Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 15, 2019 | Jun. 30, 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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 71,861,000,000 | ||
Entity Common Stock, Shares Outstanding | 580,053,225 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||||
Operating Revenues and Other | ||||||
Total | $ 17,275,399 | $ 11,208,320 | $ 7,650,632 | [1] | ||
Operating Expenses | ||||||
Lease and Well | 1,282,678 | 1,044,847 | 927,452 | |||
Transportation Costs | [2] | 746,876 | 740,352 | 764,106 | ||
Gathering and Processing Costs | 436,973 | [2],[3] | 148,775 | 122,901 | ||
Exploration Costs | 148,999 | 145,342 | 124,953 | |||
Dry Hole Costs | [2] | 5,405 | 4,609 | 10,657 | ||
Impairments | 347,021 | 479,240 | 620,267 | |||
Marketing Costs | 5,203,243 | 3,330,237 | 2,007,635 | |||
Depreciation, Depletion and Amortization | 3,435,408 | 3,409,387 | 3,553,417 | |||
General and Administrative | 426,969 | 434,467 | 394,815 | |||
Taxes Other Than Income | 772,481 | 544,662 | 349,710 | |||
Total | 12,806,053 | 10,281,918 | 8,875,913 | |||
Operating Income (Loss) | 4,469,346 | 926,402 | (1,225,281) | |||
Other Income (Expense), Net | 16,704 | 9,152 | (50,543) | |||
Income (Loss) Before Interest Expense and Income Taxes | 4,486,050 | 935,554 | (1,275,824) | |||
Interest Expense | ||||||
Incurred | 269,549 | 301,801 | 313,341 | |||
Capitalized | (24,497) | (27,429) | (31,660) | |||
Net Interest Expense | 245,052 | 274,372 | 281,681 | |||
Income (Loss) Before Income Taxes | 4,240,998 | 661,182 | (1,557,505) | |||
Income Tax Provision (Benefit) | 821,958 | (1,921,397) | (460,819) | |||
Net Income (Loss) | $ 3,419,040 | $ 2,582,579 | $ (1,096,686) | |||
Net Income (Loss) Per Share | ||||||
Basic | $ 5.93 | $ 4.49 | $ (1.98) | |||
Diluted | $ 5.89 | $ 4.46 | $ (1.98) | |||
Average Number of Common Shares [Abstract] | ||||||
Basic (in shares) | 576,578 | 574,620 | 553,384 | |||
Diluted (in shares) | 580,441 | 578,693 | 553,384 | |||
Other Comprehensive Income (Loss) | ||||||
Foreign Currency Translation Adjustments | $ 16,816 | $ 2,799 | $ 12,097 | |||
Other, Net of Tax | 1,123 | (3,086) | 2,231 | |||
Other Comprehensive Income (Loss) | 17,939 | (287) | 14,328 | |||
Comprehensive Income (Loss) | 3,436,979 | 2,582,292 | (1,082,358) | |||
Crude Oil and Condensate | ||||||
Operating Revenues and Other | ||||||
Revenues | 9,517,440 | 6,256,396 | 4,317,341 | |||
Natural Gas Liquids | ||||||
Operating Revenues and Other | ||||||
Revenues | 1,127,510 | 729,561 | 437,250 | |||
Natural Gas | ||||||
Operating Revenues and Other | ||||||
Revenues | 1,301,537 | 921,934 | 742,152 | |||
Gains (Losses) on Mark-to-Market Commodity Derivative Contracts | ||||||
Operating Revenues and Other | ||||||
Revenues | (165,640) | 19,828 | (99,608) | |||
Gathering, Processing and Marketing | ||||||
Operating Revenues and Other | ||||||
Revenues | 5,230,355 | 3,298,087 | 1,966,259 | |||
Gains (Losses) on Asset Dispositions, Net | ||||||
Operating Revenues and Other | ||||||
Revenues | 174,562 | (99,096) | 205,835 | |||
Other, Net | ||||||
Operating Revenues and Other | ||||||
Revenues | $ 89,635 | $ 81,610 | $ 81,403 | |||
[1] | EOG had sales activity with three significant purchasers in 2016, one totaling $1.2 billion, one totaling $1.1 billion and one totaling $1.0 billion of consolidated Operating Revenues and Other in the United States segment. | |||||
[2] | Excludes gains or losses on the mark-to-market of financial commodity derivative contracts, gains or losses on sales of reserves and related assets, interest charges and general corporate expenses for each of the three years in the period ended December 31, 2018. | |||||
[3] | Effective January 1, 2018, EOG adopted the provisions of Accounting Standards Update (ASU) 2014-09, "Revenue From Contracts With Customers" (ASU 2014-09). In connection with the adoption of ASU 2014-09, EOG presents natural gas processing fees relating to certain processing and marketing agreements within its United States segment as Gathering and Processing Costs instead of as a deduction to Natural Gas Revenues. There was no impact to operating income or net income resulting from changes to the presentation of natural gas processing fees (see Note 1 to Consolidated Financial Statements). |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current Assets | ||
Cash and Cash Equivalents | $ 1,555,634 | $ 834,228 |
Accounts Receivable, Net | 1,915,215 | 1,597,494 |
Inventories | 859,359 | 483,865 |
Assets from Price Risk Management Activities | 23,806 | 7,699 |
Income Taxes Receivable | 427,909 | 113,357 |
Other | 275,467 | 242,465 |
Total | 5,057,390 | 3,279,108 |
Property, Plant and Equipment | ||
Oil and Gas Properties (Successful Efforts Method) | 57,330,016 | 52,555,741 |
Other Property, Plant and Equipment | 4,220,665 | 3,960,759 |
Total Property, Plant and Equipment | 61,550,681 | 56,516,500 |
Less: Accumulated Depreciation, Depletion and Amortization | (33,475,162) | (30,851,463) |
Total Property, Plant and Equipment, Net | 28,075,519 | 25,665,037 |
Deferred Income Taxes | 777 | 17,506 |
Other Assets | 800,788 | 871,427 |
Total Assets | 33,934,474 | 29,833,078 |
Current Liabilities | ||
Accounts Payable | 2,239,850 | 1,847,131 |
Accrued Taxes Payable | 214,726 | 148,874 |
Dividends Payable | 126,971 | 96,410 |
Liabilities from Price Risk Management Activities | 0 | 50,429 |
Current Portion of Long-Term Debt | 913,093 | 356,235 |
Other | 233,724 | 226,463 |
Total | 3,728,364 | 2,725,542 |
Long-Term Debt | 5,170,169 | 6,030,836 |
Other Liabilities | 1,258,355 | 1,275,213 |
Deferred Income Taxes | 4,413,398 | 3,518,214 |
Commitments and Contingencies (Note 8) | ||
Stockholders' Equity | ||
Common Stock, $0.01 Par, 1,280,000,000 Shares Authorized and 580,408,117 Shares and 578,827,768 Shares Issued at December 31, 2018 and 2017, respectively | 205,804 | 205,788 |
Additional Paid in Capital | 5,658,794 | 5,536,547 |
Accumulated Other Comprehensive Loss | (1,358) | (19,297) |
Retained Earnings | 13,543,130 | 10,593,533 |
Common Stock Held in Treasury, 385,042 Shares and 350,961 Shares at December 31, 2018 and 2017, respectively | (42,182) | (33,298) |
Total Stockholders' Equity | 19,364,188 | 16,283,273 |
Total Liabilities and Stockholders' Equity | $ 33,934,474 | $ 29,833,078 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 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) | 580,408,117 | 578,827,768 |
Treasury Stock | ||
Common Stock Held in Treasury (in shares) | 385,042 | 350,961 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Treasury Stock, Common [Member] |
Balance at Dec. 31, 2015 | $ 12,943,035 | $ 205,502 | $ 2,923,461 | $ (33,338) | $ 9,870,816 | $ (23,406) |
Net Income (Loss) | (1,096,686) | 0 | 0 | 0 | (1,096,686) | 0 |
Common Stock Issued for the Yates Transaction | 2,397,887 | 252 | 2,397,635 | 0 | 0 | 0 |
Common Stock Issued Under Stock Plans | 16,397 | 9 | 16,388 | 0 | 0 | 0 |
Dividends, Common Stock | $ (376,012) | 0 | 0 | 0 | (376,012) | 0 |
Common Stock Dividends Declared (in dollars per share) | $ 0.670 | |||||
Other Comprehensive Income (Loss) | $ 14,328 | 0 | 0 | 14,328 | 0 | 0 |
Change in Treasury Stock - Stock Compensation Plans, Net | (75,226) | 0 | (27,018) | 0 | 0 | (48,208) |
Excess Tax Benefit from Stock-Based Compensation | 29,357 | 0 | 29,357 | 0 | 0 | 0 |
Restricted Stock and Restricted Stock Units, Net | 0 | 7 | (47,509) | 0 | 0 | 47,502 |
Stock-Based Compensation Expenses | 128,090 | 0 | 128,090 | 0 | 0 | 0 |
Treasury Stock Issued as Compensation | 411 | 0 | (19) | 0 | 0 | 430 |
Balance at Dec. 31, 2016 | 13,981,581 | 205,770 | 5,420,385 | (19,010) | 8,398,118 | (23,682) |
Net Income (Loss) | 2,582,579 | 0 | 0 | 0 | 2,582,579 | 0 |
Common Stock Issued Under Stock Plans | 7,089 | 7 | 7,082 | 0 | 0 | 0 |
Dividends, Common Stock | $ (387,164) | 0 | 0 | 0 | (387,164) | 0 |
Common Stock Dividends Declared (in dollars per share) | $ 0.670 | |||||
Other Comprehensive Income (Loss) | $ (287) | 0 | 0 | (287) | 0 | 0 |
Change in Treasury Stock - Stock Compensation Plans, Net | (36,743) | 0 | (27,348) | 0 | 0 | (9,395) |
Restricted Stock and Restricted Stock Units, Net | 0 | 11 | 2,552 | 0 | 0 | (2,563) |
Stock-Based Compensation Expenses | 133,849 | 0 | 133,849 | 0 | 0 | 0 |
Treasury Stock Issued as Compensation | 2,369 | 0 | 27 | 0 | 0 | 2,342 |
Balance at Dec. 31, 2017 | 16,283,273 | 205,788 | 5,536,547 | (19,297) | 10,593,533 | (33,298) |
Net Income (Loss) | 3,419,040 | 0 | 0 | 0 | 3,419,040 | 0 |
Common Stock Issued Under Stock Plans | 5,620 | 8 | 5,612 | 0 | 0 | 0 |
Dividends, Common Stock | $ (469,443) | 0 | 0 | 0 | (469,443) | 0 |
Common Stock Dividends Declared (in dollars per share) | $ 0.810 | |||||
Other Comprehensive Income (Loss) | $ 17,939 | 0 | 0 | 17,939 | 0 | 0 |
Change in Treasury Stock - Stock Compensation Plans, Net | (48,454) | 0 | (35,118) | 0 | 0 | (13,336) |
Restricted Stock and Restricted Stock Units, Net | 0 | 8 | (3,891) | 0 | 0 | 3,883 |
Stock-Based Compensation Expenses | 155,337 | 0 | 155,337 | 0 | 0 | 0 |
Treasury Stock Issued as Compensation | 876 | 0 | 307 | 0 | 0 | 569 |
Balance at Dec. 31, 2018 | $ 19,364,188 | $ 205,804 | $ 5,658,794 | $ (1,358) | $ 13,543,130 | $ (42,182) |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends, Common Stock | $ 469,443 | $ 387,164 | $ 376,012 |
Common Stock Dividends Declared (in dollars per share) | $ 0.810 | $ 0.670 | $ 0.670 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Cash Flows from Operating Activities | ||||
Net Income (Loss) | $ 3,419,040 | $ 2,582,579 | $ (1,096,686) | |
Items Not Requiring (Providing) Cash | ||||
Depreciation, Depletion and Amortization | 3,435,408 | 3,409,387 | 3,553,417 | |
Impairments | 347,021 | 479,240 | 620,267 | |
Stock-Based Compensation Expenses | 155,337 | 133,849 | 128,090 | |
Deferred Income Taxes | 894,156 | (1,473,872) | (515,206) | |
(Gains) Losses on Asset Dispositions, Net | (174,562) | 99,096 | (205,835) | |
Other, Net | 7,066 | 6,546 | 61,690 | |
Dry Hole Costs | [1] | 5,405 | 4,609 | 10,657 |
Mark-to-Market Commodity Derivative Contracts | ||||
Total (Gains) Losses | 165,640 | (19,828) | 99,608 | |
Net Cash Received from (Payments for) Settlements of Commodity Derivative Contracts | (258,906) | 7,438 | (22,219) | |
Excess Tax Benefits from Stock-Based Compensation | 0 | 0 | (29,357) | |
Other, Net | 3,108 | 1,204 | 10,971 | |
Changes in Components of Working Capital and Other Assets and Liabilities | ||||
Accounts Receivable | (368,180) | (392,131) | (232,799) | |
Inventories | (395,408) | (174,548) | 170,694 | |
Accounts Payable | 439,347 | 324,192 | (74,048) | |
Accrued Taxes Payable | (92,461) | (63,937) | 92,782 | |
Other Assets | (125,435) | (658,609) | (40,636) | |
Other Liabilities | 10,949 | (89,871) | (16,225) | |
Changes in Components of Working Capital Associated with Investing and Financing Activities | 301,083 | 89,992 | (156,102) | |
Net Cash Provided by Operating Activities | 7,768,608 | 4,265,336 | 2,359,063 | |
Investing Cash Flows | ||||
Additions to Oil and Gas Properties | (5,839,294) | (3,950,918) | (2,489,756) | |
Additions to Other Property, Plant and Equipment | (237,181) | (173,324) | (93,039) | |
Proceeds from Sales of Assets | 227,446 | 226,768 | 1,119,215 | |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | 0 | 54,534 | |
Payments for (Proceeds from) Other Investing Activities | (19,993) | 0 | 0 | |
Changes in Components of Working Capital Associated with Investing Activities | (301,140) | (89,935) | 156,102 | |
Net Cash Used in Investing Activities | (6,170,162) | (3,987,409) | (1,252,944) | |
Financing Cash Flows | ||||
Net Commercial Paper (Repayments) Borrowings | 0 | 0 | (259,718) | |
Long-Term Debt Borrowings | 0 | 0 | 991,097 | |
Long-Term Debt Repayments | (350,000) | (600,000) | (563,829) | |
Dividends Paid | (438,045) | (386,531) | (372,845) | |
Excess Tax Benefits from Stock-Based Compensation | 0 | 0 | 29,357 | |
Treasury Stock Purchased | (63,456) | (63,408) | (82,125) | |
Proceeds from Stock Options Exercised and Employee Stock Purchase Plan | 20,560 | 20,840 | 23,296 | |
Debt Issuance Costs | 0 | 0 | (1,602) | |
Repayment of Capital Lease Obligation | (8,219) | (6,555) | (6,353) | |
Other, Net | 57 | (57) | 0 | |
Net Cash Used in Financing Activities | (839,103) | (1,035,711) | (242,722) | |
Effect of Exchange Rate Changes on Cash | (37,937) | (7,883) | 17,992 | |
Increase (Decrease) in Cash and Cash Equivalents | 721,406 | (765,667) | 881,389 | |
Cash and Cash Equivalents at Beginning of Year | 834,228 | 1,599,895 | 718,506 | |
Cash and Cash Equivalents at End of Year | $ 1,555,634 | $ 834,228 | $ 1,599,895 | |
[1] | Excludes gains or losses on the mark-to-market of financial commodity derivative contracts, gains or losses on sales of reserves and related assets, interest charges and general corporate expenses for each of the three years in the period ended December 31, 2018. |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation. The consolidated financial statements of EOG Resources, Inc. (EOG) include the accounts of all domestic and foreign subsidiaries. Investments in unconsolidated affiliates, in which EOG is able to exercise significant influence, are accounted for using the equity method. All intercompany accounts and transactions have been eliminated. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (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. Financial Instruments. EOG's financial instruments consist of cash and cash equivalents, commodity derivative contracts, accounts receivable, accounts payable and current and long-term debt. The carrying values of cash and cash equivalents, commodity derivative contracts, accounts receivable and accounts payable approximate fair value (see Notes 2 and 12). Cash and Cash Equivalents. EOG records as cash equivalents all highly liquid short-term investments with original maturities of three months or less. Oil and Gas Operations. EOG accounts for its crude oil and natural gas exploration and production activities under the successful efforts method of accounting. Oil and gas lease acquisition costs are capitalized when incurred. Unproved properties with acquisition costs that are not individually significant are aggregated, and the portion of such costs estimated to be nonproductive is amortized over the remaining lease term. Unproved properties with individually significant acquisition costs are reviewed individually for impairment. If the unproved properties are determined to be productive, the appropriate related costs are transferred to proved oil and gas properties. Lease rentals are expensed as incurred. Oil and gas exploration costs, other than the costs of drilling exploratory wells, are expensed as incurred. The costs of drilling exploratory wells are capitalized pending determination of whether EOG has discovered commercial quantities of proved reserves. If commercial quantities of proved reserves are not discovered, such drilling costs are expensed. In some circumstances, it may be uncertain whether commercial quantities of proved reserves have been discovered when drilling has been completed. Such exploratory well drilling costs may continue to be capitalized if the reserve quantity is sufficient to justify its completion as a producing well and sufficient progress in assessing the reserves and the economic and operating viability of the project is being made (see Note 16). Costs to develop proved reserves, including the costs of all development wells and related equipment used in the production of crude oil and natural gas, are capitalized. Depreciation, depletion and amortization of the cost of proved oil and gas properties is calculated using the unit-of-production method. The reserve base used to calculate depreciation, depletion and amortization for leasehold acquisition costs and the cost to acquire proved properties is the sum of proved developed reserves and proved undeveloped reserves. With respect to lease and well equipment costs, which include development costs and successful exploration drilling costs, the reserve base includes only proved developed reserves. Estimated future dismantlement, restoration and abandonment costs, net of salvage values, are taken into account. Oil and gas properties are grouped in accordance with the provisions of the Extractive Industries - Oil and Gas Topic of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC). The basis for grouping is a reasonable aggregation of properties with a common geological structural feature or stratigraphic condition, such as a reservoir or field. Amortization rates are updated quarterly to reflect: 1) the addition of capital costs, 2) reserve revisions (upwards or downwards) and additions, 3) property acquisitions and/or property dispositions and 4) impairments. When circumstances indicate that proved oil and gas properties may be impaired, EOG compares expected undiscounted future cash flows at a depreciation, depletion and amortization group level to the unamortized capitalized cost of the asset. If the expected undiscounted future cash flows, based on EOG's estimate of (and assumptions regarding) future crude oil and natural gas prices, operating costs, development expenditures, anticipated production from proved reserves and other relevant data, are lower than the unamortized capitalized cost, the capitalized cost is reduced to fair value. Fair value is generally calculated using the Income Approach described in the Fair Value Measurement Topic of the ASC. In certain instances, EOG utilizes accepted offers from third-party purchasers as the basis for determining fair value. Inventories, consisting primarily of tubular goods, materials for completion operations and well equipment held for use in the exploration for, and development and production of, crude oil and natural gas reserves, are carried at the lower of cost and net realizable value with adjustments made, as appropriate, to recognize any reductions in value. Revenue Recognition. 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 Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) and by geographic areas defined as operating segments. See Note 11. 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 Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). 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 year ended December 31, 2018, were as follows (in thousands): As Reported Amounts Without Adoption of ASU 2014-09 Effect of Change Operating Revenues and Other Crude Oil and Condensate $ 9,517,440 $ 9,517,440 $ — Natural Gas Liquids 1,127,510 1,121,237 6,273 Natural Gas 1,301,537 1,104,095 197,442 Gathering, Processing and Marketing 5,230,355 5,211,136 19,219 Total Operating Revenues and Other 17,275,399 17,052,465 222,934 Operating Expenses Gathering and Processing Costs 436,973 233,258 203,715 Marketing Costs 5,203,243 5,184,024 19,219 Total Operating Expenses 12,806,053 12,583,119 222,934 Operating Income 4,469,346 4,469,346 — 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 December 31, 2018, were $1,343 million and $1,460 million , respectively, and are included in Accounts Receivable, Net on the 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. Other Property, Plant and Equipment . Other property, plant and equipment consists of gathering and processing assets, compressors, buildings and leasehold improvements, crude-by-rail assets, sand mine and sand processing assets, computer hardware and software, vehicles, and furniture and fixtures. Other property, plant and equipment is generally depreciated on a straight-line basis over the estimated useful lives of the property, plant and equipment, which range from 3 years to 45 years. Capitalized Interest Costs. Interest costs have been capitalized as a part of the historical cost of unproved oil and gas properties. The amount capitalized is an allocation of the interest cost incurred during the reporting period. Capitalized interest is computed only during the exploration and development phases and ceases once production begins. The interest rate used for capitalization purposes is based on the interest rates on EOG's outstanding borrowings. The capitalization of interest is excluded on significant acquisitions of unproved oil and gas properties financed through non-interest-bearing instruments, such as the issuance of shares of Common Stock, or through non-cash property exchanges. Accounting for Risk Management Activities. Derivative instruments are recorded on the balance sheet as either an asset or liability measured at fair value, and changes in the derivative's fair value are recognized currently in earnings unless specific hedge accounting criteria are met. During the three-year period ended December 31, 2018, EOG elected not to designate any of its financial commodity derivative instruments as accounting hedges and, accordingly, changes in the fair value of these outstanding derivative instruments are recognized as gains or losses in the period of change. The gains or losses are recorded as Gains (Losses) on Mark-to-Market Commodity Derivative Contracts on the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). The related cash flow impact of settled contracts is reflected as cash flows from operating activities. EOG employs net presentation of derivative assets and liabilities for financial reporting purposes when such assets and liabilities are with the same counterparty and subject to a master netting arrangement. See Note 12. Income Taxes. Income taxes are accounted for using the asset and liability approach. Under this approach, deferred tax assets and liabilities are recognized based on anticipated future tax consequences attributable to differences between financial statement carrying amounts of assets and liabilities and their respective tax basis. EOG assesses the realizability of deferred tax assets and recognizes valuation allowances as appropriate. In March 2018, the 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 United States Securities and Exchange Commission 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 ASU 2018-05, an entity will use a similar approach as the measurement period provided in the Business Combinations Topic of the ASC. An entity will recognize those matters for which the accounting can be completed. For matters that have not been completed, the entity will 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 Consolidated Financial Statements for the year ended December 31, 2018 in accordance with ASU 2018-05. As discussed in EOG's 2017 Annual Report, provisional amounts were recorded for tax accruals as of December 31, 2017 for certain aspects of the TCJA. EOG has updated and finalized the 2017 U.S. federal and state provisional amounts. See Note 6. Foreign Currency Translation. The United States dollar is the functional currency for all of EOG's consolidated subsidiaries except for its Canadian subsidiaries, for which the functional currency is the Canadian dollar, and its United Kingdom subsidiary (which was sold in the fourth quarter of 2018), for which the functional currency was the British pound. For subsidiaries whose functional currency is deemed to be other than the United States dollar, asset and liability accounts are translated at year-end exchange rates and revenues and expenses are translated at average exchange rates prevailing during the year. Translation adjustments are included in Accumulated Other Comprehensive Loss on the Consolidated Balance Sheets. Any gains or losses on transactions or monetary assets or liabilities in currencies other than the functional currency are included in net income in the current period. See Notes 4 and 17. Net Income (Loss) Per Share. Basic net income (loss) per share is computed on the basis of the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per share is computed based upon the weighted-average number of common shares outstanding during the period plus the assumed issuance of common shares for all potentially dilutive securities. See Note 9. Stock-Based Compensation . EOG measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. See Note 7. Recently Issued Accounting Standards. 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 to progress towards the adoption 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 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 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 will require recognition of a right-of-use asset and related lease liability on the Consolidated Balance Sheet, while others will require disclosure within the Notes to the Consolidated Financial Statements. The impact upon adoption of ASU 2016-02 and other related ASUs is not quantifiable due to the pending determination by EOG of certain accounting policies, including the separation of lease and non-lease components for certain classes of underlying assets, among others. The adoption of ASU 2016-02 and other related ASUs will significantly increase assets and liabilities related to operating leases on the Consolidated Balance Sheets. Non-cancelable operating leases, which will be considered for recognition or disclosure upon adoption of ASU 2016-02 and other related ASUs, totaled $2.0 billion on an undiscounted basis at December 31, 2018, and are included within total minimum commitments in Note 8. EOG will 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 will 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 will not elect the practical expedient of hindsight when determining the lease term of existing contracts at the effective date. EOG also will 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. |
Long-Term Debt (Notes)
Long-Term Debt (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-Term Debt at December 31, 2018 and 2017 consisted of the following (in thousands): 2018 2017 6.875% Senior Notes due 2018 $ — $ 350,000 5.625% Senior Notes due 2019 900,000 900,000 4.40% Senior Notes due 2020 500,000 500,000 2.45% Senior Notes due 2020 500,000 500,000 4.100% Senior Notes due 2021 750,000 750,000 2.625% Senior Notes due 2023 1,250,000 1,250,000 3.15% Senior Notes due 2025 500,000 500,000 4.15% Senior Notes due 2026 750,000 750,000 6.65% Senior Notes due 2028 140,000 140,000 3.90% Senior Notes due 2035 500,000 500,000 5.10% Senior Notes due 2036 250,000 250,000 Long-Term Debt 6,040,000 6,390,000 Capital Lease Obligation 71,571 32,155 Less: Current Portion of Long-Term Debt 913,093 356,235 Unamortized Debt Discount 24,640 30,564 Debt Issuance Costs 3,669 4,520 Total Long-Term Debt $ 5,170,169 $ 6,030,836 At December 31, 2018 , the aggregate annual maturities of long-term debt (excluding capital lease obligations) were $ 900 million in 2019, $1 billion in 2020, $750 million in 2021, zero in 2022 and $1.25 billion in 2023. At December 31, 2018 and 2017 , EOG had no outstanding short-term borrowings under its commercial paper program and no outstanding borrowings under uncommitted credit facilities. During 2018 and 2017 , EOG utilized commercial paper bearing market interest rates, for various corporate financing purposes. The average borrowings outstanding under the commercial paper program were $8 million and $84 million during the years ended December 31, 2018 and 2017, respectively. The weighted average interest rates for commercial paper borrowings were 1.97% and 1.44% for the years 2018 and 2017, respectively. On October 1, 2018, EOG repaid upon maturity the $350 million aggregate principal amount of its 6.875% Senior Notes due 2018. On September 15, 2017, EOG repaid upon maturity the $600 million aggregate principal amount of its 5.875% Senior Notes due 2017. 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. The Agreement contains representations, warranties, covenants and events of default that are customary for investment-grade, senior unsecured commercial bank credit agreements, including a financial covenant for the maintenance of a debt-to-total capitalization ratio of no greater than 65% . At December 31, 2018, EOG was in compliance with this financial covenant. At December 31, 2018 and 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 December 31, 2018, would have been 3.50% and 5.50% , respectively. |
Stockholder's Equity (Notes)
Stockholder's Equity (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |
Stockholder's Equity | Stockholders' Equity Common Stock. In September 2001, EOG's Board of Directors (Board) authorized the purchase of an aggregate maximum of 10 million shares of Common Stock that superseded all previous authorizations. At December 31, 2018 , 6,386,200 shares remained available for purchase under this authorization. EOG last purchased shares of its Common Stock under this authorization in March 2003. In addition, shares of Common Stock are from time to time withheld by, or returned to, EOG in satisfaction of tax withholding obligations arising upon the exercise of employee stock options or stock-settled stock appreciation rights (SARs), the vesting of restricted stock, restricted stock unit, performance stock or performance unit grants or in payment of the exercise price of employee stock options. Such shares withheld or returned do not count against the Board authorization discussed above. Shares purchased, withheld and returned are held in treasury for, among other purposes, fulfilling any obligations arising under EOG's stock-based compensation plans and any other approved transactions or activities for which such shares of Common Stock may be required. On August 2, 2018, EOG's Board of Directors increased the quarterly cash dividend on the common stock by 19% from the previous $0.1850 per share to $0.22 per share, effective beginning with the dividend paid on October 31, 2018, to stockholders of record as of October 17, 2018. On February 27, 2018, EOG's Board increased the quarterly cash dividend on the common stock by 10% from the previous $0.1675 per share to $0.1850 per share, effective beginning with the dividend paid on April 30, 2018, to stockholders of record as of April 16, 2018. EOG declared and paid quarterly cash dividends of $0.1675 per share in 2017 and 2016. On February 15, 2017, the Board approved an amendment to EOG's Restated Certificate of Incorporation to increase the number of EOG's authorized shares of common stock from 640 million to 1,280 million . EOG's stockholders approved the increase at the Annual Meeting of Stockholders on April 27, 2017, and the amendment was filed with the Delaware Secretary of State on April 28, 2017. On October 4, 2016, EOG issued approximately 25 million shares of EOG common stock in connection with the Yates transaction. See Note 17. The following summarizes Common Stock activity for each of the years ended December 31, 2016 , 2017 and 2018 (in thousands): Common Shares Issued Treasury Outstanding Balance at December 31, 2015 550,151 (292 ) 549,859 Common Stock Issued 25,204 — 25,204 Common Stock Issued Under Stock-Based Compensation Plans 1,500 — 1,500 Treasury Stock Purchased (1) — (922 ) (922 ) Common Stock Issued Under Employee Stock Purchase Plan 95 117 212 Treasury Stock Issued Under Stock-Based Compensation Plans — 847 847 Balance at December 31, 2016 576,950 (250 ) 576,700 Common Stock Issued Under Stock-Based Compensation Plans 1,878 — 1,878 Treasury Stock Purchased (1) — (686 ) (686 ) Common Stock Issued Under Employee Stock Purchase Plan — 180 180 Treasury Stock Issued Under Stock-Based Compensation Plans — 405 405 Balance at December 31, 2017 578,828 (351 ) 578,477 Common Stock Issued Under Stock-Based Compensation Plans 1,580 — 1,580 Treasury Stock Purchased (1) — (539 ) (539 ) Common Stock Issued Under Employee Stock Purchase Plan — 180 180 Treasury Stock Issued Under Stock-Based Compensation Plans — 325 325 Balance at December 31, 2018 580,408 (385 ) 580,023 (1) Represents shares that were withheld by or returned to EOG (i) in satisfaction of tax withholding obligations that arose upon the exercise of employee stock options or SARs or the vesting of restricted stock, restricted stock unit, performance stock or performance unit grants or (ii) in payment of the exercise price of employee stock options. Preferred Stock . EOG currently has one authorized series of preferred stock. As of December 31, 2018 , there were no shares of preferred stock outstanding. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss) includes certain transactions that have generally been reported in the Consolidated Statements of Stockholders' Equity. The components of Accumulated Other Comprehensive Income (Loss) at December 31, 2018 and 2017 consisted of the following (in thousands): Foreign Currency Translation Adjustment Other Total December 31, 2016 $ (19,441 ) $ 431 $ (19,010 ) Other comprehensive income (loss) before reclassifications 2,799 (3,728 ) (929 ) Tax effects — 642 642 Other comprehensive income (loss) 2,799 (3,086 ) (287 ) December 31, 2017 (16,642 ) (2,655 ) (19,297 ) Other comprehensive income before reclassifications 2,451 1,131 3,582 Amounts reclassified out of other comprehensive income (loss) (1) 14,365 — 14,365 Tax effects — (8 ) (8 ) Other comprehensive income 16,816 1,123 17,939 December 31, 2018 $ 174 $ (1,532 ) $ (1,358 ) (1) Reclassified to Net Income (Loss) - Gains (Losses) on Asset Dispositions, Net. See Note 17. No significant amount was reclassified out of Accumulated Other Comprehensive Income (Loss) during the year ended December 31, 2017. |
Other Income (Expense), Net (No
Other Income (Expense), Net (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Other Income and Expenses [Abstract] | |
Other Income (Expense), Net | Other Income (Expense), Net Other income, net for 2018 included interest income ( $12 million ), a downward adjustment to deferred compensation expense ( $6 million ) and equity income from investments in ammonia plants in Trinidad ( $2 million ), partially offset by net foreign currency transaction losses ( $(7) million ). Other income, net for 2017 included net foreign currency transaction gains ( $8 million ), interest income ( $8 million ) and equity income from investments in ammonia plants in Trinidad ( $3 million ), partially offset by an upward adjustment to deferred compensation expense ( $(6) million ). Other expense, net for 2016 included net foreign currency transaction losses ( $(41) million ) and an upward adjustment to deferred compensation expense ( $(11) million ), partially offset by equity income from investments in ammonia plants in Trinidad ( $4 million ). |
Income Taxes (Notes)
Income Taxes (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes As described in Note 1, EOG finalized the accounting impact of the TCJA on its provisional income tax accruals during 2018 in accordance with ASU 2018-05. Following is a description of each provisional tax accrual and the reason it was adjusted. 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). EOG previously expected to pay the repatriation tax in installments over eight years and preserve NOLs for utilization in future years, as allowed by the TCJA. However, the Internal Revenue Service (IRS) stated in recent guidance that no tax refunds would be issued until the entire repatriation tax liability is satisfied, regardless of the installment election. As a result, EOG did not make the installment election and instead utilized NOLs to reduce the repatriation taxable income. EOG has reviewed the tax consequences of the repatriation tax on its outside basis differences in its investment in non-U.S. subsidiaries and no U.S. federal deferred tax liability is currently required. 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. However, in the fourth quarter of 2018, the IRS reversed their decision. Accordingly, EOG eliminated the provisional sequestration accrual and recognized a $42 million tax benefit for the year. The remeasurement of U.S. deferred tax assets and liabilities resulted in a provisional net 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 tax benefit, along with the sequestration benefit and other less significant tax reform adjustments, lowered the 2018 full year effective tax rate approximately three percentage points. The principal components of EOG's total net deferred income tax liabilities at December 31, 2018 and 2017 were as follows (in thousands): 2018 2017 Deferred Income Tax Assets (Liabilities) Foreign Oil and Gas Exploration and Development Costs Deducted for Tax Under Book Depreciation, Depletion and Amortization $ 4,359 $ (40,851 ) Foreign Net Operating Loss 55,175 423,258 Foreign Valuation Allowances (58,932 ) (365,379 ) Foreign Other 175 478 Total Net Deferred Income Tax Assets $ 777 $ 17,506 Deferred Income Tax (Assets) Liabilities Oil and Gas Exploration and Development Costs Deducted for Tax Over Book Depreciation, Depletion and Amortization $ 4,819,222 $ 3,894,739 Commodity Hedging Contracts 4,883 (12,008 ) Deferred Compensation Plans (39,086 ) (35,832 ) Accrued Expenses and Liabilities (19,097 ) 12,094 Net Operating Loss - Federal — (69,262 ) Non-Producing Leasehold Costs (88,594 ) (47,981 ) Seismic Costs Capitalized for Tax (164,932 ) (109,423 ) Equity Awards (93,977 ) (92,696 ) Capitalized Interest 17,821 51,345 Alternative Minimum Tax Credit Carryforward — (77,114 ) Undistributed Foreign Earnings 22,945 19,684 Other (45,787 ) (15,332 ) Total Net Deferred Income Tax Liabilities $ 4,413,398 $ 3,518,214 Total Net Deferred Income Tax Liabilities $ 4,412,621 $ 3,500,708 The components of Income (Loss) Before Income Taxes for the years indicated below were as follows (in thousands): 2018 2017 2016 United States $ 4,084,156 $ 621,610 $ (1,520,573 ) Foreign 156,842 39,572 (36,932 ) Total $ 4,240,998 $ 661,182 $ (1,557,505 ) The principal components of EOG's Income Tax Provision (Benefit) for the years indicated below were as follows (in thousands): 2018 2017 2016 Current: Federal $ (303,853 ) $ 33,058 $ 11,567 State 17,048 (2,502 ) (8,369 ) Foreign 65,615 35,323 51,189 Total (221,190 ) 65,879 54,387 Deferred: Federal 862,075 (1,504,288 ) (532,979 ) State 43,293 26,942 4,876 Foreign (11,212 ) 3,474 12,897 Total 894,156 (1,473,872 ) (515,206 ) Other Non-Current: Federal 148,992 (1) (513,404 ) (2) — Income Tax Provision (Benefit) $ 821,958 $ (1,921,397 ) $ (460,819 ) (1) Includes change in refundable AMT credits and the reversal of the repatriation tax accrued in 2017. See previous discussion regarding the filing of EOG's 2017 U.S. federal income tax return for details. (2) Includes refundable AMT credits net of the repatriation tax that was expected to be paid post-2017. The differences between taxes computed at the U.S. federal statutory tax rate and EOG's effective rate for the years indicated below were as follows: 2018 2017 2016 Statutory Federal Income Tax Rate 21.00 % 35.00 % 35.00 % State Income Tax, Net of Federal Benefit 1.12 3.38 0.15 Income Tax Provision Related to Foreign Operations 0.51 (0.30 ) (1.23 ) Income Tax Provision Related to Trinidad Operations — — (3.71 ) Income Tax Provision Related to United Kingdom Operations — 1.78 — Income Tax Provision Related to Canadian Operations — 2.30 — TCJA (2.60 ) (1) (328.10 ) (2) — Share-Based Compensation (3) (0.47 ) (4.63 ) — Other (0.18 ) (0.03 ) (0.62 ) Effective Income Tax Rate 19.38 % (290.60 )% 29.59 % (1) Includes impact of utilizing certain tax NOLs ( (1.2)% ), the IRS's reversal of its sequestration decision ( (1.0)% ) and other tax reform impacts ( (0.4)% ). (2) Includes impact of the federal rate reduction ( (327.8)% ), federal repatriation tax ( (6.6)% ), sequestration ( 6.4% ) and other tax reform impacts ( (0.1)% ). (3) Effective January 1, 2017, EOG adopted the provisions of ASU 2016-09, "Improvements to Employee Share-Based Payment Accounting" (ASU 2016-09), which provides that share-based compensation tax benefits and deficiencies are recognized in the income tax provision. Deferred tax assets are recorded for certain tax benefits, including tax NOLs and tax credit carryforwards, provided that management assesses the utilization of such assets to be "more likely than not." Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. On the basis of this evaluation, EOG has recorded valuation allowances for the portion of certain foreign and state deferred tax assets that management does not believe are more likely than not to be realized. The principal components of EOG's rollforward of valuation allowances for deferred income tax assets for the years indicated below were as follows (in thousands): 2018 2017 2016 Beginning Balance $ 466,421 $ 383,221 $ 506,127 Increase (1) 23,062 67,333 37,221 Decrease (2) (26,219 ) (13,687 ) (12,667 ) Other (3) (296,122 ) 29,554 (147,460 ) Ending Balance $ 167,142 $ 466,421 $ 383,221 (1) Increase in valuation allowance related to the generation of tax NOLs and other deferred tax assets. (2) Decrease in valuation allowance associated with adjustments to certain deferred tax assets and their related allowance. (3) Represents dispositions, revisions and/or foreign exchange rate variances and the effect of statutory income tax rate changes. The United Kingdom operations were sold in the fourth quarter of 2018. The Argentina operations were sold in the third quarter of 2016. As of December 31, 2018, EOG had state income tax NOLs being carried forward of approximately $1.8 billion , which, if unused, expire between 2019 and 2037. EOG also has Canadian NOLs of $183 million which can be carried forward 20 years. As described above, these NOLs as well as other less significant future tax benefits, have been evaluated for the likelihood of utilization, and valuation allowances have been established for the portion of these deferred income tax assets that do not meet the “more likely than not” threshold. The balance of unrecognized tax benefits at December 31, 2018, was $29 million , resulting from the tax treatment of its research and experimental expenditures related to certain innovations in its horizontal drilling and completion projects, of which $12 million may potentially have an earnings impact. EOG records interest and penalties related to unrecognized tax benefits to its income tax provision. Currently $2 million of interest has been recognized in the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). EOG does not anticipate that the amount of the unrecognized tax benefits will change materially during the next twelve months. EOG and its subsidiaries file income tax returns and are subject to tax audits in the U.S. and various state, local and foreign jurisdictions. EOG's earliest open tax years in its principal jurisdictions are as follows: U.S. federal (2016), Canada (2014), Trinidad (2013) and China (2008). EOG's foreign subsidiaries' undistributed earnings are not considered to be permanently reinvested outside of the U.S. Accordingly, EOG may be required to accrue certain U.S. federal, state, and foreign deferred income taxes on these undistributed earnings as well as on any other outside basis differences related to its investments in these subsidiaries. As of December 31, 2018, EOG has cumulatively recorded $23 million of deferred foreign income taxes for withholdings on its undistributed foreign earnings. Additionally, for tax years beginning in 2018 and later, EOG's foreign earnings may be subject to the U.S. federal "global intangible low-taxed income" (GILTI) inclusion. EOG records any GILTI tax as a period expense. |
Employee Benefit Plans (Notes)
Employee Benefit Plans (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Stock-Based Compensation During 2018 , EOG maintained various stock-based compensation plans as discussed below. EOG recognizes compensation expense on grants of stock options, SARs, restricted stock and restricted stock units, performance units and grants made under the EOG Resources, Inc. Employee Stock Purchase Plan (ESPP). Stock-based compensation expense is calculated based upon the grant date estimated fair value of the awards, net of forfeitures, based upon EOG's historical employee turnover rate. Compensation expense is amortized over the shorter of the vesting period or the period from date of grant until the date the employee becomes eligible to retire without company approval. Stock-based compensation expense is included on the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) based upon the job functions of the employees receiving the grants. Compensation expense related to EOG's stock-based compensation plans for the years ended December 31, 2018 , 2017 and 2016 was as follows (in millions): 2018 2017 2016 Lease and Well $ 51 $ 41 $ 38 Gathering and Processing Costs 1 1 1 Exploration Costs 25 23 21 General and Administrative 78 69 68 Total $ 155 $ 134 $ 128 The Amended and Restated EOG Resources, Inc. 2008 Omnibus Equity Compensation Plan (2008 Plan) provides for grants of stock options, SARs, restricted stock and restricted stock units, performance stock and performance units, and other stock-based awards. Beginning with the grants made effective September 25, 2017, the Compensation Committee of the Board of Directors of EOG (Committee) approved revised vesting schedules for grants of stock options, SARs, restricted stock and restricted stock units, and performance units. These revised vesting schedules will apply to all future grants as well, until revised, amended or otherwise determined by the Committee. Grant Type Previous Vesting Schedule Revised Vesting Schedule Stock Options/SARs Vesting in 25% increments on each of the first four anniversaries of the date of grant Vesting in increments of 33%, 33% and 34% on each of the first three anniversaries, respectively, of the date of grant Restricted Stock/Restricted Stock Units "Cliff" vesting five years from the date of grant "Cliff" vesting three years from the date of grant Performance Units "Cliff" vesting five years from the date of grant (except for the December 2016 grant, which will "cliff" vest approximately three years from the date of grant) "Cliff" vesting approximately 41 months from the date of grant - specifically, on the February 28 th immediately following the Committee’s certifications contemplated by the form of award agreement governing grants of performance units At December 31, 2018 , approximately 13.7 million common shares remained available for grant under the 2008 Plan. EOG's policy is to issue shares related to the 2008 Plan from previously authorized unissued shares or treasury shares to the extent treasury shares are available. During 2018 , 2017 and 2016 , EOG issued shares in connection with stock option/SAR exercises, restricted stock and performance stock grants, restricted stock unit and performance unit releases and ESPP purchases. Effective January 1, 2017, with the adoption of ASU 2016-09, EOG began recognizing income tax associated with excess tax benefits and tax deficiencies as discrete benefits and expenses, respectively, in the income tax provision. Net excess tax benefits recognized within the income tax provision were $20 million and $32 million for the twelve months ended December 31, 2018 and 2017, respectively. Prior to the adoption of ASU 2016-09, EOG recognized, as an adjustment to Additional Paid in Capital, federal income tax benefits of $29 million for 2016 related to the exercise of stock options/SARs and the release of restricted stock, restricted stock units, performance stock and performance units. Stock Options and Stock-Settled Stock Appreciation Rights and Employee Stock Purchase Plan. Participants in EOG's stock-based compensation plans (including the 2008 Plan) have been or may be granted options to purchase shares of Common Stock. In addition, participants in EOG's stock plans (including the 2008 Plan) have been or may be granted SARs, representing the right to receive shares of Common Stock based on the appreciation in the stock price from the date of grant on the number of SARs granted. Stock options and SARs are granted at a price not less than the market price of the Common Stock on the date of grant. Terms for stock options and SARs granted have generally not exceeded a maximum term of seven years . EOG's ESPP allows eligible employees to semi-annually purchase, through payroll deductions, shares of Common Stock at 85 percent of the fair market value at specified dates. Contributions to the ESPP are limited to 10 percent of the employee's pay (subject to certain ESPP limits) during each of the two six-month offering periods each year. 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 ESPP grants is estimated using the Black-Scholes-Merton model. Stock-based compensation expense related to stock option, SAR and ESPP grants totaled $60 million , $56 million and $57 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. Weighted average fair values and valuation assumptions used to value stock option, SAR and ESPP grants for the years ended December 31, 2018 , 2017 and 2016 were as follows: Stock Options/SARs ESPP 2018 2017 2016 2018 2017 2016 Weighted Average Fair Value of Grants $ 33.46 $ 23.95 $ 25.78 $ 25.75 $ 22.20 $ 19.21 Expected Volatility 28.23 % 28.28 % 31.54 % 24.59 % 27.12 % 36.55 % Risk-Free Interest Rate 2.68 % 1.52 % 0.78 % 1.89 % 0.88 % 0.44 % Dividend Yield 0.72 % 0.75 % 0.76 % 0.64 % 0.71 % 0.82 % Expected Life 5.0 years 5.1 years 5.4 years 0.5 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 the stock option and SAR transactions for the years ended December 31, 2018 , 2017 and 2016 (stock options and SARs in thousands): 2018 2017 2016 Number Weighted Average Grant Price Number Weighted Average Grant Price Number Weighted Average Grant Price Outstanding at January 1 9,103 $ 83.89 9,850 $ 75.53 10,744 $ 67.98 Granted 1,906 126.49 2,274 96.27 1,855 94.82 Exercised (1) (2,493 ) 72.21 (2,574 ) 61.12 (2,376 ) 54.56 Forfeited (206 ) 94.43 (447 ) 93.84 (373 ) 87.38 Outstanding at December 31 8,310 96.90 9,103 83.89 9,850 75.53 Stock Options/SARs Exercisable at December 31 3,969 85.82 4,510 75.76 5,613 66.48 (1) The total intrinsic value of stock options/SARs exercised during the years 2018 , 2017 and 2016 was $118 million , $95 million and $84 million , respectively. The intrinsic value is based upon the difference between the market price of the Common Stock on the date of exercise and the grant price of the stock options/SARs. At December 31, 2018 , there were 8.0 million stock options/SARs vested or expected to vest with a weighted average grant price of $96.43 per share, an intrinsic value of $34.6 million and a weighted average remaining contractual life of 4.4 years . The following table summarizes certain information for the stock options and SARs outstanding and exercisable at December 31, 2018 (stock options and SARs in thousands): Stock Options/SARs Outstanding Stock Options/SARs Exercisable Range of Grant Prices Stock Weighted Average Remaining Life (Years) Weighted Average Grant Price Aggregate Intrinsic Value (1) Stock Weighted Average Remaining Life (Years) Weighted Average Grant Price Aggregate Intrinsic Value (1) $ 50.00 to $ 82.99 1,528 3 $ 65.46 1,183 2 $ 64.27 83.00 to 95.99 2,046 4 91.48 1,290 3 89.50 96.00 to 96.99 1,961 6 96.29 618 5 96.29 97.00 to 125.99 957 3 102.77 872 3 101.91 126.00 to 129.99 1,818 7 127.01 6 1 127.00 8,310 5 96.90 $ 35,083 3,969 3 85.82 $ 28,993 (1) Based upon the difference between the closing market price of the Common Stock on the last trading day of the year and the grant price of in-the-money stock options and SARs. At December 31, 2018 , unrecognized compensation expense related to non-vested stock option and SAR grants totaled $106 million . This unrecognized expense will be amortized on a straight-line basis over a weighted average period of 1.7 years . At the 2018 Annual Meeting of Stockholders, EOG stockholders approved an amendment and restatement of the ESPP to (among other changes) increase the number of shares available for grant. At December 31, 2018 , approximately 2.5 million shares of Common Stock remained available for grant under the ESPP. The following table summarizes ESPP activity for the years ended December 31, 2018 , 2017 and 2016 (in thousands, except number of participants): 2018 2017 2016 Approximate Number of Participants 1,934 1,870 1,746 Shares Purchased 180 180 212 Aggregate Purchase Price $ 14,887 $ 13,997 $ 13,787 Restricted Stock and Restricted Stock Units. Employees may be granted restricted (non-vested) stock and/or restricted stock units without cost to them. Upon vesting of restricted stock, shares of Common Stock are released to the employee. Upon vesting, restricted stock units are converted into shares of Common Stock and released to the employee. Stock-based compensation expense related to restricted stock and restricted stock units totaled $81 million , $68 million and $60 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. The following table sets forth the restricted stock and restricted stock unit transactions for the years ended December 31, 2018 , 2017 and 2016 (shares and units in thousands): 2018 2017 2016 Number of Shares and Units Weighted Average Grant Date Fair Value 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 4,908 $ 70.35 Granted 812 117.55 1,095 97.34 853 88.01 Released (1) (740 ) 78.16 (929 ) 61.51 (1,465 ) 53.95 Forfeited (185 ) 92.12 (223 ) 85.45 (334 ) 77.29 Outstanding at December 31 (2) 3,792 96.64 3,905 88.57 3,962 79.63 (1) The total intrinsic value of restricted stock and restricted stock units released during the years ended December 31, 2018, 2017 and 2016 was $84 million , $91 million and $124 million , respectively. The intrinsic value is based upon the closing price of EOG's common stock on the date restricted stock and restricted stock units are released. (2) The total intrinsic value of restricted stock and restricted stock units outstanding at December 31, 2018, 2017 and 2016 was $331 million , $421 million and $401 million , respectively. At December 31, 2018 , unrecognized compensation expense related to restricted stock and restricted stock units totaled $172 million . Such unrecognized expense will be recognized on a straight-line basis over a weighted average period of 1.9 years . Performance Units and Performance Stock. EOG has granted performance units and/or performance stock (Performance Awards) to its executive officers annually since 2012. As more fully discussed in the grant agreements, the performance metric applicable to these performance-based grants 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 $14 million , $10 million and $11 million for the years ended December 31, 2018, 2017 and 2016, respectively. Weighted average fair values and valuation assumptions used to value Performance Awards during the years ended December 31, 2018 , 2017 and 2016 were as follows: 2018 2017 2016 Weighted Average Fair Value of Grants $ 136.74 $ 113.81 $ 119.10 Expected Volatility 29.92 % 32.19 % 32.48 % Risk-Free Interest Rate 2.85 % 1.60 % 1.15 % Expected volatility is based on the term-matched historical volatility over the simulated term, which is calculated as the time between the grant date and the end of the Performance Period. The risk-free interest rate is derived from the Treasury Constant Maturities yield curve on the grant date. The following table sets forth the Performance Award transactions for the years ended December 31, 2018 , 2017 and 2016 (shares and units in thousands): 2018 2017 2016 Number of Units and Shares Weighted Average Price per Grant Date Number of Units and Shares Weighted Average Price per Grant Date Number of Units and Shares Weighted Average Price per Grant Date Outstanding at January 1 502 $ 90.96 545 $ 80.92 405 $ 74.93 Granted 113 125.73 78 96.29 132 100.95 Granted for Performance Multiple (1) 72 101.87 119 84.43 142 56.21 Released (2) (148 ) 84.43 (240 ) 66.69 (134 ) 56.21 Forfeited — — — — — — Outstanding at December 31 (3) 539 (4 ) 101.53 502 90.96 545 80.92 (1) Upon completion of the Performance Period for the Performance Awards granted in 2014, 2013 and 2012, a performance multiple of 200% was applied to each of the grants resulting in additional grants of Performance Awards in February 2018, 2017 and 2016. (2) The total intrinsic value of Performance Awards released during the years ended December 31, 2018, 2017 and 2016 was $18 million , $24 million and $10 million , respectively. (3) The total intrinsic value of Performance Awards outstanding at December 31, 2018, 2017 and 2016 was $47 million , $54 million and $55 million , respectively. (4) Upon the application of the relevant performance multiple at the completion of each of the remaining Performance Periods, a minimum of 144 and a maximum of 934 Performance Awards could be outstanding. The intrinsic value is based upon the closing price of EOG's common stock on the date Performance Awards are released. At December 31, 2018, unrecognized compensation expense related to Performance Awards totaled $10 million . Such unrecognized expense will be amortized on a straight-line basis over a weighted average period of 1.7 years . Upon completion of the Performance Period for the Performance Awards granted in 2015, a performance multiple of 200% was applied to the 2015 grants resulting in an additional grant of 71,805 Performance Awards in February 2019. Pension Plans. EOG has a defined contribution pension plan in place for most of its employees in the United States. EOG's contributions to the pension plan are based on various percentages of compensation and, in some instances, are based upon the amount of the employees' contributions. EOG's total costs recognized for the plan were $43 million , $37 million and $34 million for 2018 , 2017 and 2016 , respectively. In addition, EOG's Trinidadian subsidiary maintains a contributory defined benefit pension plan and a matched savings plan. EOG's United Kingdom subsidiary maintained a pension plan which included a non-contributory defined contribution pension plan and a matched defined contribution savings plan. These pension plans are available to most employees of the Trinidadian subsidiary and were available to most employees of the United Kingdom subsidiary. EOG's combined contributions to these plans were $1 million , for each of 2018 , 2017 and 2016 , respectively. The United Kingdom operations were sold in the fourth quarter of 2018. For the Trinidadian defined benefit pension plan, the benefit obligation, fair value of plan assets and accrued benefit cost totaled $11 million , $9 million and $0.2 million , respectively, at December 31, 2018 , and $10 million , $8 million and $0.2 million , respectively, at December 31, 2017 . Postretirement Health Care. EOG has postretirement medical and dental benefits in place for eligible United States and Trinidad employees and their eligible dependents, the costs of which are not material. |
Commitments and Contingencies (
Commitments and Contingencies (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Letters of Credit and Guarantees. At December 31, 2018 and 2017 , respectively, EOG had standby letters of credit and guarantees outstanding totaling $294 million and $174 million , primarily representing guarantees of payment or performance obligations on behalf of subsidiaries. As of February 19, 2019, EOG had received no demands for payment under these guarantees. Minimum Commitments. At December 31, 2018 , total minimum commitments from long-term non-cancelable operating leases, drilling rig commitments, seismic purchase obligations, fracturing services obligations, other purchase obligations and transportation and storage service commitments, based on current transportation and storage rates and the foreign currency exchange rates used to convert Canadian dollars into United States dollars at December 31, 2018 , were as follows (in thousands): Total Minimum Commitments 2019 $ 2,150,978 2020 1,416,968 2021 996,344 2022 803,240 2023 509,373 2024 and beyond 931,142 $ 6,808,045 Included in the table above are leases for buildings, facilities and equipment with varying expiration dates through 2042. Rental expenses associated with existing leases amounted to $233 million , $200 million , and $204 million for 2018 , 2017 and 2016 , respectively. 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. |
Net Income (Loss) Per Share (No
Net Income (Loss) Per Share (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | Net Income (Loss) Per Share The following table sets forth the computation of Net Income (Loss) Per Share for the years ended December 31, 2018 , 2017 and 2016 (in thousands, except per share data): 2018 2017 2016 Numerator for Basic and Diluted Earnings per Share - Net Income (Loss) $ 3,419,040 $ 2,582,579 $ (1,096,686 ) Denominator for Basic Earnings per Share - Weighted Average Shares 576,578 574,620 553,384 Potential Dilutive Common Shares - Stock Options/SARs 1,137 1,466 — Restricted Stock/Units and Performance Units/Stock 2,726 2,607 — Denominator for Diluted Earnings per Share - Adjusted Diluted Weighted Average Shares 580,441 578,693 553,384 Net Income (Loss) Per Share Basic $ 5.93 $ 4.49 $ (1.98 ) Diluted $ 5.89 $ 4.46 $ (1.98 ) The diluted earnings per share calculation excludes stock options, SARs, restricted stock and units and performance units and stock that were anti-dilutive. Shares underlying the excluded stock options and SARs totaled 0.6 million , 2.6 million and 10.3 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. For the year ended December 31, 2016, 4.5 million shares of restricted stock and restricted stock units and performance units and performance stock were excluded. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information (Notes) | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2018 , 2017 and 2016 (in thousands): 2018 2017 2016 Interest, Net of Capitalized Interest $ 243,279 $ 275,305 $ 252,030 Income Taxes, Net of Refunds Received $ 75,634 $ 188,946 $ (39,293 ) EOG's accrued capital expenditures at December 31, 2018 , 2017 and 2016 were $592 million , $475 million and $388 million , respectively. Non-cash investing activities for the year ended December 31, 2018, included additions of $362 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 year ended December 31, 2017, included non-cash additions of $282 million to EOG's oil and gas properties as a result of property exchanges. Non-cash investing activities for the year ended December 31, 2016, included $3,834 million in non-cash additions to EOG's oil and gas properties related to the Yates transaction (see Note 17). |
Business Segment Information (N
Business Segment Information (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Business Segment Information | Business Segment Information EOG's operations are all crude oil and natural gas exploration and production related. The Segment Reporting Topic of the ASC establishes standards for reporting information about operating segments in annual financial statements. Operating segments are defined as components of an enterprise about which separate financial information is available and evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. EOG's chief operating decision-making process is informal and involves the Chairman of the Board and Chief Executive Officer and other key officers. This group routinely reviews and makes operating decisions related to significant issues associated with each of EOG's major producing areas in the United States, Trinidad, China and the United Kingdom (EOG sold its United Kingdom operations in the fourth quarter of 2018). For segment reporting purposes, the chief operating decision maker considers the major United States producing areas to be one operating segment. Financial information by reportable segment is presented below as of and for the years ended December 31, 2018 , 2017 and 2016 (in thousands): United States Trinidad Other International (1) Total 2018 Crude Oil and Condensate $ 9,390,244 $ 17,059 $ 110,137 $ 9,517,440 Natural Gas Liquids 1,127,510 — — 1,127,510 Natural Gas 970,866 285,053 45,618 1,301,537 Losses on Mark-to-Market Commodity Derivative Contracts (165,640 ) — — (165,640 ) Gathering, Processing and Marketing 5,227,051 3,304 — 5,230,355 Gains on Asset Dispositions, Net 154,852 4,493 15,217 174,562 Other, Net 89,708 (49 ) (24 ) 89,635 Operating Revenues and Other (2) 16,794,591 309,860 170,948 17,275,399 Depreciation, Depletion and Amortization 3,296,499 91,971 46,938 3,435,408 Operating Income (Loss) 4,334,364 147,240 (12,258 ) 4,469,346 Interest Income 9,326 1,612 608 11,546 Other Income (Expense) 9,580 2,436 (6,858 ) 5,158 Net Interest Expense 253,352 — (8,300 ) 245,052 Income (Loss) Before Income Taxes 4,099,918 151,288 (10,208 ) 4,240,998 Income Tax Provision 765,986 54,272 1,700 821,958 Additions to Oil and Gas Properties, Excluding Dry Hole Costs 6,155,874 1,618 37,838 6,195,330 Total Property, Plant and Equipment, Net 27,786,086 210,183 79,250 28,075,519 Total Assets 33,178,733 629,633 126,108 33,934,474 United States Trinidad Other International (1) Total 2017 Crude Oil and Condensate $ 6,225,711 $ 13,572 $ 17,113 $ 6,256,396 Natural Gas Liquids 729,545 — 16 729,561 Natural Gas 615,512 271,101 35,321 921,934 Gains on Mark-to-Market Commodity Derivative Contracts 19,828 — — 19,828 Gathering, Processing and Marketing 3,298,098 (11 ) — 3,298,087 Losses on Asset Dispositions, Net (98,233 ) (8 ) (855 ) (99,096 ) Other, Net 81,610 59 (59 ) 81,610 Operating Revenues and Other (3) 10,872,071 284,713 51,536 11,208,320 Depreciation, Depletion and Amortization 3,269,196 115,321 24,870 3,409,387 Operating Income (Loss) 933,571 101,010 (108,179 ) 926,402 Interest Income 3,223 2,201 2,289 7,713 Other Income (Expense) (9,659 ) 3,337 7,761 1,439 Net Interest Expense 303,941 — (29,569 ) 274,372 Income (Loss) Before Income Taxes 623,194 106,548 (68,560 ) 661,182 Income Tax Provision (Benefit) (1,964,343 ) 38,798 4,148 (1,921,397 ) Additions to Oil and Gas Properties, Excluding Dry Hole Costs 4,067,359 145,937 14,932 4,228,228 Total Property, Plant and Equipment, Net 25,125,427 313,357 226,253 25,665,037 Total Assets 28,312,599 974,477 546,002 29,833,078 2016 Crude Oil and Condensate $ 4,265,036 $ 9,600 $ 42,705 $ 4,317,341 Natural Gas Liquids 437,238 — 12 437,250 Natural Gas 475,715 234,108 32,329 742,152 Losses on Mark-to-Market Commodity Derivative Contracts (99,608 ) — — (99,608 ) Gathering, Processing and Marketing 1,967,390 (1,131 ) — 1,966,259 Gains (Losses) on Asset Dispositions, Net 196,043 (145 ) 9,937 205,835 Other, Net 81,386 (8 ) 25 81,403 Operating Revenues and Other (4) 7,323,200 242,424 85,008 7,650,632 Depreciation, Depletion and Amortization 3,365,390 145,591 42,436 3,553,417 Operating Income (Loss) (1,192,338 ) 46,473 (79,416 ) (1,225,281 ) Interest Income 358 932 1,329 2,619 Other Income (Expense) (15,703 ) 2,667 (40,126 ) (53,162 ) Net Interest Expense 298,125 — (16,444 ) 281,681 Income (Loss) Before Income Taxes (1,505,808 ) 50,072 (101,769 ) (1,557,505 ) Income Tax Provision (Benefit) (516,180 ) 64,281 (8,920 ) (460,819 ) Additions to Oil and Gas Properties, Excluding Dry Hole Costs 6,223,228 75,407 30,734 6,329,369 Total Property, Plant and Equipment, Net 25,221,517 274,850 210,711 25,707,078 Total Assets (5) 27,746,851 889,253 663,097 29,299,201 (1) Other International primarily consists of EOG's United Kingdom, China, Canada and Argentina operations. The United Kingdom operations were sold in the fourth quarter of 2018. The Argentina operations were sold in the third quarter of 2016. (2) EOG had sales activity with two significant purchasers in 2018, one totaling $2.6 billion and the other totaling $2.3 billion of consolidated Operating Revenues and Other in the United States segment. (3) EOG had sales activity with two significant purchasers in 2017, one totaling $1.5 billion and the other totaling $1.3 billion of consolidated Operating Revenues and Other in the United States segment. (4) EOG had sales activity with three significant purchasers in 2016, one totaling $1.2 billion , one totaling $1.1 billion and one totaling $1.0 billion of consolidated Operating Revenues and Other in the United States segment. (5) EOG made a reclassification of $160 million from deferred tax liabilities to deferred tax assets for the year ended December 31, 2016, for the United States segment and in total. |
Risk Management Activities (Not
Risk Management Activities (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Risk Management Activities | Risk Management Activities Commodity Price Risks. 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. During 2018 , 2017 and 2016 , EOG elected not to designate any of its financial commodity derivative contracts as accounting hedges and, accordingly, accounted for these financial commodity derivative contracts using the mark-to-market accounting method. Under this accounting method, changes in the fair value of outstanding financial instruments are recognized as gains or losses in the period of change and are recorded as Gains (Losses) on Mark-to-Market Commodity Derivative Contracts on the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). The related cash flow impact is reflected in Cash Flows from Operating Activities. During 2018 , 2017 and 2016 , EOG recognized net gains (losses) on the mark-to-market of financial commodity derivative contracts of $(166) million , $20 million and $(100) million , respectively, which included cash received from (payments for) settlements of crude oil and natural gas derivative contracts of $(259) million , $7 million and $(22) million , respectively. Commodity Derivative Contracts. Prices received by EOG for its crude oil production generally vary from U.S. New York Mercantile Exchange (NYMEX) West Texas Intermediate prices due to adjustments for delivery location (basis) and other factors. EOG has entered into crude oil basis swap contracts in order to fix the differential between pricing in Midland, Texas, and Cushing, Oklahoma (Midland Differential). Presented below is a comprehensive summary of EOG's Midland Differential basis swap contracts for the year ended December 31, 2018. The weighted average price differential expressed in dollars per barrel ($/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 December 31, 2018 (closed) 15,000 $ 1.063 2019 January 2019 (closed) 20,000 $ 1.075 February 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 year ended December 31, 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 1, 2018 through December 31, 2018 (closed) 52,000 3.911 2019 January 2019 (closed) 13,000 $ 5.572 February 1, 2019 through December 31, 2019 13,000 5.572 Presented below is a comprehensive summary of EOG's crude oil price swap contracts for the year ended December 31, 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 November 30, 2018 (closed) 134,000 $ 60.04 On November 20, 2018, EOG entered into crude oil price swap contracts for the period December 1, 2018 through December 31, 2018, with notional volumes of 134,000 Bbld at an average price of $53.75 per Bbl. These contracts offset the crude oil price swap contracts for the same time period with notional volumes of 134,000 Bbld at an average price of $60.04 per Bbl. The net cash EOG received for settling these contracts is $26.1 million . The offsetting contracts are excluded from the above table. Presented below is a comprehensive summary of EOG's natural gas price swap contracts for the year ended December 31, 2018, with notional volumes expressed in million British thermal units (MMBtu) per day (MMBtud) and prices expressed in dollars per MMBtu ($/MMBtu). Natural Gas Price Swap Contracts Volume (MMBtud) Weighted Average Price ($/MMBtu) 2018 March 1, 2018 through November 30, 2018 (closed) 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 year ended December 31, 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 November 30, 2018 (closed) 120,000 $ 3.38 96,000 $ 2.94 The following table sets forth the amounts and classification of EOG's outstanding derivative financial instruments at December 31, 2018 and 2017 , respectively. Certain amounts may be presented on a net basis on the consolidated financial statements when such amounts are with the same counterparty and subject to a master netting arrangement (in millions): Fair Value at December 31, Description Location on Balance Sheet 2018 2017 Asset Derivatives Crude oil and natural gas derivative contracts - Current portion Assets from Price Risk Management Activities $ 24 $ 8 Noncurrent portion Other Assets — — Liability Derivatives Crude oil and natural gas derivative contracts - Current portion Liabilities from Price Risk Management Activities (1) $ — $ 50 Noncurrent portion Other Liabilities — 7 (1) The current portion of Liabilities from Price Risk Management Activities consists of 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 13). 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. At December 31, 2018 , EOG's net accounts receivable balance related to United States hydrocarbon sales included three receivable balances, each of which accounted for more than 10% of the total balance. The receivables were due from three petroleum refinery companies. The related amounts were collected during early 2019. At December 31, 2017, EOG's net accounts receivable balance related to United States, Canada and United Kingdom hydrocarbon sales included two receivable balances, each of which accounted for more than 10% of the total balance. The receivables were due from two petroleum refinery companies. The related amounts were collected during early 2018. In 2018 and 2017 , all natural gas from EOG's Trinidad operations was sold to the National Gas Company of Trinidad and Tobago Limited and its subsidiary. In 2018, all crude oil and condensate from EOG's Trinidad operations was sold to the Petroleum Company of Trinidad and Tobago Limited and its successor, Heritage Petroleum Company Limited. In 2017, all crude oil and condensate from EOG's Trinidad operations was sold to the Petroleum Company of Trinidad and Tobago Limited; and in 2018 and 2017, all natural gas from EOG's China operations was sold to Petrochina Company Limited. 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 ISDA to be settled immediately. See Note 13 for the aggregate fair value of all derivative instruments that were in a net liability position at December 31, 2017. EOG had no collateral posted and held no collateral at December 31, 2018 and 2017 . Substantially all of EOG's accounts receivable at December 31, 2018 and 2017 resulted from hydrocarbon sales and/or joint interest billings to third-party companies, including foreign state-owned entities in the oil and gas industry. This concentration of customers and joint interest owners may impact EOG's overall credit risk, either positively or negatively, in that these entities may be similarly affected by changes in economic or other conditions. In determining whether or not to require collateral or other credit enhancements from a customer or joint interest owner, EOG typically analyzes the entity's net worth, cash flows, earnings and credit ratings. Receivables are generally not collateralized. During the three-year period ended December 31, 2018 , credit losses incurred on receivables by EOG have been immaterial. The following table sets forth the amounts and classification of EOG's outstanding derivative financial instruments at December 31, 2018 and 2017 , respectively. Certain amounts may be presented on a net basis on the consolidated financial statements when such amounts are with the same counterparty and subject to a master netting arrangement (in millions): Fair Value at December 31, Description Location on Balance Sheet 2018 2017 Asset Derivatives Crude oil and natural gas derivative contracts - Current portion Assets from Price Risk Management Activities $ 24 $ 8 Noncurrent portion Other Assets — — Liability Derivatives Crude oil and natural gas derivative contracts - Current portion Liabilities from Price Risk Management Activities (1) $ — $ 50 Noncurrent portion Other Liabilities — 7 (1) The current portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $55 million , partially offset by gross assets of $5 million , at December 31, 2017. |
Fair Value Measurements (Notes)
Fair Value Measurements (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Certain of EOG's financial and nonfinancial assets and liabilities are reported at fair value on the Consolidated Balance Sheets. An established fair value hierarchy prioritizes the relative reliability of inputs used in fair value measurements. The hierarchy gives highest priority to Level 1 inputs that represent unadjusted quoted market prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date. Level 2 inputs are directly or indirectly observable inputs other than quoted prices included within Level 1. Level 3 inputs are unobservable inputs and have the lowest priority in the hierarchy. EOG gives consideration to the credit risk of its counterparties, as well as its own credit risk, when measuring financial assets and liabilities at fair value. 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 December 31, 2018 and 2017 . Amounts shown 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 December 31, 2018 Financial Assets: (1) Crude Oil Basis Swaps $ — $ 24 $ — $ 24 At December 31, 2017 Financial Assets: (1) Natural Gas Swaps $ — $ 2 $ — $ 2 Natural Gas Options/Collars — 6 — 6 Financial Liabilities: (2) Crude Oil Swaps $ — $ 38 $ — $ 38 Crude Oil Basis Swaps — 19 — 19 (1) $24 million and $8 million is included in "Assets from Price Risk Management Activities" at December 31, 2018 and 2017, respectively, on the Consolidated Balance Sheets. (2) $50 million is included in "Current Liabilities - Liabilities from Price Risk Management Activities" at December 31, 2017 and $7 million is included in "Other Liabilities" at December 31, 2017, on the Consolidated Balance Sheets. The estimated fair value of crude oil and natural gas derivative contracts (including options/collars) 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 15. During 2018, proved oil and gas properties; other property, plant and equipment; and other assets with a carrying amount of $482 million were written down to their fair value of $308 million , resulting in pretax impairment charges of $174 million . Included in the $174 million pretax impairment charges are $104 million of impairments of proved oil and gas properties for which EOG utilized an accepted offer from a third-party purchaser as the basis for determining fair value. In addition, EOG recorded pretax impairment charges in 2018 of $49 million for a commodity price-related write-down of other assets. During 2017, proved oil and gas properties; other property, plant and equipment; and other assets with a carrying amount of $640 million were written down to their fair value of $372 million , resulting in pretax impairment charges of $268 million . Included in the $268 million pretax impairment charges are $217 million of impairments of proved oil and gas properties for which EOG utilized an accepted offer from a third-party purchaser as the basis for determining fair value. In addition, EOG recorded pretax impairment charges in 2017 of $28 million for a commodity price-related write-down of other assets. Significant Level 3 inputs associated with the calculation of discounted cash flows used in the impairment analysis include EOG's estimate of future crude oil and natural gas prices, production costs, development expenditures, anticipated production of proved reserves, appropriate risk-adjusted discount rates and other relevant data. 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 10. Fair Value of Debt. At December 31, 2018 and 2017 , respectively, EOG had outstanding $6,040 million and $6,390 million aggregate principal amount of senior notes, which had estimated fair values of approximately $6,027 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 year-end. |
Accounting For Certain Long-Liv
Accounting For Certain Long-Lived Assets (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting For Certain Long-Lived Assets [Abstract] | |
Accounting For Certain Long-Lived Assets | Accounting for Certain Long-Lived Assets EOG reviews its proved oil and gas properties for impairment purposes by comparing the expected undiscounted future cash flows at a depreciation, depletion and amortization group level to the unamortized capitalized cost of the asset. The carrying values for assets determined to be impaired were adjusted to estimated fair value using the Income Approach described in the Fair Value Measurement Topic of the ASC. In certain instances, EOG utilizes accepted offers from third-party purchasers as the basis for determining fair value. During 2018, proved oil and gas properties with a carrying amount of $139 million were written down to their fair value of $18 million , resulting in pretax impairment charges of $121 million . During 2017, proved oil and gas properties with a carrying amount of $370 million were written down to their fair value of $146 million , resulting in pretax impairment charges of $224 million . Impairments in 2018, 2017 and 2016 included domestic legacy natural gas assets. Amortization and impairments of unproved oil and gas property costs, including amortization of capitalized interest, were $173 million , $211 million and $291 million during 2018, 2017 and 2016, respectively. |
Asset Retirement Obligations (N
Asset Retirement Obligations (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Asset Retirement Obligations, Noncurrent [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 years ended December 31, 2018 and 2017 (in thousands): 2018 2017 Carrying Amount at Beginning of Period $ 946,848 $ 912,926 Liabilities Incurred 79,057 54,764 Liabilities Settled (1) (70,829 ) (61,871 ) Accretion 36,622 34,708 Revisions (38,932 ) (9,818 ) Foreign Currency Translations 1,611 16,139 Carrying Amount at End of Period $ 954,377 $ 946,848 Current Portion $ 26,214 $ 19,259 Noncurrent Portion $ 928,163 $ 927,589 (1) Includes settlements related to asset sales. The current and noncurrent portions of EOG's asset retirement obligations are included in Current Liabilities - Other and Other Liabilities, respectively, on the Consolidated Balance Sheets. |
Exploratory Well Costs (Notes)
Exploratory Well Costs (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Capitalized Exploratory Well Costs [Abstract] | |
Exploratory Well Costs | Exploratory Well Costs EOG's net changes in capitalized exploratory well costs for the years ended December 31, 2018 , 2017 and 2016 are presented below (in thousands): 2018 2017 2016 Balance at January 1 $ 2,167 $ — $ 8,955 Additions Pending the Determination of Proved Reserves 10,304 27,487 6,688 Reclassifications to Proved Properties (7,917 ) (20,802 ) (5,274 ) Costs Charged to Expense (1) (433 ) (4,518 ) (10,369 ) Balance at December 31 $ 4,121 $ 2,167 $ — (1) Includes capitalized exploratory well costs charged to either dry hole costs or impairments. At December 31, 2018 , 2017 and 2016 , all exploratory well costs had been capitalized for periods of less than one year. |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisitions and Divestitures | Acquisitions and Divestitures During 2018, EOG recognized a net gain on asset dispositions of $175 million primarily due to non-cash property exchanges in Texas, New Mexico and Wyoming. Additionally, EOG received proceeds in 2018 of approximately $227 million primarily due to the sale of its United Kingdom operations in the fourth quarter of 2018. During 2017, EOG recognized a net loss on asset dispositions of $(99) million and received proceeds of approximately $227 million primarily from sales of producing properties, other assets and acreage in Texas and Oklahoma. Additionally, in the fourth quarter of 2017, EOG signed a purchase and sale agreement and an exchange agreement for the sale and exchange, respectively, of primarily producing properties in the Rocky Mountain area. At December 31, 2017, the book value of the assets classified as held for sale and the related asset retirement obligations were $188 million and $41 million , respectively. During 2017, EOG completed acquisitions of approximately $73 million to acquire producing properties in various areas in the United States. During 2016, EOG recognized a net gain on asset dispositions of $206 million and received proceeds of approximately $1,119 million primarily from sales of producing properties and acreage in Texas, Louisiana, the Rocky Mountain area and Oklahoma. Additionally, during the third quarter of 2016, EOG completed the sale of all its Argentina assets. Yates Entities. On October 4, 2016, EOG completed its previously announced mergers and related asset purchase transactions with Yates Petroleum Corporation (YPC), Abo Petroleum Corporation (ABO), MYCO Industries, Inc. (MYCO) and certain affiliated entities (collectively with YPC, ABO and MYCO, the Yates Entities). Pursuant to these transactions, EOG issued to the shareholders of YPC, ABO and MYCO and to certain of the sellers under the related asset purchase transactions an aggregate of approximately 25 million shares of EOG common stock and paid to certain of the sellers under the asset purchase transactions an aggregate of approximately $16 million in cash for total consideration transferred of approximately $2.4 billion . In addition, under the terms of the transactions, EOG assumed and repaid approximately $164 million of debt owed by the Yates Entities, which was offset by approximately $70 million of cash of the Yates Entities. The assets of the Yates Entities include producing wells in addition to acreage in the Delaware Basin Core, the Powder River Basin, the Permian Basin Northwest Shelf and other Western basins. In connection with these mergers and related asset purchase transactions, EOG incurred acquisition-related costs in 2016 of approximately $5 million , all of which were expensed and recorded as General and Administrative on the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). EOG accounted for the mergers with YPC, ABO and MYCO and the related asset purchase transactions as a business combination under the acquisition method with EOG as the acquirer. Under the acquisition method, the consideration transferred is allocated to the assets acquired and liabilities assumed based on their estimated fair values, with any excess of the consideration transferred over the estimated fair value of the identifiable net assets acquired recorded as goodwill. EOG did not record goodwill in connection with these transactions. The following table represents the final allocation of the total purchase price of the Yates Entities (in thousands). Current Assets Cash and Cash Equivalents $ 70,411 Accounts Receivable, Net 77,073 Inventories 10,955 Other 10,640 Total 169,079 Property, Plant and Equipment Oil and Gas Properties (Successful Efforts Method) 3,815,207 Other Property, Plant and Equipment 21,824 Total Property, Plant and Equipment, Net 3,837,031 Other Assets 22,706 Total Assets $ 4,028,816 Current Liabilities Accounts Payable $ 124,145 Accrued Taxes Payable 22,417 Other 743 Total 147,305 Long-Term Debt 163,829 Asset Retirement Obligations 163,144 Off-Market Transportation Contracts 39,720 Other Liabilities 28,645 Deferred Income Taxes 1,072,405 Total Liabilities $ 1,615,048 Total Consideration Transferred $ 2,413,768 The fair value measurements of Oil and Gas Properties and Asset Retirement Obligations are based on inputs that are not observable in the market and therefore represent Level 3 inputs. The fair values of Proved Oil and Gas Properties were measured using the income approach. Significant inputs to the valuation of Proved Oil and Gas Properties included EOG's estimate of future crude oil and natural gas prices, production costs, development expenditures, anticipated production of proved reserves, appropriate risk-adjusted discount rates and other relevant data. Significant inputs to the valuation of Unproved Oil and Gas Properties included average prices per acre of comparable market transactions. |
Oil and Gas Exploration and Pro
Oil and Gas Exploration and Production Industries Disclosures (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Oil and Gas Exploration and Production Industries Disclosures [Abstract] | |
Oil and Gas Exploration and Production Industries Disclosures | Oil and Gas Producing Activities The following disclosures are made in accordance with Financial Accounting Standards Board Accounting Standards Update No. 2010-03 "Oil and Gas Reserve Estimates and Disclosures" and the United States Securities and Exchange Commission's (SEC) final rule on "Modernization of Oil and Gas Reporting." Oil and Gas Reserves. Users of this information should be aware that the process of estimating quantities of "proved," "proved developed" and "proved undeveloped" crude oil, natural gas liquids (NGLs) and natural gas reserves is complex, requiring significant subjective decisions in the evaluation of available geological, engineering and economic data for each reservoir. The data for a given reservoir may also change substantially over time as a result of numerous factors, including, but not limited to, additional development activity; evolving production history; crude oil and condensate, NGL and natural gas prices; and continual reassessment of the viability of production under varying economic conditions. Consequently, material revisions (upward or downward) to existing reserve estimates may occur from time to time. Although reasonable effort is made to ensure that reserve estimates reported represent the most accurate assessments possible, the significance of the subjective decisions required and variances in available data for various reservoirs make these estimates generally less precise than other estimates presented in connection with financial statement disclosures. For related discussion, see ITEM 1A, Risk Factors. Proved reserves represent estimated quantities of crude oil, NGLs and natural gas, which, by analysis of geoscience and engineering data, can be estimated, with reasonable certainty, to be economically producible from a given date forward from known reservoirs under then-existing economic conditions, operating methods and government regulations before the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. Proved developed reserves are proved reserves expected to be recovered under operating methods being utilized at the time the estimates were made, through wells and equipment in place or if the cost of any required equipment is relatively minor compared to the cost of a new well. Proved undeveloped reserves (PUDs) are reserves that are expected to be recovered from new wells on undrilled acreage, or from existing wells where a relatively major expenditure is required for recompletion. Reserves on undrilled acreage are limited to those directly offsetting development spacing areas that are reasonably certain of production when drilled, unless evidence using reliable technology exists that establishes reasonable certainty of economic producibility at greater distances. PUDs can be recorded in respect of a particular undrilled location only if the location is scheduled, under the then-current drilling and development plan, to be drilled within five years from the date that the PUDs were recorded, unless specific factors (such as those described in interpretative guidance issued by the Staff of the SEC) justify a longer timeframe. Likewise, absent any such specific factors, PUDs associated with a particular undeveloped drilling location shall be removed from the estimates of proved reserves if the location is scheduled, under the then-current drilling and development plan, to be drilled on a date that is beyond five years from the date that the PUDs were recorded. EOG has formulated development plans for all drilling locations associated with its PUDs at December 31, 2018 . Under these plans, each PUD location will be drilled within five years from the date it was recorded. Estimates for PUDs are not attributed to any acreage for which an application of fluid injection or other improved recovery technique is contemplated, unless such techniques have been proved effective by actual projects in the same reservoir or an analogous reservoir, or by other evidence using reliable technology establishing reasonable certainty. In making estimates of PUDs, EOG's technical staff, including engineers and geoscientists, perform detailed technical analysis of each potential drilling location within its inventory of prospects. In making a determination as to which of these locations would penetrate undrilled portions of the formation that can be judged, with reasonable certainty, to be continuous and contain economically producible crude oil and natural gas, studies are conducted using numerous data elements and analysis techniques. EOG's technical staff estimates the hydrocarbons in place, by mapping the entirety of the play in question using seismic techniques, typically employing two-dimensional and three-dimensional data. This analysis is integrated with other static data, including, but not limited to, core analysis, mechanical properties of the formation, thermal maturity indicators, and well logs of existing penetrations. Highly specialized equipment is utilized to prepare rock samples in assessing microstructures which contribute to porosity and permeability. Analysis of dynamic data is then incorporated to arrive at the estimated fractional recovery of hydrocarbons in place. Data analysis techniques employed include, but are not limited to, well testing analysis, static bottom hole pressure analysis, flowing bottom hole pressure analysis, analysis of historical production trends, pressure transient analysis and rate transient analysis. Application of proprietary rate transient analysis techniques in low permeability rocks allow for quantification of estimates of contribution to production from both fractures and rock matrix. The impact of optimal completion techniques is a key factor in determining if the PUDs reflected in prospective locations are reasonably certain of being economically producible. EOG's technical staff estimates the recovery improvement that might be achieved when completing horizontal wells with multi-stage fracture stimulation. In the early stages of development of a play, EOG determines the optimal length of the horizontal lateral and multi-stage fracture stimulation using the aforementioned analysis techniques along with pilot drilling programs and gathering of microseismic data. The process of analyzing static and dynamic data, well completion optimization and the results of early development activities provides the appropriate level of certainty as well as support for the economic producibility of the plays in which PUDs are reflected. EOG has found this approach to be effective based on successful application in analogous reservoirs in low permeability resource plays. Certain of EOG's Trinidad reserves are held under production sharing contracts where EOG's interest varies with prices and production volumes. Trinidad reserves, as presented on a net basis, assume prices in existence at the time the estimates were made and EOG's estimate of future production volumes. Future fluctuations in prices, production rates or changes in political or regulatory environments could cause EOG's share of future production from Trinidadian reserves to be materially different from that presented. Estimates of proved reserves at December 31, 2018 , 2017 and 2016 were based on studies performed by the engineering staff of EOG. The Engineering and Acquisitions Department is directly responsible for EOG's reserve evaluation process and consists of 16 professionals, all of whom hold, at a minimum, bachelor's degrees in engineering, and four of whom are Registered Professional Engineers. The Vice President, Engineering and Acquisitions is the manager of this department and is the primary technical person responsible for this process. The Vice President, Engineering and Acquisitions holds a Bachelor of Science degree in Petroleum Engineering, has 32 years of experience in reserve evaluations and is a Registered Professional Engineer. EOG's reserves estimation process is a collaborative effort coordinated by the Engineering and Acquisitions Department in compliance with EOG's internal controls for such process. Reserve information as well as models used to estimate such reserves are stored on secured databases. Non-technical inputs used in reserve estimation models, including crude oil, NGL and natural gas prices, production costs, transportation costs, future capital expenditures and EOG's net ownership percentages, are obtained from other departments within EOG. EOG's Internal Audit Department conducts testing with respect to such non-technical inputs. Additionally, EOG engages DeGolyer and MacNaughton (D&M), independent petroleum consultants, to perform independent reserves evaluation of select EOG properties comprising not less than 75% of EOG's estimates of proved reserves. EOG's Board of Directors requires that D&M's and EOG's reserve quantities for the properties evaluated by D&M vary by no more than 5% in the aggregate. Once completed, EOG's year-end reserves are presented to senior management, including the Chairman of the Board and Chief Executive Officer; the Chief Operating Officer; the Executive Vice Presidents, Exploration and Production; and the Executive Vice President and Chief Financial Officer, for approval. Opinions by D&M for the years ended December 31, 2018 , 2017 and 2016 covered producing areas containing 79%, 79% and 83%, respectively, of proved reserves of EOG on a net-equivalent-barrel-of-oil basis. D&M's opinions indicate that the estimates of proved reserves prepared by EOG's Engineering and Acquisitions Department for the properties reviewed by D&M, when compared in total on a net-equivalent-barrel-of-oil basis, do not differ materially from the estimates prepared by D&M. Specifically, such estimates by D&M in the aggregate varied by not more than 5% from those prepared by the Engineering and Acquisitions Department of EOG. All reports by D&M were developed utilizing geological and engineering data provided by EOG. The report of D&M dated January 25, 2019, which contains further discussion of the reserve estimates and evaluations prepared by D&M, as well as the qualifications of D&M's technical person primarily responsible for overseeing such estimates and evaluations, is attached as Exhibit 99.1 to this Annual Report on Form 10-K and incorporated herein by reference. No major discovery or other favorable or adverse event subsequent to December 31, 2018 , is believed to have caused a material change in the estimates of net proved reserves as of that date. The following tables set forth EOG's net proved reserves at December 31 for each of the four years in the period ended December 31, 2018 , and the changes in the net proved reserves for each of the three years in the period ended December 31, 2018 , as estimated by the Engineering and Acquisitions Department of EOG: NET PROVED RESERVE SUMMARY United States Trinidad Other International (1) Total NET PROVED RESERVES Crude Oil (MBbl) (2) Net proved reserves at December 31, 2015 1,087,860 1,069 8,667 1,097,596 Revisions of previous estimates 42,040 54 861 42,955 Purchases in place 25,795 — — 25,795 Extensions, discoveries and other additions 123,441 — — 123,441 Sales in place (8,791 ) — — (8,791 ) Production (101,854 ) (284 ) (1,273 ) (103,411 ) Net proved reserves at December 31, 2016 1,168,491 839 8,255 1,177,585 Revisions of previous estimates 57,935 80 (179 ) 57,836 Purchases in place 1,111 — — 1,111 Extensions, discoveries and other additions 207,137 301 119 207,557 Sales in place (8,393 ) — — (8,393 ) Production (122,210 ) (322 ) (191 ) (122,723 ) Net proved reserves at December 31, 2017 1,304,071 898 8,004 1,312,973 Revisions of previous estimates (13,237 ) (183 ) 44 (13,376 ) Purchases in place 2,743 — — 2,743 Extensions, discoveries and other additions 383,003 — 15 383,018 Sales in place (768 ) — (6,310 ) (7,078 ) Production (144,128 ) (298 ) (1,542 ) (145,968 ) Net proved reserves at December 31, 2018 1,531,684 417 211 1,532,312 Natural Gas Liquids (MBbl) (2) Net proved reserves at December 31, 2015 382,875 — — 382,875 Revisions of previous estimates 53,771 — — 53,771 Purchases in place 1,284 — — 1,284 Extensions, discoveries and other additions 41,862 — — 41,862 Sales in place (33,548 ) — — (33,548 ) Production (29,878 ) — — (29,878 ) Net proved reserves at December 31, 2016 416,366 — — 416,366 Revisions of previous estimates 46,843 — — 46,843 Purchases in place 421 — — 421 Extensions, discoveries and other additions 75,003 — — 75,003 Sales in place (2,887 ) — — (2,887 ) Production (32,273 ) — — (32,273 ) Net proved reserves at December 31, 2017 503,473 — — 503,473 Revisions of previous estimates 23,942 — — 23,942 Purchases in place 2,006 — — 2,006 Extensions, discoveries and other additions 127,409 — — 127,409 Sales in place (41 ) — — (41 ) Production (42,460 ) — — (42,460 ) Net proved reserves at December 31, 2018 614,329 — — 614,329 United States Trinidad Other International (1) Total Natural Gas (Bcf) (3) Net proved reserves at December 31, 2015 3,489.8 316.6 19.5 3,825.9 Revisions of previous estimates 298.4 29.5 5.2 333.1 Purchases in place 91.5 — — 91.5 Extensions, discoveries and other additions 202.1 59.9 — 262.0 Sales in place (752.0 ) — — (752.0 ) Production (308.6 ) (125.1 ) (8.9 ) (442.6 ) Net proved reserves at December 31, 2016 3,021.2 280.9 15.8 3,317.9 Revisions of previous estimates 602.8 (27.4 ) 8.6 584.0 Purchases in place 4.8 — — 4.8 Extensions, discoveries and other additions 619.3 174.2 35.9 829.4 Sales in place (56.4 ) — — (56.4 ) Production (293.2 ) (114.3 ) (9.1 ) (416.6 ) Net proved reserves at December 31, 2017 3,898.5 313.4 51.2 4,263.1 Revisions of previous estimates (127.2 ) 20.7 15.0 (91.5 ) Purchases in place 41.3 — — 41.3 Extensions, discoveries and other additions 951.4 — 4.6 956.0 Sales in place (22.2 ) — — (22.2 ) Production (351.2 ) (97.1 ) (11.2 ) (459.5 ) Net proved reserves at December 31, 2018 4,390.6 237.0 59.6 4,687.2 Oil Equivalents (MBoe) (2) Net proved reserves at December 31, 2015 2,052,361 53,843 11,913 2,118,117 Revisions of previous estimates 145,542 4,978 1,722 152,242 Purchases in place 42,330 — — 42,330 Extensions, discoveries and other additions 198,973 9,990 — 208,963 Sales in place (167,669 ) — — (167,669 ) Production (183,145 ) (21,150 ) (2,755 ) (207,050 ) Net proved reserves at December 31, 2016 2,088,392 47,661 10,880 2,146,933 Revisions of previous estimates 205,262 (4,493 ) 1,249 202,018 Purchases in place 2,332 — — 2,332 Extensions, discoveries and other additions 385,354 29,340 6,104 420,798 Sales in place (20,687 ) — — (20,687 ) Production (203,351 ) (19,366 ) (1,707 ) (224,424 ) Net proved reserves at December 31, 2017 2,457,302 53,142 16,526 2,526,970 Revisions of previous estimates (10,500 ) 3,272 2,544 (4,684 ) Purchases in place 11,640 — — 11,640 Extensions, discoveries and other additions 668,972 — 778 669,750 Sales in place (4,509 ) — (6,310 ) (10,819 ) Production (245,127 ) (16,478 ) (3,406 ) (265,011 ) Net proved reserves at December 31, 2018 2,877,778 39,936 10,132 2,927,846 (1) Other International includes EOG's United Kingdom, China, Canada and Argentina operations. The United Kingdom operations were sold in the fourth quarter of 2018. The Argentina operations were sold in the third quarter of 2016. (2) Thousand barrels or thousand barrels of oil equivalent, as applicable; oil equivalents include crude oil and condensate, NGLs and natural gas. Oil equivalents are determined using a ratio of 1.0 barrel of crude oil and condensate or NGLs to 6.0 thousand cubic feet of natural gas. (3) Billion cubic feet. During 2018, EOG added 670 million barrels of oil equivalent (MMBoe) of proved reserves from drilling activities and technical evaluation of major proved areas, primarily in the Permian Basin, the Eagle Ford, the Rocky Mountain area and the Mid-Continent area. Approximately 76% of the 2018 reserve additions were crude oil and condensate and NGLs, and substantially all were in the United States. Sales in place of 11 MMBoe were primarily related to the sale of the United Kingdom operations and the sale or exchange of other producing assets. Revisions of previous estimates of negative 5 MMBoe for 2018 included an upward revision of 35 MMBoe primarily due to increases in the average crude oil and natural gas prices used in the December 31, 2018, reserves estimation as compared to the prices used in the prior year estimate. The primary areas affected were in the Rocky Mountain area, the Eagle Ford and the Permian Basin. Downward revisions other than price of 40 MMBoe resulted primarily from changes in production forecasts and higher production costs. Purchases in place of 12 MMBoe were primarily related to the South Texas Area. During 2017, EOG added 421 MMBoe of proved reserves from drilling activities and technical evaluation of major proved areas, primarily in the Permian Basin, the Eagle Ford, the Rocky Mountain area and Trinidad. Approximately 67% of the 2017 reserve additions were crude oil and condensate and NGLs, and 92% were in the United States. Sales in place of 21 MMBoe were primarily related to the sale or exchange of certain producing assets. Revisions of previous estimates of 202 MMBoe for 2017 included an upward revision of 154 MMBoe primarily due to increases in the average crude oil and natural gas prices used in the December 31, 2017, reserves estimation as compared to the prices used in the prior year estimate. The primary plays affected were in the Rocky Mountain area, the Eagle Ford and the Permian Basin. Positive revisions other than price of 48 MMBoe resulted primarily from improved well performance in the Permian Basin and lower production costs. Purchases in place of 2 MMBoe were primarily related to the Permian Basin. During 2016, EOG added 209 MMBoe of proved reserves from drilling activities and technical evaluation of major proved areas, primarily in the Permian Basin, the Rocky Mountain area and the Eagle Ford. Approximately 79% of the 2016 reserve additions were crude oil and condensate and NGLs, and 95% were in the United States. Sales in place of 168 MMBoe were primarily related to the disposition of certain producing natural gas assets in the Barnett Shale and Haynesville plays and marginal liquids plays in the Permian Basin and Rocky Mountain area. Revisions of previous estimates of 152 MMBoe for 2016 included a downward revision of 101 MMBoe primarily due to decreases in the average crude oil and natural gas prices used in the December 31, 2016, reserves estimation as compared to the prices used in the prior year estimate. The primary plays affected were the Eagle Ford, the Uinta basin in the Rocky Mountain area, the Permian Basin and the Barnett Shale. Positive revisions other than price of 253 MMBoe resulted primarily from lower production costs and improved performance in the Delaware Basin. Purchases in place of 42 MMBoe were primarily related to the Yates transaction. United States Trinidad Other International (1) Total NET PROVED DEVELOPED RESERVES Crude Oil (MBbl) December 31, 2015 444,070 1,069 63 445,202 December 31, 2016 507,531 839 8,255 516,625 December 31, 2017 605,405 898 7,933 614,236 December 31, 2018 712,218 417 150 712,785 Natural Gas Liquids (MBbl) December 31, 2015 205,898 — — 205,898 December 31, 2016 230,219 — — 230,219 December 31, 2017 286,872 — — 286,872 December 31, 2018 341,386 — — 341,386 Natural Gas (Bcf) December 31, 2015 2,211.2 297.6 19.5 2,528.3 December 31, 2016 1,804.4 262.2 15.8 2,082.4 December 31, 2017 2,450.8 299.2 29.3 2,779.3 December 31, 2018 2,699.0 223.9 40.9 2,963.8 Oil Equivalents (MBoe) December 31, 2015 1,018,491 50,677 3,309 1,072,477 December 31, 2016 1,038,483 44,543 10,880 1,093,906 December 31, 2017 1,300,758 50,779 12,798 1,364,335 December 31, 2018 1,503,441 37,746 6,950 1,548,137 NET PROVED UNDEVELOPED RESERVES Crude Oil (MBbl) December 31, 2015 643,790 — 8,604 652,394 December 31, 2016 660,690 — — 660,690 December 31, 2017 698,666 — 71 698,737 December 31, 2018 819,466 — 61 819,527 Natural Gas Liquids (MBbl) December 31, 2015 176,977 — — 176,977 December 31, 2016 186,147 — — 186,147 December 31, 2017 216,601 — — 216,601 December 31, 2018 272,943 — — 272,943 Natural Gas (Bcf) December 31, 2015 1,278.6 19.0 — 1,297.6 December 31, 2016 1,216.8 18.7 — 1,235.5 December 31, 2017 1,447.7 14.2 21.9 1,483.8 December 31, 2018 1,691.6 13.1 18.7 1,723.4 Oil Equivalents (MBoe) December 31, 2015 1,033,870 3,166 8,604 1,045,640 December 31, 2016 1,049,909 3,118 — 1,053,027 December 31, 2017 1,156,544 2,363 3,728 1,162,635 December 31, 2018 1,374,337 2,190 3,182 1,379,709 (1) Other International includes EOG's United Kingdom, China, Canada and Argentina operations. The United Kingdom operations were sold in the fourth quarter of 2018. The Argentina operations were sold in the third quarter of 2016. Net Proved Undeveloped Reserves. The following table presents the changes in EOG's total proved undeveloped reserves during 2018 , 2017 and 2016 (in MBoe): 2018 2017 2016 Balance at January 1 1,162,635 1,053,027 1,045,640 Extensions and Discoveries 490,725 237,378 138,101 Revisions (8,244 ) 33,127 64,413 Acquisition of Reserves 311 — — Sale of Reserves — (8,253 ) (45,917 ) Conversion to Proved Developed Reserves (265,718 ) (152,644 ) (149,210 ) Balance at December 31 1,379,709 1,162,635 1,053,027 For the twelve-month period ended December 31, 2018, total PUDs increased by 217 MMBoe to 1,380 MMBoe. EOG added approximately 31 MMBoe of PUDs through drilling activities where the wells were drilled but significant expenditures remained for completion. Based on the technology employed by EOG to identify and record PUDs (see discussion of technology employed on pages F-36 and F-37 of this Annual Report on Form 10-K), EOG added 460 MMBoe. The PUD additions were primarily in the Permian Basin, Anadarko Basin, the Eagle Ford and, to a lesser extent, the Rocky Mountain area, and 80% of the additions were crude oil and condensate and NGLs. During 2018, EOG drilled and transferred 266 MMBoe of PUDs to proved developed reserves at a total capital cost of $2,745 million. All PUDs, including drilled but uncompleted wells (DUCs), are scheduled for completion within five years of the original reserve booking. For the twelve-month period ended December 31, 2017, total PUDs increased by 110 MMBoe to 1,163 MMBoe. EOG added approximately 38 MMBoe of PUDs through drilling activities where the wells were drilled but significant expenditures remained for completion. Based on the technology employed by EOG to identify and record PUDs, EOG added 199 MMBoe. The PUD additions were primarily in the Permian Basin and, to a lesser extent, the Eagle Ford and the Rocky Mountain area, and 74% of the additions were crude oil and condensate and NGLs. During 2017, EOG drilled and transferred 153 MMBoe of PUDs to proved developed reserves at a total capital cost of $1,440 million. Revisions of PUDs totaled positive 33 MMBoe, primarily due to updated type curves resulting from improved performance of offsetting wells in the Permian Basin, the impact of increases in the average crude oil and natural gas prices used in the December 31, 2017, reserves estimation as compared to the prices used in the prior year estimate, and lower costs. During 2017, EOG sold or exchanged 8 MMBoe of PUDs primarily in the Permian Basin. For the twelve-month period ended December 31, 2016, total PUDs increased by 7 MMBoe to 1,053 MMBoe. EOG added approximately 21 MMBoe of PUDs through drilling activities where the wells were drilled but significant expenditures remained for completion. Based on the technology employed by EOG to identify and record PUDs, EOG added 117 MMBoe. The PUD additions were primarily in the Permian Basin and, to a lesser extent, the Rocky Mountain area, and 82% of the additions were crude oil and condensate and NGLs. During 2016, EOG drilled and transferred 149 MMBoe of PUDs to proved developed reserves at a total capital cost of $1,230 million. Revisions of PUDs totaled positive 64 MMBoe, primarily due to improved well performance, primarily in the Delaware Basin, and lower production costs, partially offset by the impact of decreases in the average crude oil and natural gas prices used in the December 31, 2016, reserves estimation as compared to the prices used in the prior year estimate. During 2016, EOG sold 46 MMBoe of PUDs primarily in the Haynesville play. Capitalized Costs Relating to Oil and Gas Producing Activities. The following table sets forth the capitalized costs relating to EOG's crude oil and natural gas producing activities at December 31, 2018 and 2017 : 2018 2017 Proved properties $ 53,624,809 $ 48,845,672 Unproved properties 3,705,207 3,710,069 Total 57,330,016 52,555,741 Accumulated depreciation, depletion and amortization (31,674,085 ) (29,191,247 ) Net capitalized costs $ 25,655,931 $ 23,364,494 Costs Incurred in Oil and Gas Property Acquisition, Exploration and Development Activities. The acquisition, exploration and development costs disclosed in the following tables are in accordance with definitions in the Extractive Industries - Oil and Gas Topic of the Accounting Standards Codification (ASC). Acquisition costs include costs incurred to purchase, lease or otherwise acquire property. Exploration costs include additions to exploratory wells, including those in progress, and exploration expenses. Development costs include additions to production facilities and equipment and additions to development wells, including those in progress. The following table sets forth costs incurred related to EOG's oil and gas activities for the years ended December 31, 2018 , 2017 and 2016 : United States Trinidad Other International (1) Total 2018 Acquisition Costs of Properties Unproved (2) $ 486,081 $ 1,258 $ — $ 487,339 Proved (3) 123,684 — — 123,684 Subtotal 609,765 1,258 — 611,023 Exploration Costs 157,222 22,511 13,895 193,628 Development Costs (4) 5,605,264 (12,863 ) 22,628 5,615,029 Total $ 6,372,251 $ 10,906 $ 36,523 $ 6,419,680 2017 Acquisition Costs of Properties Unproved (5) $ 424,118 $ 2,422 $ — $ 426,540 Proved (6) 72,584 — — 72,584 Subtotal 496,702 2,422 — 499,124 Exploration Costs 144,499 62,547 16,553 223,599 Development Costs (7) 3,590,899 109,491 16,297 3,716,687 Total $ 4,232,100 $ 174,460 $ 32,850 $ 4,439,410 2016 Acquisition Costs of Properties Unproved (8) $ 3,216,598 $ — $ 36 $ 3,216,634 Proved (9) 749,023 — — 749,023 Subtotal 3,965,621 — 36 3,965,657 Exploration Costs 156,295 2,695 6,761 165,751 Development Costs (10) 2,252,713 72,147 (10,984 ) 2,313,876 Total $ 6,374,629 $ 74,842 $ (4,187 ) $ 6,445,284 (1) Other International primarily consists of EOG's United Kingdom, China, Canada and Argentina operations. The United Kingdom operations were sold in the fourth quarter of 2018. The Argentina operations were sold in the third quarter of 2016. (2) Includes non-cash unproved leasehold acquisition costs of $291 million related to property exchanges. (3) Includes non-cash proved property acquisition costs of $71 million related to property exchanges. (4) Includes Asset Retirement Costs of $90 million , $(12) million and $(8) million for the United States, Trinidad and Other International, respectively. Excludes other property, plant and equipment. (5) Includes non-cash unproved leasehold acquisition costs of $256 million related to property exchanges. (6) Includes non-cash proved property acquisition costs of $26 million related to property exchanges. (7) Includes Asset Retirement Costs of $50 million , $2 million and $4 million for the United States, Trinidad and Other International, respectively. Excludes other property, plant and equipment. (8) Includes non-cash unproved leasehold acquisition costs of $3,102 million related to the Yates transaction. (9) Includes non-cash proved property acquisition costs of $732 million related to the Yates transaction. (10) Includes Asset Retirement Costs of $25 million , $(3) million and $(42) million for the United States, Trinidad and Other International, respectively. Excludes other property, plant and equipment. Results of Operations for Oil and Gas Producing Activities (1) . The following table sets forth results of operations for oil and gas producing activities for the years ended December 31, 2018 , 2017 and 2016 : United States Trinidad Other International (2) Total 2018 Crude Oil and Condensate, Natural Gas Liquids and Natural Gas Revenues $ 11,488,620 $ 302,112 $ 155,755 $ 11,946,487 Other 89,708 (49 ) (24 ) 89,635 Total 11,578,328 302,063 155,731 12,036,122 Exploration Costs 121,572 21,402 6,025 148,999 Dry Hole Costs 4,983 — 422 5,405 Transportation Costs 742,792 3,236 848 746,876 Gathering and Processing Costs (3) 404,471 — 32,502 436,973 Production Costs 1,924,504 33,506 70,073 2,028,083 Impairments 344,595 — 2,426 347,021 Depreciation, Depletion and Amortization 3,181,801 91,788 46,687 3,320,276 Income Before Income Taxes 4,853,610 152,131 (3,252 ) 5,002,489 Income Tax Provision 1,086,077 12,170 1,898 1,100,145 Results of Operations $ 3,767,533 $ 139,961 $ (5,150 ) $ 3,902,344 2017 Crude Oil and Condensate, Natural Gas Liquids and Natural Gas Revenues $ 7,570,768 $ 284,673 $ 52,450 $ 7,907,891 Other 81,610 59 (59 ) 81,610 Total 7,652,378 284,732 52,391 7,989,501 Exploration Costs 113,334 26,245 5,763 145,342 Dry Hole Costs 91 — 4,518 4,609 Transportation Costs 737,403 1,885 1,064 740,352 Production Costs 1,446,333 27,839 88,038 1,562,210 Impairments 477,223 — 2,017 479,240 Depreciation, Depletion and Amortization 3,157,056 115,174 24,536 3,296,766 Income (Loss) Before Income Taxes 1,720,938 113,589 (73,545 ) 1,760,982 Income Tax Provision (Benefit) 625,562 24,882 (1,342 ) 649,102 Results of Operations $ 1,095,376 $ 88,707 $ (72,203 ) $ 1,111,880 2016 Crude Oil and Condensate, Natural Gas Liquids and Natural Gas Revenues $ 5,177,989 $ 243,708 $ 75,046 $ 5,496,743 Other 81,386 (8 ) 25 81,403 Total 5,259,375 243,700 75,071 5,578,146 Exploration Costs 115,990 2,647 6,316 124,953 Dry Hole Costs 10,529 — 128 10,657 Transportation Costs 753,791 1,181 9,134 764,106 Production Costs 1,163,827 27,113 63,073 1,254,013 Impairments 611,297 7,773 1,197 620,267 Depreciation, Depletion and Amortization 3,249,792 145,440 42,052 3,437,284 Income (Loss) Before Income Taxes (645,851 ) 59,546 (46,829 ) (633,134 ) Income Tax Provision (Benefit) (230,377 ) 5,526 (1,562 ) (226,413 ) Results of Operations $ (415,474 ) $ 54,020 $ (45,267 ) $ (406,721 ) (1) Excludes gains or losses on the mark-to-market of financial commodity derivative contracts, gains or losses on sales of reserves and related assets, interest charges and general corporate expenses for each of the three years in the period ended December 31, 2018 . (2) Other International primarily consists of EOG's United Kingdom, China, Canada and Argentina operations. The United Kingdom operations were sold in the fourth quarter of 2018. The Argentina operations were sold in the third quarter of 2016. (3) Effective January 1, 2018, EOG adopted the provisions of Accounting Standards Update (ASU) 2014-09, "Revenue From Contracts With Customers" (ASU 2014-09). 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 Natural Gas Revenues. There was no impact to operating income or net income resulting from changes to the presentation of natural gas processing fees (see Note 1 to Consolidated Financial Statements). The following table sets forth production costs per barrel of oil equivalent, excluding severance/production and ad valorem taxes, for the years ended December 31, 2018 , 2017 and 2016 : United States Trinidad Other International (1) Composite Year Ended December 31, 2018 $ 4.84 $ 1.67 $ 20.19 $ 4.84 Year Ended December 31, 2017 $ 4.58 $ 1.39 $ 50.86 $ 4.66 Year Ended December 31, 2016 $ 4.58 $ 1.23 $ 22.43 $ 4.48 (1) Other International primarily consists of EOG's United Kingdom, China, Canada and Argentina operations. The United Kingdom operations were sold in the fourth quarter of 2018. The Argentina operations were sold in the third quarter of 2016. Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves. The following information has been developed utilizing procedures prescribed by the Extractive Industries - Oil and Gas Topic of the ASC and based on crude oil, NGL and natural gas reserves and pro |
Unaudited Quarterly Financial I
Unaudited Quarterly Financial Information (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Quarterly Financial Information | Unaudited Quarterly Financial Information (In Thousands, Except Per Share Data) Quarter Ended Mar 31 Jun 30 Sep 30 Dec 31 2018 Operating Revenues and Other $ 3,681,162 $ 4,238,077 $ 4,781,624 $ 4,574,536 Operating Income $ 874,588 $ 964,931 $ 1,506,687 $ 1,123,140 Income Before Income Taxes $ 813,359 $ 892,936 $ 1,446,363 $ 1,088,340 Income Tax Provision 174,770 196,205 255,411 195,572 Net Income $ 638,589 $ 696,731 $ 1,190,952 $ 892,768 Net Income Per Share (1) Basic $ 1.11 $ 1.21 $ 2.06 $ 1.55 Diluted $ 1.10 $ 1.20 $ 2.05 $ 1.54 Average Number of Common Shares Basic 575,775 576,135 577,254 577,035 Diluted 579,726 580,375 581,559 580,288 2017 Operating Revenues and Other $ 2,610,565 $ 2,612,472 $ 2,644,844 $ 3,340,439 Operating Income $ 107,746 $ 127,908 $ 214,836 $ 475,912 Income Before Income Taxes $ 39,382 $ 62,467 $ 145,980 $ 413,353 Income Tax Provision (Benefit) (2) 10,865 39,414 45,439 (2,017,115 ) Net Income $ 28,517 $ 23,053 $ 100,541 $ 2,430,468 Net Income Per Share (1) Basic $ 0.05 $ 0.04 $ 0.17 $ 4.22 Diluted $ 0.05 $ 0.04 $ 0.17 $ 4.20 Average Number of Common Shares Basic 573,935 574,439 574,783 575,394 Diluted 578,593 578,483 578,736 579,203 (1) The sum of quarterly net income per share may not agree with total year net income per share as each quarterly computation is based on the weighted average of common shares outstanding. (2) Includes an income tax benefit of approximately $2.2 billion for the quarter ended December 31, 2017, primarily due to the enactment of the Tax Cuts and Jobs Act in December 2017. See Note 6 to the Consolidated Financial Statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation. The consolidated financial statements of EOG Resources, Inc. (EOG) include the accounts of all domestic and foreign subsidiaries. Investments in unconsolidated affiliates, in which EOG is able to exercise significant influence, are accounted for using the equity method. All intercompany accounts and transactions have been eliminated. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (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. |
Financial Instruments | Financial Instruments. EOG's financial instruments consist of cash and cash equivalents, commodity derivative contracts, accounts receivable, accounts payable and current and long-term debt. The carrying values of cash and cash equivalents, commodity derivative contracts, accounts receivable and accounts payable approximate fair value (see Notes 2 and 12). |
Cash and Cash Equivalents | Cash and Cash Equivalents. EOG records as cash equivalents all highly liquid short-term investments with original maturities of three months or less. |
Oil and Gas Operations | Oil and Gas Operations. EOG accounts for its crude oil and natural gas exploration and production activities under the successful efforts method of accounting. Oil and gas lease acquisition costs are capitalized when incurred. Unproved properties with acquisition costs that are not individually significant are aggregated, and the portion of such costs estimated to be nonproductive is amortized over the remaining lease term. Unproved properties with individually significant acquisition costs are reviewed individually for impairment. If the unproved properties are determined to be productive, the appropriate related costs are transferred to proved oil and gas properties. Lease rentals are expensed as incurred. Oil and gas exploration costs, other than the costs of drilling exploratory wells, are expensed as incurred. The costs of drilling exploratory wells are capitalized pending determination of whether EOG has discovered commercial quantities of proved reserves. If commercial quantities of proved reserves are not discovered, such drilling costs are expensed. In some circumstances, it may be uncertain whether commercial quantities of proved reserves have been discovered when drilling has been completed. Such exploratory well drilling costs may continue to be capitalized if the reserve quantity is sufficient to justify its completion as a producing well and sufficient progress in assessing the reserves and the economic and operating viability of the project is being made (see Note 16). Costs to develop proved reserves, including the costs of all development wells and related equipment used in the production of crude oil and natural gas, are capitalized. Depreciation, depletion and amortization of the cost of proved oil and gas properties is calculated using the unit-of-production method. The reserve base used to calculate depreciation, depletion and amortization for leasehold acquisition costs and the cost to acquire proved properties is the sum of proved developed reserves and proved undeveloped reserves. With respect to lease and well equipment costs, which include development costs and successful exploration drilling costs, the reserve base includes only proved developed reserves. Estimated future dismantlement, restoration and abandonment costs, net of salvage values, are taken into account. Oil and gas properties are grouped in accordance with the provisions of the Extractive Industries - Oil and Gas Topic of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC). The basis for grouping is a reasonable aggregation of properties with a common geological structural feature or stratigraphic condition, such as a reservoir or field. Amortization rates are updated quarterly to reflect: 1) the addition of capital costs, 2) reserve revisions (upwards or downwards) and additions, 3) property acquisitions and/or property dispositions and 4) impairments. When circumstances indicate that proved oil and gas properties may be impaired, EOG compares expected undiscounted future cash flows at a depreciation, depletion and amortization group level to the unamortized capitalized cost of the asset. If the expected undiscounted future cash flows, based on EOG's estimate of (and assumptions regarding) future crude oil and natural gas prices, operating costs, development expenditures, anticipated production from proved reserves and other relevant data, are lower than the unamortized capitalized cost, the capitalized cost is reduced to fair value. Fair value is generally calculated using the Income Approach described in the Fair Value Measurement Topic of the ASC. In certain instances, EOG utilizes accepted offers from third-party purchasers as the basis for determining fair value. Inventories, consisting primarily of tubular goods, materials for completion operations and well equipment held for use in the exploration for, and development and production of, crude oil and natural gas reserves, are carried at the lower of cost and net realizable value with adjustments made, as appropriate, to recognize any reductions in value. Revenue Recognition. 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 Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) and by geographic areas defined as operating segments. See Note 11. 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 Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). 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 year ended December 31, 2018, were as follows (in thousands): As Reported Amounts Without Adoption of ASU 2014-09 Effect of Change Operating Revenues and Other Crude Oil and Condensate $ 9,517,440 $ 9,517,440 $ — Natural Gas Liquids 1,127,510 1,121,237 6,273 Natural Gas 1,301,537 1,104,095 197,442 Gathering, Processing and Marketing 5,230,355 5,211,136 19,219 Total Operating Revenues and Other 17,275,399 17,052,465 222,934 Operating Expenses Gathering and Processing Costs 436,973 233,258 203,715 Marketing Costs 5,203,243 5,184,024 19,219 Total Operating Expenses 12,806,053 12,583,119 222,934 Operating Income 4,469,346 4,469,346 — |
Other Property, Plant and Equipment | Other Property, Plant and Equipment . Other property, plant and equipment consists of gathering and processing assets, compressors, buildings and leasehold improvements, crude-by-rail assets, sand mine and sand processing assets, computer hardware and software, vehicles, and furniture and fixtures. Other property, plant and equipment is generally depreciated on a straight-line basis over the estimated useful lives of the property, plant and equipment, which range from 3 years to 45 years. |
Capitalized Interest Costs | Capitalized Interest Costs. Interest costs have been capitalized as a part of the historical cost of unproved oil and gas properties. The amount capitalized is an allocation of the interest cost incurred during the reporting period. Capitalized interest is computed only during the exploration and development phases and ceases once production begins. The interest rate used for capitalization purposes is based on the interest rates on EOG's outstanding borrowings. The capitalization of interest is excluded on significant acquisitions of unproved oil and gas properties financed through non-interest-bearing instruments, such as the issuance of shares of Common Stock, or through non-cash property exchanges. |
Accounting for Risk Management Activities | Accounting for Risk Management Activities. Derivative instruments are recorded on the balance sheet as either an asset or liability measured at fair value, and changes in the derivative's fair value are recognized currently in earnings unless specific hedge accounting criteria are met. During the three-year period ended December 31, 2018, EOG elected not to designate any of its financial commodity derivative instruments as accounting hedges and, accordingly, changes in the fair value of these outstanding derivative instruments are recognized as gains or losses in the period of change. The gains or losses are recorded as Gains (Losses) on Mark-to-Market Commodity Derivative Contracts on the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). The related cash flow impact of settled contracts is reflected as cash flows from operating activities. EOG employs net presentation of derivative assets and liabilities for financial reporting purposes when such assets and liabilities are with the same counterparty and subject to a master netting arrangement. See Note 12. |
Income Taxes | Income Taxes. Income taxes are accounted for using the asset and liability approach. Under this approach, deferred tax assets and liabilities are recognized based on anticipated future tax consequences attributable to differences between financial statement carrying amounts of assets and liabilities and their respective tax basis. EOG assesses the realizability of deferred tax assets and recognizes valuation allowances as appropriate. In March 2018, the 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 United States Securities and Exchange Commission 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 ASU 2018-05, an entity will use a similar approach as the measurement period provided in the Business Combinations Topic of the ASC. An entity will recognize those matters for which the accounting can be completed. For matters that have not been completed, the entity will 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 Consolidated Financial Statements for the year ended December 31, 2018 in accordance with ASU 2018-05. As discussed in EOG's 2017 Annual Report, provisional amounts were recorded for tax accruals as of December 31, 2017 for certain aspects of the TCJA. EOG has updated and finalized the 2017 U.S. federal and state provisional amounts. See Note 6. |
Foreign Currency Translation | Foreign Currency Translation. The United States dollar is the functional currency for all of EOG's consolidated subsidiaries except for its Canadian subsidiaries, for which the functional currency is the Canadian dollar, and its United Kingdom subsidiary (which was sold in the fourth quarter of 2018), for which the functional currency was the British pound. For subsidiaries whose functional currency is deemed to be other than the United States dollar, asset and liability accounts are translated at year-end exchange rates and revenues and expenses are translated at average exchange rates prevailing during the year. Translation adjustments are included in Accumulated Other Comprehensive Loss on the Consolidated Balance Sheets. Any gains or losses on transactions or monetary assets or liabilities in currencies other than the functional currency are included in net income in the current period. See Notes 4 and 17. |
Net Income (Loss) Per Share | Net Income (Loss) Per Share. Basic net income (loss) per share is computed on the basis of the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per share is computed based upon the weighted-average number of common shares outstanding during the period plus the assumed issuance of common shares for all potentially dilutive securities. See Note 9. |
Stock-Based Compensation | Stock-Based Compensation . EOG measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. See Note 7. |
Recently Issued Accounting Standards and Developments | Recently Issued Accounting Standards. 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 to progress towards the adoption 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 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 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 will require recognition of a right-of-use asset and related lease liability on the Consolidated Balance Sheet, while others will require disclosure within the Notes to the Consolidated Financial Statements. The impact upon adoption of ASU 2016-02 and other related ASUs is not quantifiable due to the pending determination by EOG of certain accounting policies, including the separation of lease and non-lease components for certain classes of underlying assets, among others. The adoption of ASU 2016-02 and other related ASUs will significantly increase assets and liabilities related to operating leases on the Consolidated Balance Sheets. Non-cancelable operating leases, which will be considered for recognition or disclosure upon adoption of ASU 2016-02 and other related ASUs, totaled $2.0 billion on an undiscounted basis at December 31, 2018, and are included within total minimum commitments in Note 8. EOG will 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 will 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 will not elect the practical expedient of hindsight when determining the lease term of existing contracts at the effective date. EOG also will 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. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Impact of Adoption of New Accounting Revenue Recognition Standard (Tables) | The impacts of the adoption of ASU 2014-09 for the year ended December 31, 2018, were as follows (in thousands): As Reported Amounts Without Adoption of ASU 2014-09 Effect of Change Operating Revenues and Other Crude Oil and Condensate $ 9,517,440 $ 9,517,440 $ — Natural Gas Liquids 1,127,510 1,121,237 6,273 Natural Gas 1,301,537 1,104,095 197,442 Gathering, Processing and Marketing 5,230,355 5,211,136 19,219 Total Operating Revenues and Other 17,275,399 17,052,465 222,934 Operating Expenses Gathering and Processing Costs 436,973 233,258 203,715 Marketing Costs 5,203,243 5,184,024 19,219 Total Operating Expenses 12,806,053 12,583,119 222,934 Operating Income 4,469,346 4,469,346 — |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt at December 31, 2018 and 2017 consisted of the following (in thousands): 2018 2017 6.875% Senior Notes due 2018 $ — $ 350,000 5.625% Senior Notes due 2019 900,000 900,000 4.40% Senior Notes due 2020 500,000 500,000 2.45% Senior Notes due 2020 500,000 500,000 4.100% Senior Notes due 2021 750,000 750,000 2.625% Senior Notes due 2023 1,250,000 1,250,000 3.15% Senior Notes due 2025 500,000 500,000 4.15% Senior Notes due 2026 750,000 750,000 6.65% Senior Notes due 2028 140,000 140,000 3.90% Senior Notes due 2035 500,000 500,000 5.10% Senior Notes due 2036 250,000 250,000 Long-Term Debt 6,040,000 6,390,000 Capital Lease Obligation 71,571 32,155 Less: Current Portion of Long-Term Debt 913,093 356,235 Unamortized Debt Discount 24,640 30,564 Debt Issuance Costs 3,669 4,520 Total Long-Term Debt $ 5,170,169 $ 6,030,836 |
Stockholder's Equity (Tables)
Stockholder's Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |
Common stock activity | The following summarizes Common Stock activity for each of the years ended December 31, 2016 , 2017 and 2018 (in thousands): Common Shares Issued Treasury Outstanding Balance at December 31, 2015 550,151 (292 ) 549,859 Common Stock Issued 25,204 — 25,204 Common Stock Issued Under Stock-Based Compensation Plans 1,500 — 1,500 Treasury Stock Purchased (1) — (922 ) (922 ) Common Stock Issued Under Employee Stock Purchase Plan 95 117 212 Treasury Stock Issued Under Stock-Based Compensation Plans — 847 847 Balance at December 31, 2016 576,950 (250 ) 576,700 Common Stock Issued Under Stock-Based Compensation Plans 1,878 — 1,878 Treasury Stock Purchased (1) — (686 ) (686 ) Common Stock Issued Under Employee Stock Purchase Plan — 180 180 Treasury Stock Issued Under Stock-Based Compensation Plans — 405 405 Balance at December 31, 2017 578,828 (351 ) 578,477 Common Stock Issued Under Stock-Based Compensation Plans 1,580 — 1,580 Treasury Stock Purchased (1) — (539 ) (539 ) Common Stock Issued Under Employee Stock Purchase Plan — 180 180 Treasury Stock Issued Under Stock-Based Compensation Plans — 325 325 Balance at December 31, 2018 580,408 (385 ) 580,023 (1) Represents shares that were withheld by or returned to EOG (i) in satisfaction of tax withholding obligations that arose upon the exercise of employee stock options or SARs or the vesting of restricted stock, restricted stock unit, performance stock or performance unit grants or (ii) in payment of the exercise price of employee stock options. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | The components of Accumulated Other Comprehensive Income (Loss) at December 31, 2018 and 2017 consisted of the following (in thousands): Foreign Currency Translation Adjustment Other Total December 31, 2016 $ (19,441 ) $ 431 $ (19,010 ) Other comprehensive income (loss) before reclassifications 2,799 (3,728 ) (929 ) Tax effects — 642 642 Other comprehensive income (loss) 2,799 (3,086 ) (287 ) December 31, 2017 (16,642 ) (2,655 ) (19,297 ) Other comprehensive income before reclassifications 2,451 1,131 3,582 Amounts reclassified out of other comprehensive income (loss) (1) 14,365 — 14,365 Tax effects — (8 ) (8 ) Other comprehensive income 16,816 1,123 17,939 December 31, 2018 $ 174 $ (1,532 ) $ (1,358 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Deferred Income Tax Liabilities, Net | The principal components of EOG's total net deferred income tax liabilities at December 31, 2018 and 2017 were as follows (in thousands): 2018 2017 Deferred Income Tax Assets (Liabilities) Foreign Oil and Gas Exploration and Development Costs Deducted for Tax Under Book Depreciation, Depletion and Amortization $ 4,359 $ (40,851 ) Foreign Net Operating Loss 55,175 423,258 Foreign Valuation Allowances (58,932 ) (365,379 ) Foreign Other 175 478 Total Net Deferred Income Tax Assets $ 777 $ 17,506 Deferred Income Tax (Assets) Liabilities Oil and Gas Exploration and Development Costs Deducted for Tax Over Book Depreciation, Depletion and Amortization $ 4,819,222 $ 3,894,739 Commodity Hedging Contracts 4,883 (12,008 ) Deferred Compensation Plans (39,086 ) (35,832 ) Accrued Expenses and Liabilities (19,097 ) 12,094 Net Operating Loss - Federal — (69,262 ) Non-Producing Leasehold Costs (88,594 ) (47,981 ) Seismic Costs Capitalized for Tax (164,932 ) (109,423 ) Equity Awards (93,977 ) (92,696 ) Capitalized Interest 17,821 51,345 Alternative Minimum Tax Credit Carryforward — (77,114 ) Undistributed Foreign Earnings 22,945 19,684 Other (45,787 ) (15,332 ) Total Net Deferred Income Tax Liabilities $ 4,413,398 $ 3,518,214 Total Net Deferred Income Tax Liabilities $ 4,412,621 $ 3,500,708 |
Components of Income (Loss) Before Income Taxes | he components of Income (Loss) Before Income Taxes for the years indicated below were as follows (in thousands): 2018 2017 2016 United States $ 4,084,156 $ 621,610 $ (1,520,573 ) Foreign 156,842 39,572 (36,932 ) Total $ 4,240,998 $ 661,182 $ (1,557,505 ) |
Components of Income Tax Provision (Benefit) | The principal components of EOG's Income Tax Provision (Benefit) for the years indicated below were as follows (in thousands): 2018 2017 2016 Current: Federal $ (303,853 ) $ 33,058 $ 11,567 State 17,048 (2,502 ) (8,369 ) Foreign 65,615 35,323 51,189 Total (221,190 ) 65,879 54,387 Deferred: Federal 862,075 (1,504,288 ) (532,979 ) State 43,293 26,942 4,876 Foreign (11,212 ) 3,474 12,897 Total 894,156 (1,473,872 ) (515,206 ) Other Non-Current: Federal 148,992 (1) (513,404 ) (2) — Income Tax Provision (Benefit) $ 821,958 $ (1,921,397 ) $ (460,819 ) (1) Includes change in refundable AMT credits and the reversal of the repatriation tax accrued in 2017. See previous discussion regarding the filing of EOG's 2017 U.S. federal income tax return for details. (2) Includes refundable AMT credits net of the repatriation tax that was expected to be paid post-2017. |
Tax Rate Reconciliation | The differences between taxes computed at the U.S. federal statutory tax rate and EOG's effective rate for the years indicated below were as follows: 2018 2017 2016 Statutory Federal Income Tax Rate 21.00 % 35.00 % 35.00 % State Income Tax, Net of Federal Benefit 1.12 3.38 0.15 Income Tax Provision Related to Foreign Operations 0.51 (0.30 ) (1.23 ) Income Tax Provision Related to Trinidad Operations — — (3.71 ) Income Tax Provision Related to United Kingdom Operations — 1.78 — Income Tax Provision Related to Canadian Operations — 2.30 — TCJA (2.60 ) (1) (328.10 ) (2) — Share-Based Compensation (3) (0.47 ) (4.63 ) — Other (0.18 ) (0.03 ) (0.62 ) Effective Income Tax Rate 19.38 % (290.60 )% 29.59 % (1) Includes impact of utilizing certain tax NOLs ( (1.2)% ), the IRS's reversal of its sequestration decision ( (1.0)% ) and other tax reform impacts ( (0.4)% ). (2) Includes impact of the federal rate reduction ( (327.8)% ), federal repatriation tax ( (6.6)% ), sequestration ( 6.4% ) and other tax reform impacts ( (0.1)% ). (3) Effective January 1, 2017, EOG adopted the provisions of ASU 2016-09, "Improvements to Employee Share-Based Payment Accounting" (ASU 2016-09), which provides that share-based compensation tax benefits and deficiencies are recognized in the income tax provision. |
Summary of Valuation Allowance | The principal components of EOG's rollforward of valuation allowances for deferred income tax assets for the years indicated below were as follows (in thousands): 2018 2017 2016 Beginning Balance $ 466,421 $ 383,221 $ 506,127 Increase (1) 23,062 67,333 37,221 Decrease (2) (26,219 ) (13,687 ) (12,667 ) Other (3) (296,122 ) 29,554 (147,460 ) Ending Balance $ 167,142 $ 466,421 $ 383,221 (1) Increase in valuation allowance related to the generation of tax NOLs and other deferred tax assets. (2) Decrease in valuation allowance associated with adjustments to certain deferred tax assets and their related allowance. (3) Represents dispositions, revisions and/or foreign exchange rate variances and the effect of statutory income tax rate changes. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 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 Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) based upon the job functions of the employees receiving the grants. Compensation expense related to EOG's stock-based compensation plans for the years ended December 31, 2018 , 2017 and 2016 was as follows (in millions): 2018 2017 2016 Lease and Well $ 51 $ 41 $ 38 Gathering and Processing Costs 1 1 1 Exploration Costs 25 23 21 General and Administrative 78 69 68 Total $ 155 $ 134 $ 128 |
Vesting Schedule | These revised vesting schedules will apply to all future grants as well, until revised, amended or otherwise determined by the Committee. Grant Type Previous Vesting Schedule Revised Vesting Schedule Stock Options/SARs Vesting in 25% increments on each of the first four anniversaries of the date of grant Vesting in increments of 33%, 33% and 34% on each of the first three anniversaries, respectively, of the date of grant Restricted Stock/Restricted Stock Units "Cliff" vesting five years from the date of grant "Cliff" vesting three years from the date of grant Performance Units "Cliff" vesting five years from the date of grant (except for the December 2016 grant, which will "cliff" vest approximately three years from the date of grant) "Cliff" vesting approximately 41 months from the date of grant - specifically, on the February 28 th immediately following the Committee’s certifications contemplated by the form of award agreement governing grants of performance units |
Weighted Average Fair Values and Valuation Assumptions | Weighted average fair values and valuation assumptions used to value stock option, SAR and ESPP grants for the years ended December 31, 2018 , 2017 and 2016 were as follows: Stock Options/SARs ESPP 2018 2017 2016 2018 2017 2016 Weighted Average Fair Value of Grants $ 33.46 $ 23.95 $ 25.78 $ 25.75 $ 22.20 $ 19.21 Expected Volatility 28.23 % 28.28 % 31.54 % 24.59 % 27.12 % 36.55 % Risk-Free Interest Rate 2.68 % 1.52 % 0.78 % 1.89 % 0.88 % 0.44 % Dividend Yield 0.72 % 0.75 % 0.76 % 0.64 % 0.71 % 0.82 % Expected Life 5.0 years 5.1 years 5.4 years 0.5 years 0.5 years 0.5 years |
Schedule of Share Based Compensation Arrangement By Share Based Payment Award | The following table sets forth the stock option and SAR transactions for the years ended December 31, 2018 , 2017 and 2016 (stock options and SARs in thousands): 2018 2017 2016 Number Weighted Average Grant Price Number Weighted Average Grant Price Number Weighted Average Grant Price Outstanding at January 1 9,103 $ 83.89 9,850 $ 75.53 10,744 $ 67.98 Granted 1,906 126.49 2,274 96.27 1,855 94.82 Exercised (1) (2,493 ) 72.21 (2,574 ) 61.12 (2,376 ) 54.56 Forfeited (206 ) 94.43 (447 ) 93.84 (373 ) 87.38 Outstanding at December 31 8,310 96.90 9,103 83.89 9,850 75.53 Stock Options/SARs Exercisable at December 31 3,969 85.82 4,510 75.76 5,613 66.48 (1) The total intrinsic value of stock options/SARs exercised during the years 2018 , 2017 and 2016 was $118 million , $95 million and $84 million , respectively. The intrinsic value is based upon the difference between the market price of the Common Stock on the date of exercise and the grant price of the stock options/SARs. |
Stock Options and SARs Outstanding and Exercisable | The following table summarizes certain information for the stock options and SARs outstanding and exercisable at December 31, 2018 (stock options and SARs in thousands): Stock Options/SARs Outstanding Stock Options/SARs Exercisable Range of Grant Prices Stock Weighted Average Remaining Life (Years) Weighted Average Grant Price Aggregate Intrinsic Value (1) Stock Weighted Average Remaining Life (Years) Weighted Average Grant Price Aggregate Intrinsic Value (1) $ 50.00 to $ 82.99 1,528 3 $ 65.46 1,183 2 $ 64.27 83.00 to 95.99 2,046 4 91.48 1,290 3 89.50 96.00 to 96.99 1,961 6 96.29 618 5 96.29 97.00 to 125.99 957 3 102.77 872 3 101.91 126.00 to 129.99 1,818 7 127.01 6 1 127.00 8,310 5 96.90 $ 35,083 3,969 3 85.82 $ 28,993 (1) Based upon the difference between the closing market price of the Common Stock on the last trading day of the year and the grant price of in-the-money stock options and SARs. |
ESPP Activity | The following table summarizes ESPP activity for the years ended December 31, 2018 , 2017 and 2016 (in thousands, except number of participants): 2018 2017 2016 Approximate Number of Participants 1,934 1,870 1,746 Shares Purchased 180 180 212 Aggregate Purchase Price $ 14,887 $ 13,997 $ 13,787 |
Restricted Stock and Restricted Stock Unit Transactions | The following table sets forth the restricted stock and restricted stock unit transactions for the years ended December 31, 2018 , 2017 and 2016 (shares and units in thousands): 2018 2017 2016 Number of Shares and Units Weighted Average Grant Date Fair Value 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 4,908 $ 70.35 Granted 812 117.55 1,095 97.34 853 88.01 Released (1) (740 ) 78.16 (929 ) 61.51 (1,465 ) 53.95 Forfeited (185 ) 92.12 (223 ) 85.45 (334 ) 77.29 Outstanding at December 31 (2) 3,792 96.64 3,905 88.57 3,962 79.63 (1) The total intrinsic value of restricted stock and restricted stock units released during the years ended December 31, 2018, 2017 and 2016 was $84 million , $91 million and $124 million , respectively. The intrinsic value is based upon the closing price of EOG's common stock on the date restricted stock and restricted stock units are released. (2) The total intrinsic value of restricted stock and restricted stock units outstanding at December 31, 2018, 2017 and 2016 was $331 million , $421 million and $401 million , respectively. |
Weighted Average Fair Values and Valuation Assumptions for Performance Units/Stocks | Weighted average fair values and valuation assumptions used to value Performance Awards during the years ended December 31, 2018 , 2017 and 2016 were as follows: 2018 2017 2016 Weighted Average Fair Value of Grants $ 136.74 $ 113.81 $ 119.10 Expected Volatility 29.92 % 32.19 % 32.48 % Risk-Free Interest Rate 2.85 % 1.60 % 1.15 % |
Performance Unit and Performance Stock Transactions | The following table sets forth the Performance Award transactions for the years ended December 31, 2018 , 2017 and 2016 (shares and units in thousands): 2018 2017 2016 Number of Units and Shares Weighted Average Price per Grant Date Number of Units and Shares Weighted Average Price per Grant Date Number of Units and Shares Weighted Average Price per Grant Date Outstanding at January 1 502 $ 90.96 545 $ 80.92 405 $ 74.93 Granted 113 125.73 78 96.29 132 100.95 Granted for Performance Multiple (1) 72 101.87 119 84.43 142 56.21 Released (2) (148 ) 84.43 (240 ) 66.69 (134 ) 56.21 Forfeited — — — — — — Outstanding at December 31 (3) 539 (4 ) 101.53 502 90.96 545 80.92 (1) Upon completion of the Performance Period for the Performance Awards granted in 2014, 2013 and 2012, a performance multiple of 200% was applied to each of the grants resulting in additional grants of Performance Awards in February 2018, 2017 and 2016. (2) The total intrinsic value of Performance Awards released during the years ended December 31, 2018, 2017 and 2016 was $18 million , $24 million and $10 million , respectively. (3) The total intrinsic value of Performance Awards outstanding at December 31, 2018, 2017 and 2016 was $47 million , $54 million and $55 million , respectively. (4) Upon the application of the relevant performance multiple at the completion of each of the remaining Performance Periods, a minimum of 144 and a maximum of 934 Performance Awards could be outstanding. The intrinsic value is based upon the closing price of EOG's common stock on the date Performance Awards are released. |
Commitments and Contingencies_2
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Minimum commitments for unrecorded unconditional purchase obligations | At December 31, 2018 , total minimum commitments from long-term non-cancelable operating leases, drilling rig commitments, seismic purchase obligations, fracturing services obligations, other purchase obligations and transportation and storage service commitments, based on current transportation and storage rates and the foreign currency exchange rates used to convert Canadian dollars into United States dollars at December 31, 2018 , were as follows (in thousands): Total Minimum Commitments 2019 $ 2,150,978 2020 1,416,968 2021 996,344 2022 803,240 2023 509,373 2024 and beyond 931,142 $ 6,808,045 |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Computation of Net Income (Loss) Per Share | The following table sets forth the computation of Net Income (Loss) Per Share for the years ended December 31, 2018 , 2017 and 2016 (in thousands, except per share data): 2018 2017 2016 Numerator for Basic and Diluted Earnings per Share - Net Income (Loss) $ 3,419,040 $ 2,582,579 $ (1,096,686 ) Denominator for Basic Earnings per Share - Weighted Average Shares 576,578 574,620 553,384 Potential Dilutive Common Shares - Stock Options/SARs 1,137 1,466 — Restricted Stock/Units and Performance Units/Stock 2,726 2,607 — Denominator for Diluted Earnings per Share - Adjusted Diluted Weighted Average Shares 580,441 578,693 553,384 Net Income (Loss) Per Share Basic $ 5.93 $ 4.49 $ (1.98 ) Diluted $ 5.89 $ 4.46 $ (1.98 ) |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2018 , 2017 and 2016 (in thousands): 2018 2017 2016 Interest, Net of Capitalized Interest $ 243,279 $ 275,305 $ 252,030 Income Taxes, Net of Refunds Received $ 75,634 $ 188,946 $ (39,293 ) |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Selected Financial Information by Reportable Segment | Financial information by reportable segment is presented below as of and for the years ended December 31, 2018 , 2017 and 2016 (in thousands): United States Trinidad Other International (1) Total 2018 Crude Oil and Condensate $ 9,390,244 $ 17,059 $ 110,137 $ 9,517,440 Natural Gas Liquids 1,127,510 — — 1,127,510 Natural Gas 970,866 285,053 45,618 1,301,537 Losses on Mark-to-Market Commodity Derivative Contracts (165,640 ) — — (165,640 ) Gathering, Processing and Marketing 5,227,051 3,304 — 5,230,355 Gains on Asset Dispositions, Net 154,852 4,493 15,217 174,562 Other, Net 89,708 (49 ) (24 ) 89,635 Operating Revenues and Other (2) 16,794,591 309,860 170,948 17,275,399 Depreciation, Depletion and Amortization 3,296,499 91,971 46,938 3,435,408 Operating Income (Loss) 4,334,364 147,240 (12,258 ) 4,469,346 Interest Income 9,326 1,612 608 11,546 Other Income (Expense) 9,580 2,436 (6,858 ) 5,158 Net Interest Expense 253,352 — (8,300 ) 245,052 Income (Loss) Before Income Taxes 4,099,918 151,288 (10,208 ) 4,240,998 Income Tax Provision 765,986 54,272 1,700 821,958 Additions to Oil and Gas Properties, Excluding Dry Hole Costs 6,155,874 1,618 37,838 6,195,330 Total Property, Plant and Equipment, Net 27,786,086 210,183 79,250 28,075,519 Total Assets 33,178,733 629,633 126,108 33,934,474 United States Trinidad Other International (1) Total 2017 Crude Oil and Condensate $ 6,225,711 $ 13,572 $ 17,113 $ 6,256,396 Natural Gas Liquids 729,545 — 16 729,561 Natural Gas 615,512 271,101 35,321 921,934 Gains on Mark-to-Market Commodity Derivative Contracts 19,828 — — 19,828 Gathering, Processing and Marketing 3,298,098 (11 ) — 3,298,087 Losses on Asset Dispositions, Net (98,233 ) (8 ) (855 ) (99,096 ) Other, Net 81,610 59 (59 ) 81,610 Operating Revenues and Other (3) 10,872,071 284,713 51,536 11,208,320 Depreciation, Depletion and Amortization 3,269,196 115,321 24,870 3,409,387 Operating Income (Loss) 933,571 101,010 (108,179 ) 926,402 Interest Income 3,223 2,201 2,289 7,713 Other Income (Expense) (9,659 ) 3,337 7,761 1,439 Net Interest Expense 303,941 — (29,569 ) 274,372 Income (Loss) Before Income Taxes 623,194 106,548 (68,560 ) 661,182 Income Tax Provision (Benefit) (1,964,343 ) 38,798 4,148 (1,921,397 ) Additions to Oil and Gas Properties, Excluding Dry Hole Costs 4,067,359 145,937 14,932 4,228,228 Total Property, Plant and Equipment, Net 25,125,427 313,357 226,253 25,665,037 Total Assets 28,312,599 974,477 546,002 29,833,078 2016 Crude Oil and Condensate $ 4,265,036 $ 9,600 $ 42,705 $ 4,317,341 Natural Gas Liquids 437,238 — 12 437,250 Natural Gas 475,715 234,108 32,329 742,152 Losses on Mark-to-Market Commodity Derivative Contracts (99,608 ) — — (99,608 ) Gathering, Processing and Marketing 1,967,390 (1,131 ) — 1,966,259 Gains (Losses) on Asset Dispositions, Net 196,043 (145 ) 9,937 205,835 Other, Net 81,386 (8 ) 25 81,403 Operating Revenues and Other (4) 7,323,200 242,424 85,008 7,650,632 Depreciation, Depletion and Amortization 3,365,390 145,591 42,436 3,553,417 Operating Income (Loss) (1,192,338 ) 46,473 (79,416 ) (1,225,281 ) Interest Income 358 932 1,329 2,619 Other Income (Expense) (15,703 ) 2,667 (40,126 ) (53,162 ) Net Interest Expense 298,125 — (16,444 ) 281,681 Income (Loss) Before Income Taxes (1,505,808 ) 50,072 (101,769 ) (1,557,505 ) Income Tax Provision (Benefit) (516,180 ) 64,281 (8,920 ) (460,819 ) Additions to Oil and Gas Properties, Excluding Dry Hole Costs 6,223,228 75,407 30,734 6,329,369 Total Property, Plant and Equipment, Net 25,221,517 274,850 210,711 25,707,078 Total Assets (5) 27,746,851 889,253 663,097 29,299,201 (1) Other International primarily consists of EOG's United Kingdom, China, Canada and Argentina operations. The United Kingdom operations were sold in the fourth quarter of 2018. The Argentina operations were sold in the third quarter of 2016. (2) EOG had sales activity with two significant purchasers in 2018, one totaling $2.6 billion and the other totaling $2.3 billion of consolidated Operating Revenues and Other in the United States segment. (3) EOG had sales activity with two significant purchasers in 2017, one totaling $1.5 billion and the other totaling $1.3 billion of consolidated Operating Revenues and Other in the United States segment. (4) EOG had sales activity with three significant purchasers in 2016, one totaling $1.2 billion , one totaling $1.1 billion and one totaling $1.0 billion of consolidated Operating Revenues and Other in the United States segment. (5) EOG made a reclassification of $160 million from deferred tax liabilities to deferred tax assets for the year ended December 31, 2016, for the United States segment and in total. |
Risk Management Activities (Tab
Risk Management Activities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Derivatives, Fair Value [Line Items] | |
Schedule of Derivative Instruments In Statement Of Financial Position, Fair Value | The following table sets forth the amounts and classification of EOG's outstanding derivative financial instruments at December 31, 2018 and 2017 , respectively. Certain amounts may be presented on a net basis on the consolidated financial statements when such amounts are with the same counterparty and subject to a master netting arrangement (in millions): Fair Value at December 31, Description Location on Balance Sheet 2018 2017 Asset Derivatives Crude oil and natural gas derivative contracts - Current portion Assets from Price Risk Management Activities $ 24 $ 8 Noncurrent portion Other Assets — — Liability Derivatives Crude oil and natural gas derivative contracts - Current portion Liabilities from Price Risk Management Activities (1) $ — $ 50 Noncurrent portion Other Liabilities — 7 (1) The current portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $55 million , partially offset by gross assets of $5 million , at December 31, 2017. |
Crude Oil [Member] | Midland Differential Basis Swap [Member] | |
Derivatives, Fair Value [Line Items] | |
Schedule of Derivative Instruments | Presented below is a comprehensive summary of EOG's Midland Differential basis swap contracts for the year ended December 31, 2018. The weighted average price differential expressed in dollars per barrel ($/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 December 31, 2018 (closed) 15,000 $ 1.063 2019 January 2019 (closed) 20,000 $ 1.075 February 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 year ended December 31, 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 1, 2018 through December 31, 2018 (closed) 52,000 3.911 2019 January 2019 (closed) 13,000 $ 5.572 February 1, 2019 through December 31, 2019 13,000 5.572 |
Crude Oil [Member] | Price Swap [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 year ended December 31, 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 November 30, 2018 (closed) 134,000 $ 60.04 |
Natural Gas [Member] | Price Swap [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 year ended December 31, 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 November 30, 2018 (closed) 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 year ended December 31, 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 November 30, 2018 (closed) 120,000 $ 3.38 96,000 $ 2.94 |
Natural Gas [Member] | Collars [Member] | |
Derivatives, Fair Value [Line Items] | |
Schedule of Derivative Instruments |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2018 and 2017 . Amounts shown 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 December 31, 2018 Financial Assets: (1) Crude Oil Basis Swaps $ — $ 24 $ — $ 24 At December 31, 2017 Financial Assets: (1) Natural Gas Swaps $ — $ 2 $ — $ 2 Natural Gas Options/Collars — 6 — 6 Financial Liabilities: (2) Crude Oil Swaps $ — $ 38 $ — $ 38 Crude Oil Basis Swaps — 19 — 19 (1) $24 million and $8 million is included in "Assets from Price Risk Management Activities" at December 31, 2018 and 2017, respectively, on the Consolidated Balance Sheets. (2) $50 million is included in "Current Liabilities - Liabilities from Price Risk Management Activities" at December 31, 2017 and $7 million is included in "Other Liabilities" at December 31, 2017, on the Consolidated Balance Sheets. |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Asset Retirement Obligations, Noncurrent [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 years ended December 31, 2018 and 2017 (in thousands): 2018 2017 Carrying Amount at Beginning of Period $ 946,848 $ 912,926 Liabilities Incurred 79,057 54,764 Liabilities Settled (1) (70,829 ) (61,871 ) Accretion 36,622 34,708 Revisions (38,932 ) (9,818 ) Foreign Currency Translations 1,611 16,139 Carrying Amount at End of Period $ 954,377 $ 946,848 Current Portion $ 26,214 $ 19,259 Noncurrent Portion $ 928,163 $ 927,589 (1) Includes settlements related to asset sales. |
Exploratory Well Costs (Tables)
Exploratory Well Costs (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Capitalized Exploratory Well Costs [Abstract] | |
Net Changes in Capitalized Exploratory Well Costs | EOG's net changes in capitalized exploratory well costs for the years ended December 31, 2018 , 2017 and 2016 are presented below (in thousands): 2018 2017 2016 Balance at January 1 $ 2,167 $ — $ 8,955 Additions Pending the Determination of Proved Reserves 10,304 27,487 6,688 Reclassifications to Proved Properties (7,917 ) (20,802 ) (5,274 ) Costs Charged to Expense (1) (433 ) (4,518 ) (10,369 ) Balance at December 31 $ 4,121 $ 2,167 $ — (1) Includes capitalized exploratory well costs charged to either dry hole costs or impairments. |
Acquisitions and Divestitures A
Acquisitions and Divestitures Acquisitions and Divestitures (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Acquisitions and Divestitures [Abstract] | |
Preliminary Allocation of Total Purchase Price | The following table represents the final allocation of the total purchase price of the Yates Entities (in thousands). Current Assets Cash and Cash Equivalents $ 70,411 Accounts Receivable, Net 77,073 Inventories 10,955 Other 10,640 Total 169,079 Property, Plant and Equipment Oil and Gas Properties (Successful Efforts Method) 3,815,207 Other Property, Plant and Equipment 21,824 Total Property, Plant and Equipment, Net 3,837,031 Other Assets 22,706 Total Assets $ 4,028,816 Current Liabilities Accounts Payable $ 124,145 Accrued Taxes Payable 22,417 Other 743 Total 147,305 Long-Term Debt 163,829 Asset Retirement Obligations 163,144 Off-Market Transportation Contracts 39,720 Other Liabilities 28,645 Deferred Income Taxes 1,072,405 Total Liabilities $ 1,615,048 Total Consideration Transferred $ 2,413,768 |
Oil and Gas Exploration and P_2
Oil and Gas Exploration and Production Industries Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Oil and Gas Exploration and Production Industries Disclosures [Abstract] | |
Net Proved and Proved Developed Oil and Gas Reserve Quantities | The following tables set forth EOG's net proved reserves at December 31 for each of the four years in the period ended December 31, 2018 , and the changes in the net proved reserves for each of the three years in the period ended December 31, 2018 , as estimated by the Engineering and Acquisitions Department of EOG: NET PROVED RESERVE SUMMARY United States Trinidad Other International (1) Total NET PROVED RESERVES Crude Oil (MBbl) (2) Net proved reserves at December 31, 2015 1,087,860 1,069 8,667 1,097,596 Revisions of previous estimates 42,040 54 861 42,955 Purchases in place 25,795 — — 25,795 Extensions, discoveries and other additions 123,441 — — 123,441 Sales in place (8,791 ) — — (8,791 ) Production (101,854 ) (284 ) (1,273 ) (103,411 ) Net proved reserves at December 31, 2016 1,168,491 839 8,255 1,177,585 Revisions of previous estimates 57,935 80 (179 ) 57,836 Purchases in place 1,111 — — 1,111 Extensions, discoveries and other additions 207,137 301 119 207,557 Sales in place (8,393 ) — — (8,393 ) Production (122,210 ) (322 ) (191 ) (122,723 ) Net proved reserves at December 31, 2017 1,304,071 898 8,004 1,312,973 Revisions of previous estimates (13,237 ) (183 ) 44 (13,376 ) Purchases in place 2,743 — — 2,743 Extensions, discoveries and other additions 383,003 — 15 383,018 Sales in place (768 ) — (6,310 ) (7,078 ) Production (144,128 ) (298 ) (1,542 ) (145,968 ) Net proved reserves at December 31, 2018 1,531,684 417 211 1,532,312 Natural Gas Liquids (MBbl) (2) Net proved reserves at December 31, 2015 382,875 — — 382,875 Revisions of previous estimates 53,771 — — 53,771 Purchases in place 1,284 — — 1,284 Extensions, discoveries and other additions 41,862 — — 41,862 Sales in place (33,548 ) — — (33,548 ) Production (29,878 ) — — (29,878 ) Net proved reserves at December 31, 2016 416,366 — — 416,366 Revisions of previous estimates 46,843 — — 46,843 Purchases in place 421 — — 421 Extensions, discoveries and other additions 75,003 — — 75,003 Sales in place (2,887 ) — — (2,887 ) Production (32,273 ) — — (32,273 ) Net proved reserves at December 31, 2017 503,473 — — 503,473 Revisions of previous estimates 23,942 — — 23,942 Purchases in place 2,006 — — 2,006 Extensions, discoveries and other additions 127,409 — — 127,409 Sales in place (41 ) — — (41 ) Production (42,460 ) — — (42,460 ) Net proved reserves at December 31, 2018 614,329 — — 614,329 United States Trinidad Other International (1) Total Natural Gas (Bcf) (3) Net proved reserves at December 31, 2015 3,489.8 316.6 19.5 3,825.9 Revisions of previous estimates 298.4 29.5 5.2 333.1 Purchases in place 91.5 — — 91.5 Extensions, discoveries and other additions 202.1 59.9 — 262.0 Sales in place (752.0 ) — — (752.0 ) Production (308.6 ) (125.1 ) (8.9 ) (442.6 ) Net proved reserves at December 31, 2016 3,021.2 280.9 15.8 3,317.9 Revisions of previous estimates 602.8 (27.4 ) 8.6 584.0 Purchases in place 4.8 — — 4.8 Extensions, discoveries and other additions 619.3 174.2 35.9 829.4 Sales in place (56.4 ) — — (56.4 ) Production (293.2 ) (114.3 ) (9.1 ) (416.6 ) Net proved reserves at December 31, 2017 3,898.5 313.4 51.2 4,263.1 Revisions of previous estimates (127.2 ) 20.7 15.0 (91.5 ) Purchases in place 41.3 — — 41.3 Extensions, discoveries and other additions 951.4 — 4.6 956.0 Sales in place (22.2 ) — — (22.2 ) Production (351.2 ) (97.1 ) (11.2 ) (459.5 ) Net proved reserves at December 31, 2018 4,390.6 237.0 59.6 4,687.2 Oil Equivalents (MBoe) (2) Net proved reserves at December 31, 2015 2,052,361 53,843 11,913 2,118,117 Revisions of previous estimates 145,542 4,978 1,722 152,242 Purchases in place 42,330 — — 42,330 Extensions, discoveries and other additions 198,973 9,990 — 208,963 Sales in place (167,669 ) — — (167,669 ) Production (183,145 ) (21,150 ) (2,755 ) (207,050 ) Net proved reserves at December 31, 2016 2,088,392 47,661 10,880 2,146,933 Revisions of previous estimates 205,262 (4,493 ) 1,249 202,018 Purchases in place 2,332 — — 2,332 Extensions, discoveries and other additions 385,354 29,340 6,104 420,798 Sales in place (20,687 ) — — (20,687 ) Production (203,351 ) (19,366 ) (1,707 ) (224,424 ) Net proved reserves at December 31, 2017 2,457,302 53,142 16,526 2,526,970 Revisions of previous estimates (10,500 ) 3,272 2,544 (4,684 ) Purchases in place 11,640 — — 11,640 Extensions, discoveries and other additions 668,972 — 778 669,750 Sales in place (4,509 ) — (6,310 ) (10,819 ) Production (245,127 ) (16,478 ) (3,406 ) (265,011 ) Net proved reserves at December 31, 2018 2,877,778 39,936 10,132 2,927,846 (1) Other International includes EOG's United Kingdom, China, Canada and Argentina operations. The United Kingdom operations were sold in the fourth quarter of 2018. The Argentina operations were sold in the third quarter of 2016. (2) Thousand barrels or thousand barrels of oil equivalent, as applicable; oil equivalents include crude oil and condensate, NGLs and natural gas. Oil equivalents are determined using a ratio of 1.0 barrel of crude oil and condensate or NGLs to 6.0 thousand cubic feet of natural gas. (3) Billion cubic feet. |
Net Proved Developed and Net Proved Undeveloped Oil and Gas Reserve Quantities | United States Trinidad Other International (1) Total NET PROVED DEVELOPED RESERVES Crude Oil (MBbl) December 31, 2015 444,070 1,069 63 445,202 December 31, 2016 507,531 839 8,255 516,625 December 31, 2017 605,405 898 7,933 614,236 December 31, 2018 712,218 417 150 712,785 Natural Gas Liquids (MBbl) December 31, 2015 205,898 — — 205,898 December 31, 2016 230,219 — — 230,219 December 31, 2017 286,872 — — 286,872 December 31, 2018 341,386 — — 341,386 Natural Gas (Bcf) December 31, 2015 2,211.2 297.6 19.5 2,528.3 December 31, 2016 1,804.4 262.2 15.8 2,082.4 December 31, 2017 2,450.8 299.2 29.3 2,779.3 December 31, 2018 2,699.0 223.9 40.9 2,963.8 Oil Equivalents (MBoe) December 31, 2015 1,018,491 50,677 3,309 1,072,477 December 31, 2016 1,038,483 44,543 10,880 1,093,906 December 31, 2017 1,300,758 50,779 12,798 1,364,335 December 31, 2018 1,503,441 37,746 6,950 1,548,137 NET PROVED UNDEVELOPED RESERVES Crude Oil (MBbl) December 31, 2015 643,790 — 8,604 652,394 December 31, 2016 660,690 — — 660,690 December 31, 2017 698,666 — 71 698,737 December 31, 2018 819,466 — 61 819,527 Natural Gas Liquids (MBbl) December 31, 2015 176,977 — — 176,977 December 31, 2016 186,147 — — 186,147 December 31, 2017 216,601 — — 216,601 December 31, 2018 272,943 — — 272,943 Natural Gas (Bcf) December 31, 2015 1,278.6 19.0 — 1,297.6 December 31, 2016 1,216.8 18.7 — 1,235.5 December 31, 2017 1,447.7 14.2 21.9 1,483.8 December 31, 2018 1,691.6 13.1 18.7 1,723.4 Oil Equivalents (MBoe) December 31, 2015 1,033,870 3,166 8,604 1,045,640 December 31, 2016 1,049,909 3,118 — 1,053,027 December 31, 2017 1,156,544 2,363 3,728 1,162,635 December 31, 2018 1,374,337 2,190 3,182 1,379,709 (1) Other International includes EOG's United Kingdom, China, Canada and Argentina operations. The United Kingdom operations were sold in the fourth quarter of 2018. The Argentina operations were sold in the third quarter of 2016. |
Net Proved Undeveloped Reserves | The following table presents the changes in EOG's total proved undeveloped reserves during 2018 , 2017 and 2016 (in MBoe): 2018 2017 2016 Balance at January 1 1,162,635 1,053,027 1,045,640 Extensions and Discoveries 490,725 237,378 138,101 Revisions (8,244 ) 33,127 64,413 Acquisition of Reserves 311 — — Sale of Reserves — (8,253 ) (45,917 ) Conversion to Proved Developed Reserves (265,718 ) (152,644 ) (149,210 ) Balance at December 31 1,379,709 1,162,635 1,053,027 |
Capitalized Costs Relating to Oil and Gas Producing Activities | The following table sets forth the capitalized costs relating to EOG's crude oil and natural gas producing activities at December 31, 2018 and 2017 : 2018 2017 Proved properties $ 53,624,809 $ 48,845,672 Unproved properties 3,705,207 3,710,069 Total 57,330,016 52,555,741 Accumulated depreciation, depletion and amortization (31,674,085 ) (29,191,247 ) Net capitalized costs $ 25,655,931 $ 23,364,494 |
Costs Incurred in Oil and Gas Property Acquisition, Exploration and Development Activities | The following table sets forth costs incurred related to EOG's oil and gas activities for the years ended December 31, 2018 , 2017 and 2016 : United States Trinidad Other International (1) Total 2018 Acquisition Costs of Properties Unproved (2) $ 486,081 $ 1,258 $ — $ 487,339 Proved (3) 123,684 — — 123,684 Subtotal 609,765 1,258 — 611,023 Exploration Costs 157,222 22,511 13,895 193,628 Development Costs (4) 5,605,264 (12,863 ) 22,628 5,615,029 Total $ 6,372,251 $ 10,906 $ 36,523 $ 6,419,680 2017 Acquisition Costs of Properties Unproved (5) $ 424,118 $ 2,422 $ — $ 426,540 Proved (6) 72,584 — — 72,584 Subtotal 496,702 2,422 — 499,124 Exploration Costs 144,499 62,547 16,553 223,599 Development Costs (7) 3,590,899 109,491 16,297 3,716,687 Total $ 4,232,100 $ 174,460 $ 32,850 $ 4,439,410 2016 Acquisition Costs of Properties Unproved (8) $ 3,216,598 $ — $ 36 $ 3,216,634 Proved (9) 749,023 — — 749,023 Subtotal 3,965,621 — 36 3,965,657 Exploration Costs 156,295 2,695 6,761 165,751 Development Costs (10) 2,252,713 72,147 (10,984 ) 2,313,876 Total $ 6,374,629 $ 74,842 $ (4,187 ) $ 6,445,284 (1) Other International primarily consists of EOG's United Kingdom, China, Canada and Argentina operations. The United Kingdom operations were sold in the fourth quarter of 2018. The Argentina operations were sold in the third quarter of 2016. (2) Includes non-cash unproved leasehold acquisition costs of $291 million related to property exchanges. (3) Includes non-cash proved property acquisition costs of $71 million related to property exchanges. (4) Includes Asset Retirement Costs of $90 million , $(12) million and $(8) million for the United States, Trinidad and Other International, respectively. Excludes other property, plant and equipment. (5) Includes non-cash unproved leasehold acquisition costs of $256 million related to property exchanges. (6) Includes non-cash proved property acquisition costs of $26 million related to property exchanges. (7) Includes Asset Retirement Costs of $50 million , $2 million and $4 million for the United States, Trinidad and Other International, respectively. Excludes other property, plant and equipment. (8) Includes non-cash unproved leasehold acquisition costs of $3,102 million related to the Yates transaction. (9) Includes non-cash proved property acquisition costs of $732 million related to the Yates transaction. (10) Includes Asset Retirement Costs of $25 million , $(3) million and $(42) million for the United States, Trinidad and Other International, respectively. Excludes other property, plant and equipment. |
Results of Operations for Oil and Gas Producing Activities | Results of Operations for Oil and Gas Producing Activities (1) . The following table sets forth results of operations for oil and gas producing activities for the years ended December 31, 2018 , 2017 and 2016 : United States Trinidad Other International (2) Total 2018 Crude Oil and Condensate, Natural Gas Liquids and Natural Gas Revenues $ 11,488,620 $ 302,112 $ 155,755 $ 11,946,487 Other 89,708 (49 ) (24 ) 89,635 Total 11,578,328 302,063 155,731 12,036,122 Exploration Costs 121,572 21,402 6,025 148,999 Dry Hole Costs 4,983 — 422 5,405 Transportation Costs 742,792 3,236 848 746,876 Gathering and Processing Costs (3) 404,471 — 32,502 436,973 Production Costs 1,924,504 33,506 70,073 2,028,083 Impairments 344,595 — 2,426 347,021 Depreciation, Depletion and Amortization 3,181,801 91,788 46,687 3,320,276 Income Before Income Taxes 4,853,610 152,131 (3,252 ) 5,002,489 Income Tax Provision 1,086,077 12,170 1,898 1,100,145 Results of Operations $ 3,767,533 $ 139,961 $ (5,150 ) $ 3,902,344 2017 Crude Oil and Condensate, Natural Gas Liquids and Natural Gas Revenues $ 7,570,768 $ 284,673 $ 52,450 $ 7,907,891 Other 81,610 59 (59 ) 81,610 Total 7,652,378 284,732 52,391 7,989,501 Exploration Costs 113,334 26,245 5,763 145,342 Dry Hole Costs 91 — 4,518 4,609 Transportation Costs 737,403 1,885 1,064 740,352 Production Costs 1,446,333 27,839 88,038 1,562,210 Impairments 477,223 — 2,017 479,240 Depreciation, Depletion and Amortization 3,157,056 115,174 24,536 3,296,766 Income (Loss) Before Income Taxes 1,720,938 113,589 (73,545 ) 1,760,982 Income Tax Provision (Benefit) 625,562 24,882 (1,342 ) 649,102 Results of Operations $ 1,095,376 $ 88,707 $ (72,203 ) $ 1,111,880 2016 Crude Oil and Condensate, Natural Gas Liquids and Natural Gas Revenues $ 5,177,989 $ 243,708 $ 75,046 $ 5,496,743 Other 81,386 (8 ) 25 81,403 Total 5,259,375 243,700 75,071 5,578,146 Exploration Costs 115,990 2,647 6,316 124,953 Dry Hole Costs 10,529 — 128 10,657 Transportation Costs 753,791 1,181 9,134 764,106 Production Costs 1,163,827 27,113 63,073 1,254,013 Impairments 611,297 7,773 1,197 620,267 Depreciation, Depletion and Amortization 3,249,792 145,440 42,052 3,437,284 Income (Loss) Before Income Taxes (645,851 ) 59,546 (46,829 ) (633,134 ) Income Tax Provision (Benefit) (230,377 ) 5,526 (1,562 ) (226,413 ) Results of Operations $ (415,474 ) $ 54,020 $ (45,267 ) $ (406,721 ) (1) Excludes gains or losses on the mark-to-market of financial commodity derivative contracts, gains or losses on sales of reserves and related assets, interest charges and general corporate expenses for each of the three years in the period ended December 31, 2018 . (2) Other International primarily consists of EOG's United Kingdom, China, Canada and Argentina operations. The United Kingdom operations were sold in the fourth quarter of 2018. The Argentina operations were sold in the third quarter of 2016. (3) Effective January 1, 2018, EOG adopted the provisions of Accounting Standards Update (ASU) 2014-09, "Revenue From Contracts With Customers" (ASU 2014-09). 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 Natural Gas Revenues. There was no impact to operating income or net income resulting from changes to the presentation of natural gas processing fees (see Note 1 to Consolidated Financial Statements). |
Production Costs Per Barrel of Oil Equivalent | The following table sets forth production costs per barrel of oil equivalent, excluding severance/production and ad valorem taxes, for the years ended December 31, 2018 , 2017 and 2016 : United States Trinidad Other International (1) Composite Year Ended December 31, 2018 $ 4.84 $ 1.67 $ 20.19 $ 4.84 Year Ended December 31, 2017 $ 4.58 $ 1.39 $ 50.86 $ 4.66 Year Ended December 31, 2016 $ 4.58 $ 1.23 $ 22.43 $ 4.48 (1) Other International primarily consists of EOG's United Kingdom, China, Canada and Argentina operations. The United Kingdom operations were sold in the fourth quarter of 2018. The Argentina operations were sold in the third quarter of 2016. |
Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves Table | The following table sets forth the standardized measure of discounted future net cash flows from projected production of EOG's oil and gas reserves for the years ended December 31, 2018 , 2017 and 2016 : United States Trinidad Other International (1) Total 2018 Future cash inflows (2) $ 133,066,375 $ 749,695 $ 303,620 $ 134,119,690 Future production costs (42,351,174 ) (204,444 ) (99,024 ) (42,654,642 ) Future development costs (16,577,794 ) (78,199 ) (11,900 ) (16,667,893 ) Future income taxes (14,756,011 ) (174,382 ) (31,748 ) (14,962,141 ) Future net cash flows 59,381,396 292,670 160,948 59,835,014 Discount to present value at 10% annual rate (27,348,744 ) (26,832 ) (33,483 ) (27,409,059 ) Standardized measure of discounted future net cash flows relating to proved oil and gas reserves $ 32,032,652 $ 265,838 $ 127,465 $ 32,425,955 2017 Future cash inflows (3) $ 83,652,363 $ 904,141 $ 664,560 $ 85,221,064 Future production costs (32,018,812 ) (239,213 ) (311,383 ) (32,569,408 ) Future development costs (13,395,873 ) (84,379 ) (58,543 ) (13,538,795 ) Future income taxes (5,948,453 ) (195,855 ) (16,233 ) (6,160,541 ) Future net cash flows 32,289,225 384,694 278,401 32,952,320 Discount to present value at 10% annual rate (14,532,290 ) (52,267 ) (40,103 ) (14,624,660 ) Standardized measure of discounted future net cash flows relating to proved oil and gas reserves $ 17,756,935 $ 332,427 $ 238,298 $ 18,327,660 2016 Future cash inflows (4) $ 57,913,314 $ 524,523 $ 402,587 $ 58,840,424 Future production costs (27,625,833 ) (165,757 ) (227,293 ) (28,018,883 ) Future development costs (12,602,699 ) (103,631 ) (35,602 ) (12,741,932 ) Future income taxes (3,151,319 ) (60,001 ) — (3,211,320 ) Future net cash flows 14,533,463 195,134 139,692 14,868,289 Discount to present value at 10% annual rate (6,039,736 ) (9,384 ) (7,012 ) (6,056,132 ) Standardized measure of discounted future net cash flows relating to proved oil and gas reserves $ 8,493,727 $ 185,750 $ 132,680 $ 8,812,157 (1) Other International includes EOG's United Kingdom, China, Canada and Argentina operations. The United Kingdom operations were sold in the fourth quarter of 2018. The Argentina operations were sold in the third quarter of 2016. (2) Estimated crude oil prices used to calculate 2018 future cash inflows for the United States, Trinidad and Other International were $68.54 , $55.66 and $61.66 , respectively. Estimated NGL price used to calculate 2018 future cash inflows for the United States was $27.83 . Estimated natural gas prices used to calculate 2018 future cash inflows for the United States, Trinidad and Other International were $2.50 , $3.06 and $4.88 , respectively. (3) Estimated crude oil prices used to calculate 2017 future cash inflows for the United States, Trinidad and Other International were $49.21 , $41.87 and $50.06 , respectively. Estimated NGL price used to calculate 2017 future cash inflows for the United States was $23.51 . Estimated natural gas prices used to calculate 2017 future cash inflows for the United States, Trinidad and Other International were $1.96 , $2.76 and $5.16 , respectively. (4) Estimated crude oil prices used to calculate 2016 future cash inflows for the United States, Trinidad and Other International were $40.70 , $34.79 and $39.55 , respectively. Estimated NGL price used to calculate 2016 future cash inflows for the United States was $14.69 . Estimated natural gas prices used to calculate 2016 future cash inflows for the United States, Trinidad and Other International were $1.40 , $1.76 and $4.84 , respectively. |
Changes in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Reserves | The following table sets forth the changes in the standardized measure of discounted future net cash flows at December 31, for each of the three years in the period ended December 31, 2018 : United States Trinidad Other International (1) Total December 31, 2015 $ 8,965,467 $ 381,124 $ 274,805 $ 9,621,396 Sales and transfers of oil and gas produced, net of production costs (3,260,372 ) (215,414 ) (2,839 ) (3,478,625 ) Net changes in prices and production costs (3,352,802 ) (182,876 ) (143,924 ) (3,679,602 ) Extensions, discoveries, additions and improved recovery, net of related costs 865,066 42,201 — 907,267 Development costs incurred 1,207,000 3,900 19,100 1,230,000 Revisions of estimated development cost 2,092,769 22,596 6,343 2,121,708 Revisions of previous quantity estimates 1,013,753 36,648 2,619 1,053,020 Accretion of discount 970,388 56,566 27,481 1,054,435 Net change in income taxes 738,416 129,622 — 868,038 Purchases of reserves in place 377,872 — — 377,872 Sales of reserves in place (375,793 ) — — (375,793 ) Changes in timing and other (748,037 ) (88,617 ) (50,905 ) (887,559 ) December 31, 2016 8,493,727 185,750 132,680 8,812,157 Sales and transfers of oil and gas produced, net of production costs (5,387,031 ) (254,948 ) 36,649 (5,605,330 ) Net changes in prices and production costs 6,606,908 436,969 77,668 7,121,545 Extensions, discoveries, additions and improved recovery, net of related costs 3,644,041 270,255 43,952 3,958,248 Development costs incurred 1,435,600 4,700 — 1,440,300 Revisions of estimated development cost (114,464 ) 9,683 (20,096 ) (124,877 ) Revisions of previous quantity estimates 2,460,498 (58,373 ) 36,146 2,438,271 Accretion of discount 849,373 24,066 13,268 886,707 Net change in income taxes (1,918,989 ) (114,575 ) (10,099 ) (2,043,663 ) Purchases of reserves in place 30,362 — — 30,362 Sales of reserves in place (76,527 ) — — (76,527 ) Changes in timing and other 1,733,437 (171,100 ) (71,870 ) 1,490,467 December 31, 2017 17,756,935 332,427 238,298 18,327,660 Sales and transfers of oil and gas produced, net of production costs (8,416,853 ) (265,370 ) (52,399 ) (8,734,622 ) Net changes in prices and production costs 12,750,466 84,353 21,610 12,856,429 Extensions, discoveries, additions and improved recovery, net of related costs 8,418,666 — 12,287 8,430,953 Development costs incurred 2,732,560 — 12,600 2,745,160 Revisions of estimated development cost (410,741 ) 4,030 (3,814 ) (410,525 ) Revisions of previous quantity estimates (173,084 ) 39,608 31,750 (101,726 ) Accretion of discount 1,967,592 50,191 24,839 2,042,622 Net change in income taxes (4,965,373 ) 3,844 (11,529 ) (4,973,058 ) Purchases of reserves in place 116,887 — — 116,887 Sales of reserves in place (35,874 ) — (82,058 ) (117,932 ) Changes in timing and other 2,291,471 16,755 (64,119 ) 2,244,107 December 31, 2018 $ 32,032,652 $ 265,838 $ 127,465 $ 32,425,955 (1) Other International includes EOG's United Kingdom, China, Canada and Argentina operations. The United Kingdom operations were sold in the fourth quarter of 2018. The Argentina operations were sold in the third quarter of 2016. |
Unaudited Quarterly Financial_2
Unaudited Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Quarterly Financial Information | Unaudited Quarterly Financial Information (In Thousands, Except Per Share Data) Quarter Ended Mar 31 Jun 30 Sep 30 Dec 31 2018 Operating Revenues and Other $ 3,681,162 $ 4,238,077 $ 4,781,624 $ 4,574,536 Operating Income $ 874,588 $ 964,931 $ 1,506,687 $ 1,123,140 Income Before Income Taxes $ 813,359 $ 892,936 $ 1,446,363 $ 1,088,340 Income Tax Provision 174,770 196,205 255,411 195,572 Net Income $ 638,589 $ 696,731 $ 1,190,952 $ 892,768 Net Income Per Share (1) Basic $ 1.11 $ 1.21 $ 2.06 $ 1.55 Diluted $ 1.10 $ 1.20 $ 2.05 $ 1.54 Average Number of Common Shares Basic 575,775 576,135 577,254 577,035 Diluted 579,726 580,375 581,559 580,288 2017 Operating Revenues and Other $ 2,610,565 $ 2,612,472 $ 2,644,844 $ 3,340,439 Operating Income $ 107,746 $ 127,908 $ 214,836 $ 475,912 Income Before Income Taxes $ 39,382 $ 62,467 $ 145,980 $ 413,353 Income Tax Provision (Benefit) (2) 10,865 39,414 45,439 (2,017,115 ) Net Income $ 28,517 $ 23,053 $ 100,541 $ 2,430,468 Net Income Per Share (1) Basic $ 0.05 $ 0.04 $ 0.17 $ 4.22 Diluted $ 0.05 $ 0.04 $ 0.17 $ 4.20 Average Number of Common Shares Basic 573,935 574,439 574,783 575,394 Diluted 578,593 578,483 578,736 579,203 (1) The sum of quarterly net income per share may not agree with total year net income per share as each quarterly computation is based on the weighted average of common shares outstanding. (2) Includes an income tax benefit of approximately $2.2 billion for the quarter ended December 31, 2017, primarily due to the enactment of the Tax Cuts and Jobs Act in December 2017. See Note 6 to the Consolidated Financial Statements. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 | |||
Total Operating Revenues and Other | $ 4,574,536 | $ 4,781,624 | $ 4,238,077 | $ 3,681,162 | $ 3,340,439 | $ 2,644,844 | $ 2,612,472 | $ 2,610,565 | $ 17,275,399 | $ 11,208,320 | $ 7,650,632 | [1] | ||
Gathering and Processing Costs | 436,973 | [2],[3] | 148,775 | 122,901 | ||||||||||
Marketing Costs | 5,203,243 | 3,330,237 | 2,007,635 | |||||||||||
Total Operating Expenses | 12,806,053 | 10,281,918 | 8,875,913 | |||||||||||
Operating Income | 1,123,140 | $ 1,506,687 | $ 964,931 | $ 874,588 | $ 475,912 | $ 214,836 | $ 127,908 | $ 107,746 | 4,469,346 | 926,402 | (1,225,281) | |||
Accounts Receivable From Contracts With Customers | 1,460,000 | 1,460,000 | $ 1,343,000 | |||||||||||
Crude Oil and Condensate | ||||||||||||||
Revenues | 9,517,440 | 6,256,396 | 4,317,341 | |||||||||||
Natural Gas Liquids | ||||||||||||||
Revenues | 1,127,510 | 729,561 | 437,250 | |||||||||||
Natural Gas | ||||||||||||||
Revenues | 1,301,537 | 921,934 | 742,152 | |||||||||||
Gathering, Processing and Marketing | ||||||||||||||
Revenues | 5,230,355 | $ 3,298,087 | $ 1,966,259 | |||||||||||
Accounting Standards Update 2014-09 [Member] | ||||||||||||||
Total Operating Revenues and Other | 17,052,465 | |||||||||||||
Gathering and Processing Costs | 233,258 | |||||||||||||
Marketing Costs | 5,184,024 | |||||||||||||
Total Operating Expenses | 12,583,119 | |||||||||||||
Operating Income | 4,469,346 | |||||||||||||
Accounting Standards Update 2014-09 [Member] | Crude Oil and Condensate | ||||||||||||||
Revenues | 9,517,440 | |||||||||||||
Accounting Standards Update 2014-09 [Member] | Natural Gas Liquids | ||||||||||||||
Revenues | 1,121,237 | |||||||||||||
Accounting Standards Update 2014-09 [Member] | Natural Gas | ||||||||||||||
Revenues | 1,104,095 | |||||||||||||
Accounting Standards Update 2014-09 [Member] | Gathering, Processing and Marketing | ||||||||||||||
Revenues | 5,211,136 | |||||||||||||
Effect of Change [Member] | ||||||||||||||
Total Operating Revenues and Other | 222,934 | |||||||||||||
Gathering and Processing Costs | 203,715 | |||||||||||||
Marketing Costs | 19,219 | |||||||||||||
Total Operating Expenses | 222,934 | |||||||||||||
Operating Income | 0 | |||||||||||||
Effect of Change [Member] | Crude Oil and Condensate | ||||||||||||||
Revenues | 0 | |||||||||||||
Effect of Change [Member] | Natural Gas Liquids | ||||||||||||||
Revenues | 6,273 | |||||||||||||
Effect of Change [Member] | Natural Gas | ||||||||||||||
Revenues | 197,442 | |||||||||||||
Effect of Change [Member] | Gathering, Processing and Marketing | ||||||||||||||
Revenues | 19,219 | |||||||||||||
Accounting Standards Update 2016-02 [Member] | ||||||||||||||
Finance Lease, Liability, Undiscounted Excess Amount | $ 2,000,000 | $ 2,000,000 | ||||||||||||
[1] | EOG had sales activity with three significant purchasers in 2016, one totaling $1.2 billion, one totaling $1.1 billion and one totaling $1.0 billion of consolidated Operating Revenues and Other in the United States segment. | |||||||||||||
[2] | Effective January 1, 2018, EOG adopted the provisions of Accounting Standards Update (ASU) 2014-09, "Revenue From Contracts With Customers" (ASU 2014-09). In connection with the adoption of ASU 2014-09, EOG presents natural gas processing fees relating to certain processing and marketing agreements within its United States segment as Gathering and Processing Costs instead of as a deduction to Natural Gas Revenues. There was no impact to operating income or net income resulting from changes to the presentation of natural gas processing fees (see Note 1 to Consolidated Financial Statements). | |||||||||||||
[3] | Excludes gains or losses on the mark-to-market of financial commodity derivative contracts, gains or losses on sales of reserves and related assets, interest charges and general corporate expenses for each of the three years in the period ended December 31, 2018. |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument Table [Line Items] | ||
Long-Term Debt | $ 6,040,000,000 | $ 6,390,000,000 |
Capital Lease Obligation | 71,571,000 | 32,155,000 |
Less: Current Portion of Long-Term Debt | 913,093,000 | 356,235,000 |
Unamortized Debt Discount | 24,640,000 | 30,564,000 |
Debt Issuance Costs | 3,669,000 | 4,520,000 |
Total Long-Term Debt | 5,170,169,000 | 6,030,836,000 |
Long-Term Debt by Maturity [Abstract] | ||
Aggregate annual maturity of long-term debt (excluding capital lease obligations) in 2019 | 900,000,000 | |
Aggregate annual maturity of long-term debt (excluding capital lease obligations) in 2020 | 1,000,000,000 | |
Aggregate annual maturity of long-term debt (excluding capital lease obligations) in 2021 | 750,000,000 | |
Aggregate annual maturity of long-term debt (excluding capital lease obligations) in 2022 | 0 | |
Aggregate annual maturity of long-term debt (excluding capital lease obligations) in 2023 | 1,250,000,000 | |
Revolving Credit Agreement 2020 | ||
Line of Credit Facility [Line Items] | ||
Current Borrowings Outstanding | 0 | |
Average Borrowings Outstanding | $ 0 | |
Line of Credit Facility, Expiration Date | Jul. 21, 2020 | |
Maximum borrowing capacity | $ 2,000,000,000 | |
Maximum total debt-to-total capitalization ratio allowed under financial covenant (in hundredths) | 65.00% | |
Revolving Credit Agreement 2020 | Eurodollar [Member] | ||
Line of Credit Facility [Line Items] | ||
Effective Interest Rate (in hundredths) | 3.50% | |
Revolving Credit Agreement 2020 | Base Rate [Member] | ||
Line of Credit Facility [Line Items] | ||
Effective Interest Rate (in hundredths) | 5.50% | |
Uncommitted Credit Facilities | ||
Line of Credit Facility [Line Items] | ||
Current Borrowings Outstanding | $ 0 | 0 |
Commercial Paper | ||
Line of Credit Facility [Line Items] | ||
Current Borrowings Outstanding | 0 | 0 |
Average Borrowings Outstanding | $ 8,000,000 | $ 84,000,000 |
Short-term Debt, Weighted Average Interest Rate, over Time | 1.97% | 1.44% |
6.875% Senior Notes due 2018 | ||
Debt Instrument Table [Line Items] | ||
Long-Term Debt | $ 0 | $ 350,000,000 |
Debt Instrument Issuance [Abstract] | ||
Debt Instrument Issuance Face Amount | $ 350,000,000 | |
Debt Instrument Issuance Interest Rate | 6.875% | |
5.625% Senior Notes due 2019 | ||
Debt Instrument Table [Line Items] | ||
Long-Term Debt | $ 900,000,000 | 900,000,000 |
4.40% Senior Notes due 2020 | ||
Debt Instrument Table [Line Items] | ||
Long-Term Debt | 500,000,000 | 500,000,000 |
2.45% Senior Notes due 2020 | ||
Debt Instrument Table [Line Items] | ||
Long-Term Debt | 500,000,000 | 500,000,000 |
4.100% Senior Notes due 2021 | ||
Debt Instrument Table [Line Items] | ||
Long-Term Debt | 750,000,000 | 750,000,000 |
2.625% Senior Notes due 2023 | ||
Debt Instrument Table [Line Items] | ||
Long-Term Debt | 1,250,000,000 | 1,250,000,000 |
3.15% Senior Notes due 2025 | ||
Debt Instrument Table [Line Items] | ||
Long-Term Debt | 500,000,000 | 500,000,000 |
4.15% Senior Notes due 2026 | ||
Debt Instrument Table [Line Items] | ||
Long-Term Debt | 750,000,000 | 750,000,000 |
6.65% Senior Notes due 2028 | ||
Debt Instrument Table [Line Items] | ||
Long-Term Debt | 140,000,000 | 140,000,000 |
3.90% Senior Notes due 2035 | ||
Debt Instrument Table [Line Items] | ||
Long-Term Debt | 500,000,000 | 500,000,000 |
5.10% Senior Notes Due 2036 | ||
Debt Instrument Table [Line Items] | ||
Long-Term Debt | 250,000,000 | $ 250,000,000 |
5.875% Senior Notes due 2017 | ||
Debt Instrument Issuance [Abstract] | ||
Debt Instrument Issuance Face Amount | $ 600,000,000 | |
Debt Instrument Issuance Interest Rate | 5.875% |
Stockholder's Equity (Details)
Stockholder's Equity (Details) - $ / shares | 9 Months Ended | 12 Months Ended | |||
Oct. 04, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Stockholders' Equity Note [Abstract] | |||||
An aggregate maximum of shares of common stock authorized for repurchase | 10,000,000 | ||||
Remaining shares available for purchase under share repurchase authorization | 6,386,200 | ||||
Dividends Common Stock Declared Per Share | $ 0.1850 | $ 0.1675 | |||
Dividends Payable, Amount Per Share After Increase | $ 0.22 | $ 0.1850 | |||
Percentage increase of cash dividend on common stock | 19.00% | 10.00% | |||
Common Stock, Shares Authorized | 1,280,000,000 | 1,280,000,000 | 640,000,000 | ||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.1675 | ||||
Common Stock Activity [Line Items] | |||||
Balance (in shares) | 578,827,768 | ||||
Stock Issued During Period, Shares, Acquisitions (in shares) | 25,000,000 | ||||
Balance (in shares) | 580,408,117 | 578,827,768 | |||
Preferred Stock, Shares Outstanding | 0 | ||||
Common Shares, Outstanding [Member] | |||||
Common Stock Activity [Line Items] | |||||
Balance (in shares) | 549,859,000 | 578,477,000 | 576,700,000 | 549,859,000 | |
Stock Issued During Period, Shares, Acquisitions (in shares) | 25,204,000 | ||||
Common Stock Issued Under Stock-Based Compensation Plans (in shares) | 1,580,000 | 1,878,000 | 1,500,000 | ||
Treasury Stock Purchased (1) (in shares) | [1] | (539,000) | (686,000) | (922,000) | |
Common Stock Issued Under Employee Stock Purchase Plan (in shares) | 180,000 | 180,000 | 212,000 | ||
Treasury Stock Issued Under Stock-Based Compensation Plans (in shares) | 325,000 | 405,000 | 847,000 | ||
Balance (in shares) | 580,023,000 | 578,477,000 | 576,700,000 | ||
Common Shares, Treasury [Member] | |||||
Common Stock Activity [Line Items] | |||||
Balance (in shares) | (292,000) | (351,000) | (250,000) | (292,000) | |
Stock Issued During Period, Shares, Acquisitions (in shares) | 0 | ||||
Common Stock Issued Under Stock-Based Compensation Plans (in shares) | 0 | 0 | 0 | ||
Treasury Stock Purchased (1) (in shares) | [1] | (539,000) | (686,000) | (922,000) | |
Common Stock Issued Under Employee Stock Purchase Plan (in shares) | 180,000 | 180,000 | 117,000 | ||
Treasury Stock Issued Under Stock-Based Compensation Plans (in shares) | 325,000 | 405,000 | 847,000 | ||
Balance (in shares) | (385,000) | (351,000) | (250,000) | ||
Common Shares, Issued [Member] | |||||
Common Stock Activity [Line Items] | |||||
Balance (in shares) | 550,151,000 | 578,828,000 | 576,950,000 | 550,151,000 | |
Stock Issued During Period, Shares, Acquisitions (in shares) | 25,204,000 | ||||
Common Stock Issued Under Stock-Based Compensation Plans (in shares) | 1,580,000 | 1,878,000 | 1,500,000 | ||
Treasury Stock Purchased (1) (in shares) | [1] | 0 | 0 | 0 | |
Common Stock Issued Under Employee Stock Purchase Plan (in shares) | 0 | 0 | 95,000 | ||
Treasury Stock Issued Under Stock-Based Compensation Plans (in shares) | 0 | 0 | 0 | ||
Balance (in shares) | 580,408,000 | 578,828,000 | 576,950,000 | ||
[1] | Represents shares that were withheld by or returned to EOG (i) in satisfaction of tax withholding obligations that arose upon the exercise of employee stock options or SARs or the vesting of restricted stock, restricted stock unit, performance stock or performance unit grants or (ii) in payment of the exercise price of employee stock options. |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income (Loss) | $ (1,358,000) | $ (19,297,000) | |
Other Comprehensive Income (Loss) | 17,939,000 | (287,000) | $ 14,328,000 |
Significant Amount Reclassified Out of AOCI | 0 | ||
Foreign Currency Translation Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income (Loss) | 174,000 | (16,642,000) | (19,441,000) |
Other Comprehensive Loss Before Reclassifications | 2,451,000 | 2,799,000 | |
Tax Effects | 0 | 0 | |
Other Comprehensive Income (Loss) | 16,816,000 | 2,799,000 | |
Significant Amount Reclassified Out of AOCI | 14,365,000 | ||
Other [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income (Loss) | (1,532,000) | (2,655,000) | 431,000 |
Other Comprehensive Loss Before Reclassifications | 1,131,000 | (3,728,000) | |
Tax Effects | (8,000) | 642,000 | |
Other Comprehensive Income (Loss) | 1,123,000 | (3,086,000) | |
Significant Amount Reclassified Out of AOCI | 0 | ||
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income (Loss) | (1,358,000) | (19,297,000) | (19,010,000) |
Other Comprehensive Loss Before Reclassifications | 3,582,000 | (929,000) | |
Tax Effects | (8,000) | 642,000 | |
Other Comprehensive Income (Loss) | 17,939,000 | $ (287,000) | $ 14,328,000 |
Significant Amount Reclassified Out of AOCI | $ 14,365,000 |
Other Income (Expense), Net (De
Other Income (Expense), Net (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other Income and Expenses [Abstract] | |||
Interest income | $ 12 | $ 8 | |
Adjustment to Deferred Compensation Expense | 6 | (6) | $ (11) |
Net Foreign Currency Transaction Gains (Losses) | (7) | 8 | (41) |
Equity income from investments in Trinidad | $ 2 | $ 3 | $ 4 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 22, 2017 | Dec. 21, 2017 | Dec. 31, 2016 | ||||
Income Tax Disclosure [Abstract] | ||||||||
Provisional Net Tax Benefit | $ 2,200,000 | |||||||
Increase In Provisional Reduction In The Income Tax Provision | $ 52,000 | |||||||
Sequestration Refundable Tax Credits | 42,000 | |||||||
Repatriation Tax Of Foreign Earnings | 40,000 | 179,000 | ||||||
Deferred Tax Assets (Liabilities) Net Noncurrent Classification [Abstract] | ||||||||
Foreign Oil and Gas Exploration and Development Costs Deducted for Tax Under Book Depreciation, Depletion and Amortization | 4,359 | (40,851) | ||||||
Foreign Net Operating Loss | 55,175 | 423,258 | ||||||
Foreign Valuation Allowances | (58,932) | (365,379) | ||||||
Foreign Other | 175 | 478 | ||||||
Total Net Noncurrent Deferred Income Tax Assets | 777 | 17,506 | ||||||
Deferred Tax (Assets) Liabilities Net Noncurrent Classification [Abstract] | ||||||||
Oil and Gas Exploration and Development Costs Deducted for Tax Over Book Depreciation, Depletion and Amortization | 4,819,222 | 3,894,739 | ||||||
Commodity Hedging Contracts | 4,883 | (12,008) | ||||||
Deferred Compensation Plans | (39,086) | (35,832) | ||||||
Accrued Expenses and Liabilities | (19,097) | 12,094 | ||||||
Net Operating Loss - Federal | 0 | (69,262) | ||||||
Non-Producing Leasehold Costs | (88,594) | (47,981) | ||||||
Seismic Costs Capitalized for Tax | (164,932) | (109,423) | ||||||
Equity Awards | (93,977) | (92,696) | ||||||
Capitalized Interest | 17,821 | 51,345 | ||||||
Alternative Minimum Tax Credit Carryforward (3) | 0 | (77,114) | ||||||
Undistributed Foreign Earnings | 22,945 | 19,684 | ||||||
Other | (45,787) | (15,332) | ||||||
Total Net Noncurrent Deferred Income Tax Liabilities | 4,413,398 | 3,518,214 | ||||||
Total Net Deferred Income Tax Liabilities | 4,412,621 | 3,500,708 | ||||||
Components Income (Loss) Before Income Taxes [Abstract] | ||||||||
United States | 4,084,156 | 621,610 | $ (1,520,573) | |||||
Foreign | 156,842 | 39,572 | (36,932) | |||||
Income (Loss) Before Income Taxes | 4,240,998 | 661,182 | (1,557,505) | |||||
Current income tax provision (benefit) [Abstract] | ||||||||
Federal | (303,853) | 33,058 | 11,567 | |||||
State | 17,048 | (2,502) | (8,369) | |||||
Foreign | 65,615 | 35,323 | 51,189 | |||||
Total | (221,190) | 65,879 | 54,387 | |||||
Deferred income tax provision (benefit) [Abstract] | ||||||||
Federal | 862,075 | (1,504,288) | (532,979) | |||||
State | 43,293 | 26,942 | 4,876 | |||||
Foreign | (11,212) | 3,474 | 12,897 | |||||
Total | 894,156 | (1,473,872) | (515,206) | |||||
Other Non-Current [Abstract] | ||||||||
Federal (1) | 148,992 | [1] | (513,404) | [2] | 0 | |||
Income Tax Benefit | $ 821,958 | $ (1,921,397) | $ (460,819) | |||||
Federal Statutory and Effective Income Tax Rates [Abstract] | ||||||||
Statutory Federal Income Tax Rate (in hundredths) | 21.00% | 35.00% | 21.00% | 35.00% | 35.00% | |||
State Income Tax, Net of Federal Benefit (in hundredths) | 1.12% | 3.38% | 0.15% | |||||
Income Tax Provision Related to Foreign Operations (in hundredths) | 0.51% | (0.30%) | (1.23%) | |||||
Income Tax Provision Related to Trinidad Operations (in hundredths) | 0.00% | 0.00% | (3.71%) | |||||
Income Tax Provision Related to United Kingdom Operations (in hundredths) | 0.00% | 1.78% | 0.00% | |||||
Income Tax Provision Related to Canadian Operations (in hundredths) | 0.00% | 2.30% | 0.00% | |||||
TCJA (in hundredths) | (2.60%) | [3] | (328.10%) | [4] | 0.00% | |||
Shared-Based Compensation (3) (in hundredths) | [5] | (0.47%) | (4.63%) | 0.00% | ||||
Other (in hundredths) | (0.18%) | (0.03%) | (0.62%) | |||||
Effective Income Tax Rate (in hundredths) | 19.38% | (290.60%) | 29.59% | |||||
Tax NOLs (in hundredths) | (1.20%) | |||||||
Sequestration (in hundredths) | (1.00%) | 6.40% | ||||||
Other Tax Reform Impacts (in hundredths) | (0.40%) | (0.10%) | ||||||
Federal Tax Rate Reduction (in hundredths) | (327.80%) | |||||||
Federal Repatriation Tax (in hundredths) | (6.60%) | |||||||
Components of Valuation Allowance [Abstract] | ||||||||
Beginning Balance | $ 466,421 | $ 383,221 | $ 383,221 | $ 383,221 | $ 506,127 | |||
Increase | [6] | 23,062 | 67,333 | 37,221 | ||||
Decrease | [7] | (26,219) | (13,687) | (12,667) | ||||
Other | [8] | (296,122) | 29,554 | (147,460) | ||||
Ending Balance | 167,142 | $ 466,421 | $ 383,221 | |||||
Balance of state net operating loss expected to be carried forward | 1,800,000 | |||||||
Canadian Net Operating Loss Carryforwards | 183,000 | |||||||
Unrecognized Tax Benefits Balance | 29,000 | |||||||
Unrecognized Tax Benefits that Would Impact On Earnings | 12,000 | |||||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 2,000 | |||||||
Foreign and State Deferred Income Taxes | $ 23,000 | |||||||
[1] | Includes change in refundable AMT credits and the reversal of the repatriation tax accrued in 2017. See previous discussion regarding the filing of EOG's 2017 U.S. federal income tax return for details. | |||||||
[2] | Includes refundable AMT credits net of the repatriation tax that was expected to be paid post-2017. | |||||||
[3] | Includes impact of utilizing certain tax NOLs ((1.2)%), the IRS's reversal of its sequestration decision ((1.0)%) and other tax reform impacts ((0.4)%). | |||||||
[4] | Includes impact of the federal rate reduction ((327.8)%), federal repatriation tax ((6.6)%), sequestration (6.4%) and other tax reform impacts ((0.1)%). | |||||||
[5] | Effective January 1, 2017, EOG adopted the provisions of ASU 2016-09, "Improvements to Employee Share-Based Payment Accounting" (ASU 2016-09), which provides that share-based compensation tax benefits and deficiencies are recognized in the income tax provision. | |||||||
[6] | Increase in valuation allowance related to the generation of tax NOLs and other deferred tax assets. | |||||||
[7] | Decrease in valuation allowance associated with adjustments to certain deferred tax assets and their related allowance. | |||||||
[8] | Represents dispositions, revisions and/or foreign exchange rate variances and the effect of statutory income tax rate changes. The United Kingdom operations were sold in the fourth quarter of 2018. The Argentina operations were sold in the third quarter of 2016. |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) | 12 Months Ended | |||||
Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | ||||
Stock Options/SARs and Employee Stock Purchase Plan (ESPP) Disclosures [Line Items] | ||||||
Common Shares Available for Grant | 13,700,000 | |||||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ | $ 20,000,000 | $ 32,000,000 | ||||
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | $ | $ 29,357,000 | |||||
Performance Units and Performance Stock [Abstract] | ||||||
Compensation expense related to the company's stock-based compensation plans | $ | $ 155,337,000 | 133,849,000 | 128,090,000 | |||
Stock Options and Sars [Member] | ||||||
Stock Options/SARs and Employee Stock Purchase Plan (ESPP) Disclosures [Line Items] | ||||||
Maximum term of stock options and SARs granted | 7 years | |||||
Share-based Compensation Expense Related To Stock Options, SAR and ESPP Grants | $ | $ 60,000,000 | 56,000,000 | 57,000,000 | |||
Stock Options/SARs Vested or Expected to Vest (in shares) | 8,000,000 | |||||
Weighted average grant price for stock options/SARs vested or expected to vest (per share) | $ / shares | $ 96.43 | |||||
Intrinsic value of stock options/SARs vested or expected to vest | $ | $ 34,600,000 | |||||
Weighted Average Remaining Contractual Life for Stock Options/SARs Vested or Expected to Vest | 4 years 4 months 24 days | |||||
Unrecognized compensation expense | $ | $ 106,000,000 | |||||
Weighted average period over which unrecognized compensation expense will be recognized | 1 year 8 months 12 days | |||||
Intrinsic Value Of Stock Options/SARs Exercised During The Period | $ | $ 118,000,000 | $ 95,000,000 | $ 84,000,000 | |||
Weighted Average Fair Value And Valuation Assumptions Used To Value Stock Options/SARs, ESPP, and Performance Units/Stock-Based Compensation [Abstract] | ||||||
Weighted Average Fair Value of Grants (price per share) | $ / shares | $ 33.46 | $ 23.95 | $ 25.78 | |||
Expected Volatility (in hundredths) | 28.23% | 28.28% | 31.54% | |||
Risk-Free Interest Rate (in hundredths) | 2.68% | 1.52% | 0.78% | |||
Dividend Yield (in hundredths) | 0.72% | 0.75% | 0.76% | |||
Expected Life (in years) | 5 years | 5 years 1 month | 5 years 4 months 24 days | |||
Stock Options and SARs Rollforward [Abstract] | ||||||
Outstanding at January 1 (in shares) | 9,103,000 | 9,850,000 | 10,744,000 | |||
Granted (in shares) | 1,906,000 | 2,274,000 | 1,855,000 | |||
Exercised (1) (in shares) | [1] | (2,493,000) | (2,574,000) | (2,376,000) | ||
Forfeited (in shares) | (206,000) | (447,000) | (373,000) | |||
Outstanding at December 31 (in shares) | 8,310,000 | 9,103,000 | 9,850,000 | |||
Stock Options/SARs Exercisable at December 31 (in shares) | 3,969,000 | 4,510,000 | 5,613,000 | |||
Stock Options/SARs Exercisable at December 31 (in dollars per share) | $ / shares | $ 85.82 | $ 75.76 | $ 66.48 | |||
Weighted Average Grant Price Stock Option and SARs [Rollfoward] | ||||||
Outstanding at January 1 (in dollars per share) | $ / shares | 83.89 | 75.53 | 67.98 | |||
Exercised (in dollars per share) | $ / shares | [1] | 72.21 | 61.12 | 54.56 | ||
Granted (in dollars per share) | $ / shares | 126.49 | 96.27 | 94.82 | |||
Forfeited (in dollars per share) | $ / shares | 94.43 | 93.84 | 87.38 | |||
Outstanding at December 31 (in dollars per share) | $ / shares | $ 96.90 | 83.89 | 75.53 | |||
Summary Information By Grant Price Range For Stock Options And SARs Outstanding And Exercisable At End Of Period [Line Items] | ||||||
Stock Options and SARs Outstanding | 8,310,000 | |||||
Weighted Average Remaining Life for Outstanding Options and SARs | 5 years | |||||
Weighted Average Grant Price For Outstanding Options and SARs | $ / shares | $ 96.90 | |||||
Aggregate Intrinsic Value For Outstanding Options and SARs | $ | [2] | $ 35,083 | ||||
Stock Options and SARs Exercisable | 3,969,000 | |||||
Weighted Average Remaining Life For Exercisable Units | 3 years | |||||
Weighted Average Grant Price For Exercisable Options and SARs | $ / shares | $ 85.82 | |||||
Aggregate Intrinsic Value For Exercisable Units | $ | [2] | $ 28,993 | ||||
ESPP [Member] | ||||||
Stock Options/SARs and Employee Stock Purchase Plan (ESPP) Disclosures [Line Items] | ||||||
Common Shares Available for Grant | 2,500,000 | |||||
Percentage of fair market value at which employees may purchase company stock via the ESPP | 85.00% | |||||
Maximum Percentage Of Employee Pay Eligible For Contribution To ESPP Percentage | 10.00% | |||||
Weighted Average Fair Value And Valuation Assumptions Used To Value Stock Options/SARs, ESPP, and Performance Units/Stock-Based Compensation [Abstract] | ||||||
Weighted Average Fair Value of Grants (price per share) | $ / shares | $ 25.75 | $ 22.20 | $ 19.21 | |||
Expected Volatility (in hundredths) | 24.59% | 27.12% | 36.55% | |||
Risk-Free Interest Rate (in hundredths) | 1.89% | 0.88% | 0.44% | |||
Dividend Yield (in hundredths) | 0.64% | 0.71% | 0.82% | |||
Expected Life (in years) | 6 months | 6 months | 6 months | |||
Stock Options and SARs Rollforward [Abstract] | ||||||
Approximate Number of Participants | 1,934 | 1,870 | 1,746 | |||
Shares Purchased | 180,000 | 180,000 | 212,000 | |||
Aggregate Purchase Price | $ | $ 14,887,000 | $ 13,997,000 | $ 13,787,000 | |||
Restricted Stock and Restricted Stock Units [Member] | ||||||
Stock Options/SARs and Employee Stock Purchase Plan (ESPP) Disclosures [Line Items] | ||||||
Unrecognized compensation expense | $ | $ 172,000,000 | |||||
Weighted average period over which unrecognized compensation expense will be recognized | 1 year 10 months 24 days | |||||
Number of Shares and Units [Roll Forward] | ||||||
Outstanding at January 1 (in shares) | 3,905,000 | [3] | 3,962,000 | [3] | 4,908,000 | |
Granted (in shares) | 812,000 | 1,095,000 | 853,000 | |||
Released (in shares) | [4] | (740,000) | (929,000) | (1,465,000) | ||
Forfeited (in shares) | (185,000) | (223,000) | (334,000) | |||
Outstanding at December 31 (in shares) | [3] | 3,792,000 | 3,905,000 | 3,962,000 | ||
Weighted Average Grant Fair Value [Abstract] | ||||||
Outstanding at January 1 (in dollars per share) | $ / shares | $ 88.57 | [3] | $ 79.63 | [3] | $ 70.35 | |
Granted (in dollars per share) | $ / shares | 117.55 | 97.34 | 88.01 | |||
Released (in dollars per share) | $ / shares | [4] | 78.16 | 61.51 | 53.95 | ||
Forfeited (in dollars per share) | $ / shares | 92.12 | 85.45 | 77.29 | |||
Outstanding at December 31 (in dollars per share) | $ / shares | [3] | $ 96.64 | $ 88.57 | $ 79.63 | ||
Performance Units and Performance Stock [Abstract] | ||||||
Compensation expense related to the company's stock-based compensation plans | $ | $ 81,000,000 | $ 68,000,000 | $ 60,000,000 | |||
Intrinsic value released during the year | $ | 84,000,000 | 91,000,000 | 124,000,000 | |||
Aggregate intrinsic value of stock and unit outstanding | $ | 331,000,000 | $ 421,000,000 | $ 401,000,000 | |||
Performance Units and Performance Stock [Member] | ||||||
Stock Options/SARs and Employee Stock Purchase Plan (ESPP) Disclosures [Line Items] | ||||||
Unrecognized compensation expense | $ | $ 10,000,000 | |||||
Weighted average period over which unrecognized compensation expense will be recognized | 1 year 8 months 12 days | |||||
Weighted Average Fair Value And Valuation Assumptions Used To Value Stock Options/SARs, ESPP, and Performance Units/Stock-Based Compensation [Abstract] | ||||||
Weighted Average Fair Value of Grants (price per share) | $ / shares | $ 136.74 | $ 113.81 | $ 119.10 | |||
Expected Volatility (in hundredths) | 29.92% | 32.19% | 32.48% | |||
Risk-Free Interest Rate (in hundredths) | 2.85% | 1.60% | 1.15% | |||
Number of Shares and Units [Roll Forward] | ||||||
Outstanding at January 1 (in shares) | 502,000 | [5] | 545,000 | [5] | 405,000 | |
Granted (in shares) | 113,000 | 78,000 | 132,000 | |||
Granted for Performance Multiple (1) (in shares) | [6] | 72,000 | 119,000 | 142,000 | ||
Released (in shares) | [7] | 148,000 | 240,000 | 134,000 | ||
Forfeited (in shares) | 0 | 0 | 0 | |||
Outstanding at December 31 (in shares) | [5] | 539,000 | [8] | 502,000 | 545,000 | |
Weighted Average Grant Fair Value [Abstract] | ||||||
Outstanding at January 1 (in dollars per share) | $ / shares | $ 90.96 | [5] | $ 80.92 | [5] | $ 74.93 | |
Granted (in dollars per share) | $ / shares | 125.73 | 96.29 | 100.95 | |||
Granted for Performance Multiple (1) (in dollars per share) | $ / shares | [6] | 101.87 | 84.43 | 56.21 | ||
Released (in dollars per share) | $ / shares | [7] | 84.43 | 66.69 | 56.21 | ||
Forfeited (in dollars per share) | $ / shares | 0 | 0 | 0 | |||
Outstanding at December 31 (in dollars per share) | $ / shares | [5] | $ 101.53 | $ 90.96 | $ 80.92 | ||
Performance Units and Performance Stock [Abstract] | ||||||
Minimum Performance Multiple at the Completion Performance Period | 0.00% | |||||
Maximum Performance Multiple at the Completion Performance Period | 200.00% | |||||
Minimum Performance Units and Stock Allowed to be Outstanding | 144,000 | |||||
Maximum Performance Units and Stock Allowed to be Outstanding | 934,000 | |||||
Additional Performance Awards Granted | 71,805 | |||||
Compensation expense related to the company's stock-based compensation plans | $ | $ 14,000,000 | $ 10,000,000 | $ 11,000,000 | |||
Performance Period | 3 years | |||||
Intrinsic value released during the year | $ | $ 18,000,000 | 24,000,000 | 10,000,000 | |||
Aggregate intrinsic value of stock and unit outstanding | $ | 47,000,000 | 54,000,000 | 55,000,000 | |||
Pension Plans [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Total pension plan costs | $ | 43,000,000 | 37,000,000 | 34,000,000 | |||
Company contributions to foreign pension plans | $ | 1,000,000 | 1,000,000 | 1,000,000 | |||
Defined Benefit Plan, Benefit Obligation | $ | 11,000,000 | 10,000,000 | ||||
Fair value of foreign pension plan assets | $ | 9,000,000 | 8,000,000 | ||||
Accrued benefit cost | $ | (200,000) | (200,000) | ||||
Lease And Well [Member] | ||||||
Performance Units and Performance Stock [Abstract] | ||||||
Compensation expense related to the company's stock-based compensation plans | $ | 51,000,000 | 41,000,000 | 38,000,000 | |||
Gathering And Processing Costs [Member] | ||||||
Performance Units and Performance Stock [Abstract] | ||||||
Compensation expense related to the company's stock-based compensation plans | $ | 1,000,000 | 1,000,000 | 1,000,000 | |||
Exploration Costs [Member] | ||||||
Performance Units and Performance Stock [Abstract] | ||||||
Compensation expense related to the company's stock-based compensation plans | $ | 25,000,000 | 23,000,000 | 21,000,000 | |||
General And Administrative [Member] | ||||||
Performance Units and Performance Stock [Abstract] | ||||||
Compensation expense related to the company's stock-based compensation plans | $ | $ 78,000,000 | $ 69,000,000 | $ 68,000,000 | |||
$ 50.00 to $ 82.99 | Stock Options and Sars [Member] | ||||||
Summary Information By Grant Price Range For Stock Options And SARs Outstanding And Exercisable At End Of Period [Line Items] | ||||||
Stock Options and SARs Outstanding | 1,528,000 | |||||
Weighted Average Remaining Life for Outstanding Options and SARs | 3 years | |||||
Weighted Average Grant Price For Outstanding Options and SARs | $ / shares | $ 65.46 | |||||
Stock Options and SARs Exercisable | 1,183,000 | |||||
Weighted Average Remaining Life For Exercisable Units | 2 years | |||||
Weighted Average Grant Price For Exercisable Options and SARs | $ / shares | $ 64.27 | |||||
83.00 to 95.99 | Stock Options and Sars [Member] | ||||||
Summary Information By Grant Price Range For Stock Options And SARs Outstanding And Exercisable At End Of Period [Line Items] | ||||||
Stock Options and SARs Outstanding | 2,046,000 | |||||
Weighted Average Remaining Life for Outstanding Options and SARs | 4 years | |||||
Weighted Average Grant Price For Outstanding Options and SARs | $ / shares | $ 91.48 | |||||
Stock Options and SARs Exercisable | 1,290,000 | |||||
Weighted Average Remaining Life For Exercisable Units | 3 years | |||||
Weighted Average Grant Price For Exercisable Options and SARs | $ / shares | $ 89.50 | |||||
96.00 to 96.99 | Stock Options and Sars [Member] | ||||||
Summary Information By Grant Price Range For Stock Options And SARs Outstanding And Exercisable At End Of Period [Line Items] | ||||||
Stock Options and SARs Outstanding | 1,961,000 | |||||
Weighted Average Remaining Life for Outstanding Options and SARs | 6 years | |||||
Weighted Average Grant Price For Outstanding Options and SARs | $ / shares | $ 96.29 | |||||
Stock Options and SARs Exercisable | 618,000 | |||||
Weighted Average Remaining Life For Exercisable Units | 5 years | |||||
Weighted Average Grant Price For Exercisable Options and SARs | $ / shares | $ 96.29 | |||||
97.00 to 125.99 | Stock Options and Sars [Member] | ||||||
Summary Information By Grant Price Range For Stock Options And SARs Outstanding And Exercisable At End Of Period [Line Items] | ||||||
Stock Options and SARs Outstanding | 957,000 | |||||
Weighted Average Remaining Life for Outstanding Options and SARs | 3 years | |||||
Weighted Average Grant Price For Outstanding Options and SARs | $ / shares | $ 102.77 | |||||
Stock Options and SARs Exercisable | 872,000 | |||||
Weighted Average Remaining Life For Exercisable Units | 3 years | |||||
Weighted Average Grant Price For Exercisable Options and SARs | $ / shares | $ 101.91 | |||||
126.00 to 129.99 | Stock Options and Sars [Member] | ||||||
Summary Information By Grant Price Range For Stock Options And SARs Outstanding And Exercisable At End Of Period [Line Items] | ||||||
Stock Options and SARs Outstanding | 1,818,000 | |||||
Weighted Average Remaining Life for Outstanding Options and SARs | 7 years | |||||
Weighted Average Grant Price For Outstanding Options and SARs | $ / shares | $ 127.01 | |||||
Stock Options and SARs Exercisable | 6,000 | |||||
Weighted Average Remaining Life For Exercisable Units | 1 year | |||||
Weighted Average Grant Price For Exercisable Options and SARs | $ / shares | $ 127 | |||||
[1] | The total intrinsic value of stock options/SARs exercised during the years 2018, 2017 and 2016 was $118 million, $95 million and $84 million, respectively. The intrinsic value is based upon the difference between the market price of the Common Stock on the date of exercise and the grant price of the stock options/SARs. | |||||
[2] | Based upon the difference between the closing market price of the Common Stock on the last trading day of the year and the grant price of in-the-money stock options and SARs. | |||||
[3] | The total intrinsic value of restricted stock and restricted stock units outstanding at December 31, 2018, 2017 and 2016 was $331 million, $421 million and $401 million, respectively. | |||||
[4] | The total intrinsic value of restricted stock and restricted stock units released during the years ended December 31, 2018, 2017 and 2016 was $84 million, $91 million and $124 million, respectively. The intrinsic value is based upon the closing price of EOG's common stock on the date restricted stock and restricted stock units are released. | |||||
[5] | The total intrinsic value of Performance Awards outstanding at December 31, 2018, 2017 and 2016 was $47 million, $54 million and $55 million, respectively. | |||||
[6] | Upon completion of the Performance Period for the Performance Awards granted in 2014, 2013 and 2012, a performance multiple of 200% was applied to each of the grants resulting in additional grants of Performance Awards in February 2018, 2017 and 2016. | |||||
[7] | The total intrinsic value of Performance Awards released during the years ended December 31, 2018, 2017 and 2016 was $18 million, $24 million and $10 million, respectively. | |||||
[8] | Upon the application of the relevant performance multiple at the completion of each of the remaining Performance Periods, a minimum of 144 and a maximum of 934 Performance Awards could be outstanding. The intrinsic value is based upon the closing price of EOG's common stock on the date Performance Awards are released. |
Commitments and Contingencies_3
Commitments and Contingencies (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Feb. 19, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | ||||
Standby letters of credit and guarantees outstanding | $ 294,000,000 | $ 174,000,000 | ||
Subsidiary payment obligations demand for payment | $ 0 | |||
Total Minimum Commitments [Abstract] | ||||
2,019 | 2,150,978,000 | |||
2,020 | 1,416,968,000 | |||
2,021 | 996,344,000 | |||
2,022 | 803,240,000 | |||
2,023 | 509,373,000 | |||
2024 and beyond | 931,142,000 | |||
Total Minimum Commitments | 6,808,045,000 | |||
Rental expenses associated with existing leases | $ 233,000,000 | $ 200,000,000 | $ 204,000,000 |
Net Income (Loss) Per Share (De
Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||||||||
Numerator for Basic and Diluted Earnings per Share - [Abstract] | |||||||||||||||||||
Net Income (Loss) | $ 892,768 | $ 1,190,952 | $ 696,731 | $ 638,589 | $ 2,430,468 | $ 100,541 | $ 23,053 | $ 28,517 | $ 3,419,040 | $ 2,582,579 | $ (1,096,686) | ||||||||
Denominator for Basic Earnings per Share - [Abstract] | |||||||||||||||||||
Weighted Average Shares | 577,035 | 577,254 | 576,135 | 575,775 | 575,394 | 574,783 | 574,439 | 573,935 | 576,578 | 574,620 | 553,384 | ||||||||
Denominator for Diluted Earnings per Share - [Abstract] | |||||||||||||||||||
Adjusted Diluted Weighted Average Shares | 580,288 | 581,559 | 580,375 | 579,726 | 579,203 | 578,736 | 578,483 | 578,593 | 580,441 | 578,693 | 553,384 | ||||||||
Net Income (Loss) Per Share [Abstract] | |||||||||||||||||||
Basic | $ 1.55 | [1] | $ 2.06 | [1] | $ 1.21 | [1] | $ 1.11 | [1] | $ 4.22 | [1] | $ 0.17 | [1] | $ 0.04 | [1] | $ 0.05 | [1] | $ 5.93 | $ 4.49 | $ (1.98) |
Diluted | $ 1.54 | [1] | $ 2.05 | [1] | $ 1.20 | [1] | $ 1.10 | [1] | $ 4.20 | [1] | $ 0.17 | [1] | $ 0.04 | [1] | $ 0.05 | [1] | $ 5.89 | $ 4.46 | $ (1.98) |
Stock Options and Sars [Member] | |||||||||||||||||||
Potential Dilutive Common Shares -[Abstract] | |||||||||||||||||||
Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangments | 1,137 | 1,466 | 0 | ||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Abstract] | |||||||||||||||||||
Anti-dilutive Securities excluded from Diluted Earnings Per Share Calculation | 600 | 2,600 | 10,300 | ||||||||||||||||
Restricted Stock/Units and Performance Units/Stock [Member] | |||||||||||||||||||
Potential Dilutive Common Shares -[Abstract] | |||||||||||||||||||
Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangments | 2,726 | 2,607 | 0 | ||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Abstract] | |||||||||||||||||||
Anti-dilutive Securities excluded from Diluted Earnings Per Share Calculation | 4,500 | ||||||||||||||||||
[1] | The sum of quarterly net income per share may not agree with total year net income per share as each quarterly computation is based on the weighted average of common shares outstanding. |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Supplemental Cash Flow Information [Abstract] | |||
Interest, Net of Capitalized Interest | $ 243,279 | $ 275,305 | $ 252,030 |
Income Taxes, Net of Refunds Received | 75,634 | 188,946 | (39,293) |
Accrued Capital Expenditures | 592,000 | 475,000 | 388,000 |
Non-cash investing and financing activities from property exchanges. | 362,000 | $ 282,000 | |
Non-Cash Investing From Other Property, Plant and Equipment | $ 49,000 | ||
Non-cash investing and financing activities from the Yates transaction | $ 3,834,000 |
Business Segment Information (D
Business Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||||||||
Schedule of Segment Reporting Information By Segment [Abstract] | |||||||||||||||||||
Operating Revenues and Other | $ 4,574,536 | $ 4,781,624 | $ 4,238,077 | $ 3,681,162 | $ 3,340,439 | $ 2,644,844 | $ 2,612,472 | $ 2,610,565 | $ 17,275,399 | $ 11,208,320 | $ 7,650,632 | [1] | |||||||
Depreciation, Depletion and Amortization | 3,435,408 | 3,409,387 | 3,553,417 | ||||||||||||||||
Operating Income (Loss) | 1,123,140 | 1,506,687 | 964,931 | 874,588 | 475,912 | 214,836 | 127,908 | 107,746 | 4,469,346 | 926,402 | (1,225,281) | ||||||||
Interest Income | 11,546 | 7,713 | 2,619 | ||||||||||||||||
Other Income | 5,158 | 1,439 | |||||||||||||||||
Other Expense | (53,162) | ||||||||||||||||||
Net Interest Expense | 245,052 | 274,372 | 281,681 | ||||||||||||||||
Income (Loss) Before Income Taxes | 4,240,998 | 661,182 | (1,557,505) | ||||||||||||||||
Income Tax Provision (Benefit) | 195,572 | $ 255,411 | $ 196,205 | $ 174,770 | (2,017,115) | [2] | $ 45,439 | [2] | $ 39,414 | [2] | $ 10,865 | [2] | 821,958 | (1,921,397) | (460,819) | ||||
Additions to Oil and Gas Properties, Excluding Dry Hole Costs | 6,195,330 | 4,228,228 | 6,329,369 | ||||||||||||||||
Total Property, Plant and Equipment, Net | 28,075,519 | 25,665,037 | 28,075,519 | 25,665,037 | 25,707,078 | ||||||||||||||
Total Assets | 33,934,474 | 29,833,078 | 33,934,474 | 29,833,078 | 29,299,201 | [3] | |||||||||||||
Amount of sales with a single significant purchaser in the United States segment | 2,600,000 | 1,500,000 | 1,200,000 | ||||||||||||||||
Amount of sales with a second significant purchaser in the United States segment. | 2,300,000 | 1,300,000 | 1,100,000 | ||||||||||||||||
Amount of sales with a third significant purchaser in the United States segment | 1,000,000 | ||||||||||||||||||
Reclassification to Deferred Tax Assets | 777 | 17,506 | 777 | 17,506 | 160,000 | ||||||||||||||
Crude Oil and Condensate | |||||||||||||||||||
Schedule of Segment Reporting Information By Segment [Abstract] | |||||||||||||||||||
Revenues | 9,517,440 | 6,256,396 | 4,317,341 | ||||||||||||||||
Natural Gas Liquids | |||||||||||||||||||
Schedule of Segment Reporting Information By Segment [Abstract] | |||||||||||||||||||
Revenues | 1,127,510 | 729,561 | 437,250 | ||||||||||||||||
Natural Gas | |||||||||||||||||||
Schedule of Segment Reporting Information By Segment [Abstract] | |||||||||||||||||||
Revenues | 1,301,537 | 921,934 | 742,152 | ||||||||||||||||
Gains (Losses) on Mark-to-Market Commodity Derivative Contracts | |||||||||||||||||||
Schedule of Segment Reporting Information By Segment [Abstract] | |||||||||||||||||||
Revenues | (165,640) | 19,828 | (99,608) | ||||||||||||||||
Gathering, Processing and Marketing | |||||||||||||||||||
Schedule of Segment Reporting Information By Segment [Abstract] | |||||||||||||||||||
Revenues | 5,230,355 | 3,298,087 | 1,966,259 | ||||||||||||||||
Gains (Losses) on Asset Dispositions, Net | |||||||||||||||||||
Schedule of Segment Reporting Information By Segment [Abstract] | |||||||||||||||||||
Revenues | 174,562 | (99,096) | 205,835 | ||||||||||||||||
Other, Net | |||||||||||||||||||
Schedule of Segment Reporting Information By Segment [Abstract] | |||||||||||||||||||
Revenues | 89,635 | 81,610 | 81,403 | ||||||||||||||||
United States | |||||||||||||||||||
Schedule of Segment Reporting Information By Segment [Abstract] | |||||||||||||||||||
Operating Revenues and Other | 16,794,591 | [4] | 10,872,071 | [5] | 7,323,200 | [1] | |||||||||||||
Depreciation, Depletion and Amortization | 3,296,499 | 3,269,196 | 3,365,390 | ||||||||||||||||
Operating Income (Loss) | 4,334,364 | 933,571 | (1,192,338) | ||||||||||||||||
Interest Income | 9,326 | 3,223 | 358 | ||||||||||||||||
Other Income | 9,580 | (15,703) | |||||||||||||||||
Other Expense | (9,659) | ||||||||||||||||||
Net Interest Expense | 253,352 | 303,941 | 298,125 | ||||||||||||||||
Income (Loss) Before Income Taxes | 4,099,918 | 623,194 | (1,505,808) | ||||||||||||||||
Income Tax Provision (Benefit) | 765,986 | (1,964,343) | (516,180) | ||||||||||||||||
Additions to Oil and Gas Properties, Excluding Dry Hole Costs | 6,155,874 | 4,067,359 | 6,223,228 | ||||||||||||||||
Total Property, Plant and Equipment, Net | 27,786,086 | 25,125,427 | 27,786,086 | 25,125,427 | 25,221,517 | ||||||||||||||
Total Assets | 33,178,733 | 28,312,599 | 33,178,733 | 28,312,599 | 27,746,851 | [3] | |||||||||||||
United States | Crude Oil and Condensate | |||||||||||||||||||
Schedule of Segment Reporting Information By Segment [Abstract] | |||||||||||||||||||
Revenues | 9,390,244 | 6,225,711 | 4,265,036 | ||||||||||||||||
United States | Natural Gas Liquids | |||||||||||||||||||
Schedule of Segment Reporting Information By Segment [Abstract] | |||||||||||||||||||
Revenues | 1,127,510 | 729,545 | 437,238 | ||||||||||||||||
United States | Natural Gas | |||||||||||||||||||
Schedule of Segment Reporting Information By Segment [Abstract] | |||||||||||||||||||
Revenues | 970,866 | 615,512 | 475,715 | ||||||||||||||||
United States | Gains (Losses) on Mark-to-Market Commodity Derivative Contracts | |||||||||||||||||||
Schedule of Segment Reporting Information By Segment [Abstract] | |||||||||||||||||||
Revenues | (165,640) | 19,828 | (99,608) | ||||||||||||||||
United States | Gathering, Processing and Marketing | |||||||||||||||||||
Schedule of Segment Reporting Information By Segment [Abstract] | |||||||||||||||||||
Revenues | 5,227,051 | 3,298,098 | 1,967,390 | ||||||||||||||||
United States | Gains (Losses) on Asset Dispositions, Net | |||||||||||||||||||
Schedule of Segment Reporting Information By Segment [Abstract] | |||||||||||||||||||
Revenues | 154,852 | (98,233) | 196,043 | ||||||||||||||||
United States | Other, Net | |||||||||||||||||||
Schedule of Segment Reporting Information By Segment [Abstract] | |||||||||||||||||||
Revenues | 89,708 | 81,610 | 81,386 | ||||||||||||||||
Trinidad | |||||||||||||||||||
Schedule of Segment Reporting Information By Segment [Abstract] | |||||||||||||||||||
Operating Revenues and Other | 309,860 | 284,713 | 242,424 | [1] | |||||||||||||||
Depreciation, Depletion and Amortization | 91,971 | 115,321 | 145,591 | ||||||||||||||||
Operating Income (Loss) | 147,240 | 101,010 | 46,473 | ||||||||||||||||
Interest Income | 1,612 | 2,201 | 932 | ||||||||||||||||
Other Income | 2,436 | 3,337 | 2,667 | ||||||||||||||||
Net Interest Expense | 0 | 0 | 0 | ||||||||||||||||
Income (Loss) Before Income Taxes | 151,288 | 106,548 | 50,072 | ||||||||||||||||
Income Tax Provision (Benefit) | 54,272 | 38,798 | 64,281 | ||||||||||||||||
Additions to Oil and Gas Properties, Excluding Dry Hole Costs | 1,618 | 145,937 | 75,407 | ||||||||||||||||
Total Property, Plant and Equipment, Net | 210,183 | 313,357 | 210,183 | 313,357 | 274,850 | ||||||||||||||
Total Assets | 629,633 | 974,477 | 629,633 | 974,477 | 889,253 | [3] | |||||||||||||
Trinidad | Crude Oil and Condensate | |||||||||||||||||||
Schedule of Segment Reporting Information By Segment [Abstract] | |||||||||||||||||||
Revenues | 17,059 | 13,572 | 9,600 | ||||||||||||||||
Trinidad | Natural Gas Liquids | |||||||||||||||||||
Schedule of Segment Reporting Information By Segment [Abstract] | |||||||||||||||||||
Revenues | 0 | 0 | 0 | ||||||||||||||||
Trinidad | Natural Gas | |||||||||||||||||||
Schedule of Segment Reporting Information By Segment [Abstract] | |||||||||||||||||||
Revenues | 285,053 | 271,101 | 234,108 | ||||||||||||||||
Trinidad | Gains (Losses) on Mark-to-Market Commodity Derivative Contracts | |||||||||||||||||||
Schedule of Segment Reporting Information By Segment [Abstract] | |||||||||||||||||||
Revenues | 0 | 0 | 0 | ||||||||||||||||
Trinidad | Gathering, Processing and Marketing | |||||||||||||||||||
Schedule of Segment Reporting Information By Segment [Abstract] | |||||||||||||||||||
Revenues | 3,304 | (11) | (1,131) | ||||||||||||||||
Trinidad | Gains (Losses) on Asset Dispositions, Net | |||||||||||||||||||
Schedule of Segment Reporting Information By Segment [Abstract] | |||||||||||||||||||
Revenues | 4,493 | (8) | (145) | ||||||||||||||||
Trinidad | Other, Net | |||||||||||||||||||
Schedule of Segment Reporting Information By Segment [Abstract] | |||||||||||||||||||
Revenues | (49) | 59 | (8) | ||||||||||||||||
Other International | |||||||||||||||||||
Schedule of Segment Reporting Information By Segment [Abstract] | |||||||||||||||||||
Operating Revenues and Other | [6] | 170,948 | 51,536 | 85,008 | [1] | ||||||||||||||
Depreciation, Depletion and Amortization | [6] | 46,938 | 24,870 | 42,436 | |||||||||||||||
Operating Income (Loss) | [6] | (12,258) | (108,179) | (79,416) | |||||||||||||||
Interest Income | [6] | 608 | 2,289 | 1,329 | |||||||||||||||
Other Income | [6] | 7,761 | |||||||||||||||||
Other Expense | [6] | (6,858) | (40,126) | ||||||||||||||||
Net Interest Expense | [6] | (8,300) | (29,569) | (16,444) | |||||||||||||||
Income (Loss) Before Income Taxes | [6] | (10,208) | (68,560) | (101,769) | |||||||||||||||
Income Tax Provision (Benefit) | [6] | 1,700 | 4,148 | (8,920) | |||||||||||||||
Additions to Oil and Gas Properties, Excluding Dry Hole Costs | [6] | 37,838 | 14,932 | 30,734 | |||||||||||||||
Total Property, Plant and Equipment, Net | [6] | 79,250 | 226,253 | 79,250 | 226,253 | 210,711 | |||||||||||||
Total Assets | [6] | $ 126,108 | $ 546,002 | 126,108 | 546,002 | 663,097 | [3] | ||||||||||||
Other International | Crude Oil and Condensate | |||||||||||||||||||
Schedule of Segment Reporting Information By Segment [Abstract] | |||||||||||||||||||
Revenues | [6] | 110,137 | 17,113 | 42,705 | |||||||||||||||
Other International | Natural Gas Liquids | |||||||||||||||||||
Schedule of Segment Reporting Information By Segment [Abstract] | |||||||||||||||||||
Revenues | [6] | 0 | 16 | 12 | |||||||||||||||
Other International | Natural Gas | |||||||||||||||||||
Schedule of Segment Reporting Information By Segment [Abstract] | |||||||||||||||||||
Revenues | [6] | 45,618 | 35,321 | 32,329 | |||||||||||||||
Other International | Gains (Losses) on Mark-to-Market Commodity Derivative Contracts | |||||||||||||||||||
Schedule of Segment Reporting Information By Segment [Abstract] | |||||||||||||||||||
Revenues | [6] | 0 | 0 | 0 | |||||||||||||||
Other International | Gathering, Processing and Marketing | |||||||||||||||||||
Schedule of Segment Reporting Information By Segment [Abstract] | |||||||||||||||||||
Revenues | [6] | 0 | 0 | 0 | |||||||||||||||
Other International | Gains (Losses) on Asset Dispositions, Net | |||||||||||||||||||
Schedule of Segment Reporting Information By Segment [Abstract] | |||||||||||||||||||
Revenues | [6] | 15,217 | (855) | 9,937 | |||||||||||||||
Other International | Other, Net | |||||||||||||||||||
Schedule of Segment Reporting Information By Segment [Abstract] | |||||||||||||||||||
Revenues | [6] | $ (24) | $ (59) | $ 25 | |||||||||||||||
[1] | EOG had sales activity with three significant purchasers in 2016, one totaling $1.2 billion, one totaling $1.1 billion and one totaling $1.0 billion of consolidated Operating Revenues and Other in the United States segment. | ||||||||||||||||||
[2] | Includes an income tax benefit of approximately $2.2 billion for the quarter ended December 31, 2017, primarily due to the enactment of the Tax Cuts and Jobs Act in December 2017. See Note 6 to the Consolidated Financial Statements. | ||||||||||||||||||
[3] | EOG made a reclassification of $160 million from deferred tax liabilities to deferred tax assets for the year ended December 31, 2016, for the United States segment and in total. | ||||||||||||||||||
[4] | EOG had sales activity with two significant purchasers in 2018, one totaling $2.6 billion and the other totaling $2.3 billion of consolidated Operating Revenues and Other in the United States segment. | ||||||||||||||||||
[5] | EOG had sales activity with two significant purchasers in 2017, one totaling $1.5 billion and the other totaling $1.3 billion of consolidated Operating Revenues and Other in the United States segment. | ||||||||||||||||||
[6] | Other International primarily consists of EOG's United Kingdom, China, Canada and Argentina operations. The United Kingdom operations were sold in the fourth quarter of 2018. The Argentina operations were sold in the third quarter of 2016. |
Risk Management Activities (Det
Risk Management Activities (Details) | 12 Months Ended | ||
Dec. 31, 2018USD ($)MMBTU$ / bbl$ / MMBTUbbl | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Derivatives, Fair Value [Line Items] | |||
Derivative, Cash Received For Offsetting Hedges | $ 26,100,000 | ||
Assets from Price Risk Management Activities | 23,806,000 | $ 7,699,000 | |
Liabilities from Price Risk Management Activities | $ 0 | $ 50,429,000 | |
Receivable Major Customer Percentage | 10.00% | 10.00% | |
Gains (Losses) on Mark-to-Market Commodity Derivative Contracts | $ (165,640,000) | $ 19,828,000 | $ (99,608,000) |
Net Cash Received from (Payments for) Settlements of Commodity Derivatives Contracts | (258,906,000) | 7,438,000 | $ (22,219,000) |
Derivative Collateral [Abstract] | |||
Collateral Held on Derivative | 0 | 0 | |
Collateral Had on Derivaitve | 0 | 0 | |
Assets [Member] | Price Risk Derivative [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Assets from Price Risk Management Activities | 24,000,000 | 8,000,000 | |
Other Assets [Member] | Price Risk Derivative [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Other Assets | 0 | 0 | |
Liabilities From Price Risk Management Activities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Assets from Price Risk Management Activities | 5,000,000 | ||
Liabilities from Price Risk Management Activities | 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 | 0 | 50,000,000 | |
Liability [Member] | Price Risk Derivative [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Other Liabilities | $ 0 | $ 7,000,000 | |
Crude Oil [Member] | Midland Differential Basis Swap [Member] | Derivative Contracts - January through December (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 Swap [Member] | Derivative Contracts - Year Two - January (closed) [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Volume (Bbld) | bbl | 20,000 | ||
Derivative, Swap Type, Average Fixed Price | $ / bbl | 1.075 | ||
Crude Oil [Member] | Midland Differential Basis Swap [Member] | Derivative Contracts - Year Two - February 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 - Year Two - January (closed) [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Volume (Bbld) | bbl | 13,000 | ||
Derivative, Swap Type, Average Fixed Price | $ / bbl | 5.572 | ||
Crude Oil [Member] | Gulf Coast Differential Basis Swap [Member] | Derivative Contracts - Year Two - February through December [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Volume (Bbld) | bbl | 13,000 | ||
Derivative, Swap Type, Average Fixed Price | $ / bbl | 5.572 | ||
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 through December (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 Swap [Member] | Derivative Contracts - January through November (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 Swap [Member] | Derivative Contracts - December (closed) [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Volume (Bbld) | bbl | 134,000 | ||
Derivative, Swap Type, Average Fixed Price | $ / bbl | 53.75 | ||
Crude Oil [Member] | Price Swap [Member] | Crude Oil Derivative Contracts - December (closed) [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Volume (Bbld) | bbl | 134,000 | ||
Derivative, Swap Type, Average Fixed Price | $ / bbl | 60.04 | ||
Natural Gas [Member] | Price Swap [Member] | Derivative Contracts - March through November (closed) [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Swap Type, Average Fixed Price | $ / MMBTU | 3 | ||
volume (MMBTU) | MMBTU | 35,000 | ||
Natural Gas [Member] | Call Option [Member] | Derivative Contracts - March through November (closed) [Member] | |||
Derivatives, Fair Value [Line Items] | |||
volume (MMBTU) | MMBTU | 120,000 | ||
Derivative, Average Price Risk Option Strike Price | $ / MMBTU | 3.38 | ||
Natural Gas [Member] | Put Option [Member] | Derivative Contracts - March through November (closed) [Member] | |||
Derivatives, Fair Value [Line Items] | |||
volume (MMBTU) | MMBTU | 96,000 | ||
Derivative, Average Price Risk Option Strike Price | $ / MMBTU | 2.94 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Proved Oil and Gas Properties, Other Property, Plant and Equipment and Other Assets [Abstract] | ||
Proved oil and gas properties, other property, plant and equipment and other assets, carrying amount | $ 482,000 | $ 640,000 |
Proved oil and gas properties, other property, plant and equipment and other assets written down during the period - fair value at end of period | 308,000 | 372,000 |
Pretax impairment charges for proved oil and gas properties and other assets, in which EOG utilized an accepted offer from a third-party purchaser | 104,000 | 217,000 |
Pretax impairment charge for a commodity price-related write-down of other assets | 49,000 | 28,000 |
Pretax impairment charges for proved oil and gas properties, other property, plant and equipment and other assets | 174,000 | 268,000 |
Debt Disclosure [Abstract] | ||
Aggregate Principal Amount of Current and Long-Term Debt | 6,040,000 | 6,390,000 |
Debt Instrument, Fair Value Disclosure | 6,027,000 | 6,602,000 |
Assets From Price Risk Management Activities [Member] | ||
Financial Assets: | ||
Assets, Fair Value Disclosure | 24,000 | 8,000 |
Liabilities From Price Risk Management Activities [Member] | ||
Financial Liabilities: | ||
Liabilities, Fair Value Disclosure | 50,000 | |
Other Liabilities [Member] | ||
Financial Liabilities: | ||
Liabilities, Fair Value Disclosure | 7,000 | |
Commodity Contract [Member] | Crude Oil [Member] | Price Swap [Member] | ||
Financial Liabilities: | ||
Liabilities, Fair Value Disclosure | 38,000 | |
Commodity Contract [Member] | Crude Oil [Member] | Price Swap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial Liabilities: | ||
Liabilities, Fair Value Disclosure | 0 | |
Commodity Contract [Member] | Crude Oil [Member] | Price Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Financial Liabilities: | ||
Liabilities, Fair Value Disclosure | 38,000 | |
Commodity Contract [Member] | Crude Oil [Member] | Price Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Financial Liabilities: | ||
Liabilities, Fair Value Disclosure | 0 | |
Commodity Contract [Member] | Crude Oil [Member] | Basis Swaps [Member] | ||
Financial Assets: | ||
Assets, Fair Value Disclosure | 24,000 | |
Financial Liabilities: | ||
Liabilities, Fair Value Disclosure | 19,000 | |
Commodity Contract [Member] | Crude Oil [Member] | Basis Swaps [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets: | ||
Assets, Fair Value Disclosure | 0 | |
Financial Liabilities: | ||
Liabilities, Fair Value Disclosure | 0 | |
Commodity Contract [Member] | Crude Oil [Member] | Basis Swaps [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets: | ||
Assets, Fair Value Disclosure | 24,000 | |
Financial Liabilities: | ||
Liabilities, Fair Value Disclosure | 19,000 | |
Commodity Contract [Member] | Crude Oil [Member] | Basis Swaps [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Financial Assets: | ||
Assets, Fair Value Disclosure | $ 0 | |
Financial Liabilities: | ||
Liabilities, Fair Value Disclosure | 0 | |
Commodity Contract [Member] | Natural Gas [Member] | Price Swap [Member] | ||
Financial Assets: | ||
Assets, Fair Value Disclosure | 2,000 | |
Commodity Contract [Member] | Natural Gas [Member] | Price Swap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets: | ||
Assets, Fair Value Disclosure | 0 | |
Commodity Contract [Member] | Natural Gas [Member] | Price Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets: | ||
Assets, Fair Value Disclosure | 2,000 | |
Commodity Contract [Member] | Natural Gas [Member] | Price Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Financial Assets: | ||
Assets, Fair Value Disclosure | 0 | |
Commodity Contract [Member] | Natural Gas [Member] | Options/Collars [Member] | ||
Financial Assets: | ||
Assets, Fair Value Disclosure | 6,000 | |
Commodity Contract [Member] | Natural Gas [Member] | Options/Collars [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets: | ||
Assets, Fair Value Disclosure | 0 | |
Commodity Contract [Member] | Natural Gas [Member] | Options/Collars [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets: | ||
Assets, Fair Value Disclosure | 6,000 | |
Commodity Contract [Member] | Natural Gas [Member] | Options/Collars [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Financial Assets: | ||
Assets, Fair Value Disclosure | $ 0 |
Accounting For Certain Long-L_2
Accounting For Certain Long-Lived Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule of Impaired Long-Lived Assets Held and Used [Line Items] | |||
Proved oil and gas properties carrying amount | $ 139 | $ 370 | |
Proved oil and gas properties, other property, plant and equipment, and other assets written down to fair value | 18 | 146 | |
Pretax impairment chages for proved oil and gas properties, other property, plant and equipment and other assets | 121 | 224 | |
Amortization and Impairments of Unproved Oil and Gas Property Including Amortization of Capitalized Interest | $ 173 | $ 211 | $ 291 |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Oct. 04, 2016 | ||
Asset Retirement Obligations, Noncurrent [Abstract] | ||||
Carrying Amount at Beginning of Period | $ 946,848 | $ 912,926 | ||
Liabilities Incurred | 79,057 | 54,764 | ||
Liabilities Settled (1) | [1] | (70,829) | (61,871) | |
Accretion | 36,622 | 34,708 | ||
Revisions | (38,932) | (9,818) | ||
Foreign Currency Translations | 1,611 | 16,139 | ||
Carrying Amount at End of Period | 954,377 | 946,848 | ||
Current Portion | 26,214 | 19,259 | ||
Noncurrent Portion | $ 928,163 | $ 927,589 | ||
Long-Term Debt Related to Yates Transaction | $ 163,829 | |||
[1] | Includes settlements related to asset sales. |
Exploratory Well Costs (Details
Exploratory Well Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Capitalized Exploratory Well Costs [Abstract] | ||||
Balance at January 1 | $ 2,167 | $ 0 | $ 8,955 | |
Additions Pending the Determination of Proved Reserves | 10,304 | 27,487 | 6,688 | |
Reclassifications to Proved Properties | (7,917) | (20,802) | (5,274) | |
Costs Charged to Expense (1) | [1] | (433) | (4,518) | (10,369) |
Balance at December 31 | $ 4,121 | $ 2,167 | $ 0 | |
[1] | Includes capitalized exploratory well costs charged to either dry hole costs or impairments. |
Acquisitions and Divestitures_2
Acquisitions and Divestitures (Details) - USD ($) $ in Thousands, shares in Millions | 9 Months Ended | 12 Months Ended | ||
Oct. 04, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Business Combinations [Abstract] | ||||
Proceeds from Sale of Producing Properties | $ 227,446 | $ 226,768 | $ 1,119,215 | |
Book value of assets held-for-sale | 188,000 | |||
Book value of asset retirement obligations | 41,000 | |||
Proceeds from Sales of Producing Properties | 73,000 | |||
Stock Issued During Period, Shares, Acquisitions (in shares) | 25 | |||
Payments to Acquire Businesses, Gross | $ 16,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 2,400,000 | |||
Cash Acquired from Acquisition | 70,000 | |||
Business Combination, Separately Recognized Transactions [Line Items] | ||||
(Gain) Loss on Disposition of Assets | $ (174,562) | $ 99,096 | $ (205,835) | |
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed | 5,000 | |||
Cash and Equivalents | 70,411 | |||
Accounts Receivable, Net | 77,073 | |||
Inventories | 10,955 | |||
Other | 10,640 | |||
Total Current Assets | 169,079 | |||
Oil and Gas Properties (Successful Efforts Method) | 3,815,207 | |||
Other Property, Plant and Equipment | 21,824 | |||
Total Property, Plant and Equipment, Net | 3,837,031 | |||
Other Assets | 22,706 | |||
Total Assets | 4,028,816 | |||
Accounts Payable | 124,145 | |||
Accrued Taxes Payable | 22,417 | |||
Other | 743 | |||
Total Current Liabilities | 147,305 | |||
Long-Term Debt | 163,829 | |||
Asset Retirement Obligations | 163,144 | |||
Off-Market Transportation Contracts | 39,720 | |||
Other Liabilities | 28,645 | |||
Deferred Income Taxes | 1,072,405 | |||
Total Liabilities | 1,615,048 | |||
Total Consideration Transferred | $ 2,413,768 |
Oil and Gas Exploration and P_3
Oil and Gas Exploration and Production Industries Disclosures (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018USD ($)MBoeMBblsMMcf | Dec. 31, 2017USD ($)MBoeMBblsMMcf | Dec. 31, 2016MBoeMBblsMMcf | Dec. 31, 2015MBoeMBblsMMcf | ||
Proved Developed Reserves (MBoe) [Roll Forward] | |||||
Net proved developed reserves (MBOE) | MBoe | 1,548,137 | 1,364,335 | 1,093,906 | 1,072,477 | |
Net Proved Undeveloped Reserves (MBOE) [Rollforward] | |||||
Balance at January 1 | MBoe | 1,162,635 | 1,053,027 | 1,045,640 | ||
Extensions and Discoveries | MBoe | 490,725 | 237,378 | 138,101 | ||
Revisions | MBoe | (8,244) | 33,127 | 64,413 | ||
Acquisition of Reserves | MBoe | 311 | 0 | 0 | ||
Sales of Reserves | MBoe | 0 | (8,253) | (45,917) | ||
Conversion to Proved Developed Reserves | MBoe | (265,718) | (152,644) | (149,210) | ||
Balance at December 31 | MBoe | 1,379,709 | 1,162,635 | 1,053,027 | ||
Capitalized Costs, Oil and Gas Producing Activities, Gross [Abstract] | |||||
Proved properties | $ | $ 53,624,809 | $ 48,845,672 | |||
Unproved properties | $ | 3,705,207 | 3,710,069 | |||
Total | $ | 57,330,016 | 52,555,741 | |||
Accumulated depreciation, depletion and amortization | $ | (31,674,085) | (29,191,247) | |||
Net capitalized costs | $ | $ 25,655,931 | $ 23,364,494 | |||
Crude Oil (MBbl) | |||||
Proved Developed Reserves [Rollforward] | |||||
Net proved reserves - beginning of period | [1] | 1,312,973 | 1,177,585 | 1,097,596 | |
Revisions of previous estimates | [1] | (13,376) | 57,836 | 42,955 | |
Purchases in place | [1] | 2,743 | 1,111 | 25,795 | |
Extensions, discoveries and other additions | [1] | 383,018 | 207,557 | 123,441 | |
Sales in place | [1] | (7,078) | (8,393) | (8,791) | |
Production | [1] | (145,968) | (122,723) | (103,411) | |
Net proved reserves - end of period | [1] | 1,532,312 | 1,312,973 | 1,177,585 | |
Proved Developed Reserves (MBoe) [Roll Forward] | |||||
Net proved developed reserves | 712,785 | 614,236 | 516,625 | 445,202 | |
Net Proved Undeveloped Reserves (MBOE) [Rollforward] | |||||
Net proved undeveloped reserves | 819,527 | 698,737 | 660,690 | 652,394 | |
Natural Gas Liquids | |||||
Proved Developed Reserves [Rollforward] | |||||
Net proved reserves - beginning of period | [1] | 503,473 | 416,366 | 382,875 | |
Revisions of previous estimates | [1] | 23,942 | 46,843 | 53,771 | |
Purchases in place | [1] | 2,006 | 421 | 1,284 | |
Extensions, discoveries and other additions | [1] | 127,409 | 75,003 | 41,862 | |
Sales in place | [1] | (41) | (2,887) | (33,548) | |
Production | [1] | (42,460) | (32,273) | (29,878) | |
Net proved reserves - end of period | [1] | 614,329 | 503,473 | 416,366 | |
Proved Developed Reserves (MBoe) [Roll Forward] | |||||
Net proved developed reserves | 341,386 | 286,872 | 230,219 | 205,898 | |
Net Proved Undeveloped Reserves (MBOE) [Rollforward] | |||||
Net proved undeveloped reserves | 272,943 | 216,601 | 186,147 | 176,977 | |
Natural Gas (MMcf) | |||||
Proved Developed Reserves [Rollforward] | |||||
Net proved reserves - beginning of period | MMcf | [2] | 4,263,100 | 3,317,900 | 3,825,900 | |
Revisions of previous estimates | MMcf | [2] | (91,500) | 584,000 | 333,100 | |
Purchases in place | MMcf | [2] | 41,300 | 4,800 | 91,500 | |
Extensions, discoveries and other additions | MMcf | [2] | 956,000 | 829,400 | 262,000 | |
Sales in place | MMcf | [2] | (22,200) | (56,400) | (752,000) | |
Production | MMcf | [2] | (459,500) | (416,600) | (442,600) | |
Net proved reserves - end of period | MMcf | [2] | 4,687,200 | 4,263,100 | 3,317,900 | |
Proved Developed Reserves (MBoe) [Roll Forward] | |||||
Net proved developed reserves | MMcf | 2,963,800 | 2,779,300 | 2,082,400 | 2,528,300 | |
Net Proved Undeveloped Reserves (MBOE) [Rollforward] | |||||
Net proved undeveloped reserves | MMcf | 1,723,400 | 1,483,800 | 1,235,500 | 1,297,600 | |
Oil Equivalents (MBoe) | |||||
Proved Developed Reserves (MBoe) [Roll Forward] | |||||
Net proved reserves - beginning of period | MBoe | [1] | 2,526,970 | 2,146,933 | 2,118,117 | |
Revisions of previous estimates | MBoe | [1] | (4,684) | 202,018 | 152,242 | |
Purchases in place | MBoe | [1] | 11,640 | 2,332 | 42,330 | |
Extensions, discoveries and other additions | MBoe | [1] | 669,750 | 420,798 | 208,963 | |
Sales in place | MBoe | [1] | (10,819) | (20,687) | (167,669) | |
Production | MBoe | [1] | (265,011) | (224,424) | (207,050) | |
Net proved reserves - end of period | MBoe | [1] | 2,927,846 | 2,526,970 | 2,146,933 | |
Net Proved Undeveloped Reserves (MBOE) [Rollforward] | |||||
Net proved undeveloped reserve (MBOE) | MBoe | 1,379,709 | 1,162,635 | 1,053,027 | 1,045,640 | |
United States | |||||
Proved Developed Reserves (MBoe) [Roll Forward] | |||||
Net proved developed reserves (MBOE) | MBoe | 1,503,441 | 1,300,758 | 1,038,483 | 1,018,491 | |
United States | Crude Oil (MBbl) | |||||
Proved Developed Reserves [Rollforward] | |||||
Net proved reserves - beginning of period | [1] | 1,304,071 | 1,168,491 | 1,087,860 | |
Revisions of previous estimates | [1] | (13,237) | 57,935 | 42,040 | |
Purchases in place | [1] | 2,743 | 1,111 | 25,795 | |
Extensions, discoveries and other additions | [1] | 383,003 | 207,137 | 123,441 | |
Sales in place | [1] | (768) | (8,393) | (8,791) | |
Production | [1] | (144,128) | (122,210) | (101,854) | |
Net proved reserves - end of period | [1] | 1,531,684 | 1,304,071 | 1,168,491 | |
Proved Developed Reserves (MBoe) [Roll Forward] | |||||
Net proved developed reserves | 712,218 | 605,405 | 507,531 | 444,070 | |
Net Proved Undeveloped Reserves (MBOE) [Rollforward] | |||||
Net proved undeveloped reserves | 819,466 | 698,666 | 660,690 | 643,790 | |
United States | Natural Gas Liquids | |||||
Proved Developed Reserves [Rollforward] | |||||
Net proved reserves - beginning of period | [1] | 503,473 | 416,366 | 382,875 | |
Revisions of previous estimates | [1] | 23,942 | 46,843 | 53,771 | |
Purchases in place | [1] | 2,006 | 421 | 1,284 | |
Extensions, discoveries and other additions | [1] | 127,409 | 75,003 | 41,862 | |
Sales in place | [1] | (41) | (2,887) | (33,548) | |
Production | [1] | (42,460) | (32,273) | (29,878) | |
Net proved reserves - end of period | [1] | 614,329 | 503,473 | 416,366 | |
Proved Developed Reserves (MBoe) [Roll Forward] | |||||
Net proved developed reserves | 341,386 | 286,872 | 230,219 | 205,898 | |
Net Proved Undeveloped Reserves (MBOE) [Rollforward] | |||||
Net proved undeveloped reserves | 272,943 | 216,601 | 186,147 | 176,977 | |
United States | Natural Gas (MMcf) | |||||
Proved Developed Reserves [Rollforward] | |||||
Net proved reserves - beginning of period | MMcf | [2] | 3,898,500 | 3,021,200 | 3,489,800 | |
Revisions of previous estimates | MMcf | [2] | (127,200) | 602,800 | 298,400 | |
Purchases in place | MMcf | [2] | 41,300 | 4,800 | 91,500 | |
Extensions, discoveries and other additions | MMcf | [2] | 951,400 | 619,300 | 202,100 | |
Sales in place | MMcf | [2] | (22,200) | (56,400) | (752,000) | |
Production | MMcf | [2] | (351,200) | (293,200) | (308,600) | |
Net proved reserves - end of period | MMcf | [2] | 4,390,600 | 3,898,500 | 3,021,200 | |
Proved Developed Reserves (MBoe) [Roll Forward] | |||||
Net proved developed reserves | MMcf | 2,699,000 | 2,450,800 | 1,804,400 | 2,211,200 | |
Net Proved Undeveloped Reserves (MBOE) [Rollforward] | |||||
Net proved undeveloped reserves | MMcf | 1,691,600 | 1,447,700 | 1,216,800 | 1,278,600 | |
United States | Oil Equivalents (MBoe) | |||||
Proved Developed Reserves (MBoe) [Roll Forward] | |||||
Net proved reserves - beginning of period | MBoe | [1] | 2,457,302 | 2,088,392 | 2,052,361 | |
Revisions of previous estimates | MBoe | [1] | (10,500) | 205,262 | 145,542 | |
Purchases in place | MBoe | [1] | 11,640 | 2,332 | 42,330 | |
Extensions, discoveries and other additions | MBoe | [1] | 668,972 | 385,354 | 198,973 | |
Sales in place | MBoe | [1] | (4,509) | (20,687) | (167,669) | |
Production | MBoe | [1] | (245,127) | (203,351) | (183,145) | |
Net proved reserves - end of period | MBoe | [1] | 2,877,778 | 2,457,302 | 2,088,392 | |
Net Proved Undeveloped Reserves (MBOE) [Rollforward] | |||||
Net proved undeveloped reserve (MBOE) | MBoe | 1,374,337 | 1,156,544 | 1,049,909 | 1,033,870 | |
Trinidad | |||||
Proved Developed Reserves (MBoe) [Roll Forward] | |||||
Net proved developed reserves (MBOE) | MBoe | 37,746 | 50,779 | 44,543 | 50,677 | |
Trinidad | Crude Oil (MBbl) | |||||
Proved Developed Reserves [Rollforward] | |||||
Net proved reserves - beginning of period | [1] | 898 | 839 | 1,069 | |
Revisions of previous estimates | [1] | (183) | 80 | 54 | |
Purchases in place | [1] | 0 | 0 | 0 | |
Extensions, discoveries and other additions | [1] | 0 | 301 | 0 | |
Sales in place | [1] | 0 | 0 | 0 | |
Production | [1] | (298) | (322) | (284) | |
Net proved reserves - end of period | [1] | 417 | 898 | 839 | |
Proved Developed Reserves (MBoe) [Roll Forward] | |||||
Net proved developed reserves | 417 | 898 | 839 | 1,069 | |
Net Proved Undeveloped Reserves (MBOE) [Rollforward] | |||||
Net proved undeveloped reserves | 0 | 0 | 0 | 0 | |
Trinidad | Natural Gas Liquids | |||||
Proved Developed Reserves [Rollforward] | |||||
Net proved reserves - beginning of period | [1] | 0 | 0 | 0 | |
Revisions of previous estimates | [1] | 0 | 0 | 0 | |
Purchases in place | [1] | 0 | 0 | 0 | |
Extensions, discoveries and other additions | [1] | 0 | 0 | 0 | |
Sales in place | [1] | 0 | 0 | 0 | |
Production | [1] | 0 | 0 | 0 | |
Net proved reserves - end of period | [1] | 0 | 0 | 0 | |
Proved Developed Reserves (MBoe) [Roll Forward] | |||||
Net proved developed reserves | 0 | 0 | 0 | 0 | |
Net Proved Undeveloped Reserves (MBOE) [Rollforward] | |||||
Net proved undeveloped reserves | 0 | 0 | 0 | 0 | |
Trinidad | Natural Gas (MMcf) | |||||
Proved Developed Reserves [Rollforward] | |||||
Net proved reserves - beginning of period | MMcf | [2] | 313,400 | 280,900 | 316,600 | |
Revisions of previous estimates | MMcf | [2] | 20,700 | (27,400) | 29,500 | |
Purchases in place | MMcf | [2] | 0 | 0 | 0 | |
Extensions, discoveries and other additions | MMcf | [2] | 0 | 174,200 | 59,900 | |
Sales in place | MMcf | [2] | 0 | 0 | 0 | |
Production | MMcf | [2] | (97,100) | (114,300) | (125,100) | |
Net proved reserves - end of period | MMcf | [2] | 237,000 | 313,400 | 280,900 | |
Proved Developed Reserves (MBoe) [Roll Forward] | |||||
Net proved developed reserves | MMcf | 223,900 | 299,200 | 262,200 | 297,600 | |
Net Proved Undeveloped Reserves (MBOE) [Rollforward] | |||||
Net proved undeveloped reserves | MMcf | 13,100 | 14,200 | 18,700 | 19,000 | |
Trinidad | Oil Equivalents (MBoe) | |||||
Proved Developed Reserves (MBoe) [Roll Forward] | |||||
Net proved reserves - beginning of period | MBoe | [1] | 53,142 | 47,661 | 53,843 | |
Revisions of previous estimates | MBoe | [1] | 3,272 | (4,493) | 4,978 | |
Purchases in place | MBoe | [1] | 0 | 0 | 0 | |
Extensions, discoveries and other additions | MBoe | [1] | 0 | 29,340 | 9,990 | |
Sales in place | MBoe | [1] | 0 | 0 | 0 | |
Production | MBoe | [1] | (16,478) | (19,366) | (21,150) | |
Net proved reserves - end of period | MBoe | [1] | 39,936 | 53,142 | 47,661 | |
Net Proved Undeveloped Reserves (MBOE) [Rollforward] | |||||
Net proved undeveloped reserve (MBOE) | MBoe | 2,190 | 2,363 | 3,118 | 3,166 | |
Other International | |||||
Proved Developed Reserves (MBoe) [Roll Forward] | |||||
Net proved developed reserves (MBOE) | MBoe | [3] | 6,950 | 12,798 | 10,880 | 3,309 |
Other International | Crude Oil (MBbl) | |||||
Proved Developed Reserves [Rollforward] | |||||
Net proved reserves - beginning of period | [1],[3] | 8,004 | 8,255 | 8,667 | |
Revisions of previous estimates | [1],[3] | 44 | (179) | 861 | |
Purchases in place | [1],[3] | 0 | 0 | 0 | |
Extensions, discoveries and other additions | [1],[3] | 15 | 119 | 0 | |
Sales in place | [1],[3] | (6,310) | 0 | 0 | |
Production | [1],[3] | (1,542) | (191) | (1,273) | |
Net proved reserves - end of period | [1],[3] | 211 | 8,004 | 8,255 | |
Proved Developed Reserves (MBoe) [Roll Forward] | |||||
Net proved developed reserves | [3] | 150 | 7,933 | 8,255 | 63 |
Net Proved Undeveloped Reserves (MBOE) [Rollforward] | |||||
Net proved undeveloped reserves | [3] | 61 | 71 | 0 | 8,604 |
Other International | Natural Gas Liquids | |||||
Proved Developed Reserves [Rollforward] | |||||
Net proved reserves - beginning of period | [1],[3] | 0 | 0 | 0 | |
Revisions of previous estimates | [1],[3] | 0 | 0 | 0 | |
Purchases in place | [1],[3] | 0 | 0 | 0 | |
Extensions, discoveries and other additions | [1],[3] | 0 | 0 | 0 | |
Sales in place | [1],[3] | 0 | 0 | 0 | |
Production | [1],[3] | 0 | 0 | 0 | |
Net proved reserves - end of period | [1],[3] | 0 | 0 | 0 | |
Proved Developed Reserves (MBoe) [Roll Forward] | |||||
Net proved developed reserves | [3] | 0 | 0 | 0 | 0 |
Net Proved Undeveloped Reserves (MBOE) [Rollforward] | |||||
Net proved undeveloped reserves | [3] | 0 | 0 | 0 | 0 |
Other International | Natural Gas (MMcf) | |||||
Proved Developed Reserves [Rollforward] | |||||
Net proved reserves - beginning of period | MMcf | [2],[3] | 51,200 | 15,800 | 19,500 | |
Revisions of previous estimates | MMcf | [2],[3] | 15,000 | 8,600 | 5,200 | |
Purchases in place | MMcf | [2],[3] | 0 | 0 | 0 | |
Extensions, discoveries and other additions | MMcf | [2],[3] | 4,600 | 35,900 | 0 | |
Sales in place | MMcf | [2],[3] | 0 | 0 | 0 | |
Production | MMcf | [2],[3] | (11,200) | (9,100) | (8,900) | |
Net proved reserves - end of period | MMcf | [2],[3] | 59,600 | 51,200 | 15,800 | |
Proved Developed Reserves (MBoe) [Roll Forward] | |||||
Net proved developed reserves | MMcf | [3] | 40,900 | 29,300 | 15,800 | 19,500 |
Net Proved Undeveloped Reserves (MBOE) [Rollforward] | |||||
Net proved undeveloped reserves | MMcf | [3] | 18,700 | 21,900 | 0 | 0 |
Other International | Oil Equivalents (MBoe) | |||||
Proved Developed Reserves (MBoe) [Roll Forward] | |||||
Net proved reserves - beginning of period | MBoe | [1],[3] | 16,526 | 10,880 | 11,913 | |
Revisions of previous estimates | MBoe | [1],[3] | 2,544 | 1,249 | 1,722 | |
Purchases in place | MBoe | [1],[3] | 0 | 0 | 0 | |
Extensions, discoveries and other additions | MBoe | [1],[3] | 778 | 6,104 | 0 | |
Sales in place | MBoe | [1],[3] | (6,310) | 0 | 0 | |
Production | MBoe | [1],[3] | (3,406) | (1,707) | (2,755) | |
Net proved reserves - end of period | MBoe | [1],[3] | 10,132 | 16,526 | 10,880 | |
Net Proved Undeveloped Reserves (MBOE) [Rollforward] | |||||
Net proved undeveloped reserve (MBOE) | MBoe | [3] | 3,182 | 3,728 | 0 | 8,604 |
[1] | Thousand barrels or thousand barrels of oil equivalent, as applicable; oil equivalents include crude oil and condensate, NGLs and natural gas. Oil equivalents are determined using a ratio of 1.0 barrel of crude oil and condensate or NGLs to 6.0 thousand cubic feet of natural gas. | ||||
[2] | Billion cubic feet. | ||||
[3] | Other International includes EOG's United Kingdom, China, Canada and Argentina operations. The United Kingdom operations were sold in the fourth quarter of 2018. The Argentina operations were sold in the third quarter of 2016. |
Oil and Gas Exploration and P_4
Oil and Gas Exploration and Production Industries Disclosures, Costs Incurred (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | |||||||
Acquisition Costs of Properties - Unproved | $ 487,339 | [1] | $ 426,540 | [2] | $ 3,216,634 | [3] | |
Acquisition Costs of Properties - Proved | 123,684 | [4] | 72,584 | [5] | 749,023 | [6] | |
Subtotal | 611,023 | 499,124 | 3,965,657 | ||||
Exploration Costs | 193,628 | 223,599 | 165,751 | ||||
Development Costs | 5,615,029 | [7] | 3,716,687 | [8] | 2,313,876 | [9] | |
Total | 6,419,680 | 4,439,410 | 6,445,284 | ||||
Non-Cash Unproved Leasehold Acquisition Costs Related to Property Exchanges | 291,000 | 256,000 | |||||
Non-Cash Proved Property Acquisition Costs Related to Property Exchanges | 71,000 | 26,000 | |||||
Non-Cash Unproved Leasehold Acquisition Costs Related to Yates Transaction | 3,102,000 | ||||||
Non-Cash Proved Property Acquisition Costs Related to Yates Transaction | 732,000 | ||||||
United States | |||||||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | |||||||
Acquisition Costs of Properties - Unproved | 486,081 | [1] | 424,118 | [2] | 3,216,598 | [3] | |
Acquisition Costs of Properties - Proved | 123,684 | [4] | 72,584 | [5] | 749,023 | [6] | |
Subtotal | 609,765 | 496,702 | 3,965,621 | ||||
Exploration Costs | 157,222 | 144,499 | 156,295 | ||||
Development Costs | 5,605,264 | [7] | 3,590,899 | [8] | 2,252,713 | [9] | |
Total | 6,372,251 | 4,232,100 | 6,374,629 | ||||
Asset Retirement Costs Included In Development | 90,000 | 50,000 | 25,000 | ||||
Trinidad | |||||||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | |||||||
Acquisition Costs of Properties - Unproved | 1,258 | [1] | 2,422 | [2] | 0 | [3] | |
Acquisition Costs of Properties - Proved | 0 | [4] | 0 | [5] | 0 | [6] | |
Subtotal | 1,258 | 2,422 | 0 | ||||
Exploration Costs | 22,511 | 62,547 | 2,695 | ||||
Development Costs | (12,863) | [7] | 109,491 | [8] | 72,147 | [9] | |
Total | 10,906 | 174,460 | 74,842 | ||||
Asset Retirement Costs Included In Development | (12,000) | 2,000 | (3,000) | ||||
Other International | |||||||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | |||||||
Acquisition Costs of Properties - Unproved | [10] | 0 | [1] | 0 | [2] | 36 | [3] |
Acquisition Costs of Properties - Proved | [10] | 0 | [4] | 0 | [5] | 0 | [6] |
Subtotal | [10] | 0 | 0 | 36 | |||
Exploration Costs | [10] | 13,895 | 16,553 | 6,761 | |||
Development Costs | [10] | 22,628 | [7] | 16,297 | [8] | (10,984) | [9] |
Total | [10] | 36,523 | 32,850 | (4,187) | |||
Asset Retirement Costs Included In Development | $ (8,000) | $ 4,000 | $ (42,000) | ||||
[1] | Includes non-cash unproved leasehold acquisition costs of $291 million related to property exchanges. | ||||||
[2] | Includes non-cash unproved leasehold acquisition costs of $256 million related to property exchanges. | ||||||
[3] | Includes non-cash unproved leasehold acquisition costs of $3,102 million related to the Yates transaction. | ||||||
[4] | Includes non-cash proved property acquisition costs of $71 million related to property exchanges. | ||||||
[5] | Includes non-cash proved property acquisition costs of $26 million related to property exchanges. | ||||||
[6] | Includes non-cash proved property acquisition costs of $732 million related to the Yates transaction. | ||||||
[7] | Includes Asset Retirement Costs of $90 million, $(12) million and $(8) million for the United States, Trinidad and Other International, respectively. Excludes other property, plant and equipment. | ||||||
[8] | Includes Asset Retirement Costs of $50 million, $2 million and $4 million for the United States, Trinidad and Other International, respectively. Excludes other property, plant and equipment. | ||||||
[9] | Includes Asset Retirement Costs of $25 million, $(3) million and $(42) million for the United States, Trinidad and Other International, respectively. Excludes other property, plant and equipment. | ||||||
[10] | Other International primarily consists of EOG's United Kingdom, China, Canada and Argentina operations. The United Kingdom operations were sold in the fourth quarter of 2018. The Argentina operations were sold in the third quarter of 2016. |
Oil and Gas Exploration and P_5
Oil and Gas Exploration and Production Industries Disclosures, Results Of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||||
Crude Oil and Condensate, Natural Gas Liquids and Natural Gas Revenues | [1] | $ 11,946,487 | $ 7,907,891 | $ 5,496,743 | |
Other | [1] | 89,635 | 81,610 | 81,403 | |
Total | [1] | 12,036,122 | 7,989,501 | 5,578,146 | |
Exploration Costs | [1] | 148,999 | 145,342 | 124,953 | |
Dry Hole Costs | [1] | 5,405 | 4,609 | 10,657 | |
Transportation Costs | [1] | 746,876 | 740,352 | 764,106 | |
Gathering and Processing Costs | 436,973 | [1],[2] | 148,775 | 122,901 | |
Production Costs | [1] | 2,028,083 | 1,562,210 | 1,254,013 | |
Impairments | [1] | 347,021 | 479,240 | 620,267 | |
Depreciation, Depletion and Amortization | [1] | 3,320,276 | 3,296,766 | 3,437,284 | |
Income (Loss) Before Income Taxes | [1] | 5,002,489 | 1,760,982 | (633,134) | |
Income Tax Provision (Benefit) | [1] | 1,100,145 | 649,102 | (226,413) | |
Results of Operations | [1] | 3,902,344 | 1,111,880 | (406,721) | |
United States | |||||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||||
Crude Oil and Condensate, Natural Gas Liquids and Natural Gas Revenues | [1] | 11,488,620 | 7,570,768 | 5,177,989 | |
Other | [1] | 89,708 | 81,610 | 81,386 | |
Total | [1] | 11,578,328 | 7,652,378 | 5,259,375 | |
Exploration Costs | [1] | 121,572 | 113,334 | 115,990 | |
Dry Hole Costs | [1] | 4,983 | 91 | 10,529 | |
Transportation Costs | [1] | 742,792 | 737,403 | 753,791 | |
Gathering and Processing Costs | [1],[2] | 404,471 | |||
Production Costs | [1] | 1,924,504 | 1,446,333 | 1,163,827 | |
Impairments | [1] | 344,595 | 477,223 | 611,297 | |
Depreciation, Depletion and Amortization | [1] | 3,181,801 | 3,157,056 | 3,249,792 | |
Income (Loss) Before Income Taxes | [1] | 4,853,610 | 1,720,938 | (645,851) | |
Income Tax Provision (Benefit) | [1] | 1,086,077 | 625,562 | (230,377) | |
Results of Operations | [1] | 3,767,533 | 1,095,376 | (415,474) | |
Trinidad | |||||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||||
Crude Oil and Condensate, Natural Gas Liquids and Natural Gas Revenues | [1] | 302,112 | 284,673 | 243,708 | |
Other | [1] | (49) | 59 | (8) | |
Total | [1] | 302,063 | 284,732 | 243,700 | |
Exploration Costs | [1] | 21,402 | 26,245 | 2,647 | |
Dry Hole Costs | [1] | 0 | 0 | 0 | |
Transportation Costs | [1] | 3,236 | 1,885 | 1,181 | |
Gathering and Processing Costs | [1],[2] | 0 | |||
Production Costs | [1] | 33,506 | 27,839 | 27,113 | |
Impairments | [1] | 0 | 0 | 7,773 | |
Depreciation, Depletion and Amortization | [1] | 91,788 | 115,174 | 145,440 | |
Income (Loss) Before Income Taxes | [1] | 152,131 | 113,589 | 59,546 | |
Income Tax Provision (Benefit) | [1] | 12,170 | 24,882 | 5,526 | |
Results of Operations | [1] | 139,961 | 88,707 | 54,020 | |
Other International | |||||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||||
Crude Oil and Condensate, Natural Gas Liquids and Natural Gas Revenues | [1],[3] | 155,755 | 52,450 | 75,046 | |
Other | [1],[3] | (24) | (59) | 25 | |
Total | [1],[3] | 155,731 | 52,391 | 75,071 | |
Exploration Costs | [1],[3] | 6,025 | 5,763 | 6,316 | |
Dry Hole Costs | [1],[3] | 422 | 4,518 | 128 | |
Transportation Costs | [1],[3] | 848 | 1,064 | 9,134 | |
Gathering and Processing Costs | [1],[2],[3] | 32,502 | |||
Production Costs | [1],[3] | 70,073 | 88,038 | 63,073 | |
Impairments | [1],[3] | 2,426 | 2,017 | 1,197 | |
Depreciation, Depletion and Amortization | [1],[3] | 46,687 | 24,536 | 42,052 | |
Income (Loss) Before Income Taxes | [1],[3] | (3,252) | (73,545) | (46,829) | |
Income Tax Provision (Benefit) | [1],[3] | 1,898 | (1,342) | (1,562) | |
Results of Operations | [1],[3] | $ (5,150) | $ (72,203) | $ (45,267) | |
[1] | Excludes gains or losses on the mark-to-market of financial commodity derivative contracts, gains or losses on sales of reserves and related assets, interest charges and general corporate expenses for each of the three years in the period ended December 31, 2018. | ||||
[2] | Effective January 1, 2018, EOG adopted the provisions of Accounting Standards Update (ASU) 2014-09, "Revenue From Contracts With Customers" (ASU 2014-09). 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 Natural Gas Revenues. There was no impact to operating income or net income resulting from changes to the presentation of natural gas processing fees (see Note 1 to Consolidated Financial Statements). | ||||
[3] | Other International primarily consists of EOG's United Kingdom, China, Canada and Argentina operations. The United Kingdom operations were sold in the fourth quarter of 2018. The Argentina operations were sold in the third quarter of 2016. |
Oil and Gas Exploration and P_6
Oil and Gas Exploration and Production Industries Disclosures, Average Sales Price (Details) - $ / bbl | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Average Sales Price and Production Costs Per Unit of Production [Line Items] | ||||
Production costs per barrel of oil equivalent | 4.84 | 4.66 | 4.48 | |
United States | ||||
Average Sales Price and Production Costs Per Unit of Production [Line Items] | ||||
Production costs per barrel of oil equivalent | 4.84 | 4.58 | 4.58 | |
Trinidad | ||||
Average Sales Price and Production Costs Per Unit of Production [Line Items] | ||||
Production costs per barrel of oil equivalent | 1.67 | 1.39 | 1.23 | |
Other International | ||||
Average Sales Price and Production Costs Per Unit of Production [Line Items] | ||||
Production costs per barrel of oil equivalent | [1] | 20.19 | 50.86 | 22.43 |
[1] | Other International primarily consists of EOG's United Kingdom, China, Canada and Argentina operations. The United Kingdom operations were sold in the fourth quarter of 2018. The Argentina operations were sold in the third quarter of 2016. |
Oil and Gas Exploration and P_7
Oil and Gas Exploration and Production Industries Disclosures, Discounted Future Net Cash Flows (Details) $ in Thousands | 12 Months Ended | |||||||||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |||||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ||||||||||
Future cash inflows | $ 134,119,690 | [1] | $ 85,221,064 | [2] | $ 58,840,424 | [3] | ||||
Future production costs | (42,654,642) | (32,569,408) | (28,018,883) | |||||||
Future development costs | (16,667,893) | (13,538,795) | (12,741,932) | |||||||
Future income taxes | (14,962,141) | (6,160,541) | (3,211,320) | |||||||
Future net cash flows | 59,835,014 | 32,952,320 | 14,868,289 | |||||||
Discount to present value at 10% annual rate | (27,409,059) | (14,624,660) | (6,056,132) | |||||||
Standardized measure of discounted future net cash flows relating to proved oil and gas reserves | $ 18,327,660 | $ 8,812,157 | $ 9,621,396 | 32,425,955 | 18,327,660 | 8,812,157 | ||||
Annual Rate of Discount to Present Value | 10.00% | 10.00% | 10.00% | |||||||
Increase (Decrease) in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Roll Forward] | ||||||||||
Balance at Beginning of Period | $ 18,327,660 | $ 8,812,157 | $ 9,621,396 | |||||||
Sales and transfers of oil and gas produced, net of production costs | (8,734,622) | (5,605,330) | (3,478,625) | |||||||
Net changes in prices and production costs | 12,856,429 | 7,121,545 | (3,679,602) | |||||||
Extensions, discoveries, additions and improved recovery, net of related costs | 8,430,953 | 3,958,248 | 907,267 | |||||||
Development costs incurred | 2,745,160 | 1,440,300 | 1,230,000 | |||||||
Revisions of estimated development cost | (410,525) | (124,877) | 2,121,708 | |||||||
Revisions of previous quantity estimates | (101,726) | 2,438,271 | 1,053,020 | |||||||
Accretion of discount | 2,042,622 | 886,707 | 1,054,435 | |||||||
Net change in income taxes | (4,973,058) | (2,043,663) | 868,038 | |||||||
Purchases of reserves in place | 116,887 | 30,362 | 377,872 | |||||||
Sales of reserves in place | (117,932) | (76,527) | (375,793) | |||||||
Changes in timing and other | 2,244,107 | 1,490,467 | (887,559) | |||||||
Balance at End of Period | 32,425,955 | 18,327,660 | 8,812,157 | |||||||
United States | ||||||||||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ||||||||||
Future cash inflows | 133,066,375 | [1] | 83,652,363 | [2] | 57,913,314 | [3] | ||||
Future production costs | (42,351,174) | (32,018,812) | (27,625,833) | |||||||
Future development costs | (16,577,794) | (13,395,873) | (12,602,699) | |||||||
Future income taxes | (14,756,011) | (5,948,453) | (3,151,319) | |||||||
Future net cash flows | 59,381,396 | 32,289,225 | 14,533,463 | |||||||
Discount to present value at 10% annual rate | (27,348,744) | (14,532,290) | (6,039,736) | |||||||
Standardized measure of discounted future net cash flows relating to proved oil and gas reserves | 17,756,935 | 8,493,727 | 8,965,467 | $ 32,032,652 | $ 17,756,935 | $ 8,493,727 | ||||
Increase (Decrease) in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Roll Forward] | ||||||||||
Balance at Beginning of Period | 17,756,935 | 8,493,727 | 8,965,467 | |||||||
Sales and transfers of oil and gas produced, net of production costs | (8,416,853) | (5,387,031) | (3,260,372) | |||||||
Net changes in prices and production costs | 12,750,466 | 6,606,908 | (3,352,802) | |||||||
Extensions, discoveries, additions and improved recovery, net of related costs | 8,418,666 | 3,644,041 | 865,066 | |||||||
Development costs incurred | 2,732,560 | 1,435,600 | 1,207,000 | |||||||
Revisions of estimated development cost | (410,741) | (114,464) | 2,092,769 | |||||||
Revisions of previous quantity estimates | (173,084) | 2,460,498 | 1,013,753 | |||||||
Accretion of discount | 1,967,592 | 849,373 | 970,388 | |||||||
Net change in income taxes | (4,965,373) | (1,918,989) | 738,416 | |||||||
Purchases of reserves in place | 116,887 | 30,362 | 377,872 | |||||||
Sales of reserves in place | (35,874) | (76,527) | (375,793) | |||||||
Changes in timing and other | 2,291,471 | 1,733,437 | (748,037) | |||||||
Balance at End of Period | 32,032,652 | 17,756,935 | 8,493,727 | |||||||
United States | Crude Oil [Member] | ||||||||||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ||||||||||
Per unit price used to calculate future cash inflows | 68.54 | 49.21 | 40.70 | |||||||
United States | Natural Gas Liquids [Member] | ||||||||||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ||||||||||
Per unit price used to calculate future cash inflows | 27.83 | 23.51 | 14.69 | |||||||
United States | Natural Gas [Member] | ||||||||||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ||||||||||
Per unit price used to calculate future cash inflows | 2.50 | 1.96 | 1.40 | |||||||
Trinidad | ||||||||||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ||||||||||
Future cash inflows | $ 749,695 | [1] | $ 904,141 | [2] | $ 524,523 | [3] | ||||
Future production costs | (204,444) | (239,213) | (165,757) | |||||||
Future development costs | (78,199) | (84,379) | (103,631) | |||||||
Future income taxes | (174,382) | (195,855) | (60,001) | |||||||
Future net cash flows | 292,670 | 384,694 | 195,134 | |||||||
Discount to present value at 10% annual rate | (26,832) | (52,267) | (9,384) | |||||||
Standardized measure of discounted future net cash flows relating to proved oil and gas reserves | 332,427 | 185,750 | 381,124 | $ 265,838 | $ 332,427 | $ 185,750 | ||||
Increase (Decrease) in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Roll Forward] | ||||||||||
Balance at Beginning of Period | 332,427 | 185,750 | 381,124 | |||||||
Sales and transfers of oil and gas produced, net of production costs | (265,370) | (254,948) | (215,414) | |||||||
Net changes in prices and production costs | 84,353 | 436,969 | (182,876) | |||||||
Extensions, discoveries, additions and improved recovery, net of related costs | 0 | 270,255 | 42,201 | |||||||
Development costs incurred | 0 | 4,700 | 3,900 | |||||||
Revisions of estimated development cost | 4,030 | 9,683 | 22,596 | |||||||
Revisions of previous quantity estimates | 39,608 | (58,373) | 36,648 | |||||||
Accretion of discount | 50,191 | 24,066 | 56,566 | |||||||
Net change in income taxes | 3,844 | (114,575) | 129,622 | |||||||
Purchases of reserves in place | 0 | 0 | 0 | |||||||
Sales of reserves in place | 0 | 0 | 0 | |||||||
Changes in timing and other | 16,755 | (171,100) | (88,617) | |||||||
Balance at End of Period | 265,838 | 332,427 | 185,750 | |||||||
Trinidad | Crude Oil [Member] | ||||||||||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ||||||||||
Per unit price used to calculate future cash inflows | 55.66 | 41.87 | 34.79 | |||||||
Trinidad | Natural Gas [Member] | ||||||||||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ||||||||||
Per unit price used to calculate future cash inflows | 3.06 | 2.76 | 1.76 | |||||||
Other International (1) | ||||||||||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ||||||||||
Future cash inflows | [4] | $ 303,620 | [1] | $ 664,560 | [2] | $ 402,587 | [3] | |||
Future production costs | [4] | (99,024) | (311,383) | (227,293) | ||||||
Future development costs | [4] | (11,900) | (58,543) | (35,602) | ||||||
Future income taxes | [4] | (31,748) | (16,233) | 0 | ||||||
Future net cash flows | [4] | 160,948 | 278,401 | 139,692 | ||||||
Discount to present value at 10% annual rate | [4] | (33,483) | (40,103) | (7,012) | ||||||
Standardized measure of discounted future net cash flows relating to proved oil and gas reserves | [4] | 238,298 | 132,680 | 274,805 | $ 127,465 | $ 238,298 | $ 132,680 | |||
Increase (Decrease) in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Roll Forward] | ||||||||||
Balance at Beginning of Period | [4] | 238,298 | 132,680 | 274,805 | ||||||
Sales and transfers of oil and gas produced, net of production costs | [4] | (52,399) | 36,649 | (2,839) | ||||||
Net changes in prices and production costs | [4] | 21,610 | 77,668 | (143,924) | ||||||
Extensions, discoveries, additions and improved recovery, net of related costs | [4] | 12,287 | 43,952 | 0 | ||||||
Development costs incurred | [4] | 12,600 | 0 | 19,100 | ||||||
Revisions of estimated development cost | [4] | (3,814) | (20,096) | 6,343 | ||||||
Revisions of previous quantity estimates | [4] | 31,750 | 36,146 | 2,619 | ||||||
Accretion of discount | [4] | 24,839 | 13,268 | 27,481 | ||||||
Net change in income taxes | [4] | (11,529) | (10,099) | 0 | ||||||
Purchases of reserves in place | [4] | 0 | 0 | 0 | ||||||
Sales of reserves in place | [4] | 82,058 | 0 | 0 | ||||||
Changes in timing and other | [4] | (64,119) | (71,870) | (50,905) | ||||||
Balance at End of Period | [4] | $ 127,465 | $ 238,298 | $ 132,680 | ||||||
Other International (1) | Crude Oil [Member] | ||||||||||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ||||||||||
Per unit price used to calculate future cash inflows | 61.66 | 50.06 | 39.55 | |||||||
Other International (1) | Natural Gas [Member] | ||||||||||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ||||||||||
Per unit price used to calculate future cash inflows | 4.88 | 5.16 | 4.84 | |||||||
[1] | Estimated crude oil prices used to calculate 2018 future cash inflows for the United States, Trinidad and Other International were $68.54, $55.66 and $61.66, respectively. Estimated NGL price used to calculate 2018 future cash inflows for the United States was $27.83. Estimated natural gas prices used to calculate 2018 future cash inflows for the United States, Trinidad and Other International were $2.50, $3.06 and $4.88, respectively. | |||||||||
[2] | Estimated crude oil prices used to calculate 2017 future cash inflows for the United States, Trinidad and Other International were $49.21, $41.87 and $50.06, respectively. Estimated NGL price used to calculate 2017 future cash inflows for the United States was $23.51. Estimated natural gas prices used to calculate 2017 future cash inflows for the United States, Trinidad and Other International were $1.96, $2.76 and $5.16, respectively. | |||||||||
[3] | Estimated crude oil prices used to calculate 2016 future cash inflows for the United States, Trinidad and Other International were $40.70, $34.79 and $39.55, respectively. Estimated NGL price used to calculate 2016 future cash inflows for the United States was $14.69. Estimated natural gas prices used to calculate 2016 future cash inflows for the United States, Trinidad and Other International were $1.40, $1.76 and $4.84, respectively | |||||||||
[4] | Other International includes EOG's United Kingdom, China, Canada and Argentina operations. The United Kingdom operations were sold in the fourth quarter of 2018. The Argentina operations were sold in the third quarter of 2016. |
Unaudited Quarterly Financial_3
Unaudited Quarterly Financial Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||
Operating Revenues and Other | $ 4,574,536 | $ 4,781,624 | $ 4,238,077 | $ 3,681,162 | $ 3,340,439 | $ 2,644,844 | $ 2,612,472 | $ 2,610,565 | $ 17,275,399 | $ 11,208,320 | $ 7,650,632 | [1] | ||||||||
Operating Income | 1,123,140 | 1,506,687 | 964,931 | 874,588 | 475,912 | 214,836 | 127,908 | 107,746 | 4,469,346 | 926,402 | (1,225,281) | |||||||||
Income (Loss) Before Income Taxes | 1,088,340 | 1,446,363 | 892,936 | 813,359 | 413,353 | 145,980 | 62,467 | 39,382 | ||||||||||||
Income Tax Provision (Benefit) | 195,572 | 255,411 | 196,205 | 174,770 | (2,017,115) | [2] | 45,439 | [2] | 39,414 | [2] | 10,865 | [2] | 821,958 | (1,921,397) | (460,819) | |||||
Net Income (Loss) | $ 892,768 | $ 1,190,952 | $ 696,731 | $ 638,589 | $ 2,430,468 | $ 100,541 | $ 23,053 | $ 28,517 | $ 3,419,040 | $ 2,582,579 | $ (1,096,686) | |||||||||
Net Income (Loss) Per Share | ||||||||||||||||||||
Basic (in dollars per share) | $ 1.55 | [3] | $ 2.06 | [3] | $ 1.21 | [3] | $ 1.11 | [3] | $ 4.22 | [3] | $ 0.17 | [3] | $ 0.04 | [3] | $ 0.05 | [3] | $ 5.93 | $ 4.49 | $ (1.98) | |
Diluted (in dollars per share) | $ 1.54 | [3] | $ 2.05 | [3] | $ 1.20 | [3] | $ 1.10 | [3] | $ 4.20 | [3] | $ 0.17 | [3] | $ 0.04 | [3] | $ 0.05 | [3] | $ 5.89 | $ 4.46 | $ (1.98) | |
Average Number of Common Shares [Abstract] | ||||||||||||||||||||
Basic (in shares) | 577,035 | 577,254 | 576,135 | 575,775 | 575,394 | 574,783 | 574,439 | 573,935 | 576,578 | 574,620 | 553,384 | |||||||||
Diluted (in shares) | 580,288 | 581,559 | 580,375 | 579,726 | 579,203 | 578,736 | 578,483 | 578,593 | 580,441 | 578,693 | 553,384 | |||||||||
Provisional Reduction in the Income Tax Provision | $ 2,200,000 | |||||||||||||||||||
[1] | EOG had sales activity with three significant purchasers in 2016, one totaling $1.2 billion, one totaling $1.1 billion and one totaling $1.0 billion of consolidated Operating Revenues and Other in the United States segment. | |||||||||||||||||||
[2] | Includes an income tax benefit of approximately $2.2 billion for the quarter ended December 31, 2017, primarily due to the enactment of the Tax Cuts and Jobs Act in December 2017. See Note 6 to the Consolidated Financial Statements. | |||||||||||||||||||
[3] | The sum of quarterly net income per share may not agree with total year net income per share as each quarterly computation is based on the weighted average of common shares outstanding. |