 2018 and 2017 , the weighted average remaining contractual life was 4.8 years and 4.3 years , respectively. (3) The total intrinsic value of stock options/SARs vested or expected to vest at September 30, 2018 and 2017 was $261.9 million and $145.9 million , respectively. At September 30, 2018 and 2017 , the weighted average remaining contractual life was 4.7 years and 4.3 years , respectively. (4) The total intrinsic value of stock options/SARs exercisable at September 30, 2018 and 2017 was $175.5 million and $123.2 million , respectively. At September 30, 2018 and 2017 , the weighted average remaining contractual life was 3.4 years and 2.8 years , respectively. |
Restricted Stock and Restricted Stock Unit Transactions | The following table sets forth restricted stock and restricted stock unit transactions for the nine -month periods ended September 30, 2018 and 2017 (shares and units in thousands): Nine Months Ended Nine Months Ended Number of Shares and Units Weighted Average Grant Date Fair Value Number of Shares and Units Weighted Average Grant Date Fair Value Outstanding at January 1 3,905 $ 88.57 3,962 $ 79.63 Granted 792 117.67 1,061 97.26 Released (1) (708 ) 77.46 (837 ) 59.67 Forfeited (150 ) 91.36 (190 ) 84.66 Outstanding at September 30 (2) 3,839 $ 96.52 3,996 $ 88.25 (1) The total intrinsic value of restricted stock and restricted stock units released for the nine months ended September 30, 2018 and 2017 was $80.2 million and $81.6 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 September 30, 2018 and 2017 was $489.7 million and $386.6 million , respectively. |
Weighted Average Fair Values and Valuation Assumptions for Performance Award Grants | The following table sets forth the Performance Awards transactions for the nine -month periods ended September 30, 2018 and 2017 (units in thousands): Nine Months Ended Nine Months Ended Number of Units Weighted Average Price per Grant Date Number of Units Weighted Average Price per Grant Date Outstanding at January 1 502 $ 90.96 545 $ 80.92 Granted 107 127.00 78 96.29 Granted for Performance Multiple (1) 72 101.87 119 84.43 Released (2) (148 ) 84.43 (240 ) 66.69 Forfeited — — — — Outstanding at September 30 (3) 533 (4) $ 101.50 502 $ 90.96 (1) Upon completion of the Performance Period for the Performance Awards granted in 2014 and 2013, a performance multiple of 200% was applied to each of the grants resulting in additional grants of Performance Awards in February 2018 and February 2017, respectively. (2) The total intrinsic value of Performance Awards released during the nine months ended September 30, 2018 and 2017 was approximately $17.7 million and $23.6 million , respectively. The intrinsic value is based upon the closing price of EOG's common stock on the date the Performance Awards are released. (3) The total intrinsic value of Performance Awards outstanding at September 30, 2018 and 2017 was approximately $68.0 million and $48.6 million , respectively. (4) Upon the application of the relevant performance multiple at the completion of each of the remaining Performance Periods, a minimum of 143,610 and a maximum of 921,940 Performance Awards could be outstanding. |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Computation of Net Income Per Share | The following table sets forth the computation of Net Income Per Share for the three -month and nine -month periods ended September 30, 2018 and 2017 (in thousands, except per share data): Three Months Ended Nine Months Ended 2018 2017 2018 2017 Numerator for Basic and Diluted Earnings Per Share - Net Income $ 1,190,952 $ 100,541 $ 2,526,272 $ 152,111 Denominator for Basic Earnings Per Share - Weighted Average Shares 577,254 574,783 576,431 574,370 Potential Dilutive Common Shares - Stock Options/SARs 1,432 1,451 1,317 1,518 Restricted Stock/Units and Performance Units/Stock 2,873 2,502 2,694 2,565 Denominator for Diluted Earnings Per Share - Adjusted Diluted Weighted Average Shares 581,559 578,736 580,442 578,453 Net Income Per Share Basic $ 2.06 $ 0.17 $ 4.38 $ 0.26 Diluted $ 2.05 $ 0.17 $ 4.35 $ 0.26 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Supplemental Cash Flow Information [Abstract] | |
Net Cash Paid For Interest and Income Taxes | Net cash paid for interest and income taxes was as follows for the nine -month periods ended September 30, 2018 and 2017 (in thousands): Nine Months Ended 2018 2017 Interest (1) $ 172,076 $ 202,320 Income Taxes, Net of Refunds Received $ 81,059 $ 92,391 (1) Net of capitalized interest of $18 million and $21 million for the nine months ended September 30, 2018 and 2017 , respectively. |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Selected Financial Information by Reportable Segment | Selected financial information by reportable segment is presented below for the three -month and nine -month periods ended September 30, 2018 and 2017 (in thousands): Three Months Ended Nine Months Ended 2018 2017 2018 2017 Operating Revenues and Other United States $ 4,653,342 $ 2,569,867 $ 12,339,086 $ 7,620,601 Trinidad 84,648 63,800 247,272 210,022 Other International (1) 43,634 11,177 114,505 37,258 Total $ 4,781,624 $ 2,644,844 $ 12,700,863 $ 7,867,881 Operating Income (Loss) United States $ 1,458,641 $ 207,173 $ 3,251,377 $ 457,018 Trinidad 48,988 21,739 117,106 70,512 Other International (1) (942 ) (14,076 ) (22,277 ) (77,040 ) Total 1,506,687 214,836 3,346,206 450,490 Reconciling Items Other Income (Expense), Net 3,308 226 (4,516 ) 8,349 Interest Expense, Net (63,632 ) (69,082 ) (189,032 ) (211,010 ) Income Before Income Taxes $ 1,446,363 $ 145,980 $ 3,152,658 $ 247,829 (1) Other International primarily consists of EOG's United Kingdom, China and Canada operations. |
Assets by Reportable Segment | Total assets by reportable segment are presented below at September 30, 2018 and December 31, 2017 (in thousands): At September 30, 2018 At December 31, 2017 Total Assets United States $ 32,656,676 $ 28,312,599 Trinidad 619,127 974,477 Other International (1) 361,933 546,002 Total $ 33,637,736 $ 29,833,078 (1) Other International primarily consists of EOG's United Kingdom, China and Canada operations. |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Asset Retirement Obligation [Abstract] | |
Asset Retirement Obligation Rollforward Analysis | The following table presents the reconciliation of the beginning and ending aggregate carrying amounts of short-term and long-term legal obligations associated with the retirement of property, plant and equipment for the nine -month periods ended September 30, 2018 and 2017 (in thousands): Nine Months Ended 2018 2017 Carrying Amount at January 1 $ 946,848 $ 912,926 Liabilities Incurred 63,443 30,114 Liabilities Settled (1) (15,319 ) (53,638 ) Accretion 27,306 25,963 Revisions (39,137 ) (1,791 ) Foreign Currency Translations (2,197 ) 16,902 Carrying Amount at September 30 $ 980,944 $ 930,476 Current Portion $ 18,209 $ 23,606 Noncurrent Portion $ 962,735 $ 906,870 (1) Includes settlements related to asset sales. |
Exploratory Well Costs (Tables)
Exploratory Well Costs (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Capitalized Exploratory Well Costs [Abstract] | |
Net Changes In Capitalized Exploratory Well Costs | EOG's net changes in capitalized exploratory well costs for the nine -month period ended September 30, 2018 , are presented below (in thousands): Nine Months Ended Balance at January 1 $ 2,167 Additions Pending the Determination of Proved Reserves 6,497 Reclassifications to Proved Properties (5,346 ) Costs Charged to Expense (433 ) Balance at September 30 $ 2,885 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Assets and Liabilities Measured On Recurring Basis | The following table provides fair value measurement information within the fair value hierarchy for certain of EOG's financial assets and liabilities carried at fair value on a recurring basis at September 30, 2018 and December 31, 2017 (in millions): Fair Value Measurements Using: Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total At September 30, 2018 Financial Assets: Crude Oil Basis Swaps $ — $ 35 $ — $ 35 Financial Liabilities: Crude Oil Swaps $ — $ 159 $ — $ 159 Crude Oil Basis Swaps — 2 — 2 At December 31, 2017 Financial Assets: Natural Gas Swaps $ — $ 2 $ — $ 2 Natural Gas Options/Collars — 6 — 6 Financial Liabilities: Crude Oil Swaps $ — $ 38 $ — $ 38 Crude Oil Basis Swaps — 19 — 19 |
Risk Management Activities (Tab
Risk Management Activities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Derivatives, Fair Value [Line Items] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The following table sets forth the amounts and classification of EOG's outstanding financial derivative instruments at September 30, 2018 and December 31, 2017 . 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 September 30, 2018 December 31, 2017 Asset Derivatives Crude oil and natural gas derivative contracts - Current portion Assets from Price Risk Management Activities $ 2 $ 8 Noncurrent portion Other Assets 5 — Liability Derivatives Crude oil and natural gas derivative contracts - Current portion Liabilities from Price Risk Management Activities (1) $ 133 $ 50 Noncurrent portion Other Liabilities — 7 (1) The current portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $161 million , partially offset by gross assets of $28 million at September 30, 2018, and gross liabilities of $55 million , partially offset by gross assets of $5 million at December 31, 2017. |
Crude Oil [Member] | Midland Differential Basis Swaps [Member] | |
Derivatives, Fair Value [Line Items] | |
Schedule of Derivative Instruments | Presented below is a comprehensive summary of EOG's Midland Differential basis swap contracts for the nine months ended September 30, 2018 . The weighted average price differential expressed in dollars per barrel ($/Bbl) represents the amount of reduction to Cushing, Oklahoma, prices for the notional volumes expressed in barrels per day (Bbld) covered by the basis swap contracts. Midland Differential Basis Swap Contracts Volume (Bbld) Weighted Average Price Differential ($/Bbl) 2018 January 1, 2018 through October 31, 2018 (closed) 15,000 $ 1.063 November 1, 2018 through December 31, 2018 15,000 1.063 2019 January 1, 2019 through December 31, 2019 20,000 $ 1.075 |
Crude Oil [Member] | Gulf Coast Differential Basis Swap [Member] | |
Derivatives, Fair Value [Line Items] | |
Schedule of Derivative Instruments | Presented below is a comprehensive summary of EOG's Gulf Coast Differential basis swap contracts for the nine months ended September 30, 2018 . The weighted average price differential expressed in $/Bbl represents the amount of addition to Cushing, Oklahoma, prices for the notional volumes expressed in Bbld covered by the basis swap contracts. Gulf Coast Differential Basis Swap Contracts Volume (Bbld) Weighted Average Price Differential ($/Bbl) 2018 January 1, 2018 through September 30, 2018 (closed) 37,000 $ 3.818 October 2018 (closed) 52,000 3.911 November 1, 2018 through December 31, 2018 52,000 3.911 2019 January 1, 2019 through December 31, 2019 10,000 $ 5.558 |
Crude Oil [Member] | Price Swaps [Member] | |
Derivatives, Fair Value [Line Items] | |
Schedule of Derivative Instruments | Presented below is a comprehensive summary of EOG's crude oil price swap contracts for the nine months ended September 30, 2018 , with notional volumes expressed in Bbld and prices expressed in $/Bbl. Crude Oil Price Swap Contracts Volume (Bbld) Weighted Average Price ($/Bbl) 2018 January 1, 2018 through September 30, 2018 (closed) 134,000 $ 60.04 October 1, 2018 through December 31, 2018 134,000 60.04 |
Natural Gas [Member] | Price Swaps [Member] | |
Derivatives, Fair Value [Line Items] | |
Schedule of Derivative Instruments | Presented below is a comprehensive summary of EOG's natural gas price swap contracts for the nine months ended September 30, 2018 , with notional volumes expressed in million British thermal units (MMBtu) per day (MMBtud) and prices expressed in dollars per MMBtu ($/MMBtu). Natural Gas Price Swap Contracts Volume (MMBtud) Weighted Average Price ($/MMBtu) 2018 March 1, 2018 through October 31, 2018 (closed) 35,000 $ 3.00 November 2018 35,000 3.00 |
Natural Gas [Member] | Options [Member] | |
Derivatives, Fair Value [Line Items] | |
Schedule of Derivative Instruments | Presented below is a comprehensive summary of EOG's natural gas call and put option contracts for the nine months ended September 30, 2018 , with notional volumes expressed in MMBtud and prices expressed in $/MMBtu. Natural Gas Option Contracts Call Options Sold Put Options Purchased Volume (MMBtud) Weighted Volume (MMBtud) Weighted 2018 March 1, 2018 through October 31, 2018 (closed) 120,000 $ 3.38 96,000 $ 2.94 November 2018 120,000 3.38 96,000 2.94 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | Jan. 01, 2018 | |
Total Operating Revenues and Other | $ 4,781,624 | $ 2,644,844 | $ 12,700,863 | $ 7,867,881 | ||
Gathering and Processing Costs | 114,063 | 32,590 | 324,577 | 105,480 | ||
Marketing Costs | 1,326,974 | 793,536 | 3,853,827 | 2,320,671 | ||
Total Operating Expenses | 3,274,937 | 2,430,008 | 9,354,657 | 7,417,391 | ||
Operating Income (Loss) | 1,506,687 | 214,836 | 3,346,206 | 450,490 | ||
Accounts Receivable From Contracts With Customers | 1,812,000 | 1,812,000 | $ 1,343,000 | |||
Provisional Reduction in the Income Tax Provision | $ 52,000 | $ 2,200,000 | ||||
Statutory Federal Income Tax Rate (in hundredths) | 21.00% | 35.00% | ||||
Repatriation Tax of Foreign Earnings | $ 40,000 | $ 179,000 | ||||
Crude Oil and Condensate | ||||||
Revenues | 2,655,278 | 1,451,410 | 7,134,114 | 4,326,925 | ||
Natural Gas Liquids | ||||||
Revenues | 353,704 | 180,038 | 861,473 | 480,389 | ||
Natural Gas | ||||||
Revenues | 311,713 | 220,402 | 912,324 | 675,012 | ||
Gathering, Processing and Marketing | ||||||
Revenues | 1,360,992 | $ 784,368 | 3,899,250 | $ 2,289,702 | ||
Amounts Without Adoption of ASU 2014-09 | ||||||
Total Operating Revenues and Other | 4,719,377 | 12,538,107 | ||||
Gathering and Processing Costs | 56,899 | 177,849 | ||||
Marketing Costs | 1,321,891 | 3,837,799 | ||||
Total Operating Expenses | 3,212,690 | 9,191,901 | ||||
Operating Income (Loss) | 1,506,687 | 3,346,206 | ||||
Amounts Without Adoption of ASU 2014-09 | Crude Oil and Condensate | ||||||
Revenues | 2,655,278 | 7,134,114 | ||||
Amounts Without Adoption of ASU 2014-09 | Natural Gas Liquids | ||||||
Revenues | 352,084 | 856,628 | ||||
Amounts Without Adoption of ASU 2014-09 | Natural Gas | ||||||
Revenues | 256,169 | 770,441 | ||||
Amounts Without Adoption of ASU 2014-09 | Gathering, Processing and Marketing | ||||||
Revenues | 1,355,909 | 3,883,222 | ||||
Effect of Change | ||||||
Total Operating Revenues and Other | 62,247 | 162,756 | ||||
Gathering and Processing Costs | 57,164 | 146,728 | ||||
Marketing Costs | 5,083 | 16,028 | ||||
Total Operating Expenses | 62,247 | 162,756 | ||||
Operating Income (Loss) | 0 | 0 | ||||
Effect of Change | Crude Oil and Condensate | ||||||
Revenues | 0 | 0 | ||||
Effect of Change | Natural Gas Liquids | ||||||
Revenues | 1,620 | 4,845 | ||||
Effect of Change | Natural Gas | ||||||
Revenues | 55,544 | 141,883 | ||||
Effect of Change | Gathering, Processing and Marketing | ||||||
Revenues | $ 5,083 | $ 16,028 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |||
Stock Options/SARs and Employee Stock Purchase Plan (ESPP) Disclosures [Line Items] | ||||||
Total Operating Expenses | $ 3,274,937 | $ 2,430,008 | $ 9,354,657 | $ 7,417,391 | ||
Compensation expense related to the company's stock-based compensation plans | $ 49,000 | 43,500 | $ 116,300 | 101,500 | ||
Common Shares Available for Grant | 13,700,000 | 13,700,000 | ||||
Stock Options and SARs [Member] | ||||||
Stock Options/SARs and Employee Stock Purchase Plan (ESPP) Disclosures [Line Items] | ||||||
Stock-based compensation expense related to stock options, SAR and ESPP grants | $ 21,700 | $ 20,900 | $ 45,400 | $ 42,900 | ||
Unrecognized compensation expense | [1] | $ 119,700 | $ 119,700 | |||
Weighted average period over which unrecognized compensation expense will be recognized (in years) | 2 years 3 months 18 days | |||||
Weighted Average Fair Values And Valuation Assumptions Used To Value Stock Option/SARs, ESPP, and Performance Units/Stock Stock-Based Compensation [Abstract] | ||||||
Weighted Average Fair Value of Grants (price per share) | $ 33.49 | $ 23.94 | ||||
Expected Volatility (in hundredths) | 28.22% | 28.28% | ||||
Risk-Free Interest Rate (in hundredths) | 2.68% | 1.52% | ||||
Dividend Yield (in hundredths) | 0.72% | 0.75% | ||||
Expected Life (in years) | 5 years | 5 years 1 month 6 days | ||||
Stock Options and SARs Rollforward [Abstract] | ||||||
Outstanding at January 1 (in shares) | 9,103,000 | 9,850,000 | ||||
Granted (in shares) | 1,884,000 | 2,260,000 | ||||
Exercised (1) (in shares) | [1] | (2,144,000) | (1,674,000) | |||
Forfeited (in shares) | (167,000) | (269,000) | ||||
Outstanding at September 30 (2) (in shares) | [2] | 8,676,000 | 10,167,000 | 8,676,000 | 10,167,000 | |
Stock Options and SARs Vested or Expected to Vest (in shares) | [3] | 8,316,000 | 9,799,000 | 8,316,000 | 9,799,000 | |
Stock Options and SARs Exercisable at September 30 (in shares) | [4] | 4,202,000 | 5,517,000 | 4,202,000 | 5,517,000 | |
Intrinsic Value of Stock Options/SARs Exercised | [1] | $ 103,700 | $ 66,600 | |||
Weighted Average Remaining Contractual Life for Stock Options/SARs Outstanding (in years) | 4 years 9 months 18 days | 4 years 3 months 18 days | ||||
Intrinsic Value of Stock Options/SARs Vested or Expected to Vest | [1] | $ 261,900 | $ 145,900 | $ 261,900 | $ 145,900 | |
Weighted average remaining contractual life for stock options/SARs vested or expected to vest (in years) | 4 years 8 months 12 days | 4 years 3 months 18 days | ||||
Aggregate Intrinsic Value for Exercisable Units | [1] | 175,500 | 123,200 | $ 175,500 | $ 123,200 | |
Weighted average remaining contractual life for exercisable options/SARs (in years) | 3 years 4 months 24 days | [1] | 2 years 9 months 18 days | |||
Weighted Average Grant Price Stock Option and SARs [Rollforward] | ||||||
Intrinsic Value of Stock Options/SARs Outstanding | [1] | $ 269,100 | $ 147,800 | $ 269,100 | $ 147,800 | |
Outstanding at January 1 (price per share) | $ 83.89 | $ 75.53 | ||||
Granted (price per share) | 126.65 | 96.24 | ||||
Exercised (1) (price per share) | [1] | 69.62 | 55.63 | |||
Forfeited (price per share) | 91.89 | 90.22 | ||||
Outstanding at September 30 (2) (price per share) | [2] | $ 96.55 | $ 83.02 | 96.55 | 83.02 | |
Vested or Expected to Vest (3) (price per share) | [3] | 96.08 | 82.69 | 96.08 | 82.69 | |
Exercisable at September 30 (4) (price per share) | [4] | $ 85.80 | $ 75.59 | 85.80 | 75.59 | |
ESPP [Member] | ||||||
Weighted Average Fair Values And Valuation Assumptions Used To Value Stock Option/SARs, ESPP, and Performance Units/Stock Stock-Based Compensation [Abstract] | ||||||
Weighted Average Fair Value of Grants (price per share) | $ 25.52 | $ 22.10 | ||||
Expected Volatility (in hundredths) | 24.36% | 26.96% | ||||
Risk-Free Interest Rate (in hundredths) | 1.86% | 0.89% | ||||
Dividend Yield (in hundredths) | 0.64% | 0.71% | ||||
Expected Life (in years) | 6 months | 6 months | ||||
Restricted Stock And Restricted Stock Units [Member] | ||||||
Stock Options/SARs and Employee Stock Purchase Plan (ESPP) Disclosures [Line Items] | ||||||
Unrecognized compensation expense | [1] | $ 194,500 | $ 194,500 | |||
Weighted average period over which unrecognized compensation expense will be recognized (in years) | 2 years 2 months 12 days | |||||
Intrinsic value released during the year | [1] | $ 80,200 | $ 81,600 | |||
Aggregate intrinsic value of stock and units outstanding | [1] | 489,700 | $ 386,600 | 489,700 | 386,600 | |
Restricted Stock/Restricted Stock Units [Roll Forward] | ||||||
Share-Based Compensation Arrangement By Restricted Stock And Restricted Stock Units Compensation Cost | [1] | $ 17,500 | $ 15,800 | $ 58,800 | $ 50,000 | |
Outstanding at January 1 (in shares) | 3,905,000 | 3,962,000 | ||||
Granted (in shares) | 792,000 | 1,061,000 | ||||
Released (1) (in shares) | [5] | (708,000) | (837,000) | |||
Forfeited (in shares) | (150,000) | (190,000) | ||||
Outstanding at September 30 (2) (in shares) | [6] | 3,839,000 | 3,996,000 | 3,839,000 | 3,996,000 | |
Weighted Average Grant Price Restricted Stock and Restricted Stock Units [Roll Forward] | ||||||
Outstanding at January 1 (price per share) | $ 88.57 | $ 79.63 | ||||
Granted (price per share) | 117.67 | 97.26 | ||||
Released (1) (price per share) | [5] | 77.46 | 59.67 | |||
Forfeited (price per share) | 91.36 | 84.66 | ||||
Outstanding at September 30 (2) (price per share) | [6] | $ 96.52 | $ 88.25 | $ 96.52 | $ 88.25 | |
Performance Units and Performance Stock [Member] | ||||||
Stock Options/SARs and Employee Stock Purchase Plan (ESPP) Disclosures [Line Items] | ||||||
Compensation expense related to the company's stock-based compensation plans | [1] | $ 9,800 | $ 6,800 | $ 12,100 | $ 8,600 | |
Unrecognized compensation expense | 11,000 | $ 11,000 | ||||
Weighted average period over which unrecognized compensation expense will be recognized (in years) | 1 year 8 months 12 days | |||||
Intrinsic value released during the year | $ 17,700 | 23,600 | ||||
Aggregate intrinsic value of stock and units outstanding | $ 68,000 | $ 48,600 | $ 68,000 | $ 48,600 | ||
Minimum Performance Units and Stock Allowed to be Outstanding | 143,610 | |||||
Maximum Performance Units and Stock Allowed to be Outstanding | 921,940 | |||||
Restricted Stock/Restricted Stock Units [Roll Forward] | ||||||
Outstanding at January 1 (in shares) | 502 | 545 | ||||
Granted (in shares) | 107 | 78 | ||||
Granted for Performance Multiple (1) | 72 | 119 | ||||
Released (1) (in shares) | 148 | 240 | ||||
Forfeited (in shares) | 0 | 0 | ||||
Outstanding at September 30 (2) (in shares) | 533 | 502 | 533 | 502 | ||
Weighted Average Grant Price Restricted Stock and Restricted Stock Units [Roll Forward] | ||||||
Outstanding at January 1 (price per share) | $ 90.96 | $ 80.92 | ||||
Granted (price per share) | 127 | 96.29 | ||||
Granted for Performance Multiple (1) (in dollars per share) | 101.87 | 84.43 | ||||
Released (1) (price per share) | 84.43 | 66.69 | ||||
Forfeited (price per share) | 0 | 0 | ||||
Outstanding at September 30 (2) (price per share) | $ 101.50 | $ 90.96 | $ 101.50 | $ 90.96 | ||
Performance Units and Performance Stock Disclosures [Abstract] | ||||||
Performance Period for Performance Units and Shares | 3 years | |||||
Minimum Performance Multiple at the Completion of the Performance Period | 0.00% | |||||
Maximum Performance Multiple at the Completion of the Performance Period | 200.00% | |||||
Lease and Well | ||||||
Stock Options/SARs and Employee Stock Purchase Plan (ESPP) Disclosures [Line Items] | ||||||
Compensation expense related to the company's stock-based compensation plans | $ 12,900 | $ 9,500 | $ 37,100 | $ 30,000 | ||
Gathering and Processing Costs | ||||||
Stock Options/SARs and Employee Stock Purchase Plan (ESPP) Disclosures [Line Items] | ||||||
Compensation expense related to the company's stock-based compensation plans | 100 | 100 | 300 | 500 | ||
Exploration Costs | ||||||
Stock Options/SARs and Employee Stock Purchase Plan (ESPP) Disclosures [Line Items] | ||||||
Compensation expense related to the company's stock-based compensation plans | 5,800 | 4,700 | 18,400 | 16,100 | ||
General and Administrative | ||||||
Stock Options/SARs and Employee Stock Purchase Plan (ESPP) Disclosures [Line Items] | ||||||
Compensation expense related to the company's stock-based compensation plans | $ 30,200 | $ 29,200 | $ 60,500 | $ 54,900 | ||
[1] | The total intrinsic value of stock options/SARs exercised for the nine months ended September 30, 2018 and 2017 was $103.7 million and $66.6 million, respectively. The intrinsic value is based upon the difference between the market price of EOG's common stock on the date of exercise and the grant price of the stock options/SARs. | |||||
[2] | The total intrinsic value of stock options/SARs outstanding at September 30, 2018 and 2017 was $269.1 million and $147.8 million, respectively. At September 30, 2018 and 2017, the weighted average remaining contractual life was 4.8 years and 4.3 years, respectively. | |||||
[3] | The total intrinsic value of stock options/SARs vested or expected to vest at September 30, 2018 and 2017 was $261.9 million and $145.9 million, respectively. At September 30, 2018 and 2017, the weighted average remaining contractual life was 4.7 years and 4.3 years, respectively. | |||||
[4] | The total intrinsic value of stock options/SARs exercisable at September 30, 2018 and 2017 was $175.5 million and $123.2 million, respectively. At September 30, 2018 and 2017, the weighted average remaining contractual life was 3.4 years and 2.8 years, respectively. | |||||
[5] | The total intrinsic value of restricted stock and restricted stock units released for the nine months ended September 30, 2018 and 2017 was $80.2 million and $81.6 million, respectively. The intrinsic value is based upon the closing price of EOG's common stock on the date the restricted stock and restricted stock units are released. | |||||
[6] | The total intrinsic value of restricted stock and restricted stock units outstanding at September 30, 2018 and 2017 was $489.7 million and $386.6 million, respectively. |
Net Income Per Share (Details)
Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Numerator for Basic and Diluted Earnings Per Share - [Abstract] | ||||
Net Income | $ 1,190,952 | $ 100,541 | $ 2,526,272 | $ 152,111 |
Denominator for Basic Earnings Per Share - [Abstract] | ||||
Weighted Average Shares | 577,254 | 574,783 | 576,431 | 574,370 |
Denominator for Diluted Earnings Per Share - [Abstract] | ||||
Adjusted Diluted Weighted Average Shares | 581,559 | 578,736 | 580,442 | 578,453 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Abstract] | ||||
Anti-dilutive Securities excluded from Diluted Earnings Per Share Calculation | 500 | 4,200 | 200 | 3,600 |
Net Income Per Share | ||||
Basic | $ 2.06 | $ 0.17 | $ 4.38 | $ 0.26 |
Diluted | $ 2.05 | $ 0.17 | $ 4.35 | $ 0.26 |
Stock Options And SARs [Member] | ||||
Potential Dilutive Common Shares - [Abstract] | ||||
Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangments | 1,432 | 1,451 | 1,317 | 1,518 |
Restricted Stock/Units and Performance Units/Stock [Member] | ||||
Potential Dilutive Common Shares - [Abstract] | ||||
Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangments | 2,873 | 2,502 | 2,694 | 2,565 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | ||
Supplemental Cash Flow Information [Abstract] | |||
Interest (1) | [1] | $ 172,076 | $ 202,320 |
Income Taxes, Net of Refunds Received | 81,059 | 92,391 | |
Interest Costs Capitalized | 18,000 | 21,000 | |
Accrued Capital Expenditures | 702,000 | 545,000 | |
Non-Cash Property Exchanges | 222,000 | $ 214,000 | |
Non-Cash Other Property, Plant and Equipment | $ 49,000 | ||
[1] | Net of capitalized interest of $18 million and $21 million for the nine months ended September 30, 2018 and 2017, respectively. |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | ||
Schedule of Segment Reporting Information By Segment [Abstract] | ||||||
Operating Revenues and Other | $ 4,781,624 | $ 2,644,844 | $ 12,700,863 | $ 7,867,881 | ||
Operating Income (Loss) | 1,506,687 | 214,836 | 3,346,206 | 450,490 | ||
Other Income (Expense), Net | 3,308 | 226 | (4,516) | 8,349 | ||
Interest Expense, Net | (63,632) | (69,082) | (189,032) | (211,010) | ||
Income Before Income Taxes | 1,446,363 | 145,980 | 3,152,658 | 247,829 | ||
Total Assets | 33,637,736 | 33,637,736 | $ 29,833,078 | |||
United States [Member] | ||||||
Schedule of Segment Reporting Information By Segment [Abstract] | ||||||
Operating Revenues and Other | 4,653,342 | 2,569,867 | 12,339,086 | 7,620,601 | ||
Operating Income (Loss) | 1,458,641 | 207,173 | 3,251,377 | 457,018 | ||
Total Assets | 32,656,676 | 32,656,676 | 28,312,599 | |||
Trinidad [Member] | ||||||
Schedule of Segment Reporting Information By Segment [Abstract] | ||||||
Operating Revenues and Other | 84,648 | 63,800 | 247,272 | 210,022 | ||
Operating Income (Loss) | 48,988 | 21,739 | 117,106 | 70,512 | ||
Total Assets | 619,127 | 619,127 | 974,477 | |||
Other International [Member] | ||||||
Schedule of Segment Reporting Information By Segment [Abstract] | ||||||
Operating Revenues and Other | [1] | 43,634 | 11,177 | 114,505 | 37,258 | |
Operating Income (Loss) | [1] | (942) | $ (14,076) | (22,277) | $ (77,040) | |
Total Assets | [1] | $ 361,933 | $ 361,933 | $ 546,002 | ||
[1] | Other International primarily consists of EOG's United Kingdom, China and Canada operations. |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | ||
Asset Retirement Obligation [Abstract] | |||
Carrying Amount at January 1 | $ 946,848 | $ 912,926 | |
Liabilities Incurred | 63,443 | 30,114 | |
Liabilities Settled (1) | [1] | (15,319) | (53,638) |
Accretion | 27,306 | 25,963 | |
Revisions | (39,137) | (1,791) | |
Foreign Currency Translations | (2,197) | 16,902 | |
Carrying Amount at September 30 | 980,944 | 930,476 | |
Current Portion | 18,209 | 23,606 | |
Noncurrent Portion | $ 962,735 | $ 906,870 | |
[1] | Includes settlements related to asset sales. |
Exploratory Well Costs (Details
Exploratory Well Costs (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Capitalized Exploratory Well Costs that are Pending Determination of Proved Reserves [Roll Forward] | |
Balance at January 1 | $ 2,167 |
Additions Pending the Determination of Proved Reserves | 6,497 |
Reclassifications to Proved Properties | (5,346) |
Costs Charged to Expense | (433) |
Balance at September 30 | $ 2,885 |
Pension and Postretirement Be_2
Pension and Postretirement Benefits (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Defined Benefit and Defined Contribution Plan Disclosure [Line Items] | ||
Total Pension Plans Costs | $ 30 | $ 27 |
Long-Term Debt and Common Sto_2
Long-Term Debt and Common Stock (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Debt Instrument [Abstract] | |||
Dividends Payable, Amount Per Share Before Increase | $ 0.1850 | ||
Dividends Payable, Amount Per Share After Increase | $ 0.22 | ||
Commercial Paper [Member] | |||
Line of Credit Facility [Line Items] | |||
Borrowings Outstanding | $ 0 | $ 0 | |
Average Outstanding Amount | $ 11,000,000 | $ 9,000,000 | |
Weighted average interest rate (in hundredths) | 1.97% | 1.39% | |
Senior Notes [Member] | |||
Line of Credit Facility [Line Items] | |||
Maturities of Senior Debt | $ 350,000,000 | ||
Debt Instrument, Interest Rate, Effective Percentage | 6.875% | ||
Uncommitted Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Borrowings Outstanding | $ 0 | 0 | |
Revolving Credit Agreement 2020 [Member] | |||
Line of Credit Facility [Line Items] | |||
Borrowings Outstanding | 0 | $ 0 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,000,000,000 | ||
Line of Credit Facility, Expiration Date | Jul. 21, 2020 | ||
Eurodollar [Member] | Revolving Credit Agreement 2020 [Member] | |||
Line of Credit Facility [Line Items] | |||
Weighted average interest rate (in hundredths) | 3.16% | ||
Base Rate [Member] | Revolving Credit Agreement 2020 [Member] | |||
Line of Credit Facility [Line Items] | |||
Weighted average interest rate (in hundredths) | 5.25% |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Proved Oil and Gas Properties, Other Property, Plant and Equipment and Other Assets [Abstract] | ||
Proved Oil and Gas Properties and Other Assets Carrying Amount | $ 165 | |
Proved Oil and Gas Properties and Other Assets Written Down During the Period - Fair value at End of Period | 131 | |
Pretax Impairment Charges for Proved Oil and Gas Properties and Other Assets | 34 | |
Pretax Impairment Charge for a Commodity Price-Related Write-Down of Other Assets | 21 | |
Debt Disclosure [Abstract] | ||
Aggregate Principal Amount of Current and Long-Term Debt | 6,390 | $ 6,390 |
Estimated Fair Value of Debt | 6,400 | 6,602 |
Commodity Contract [Member] | Crude Oil [Member] | Price Swaps [Member] | ||
Financial Liabilities: | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 159 | 38 |
Commodity Contract [Member] | Crude Oil [Member] | Price Swaps [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial Liabilities: | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 |
Commodity Contract [Member] | Crude Oil [Member] | Price Swaps [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Financial Liabilities: | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 159 | 38 |
Commodity Contract [Member] | Crude Oil [Member] | Price Swaps [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Financial Liabilities: | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 |
Commodity Contract [Member] | Crude Oil [Member] | Basis Swaps [Member] | ||
Financial Assets: [Abstract] | ||
Assets, Fair Value Disclosure | 35 | |
Financial Liabilities: | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 2 | 19 |
Commodity Contract [Member] | Crude Oil [Member] | Basis Swaps [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets: [Abstract] | ||
Assets, Fair Value Disclosure | 0 | |
Financial Liabilities: | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | |
Commodity Contract [Member] | Crude Oil [Member] | Basis Swaps [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets: [Abstract] | ||
Assets, Fair Value Disclosure | 35 | |
Financial Liabilities: | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 2 | 19 |
Commodity Contract [Member] | Crude Oil [Member] | Basis Swaps [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Financial Assets: [Abstract] | ||
Assets, Fair Value Disclosure | 0 | |
Financial Liabilities: | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 0 | 0 |
Commodity Contract [Member] | Natural Gas [Member] | Price Swaps [Member] | ||
Financial Assets: [Abstract] | ||
Assets, Fair Value Disclosure | 2 | |
Commodity Contract [Member] | Natural Gas [Member] | Price Swaps [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets: [Abstract] | ||
Assets, Fair Value Disclosure | 0 | |
Commodity Contract [Member] | Natural Gas [Member] | Price Swaps [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets: [Abstract] | ||
Assets, Fair Value Disclosure | 2 | |
Commodity Contract [Member] | Natural Gas [Member] | Price Swaps [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Financial Assets: [Abstract] | ||
Assets, Fair Value Disclosure | 0 | |
Commodity Contract [Member] | Natural Gas [Member] | Options/Collars [Member] | ||
Financial Assets: [Abstract] | ||
Assets, Fair Value Disclosure | 6 | |
Commodity Contract [Member] | Natural Gas [Member] | Options/Collars [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets: [Abstract] | ||
Assets, Fair Value Disclosure | 0 | |
Commodity Contract [Member] | Natural Gas [Member] | Options/Collars [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets: [Abstract] | ||
Assets, Fair Value Disclosure | 6 | |
Commodity Contract [Member] | Natural Gas [Member] | Options/Collars [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Financial Assets: [Abstract] | ||
Assets, Fair Value Disclosure | $ 0 |
Risk Management Activities (Det
Risk Management Activities (Details) | 9 Months Ended | ||
Sep. 30, 2018USD ($)MMBTU$ / bbl$ / MMBTUbbl | Dec. 31, 2017USD ($) | ||
Derivatives, Fair Value [Line Items] | |||
Assets from Price Risk Management Activities | $ 1,569,000 | $ 7,699,000 | |
Liabilities from Price Risk Management Activities | 132,618,000 | 50,429,000 | |
Derivative Collateral [Abstract] | |||
Collateral Had on Derivative | 0 | 0 | |
Collateral Held on Derivative | 0 | 0 | |
Other Assets [Member] | Price Risk Derivative [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Other Assets | 5,000,000 | 0 | |
Liabilities From Price Risk Management Activities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Assets from Price Risk Management Activities | 28,000,000 | 5,000,000 | |
Liabilities from Price Risk Management Activities | 161,000,000 | 55,000,000 | |
Liabilities From Price Risk Management Activities [Member] | Price Risk Derivative [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Liabilities from Price Risk Management Activities | [1] | 133,000,000 | 50,000,000 |
Other Liabilities [Member] | Price Risk Derivative [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Other Liabilities | 0 | 7,000,000 | |
Assets From Price Risk Management Activities [Member] | Price Risk Derivative [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Assets from Price Risk Management Activities | $ 2,000,000 | $ 8,000,000 | |
Crude Oil [Member] | Midland Differential Basis Swaps [Member] | Derivative Contracts - January through October (closed) [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Volume (Bbld) | bbl | 15,000 | ||
Derivative, Swap Type, Average Fixed Price | $ / bbl | 1.063 | ||
Crude Oil [Member] | Midland Differential Basis Swaps [Member] | Derivative Contracts - November through December [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Volume (Bbld) | bbl | 15,000 | ||
Derivative, Swap Type, Average Fixed Price | $ / bbl | 1.063 | ||
Crude Oil [Member] | Midland Differential Basis Swaps [Member] | Derivative Contracts Year Two - January through December [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Volume (Bbld) | bbl | 20,000 | ||
Derivative, Swap Type, Average Fixed Price | $ / bbl | 1.075 | ||
Crude Oil [Member] | Gulf Coast Differential Basis Swap [Member] | Derivative Contracts - November through December [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Volume (Bbld) | bbl | 52,000 | ||
Derivative, Swap Type, Average Fixed Price | $ / bbl | 3.911 | ||
Crude Oil [Member] | Gulf Coast Differential Basis Swap [Member] | Derivative Contracts Year Two - January through December [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Volume (Bbld) | bbl | 10,000 | ||
Derivative, Swap Type, Average Fixed Price | $ / bbl | 5.558 | ||
Crude Oil [Member] | Gulf Coast Differential Basis Swap [Member] | Derivative Contracts - January through September (closed) [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Volume (Bbld) | bbl | 37,000 | ||
Derivative, Swap Type, Average Fixed Price | $ / bbl | 3.818 | ||
Crude Oil [Member] | Gulf Coast Differential Basis Swap [Member] | Derivative Contracts - October 2018 (closed) [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Volume (Bbld) | bbl | 52,000 | ||
Derivative, Swap Type, Average Fixed Price | $ / bbl | 3.911 | ||
Crude Oil [Member] | Price Swaps [Member] | Derivative Contracts - January through September (closed) [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Volume (Bbld) | bbl | 134,000 | ||
Derivative, Swap Type, Average Fixed Price | $ / bbl | 60.04 | ||
Crude Oil [Member] | Price Swaps [Member] | Derivative Contracts - October through December [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Volume (Bbld) | bbl | 134,000 | ||
Derivative, Swap Type, Average Fixed Price | $ / bbl | 60.04 | ||
Natural Gas [Member] | Price Swaps [Member] | Derivative Contracts - March through October (closed) [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Swap Type, Average Fixed Price | $ / MMBTU | 3 | ||
Volume (MMBtud) | MMBTU | 35,000 | ||
Natural Gas [Member] | Price Swaps [Member] | Derivative Contracts - November [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Swap Type, Average Fixed Price | $ / MMBTU | 3 | ||
Volume (MMBtud) | MMBTU | 35,000 | ||
Natural Gas [Member] | Call Option [Member] | Derivative Contracts - March through October (closed) [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Volume (MMBtud) | MMBTU | 120,000 | ||
Derivative, Average Price Risk Option Strike Price | $ / MMBTU | 3.38 | ||
Natural Gas [Member] | Call Option [Member] | Derivative Contracts - November [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Volume (MMBtud) | MMBTU | 120,000 | ||
Derivative, Average Price Risk Option Strike Price | $ / MMBTU | 3.38 | ||
Natural Gas [Member] | Put Option [Member] | Derivative Contracts - March through October (closed) [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Volume (MMBtud) | MMBTU | 96,000 | ||
Derivative, Average Price Risk Option Strike Price | $ / MMBTU | 2.94 | ||
Natural Gas [Member] | Put Option [Member] | Derivative Contracts - November [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Volume (MMBtud) | MMBTU | 96,000 | ||
Derivative, Average Price Risk Option Strike Price | $ / MMBTU | 2.94 | ||
[1] | The current portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $161 million, partially offset by gross assets of $28 million at September 30, 2018, and gross liabilities of $55 million, partially offset by gross assets of $5 million at December 31, 2017. |
Acquisitions and Divestitures_2
Acquisitions and Divestitures (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | ||
Gains (Losses) on Asset Dispositions, Net | $ 94,658 | $ (33,876) |
Proceeds on Asset Dispositions | 11,582 | $ 191,593 |
Book Value of Assets Held-For-Sale | 235,000 | |
Asset Held-For-Sale Liabilities | $ 65,000 |