Document and Entity Information
Document and Entity Information Document - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 25, 2019 | |
Cover page. | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2019 | |
Document Transition Report | false | |
Entity File Number | 1-9743 | |
Entity Registrant Name | EOG RESOURCES, INC. | |
Entity Central Index Key | 0000821189 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 47-0684736 | |
Entity Address, Address Line One | 1111 Bagby | |
Entity Address, Address Line Two | Sky Lobby 2 | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77002 | |
City Area Code | 713 | |
Local Phone Number | 651-7000 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | EOG | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 581,764,095 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Operating Revenues and Other | ||||
Total | $ 4,303,455 | $ 4,781,624 | $ 13,059,727 | $ 12,700,863 |
Operating Expenses | ||||
Lease and Well | 348,883 | 321,568 | 1,032,455 | 936,236 |
Transportation Costs | 199,365 | 196,027 | 549,988 | 550,781 |
Gathering and Processing Costs | 127,549 | 114,063 | 351,487 | 324,577 |
Exploration Costs | 34,540 | 32,823 | 103,386 | 115,137 |
Dry Hole Costs | 24,138 | 358 | 28,001 | 5,260 |
Impairments | 105,275 | 44,617 | 289,761 | 160,934 |
Marketing Costs | 1,343,293 | 1,326,974 | 4,114,265 | 3,853,827 |
Depreciation, Depletion and Amortization | 953,597 | 918,180 | 2,790,496 | 2,515,445 |
General and Administrative | 135,758 | 111,284 | 364,210 | 310,065 |
Taxes Other Than Income | 203,098 | 209,043 | 600,418 | 582,395 |
Total | 3,475,496 | 3,274,937 | 10,224,467 | 9,354,657 |
Operating Income | 827,959 | 1,506,687 | 2,835,260 | 3,346,206 |
Other Income (Expense), Net | 9,118 | 3,308 | 23,233 | (4,516) |
Income Before Interest Expense and Income Taxes | 837,077 | 1,509,995 | 2,858,493 | 3,341,690 |
Interest Expense | ||||
Interest Expense, Net | 39,620 | 63,632 | 144,434 | 189,032 |
Income Before Income Taxes | 797,457 | 1,446,363 | 2,714,059 | 3,152,658 |
Income Tax Provision | 182,335 | 255,411 | 615,670 | 626,386 |
Net Income | $ 615,122 | $ 1,190,952 | $ 2,098,389 | $ 2,526,272 |
Net Income Per Share | ||||
Basic | $ 1.06 | $ 2.06 | $ 3.63 | $ 4.38 |
Diluted | $ 1.06 | $ 2.05 | $ 3.61 | $ 4.35 |
Average Number of Common Shares | ||||
Basic | 577,839 | 577,254 | 577,498 | 576,431 |
Diluted | 581,271 | 581,559 | 581,190 | 580,442 |
Other Comprehensive Income (Loss) | ||||
Foreign Currency Translation Adjustments | $ 833 | $ (1,952) | $ (2,616) | $ (179) |
Other, Net of Tax | 6 | 6 | 18 | 18 |
Other Comprehensive Income (Loss) | 839 | (1,946) | (2,598) | (161) |
Comprehensive Income | 615,961 | 1,189,006 | 2,095,791 | 2,526,111 |
Crude Oil and Condensate | ||||
Operating Revenues and Other | ||||
Revenues | 2,418,989 | 2,655,278 | 7,148,258 | 7,134,114 |
Natural Gas Liquids | ||||
Operating Revenues and Other | ||||
Revenues | 164,736 | 353,704 | 569,748 | 861,473 |
Natural Gas | ||||
Operating Revenues and Other | ||||
Revenues | 269,625 | 311,713 | 874,489 | 912,324 |
Gains (Losses) on Mark-to-Market Commodity Derivative Contracts | ||||
Operating Revenues and Other | ||||
Revenues | 85,902 | (52,081) | 242,622 | (297,735) |
Gathering, Processing and Marketing | ||||
Operating Revenues and Other | ||||
Revenues | 1,334,450 | 1,360,992 | 4,121,490 | 3,899,250 |
Gains (Losses) on Asset Dispositions, Net | ||||
Operating Revenues and Other | ||||
Revenues | (523) | 115,944 | 3,650 | 94,658 |
Other, Net | ||||
Operating Revenues and Other | ||||
Revenues | $ 30,276 | $ 36,074 | $ 99,470 | $ 96,779 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Current Assets | ||
Cash and Cash Equivalents | $ 1,583,105 | $ 1,555,634 |
Accounts Receivable, Net | 1,927,996 | 1,915,215 |
Inventories | 778,120 | 859,359 |
Assets from Price Risk Management Activities | 122,627 | 23,806 |
Income Taxes Receivable | 135,680 | 427,909 |
Other | 272,203 | 275,467 |
Total | 4,819,731 | 5,057,390 |
Property, Plant and Equipment | ||
Oil and Gas Properties (Successful Efforts Method) | 61,620,033 | 57,330,016 |
Other Property, Plant and Equipment | 4,394,486 | 4,220,665 |
Total Property, Plant and Equipment | 66,014,519 | 61,550,681 |
Less: Accumulated Depreciation, Depletion and Amortization | (35,810,197) | (33,475,162) |
Total Property, Plant and Equipment, Net | 30,204,322 | 28,075,519 |
Deferred Income Taxes | 1,998 | 777 |
Other Assets | 1,516,218 | 800,788 |
Total Assets | 36,542,269 | 33,934,474 |
Current Liabilities | ||
Accounts Payable | 2,395,080 | 2,239,850 |
Accrued Taxes Payable | 302,774 | 214,726 |
Dividends Payable | 166,215 | 126,971 |
Current Portion of Long-Term Debt | 1,014,200 | 913,093 |
Current Portion of Operating Lease Liabilities | 384,348 | 0 |
Other | 211,096 | 233,724 |
Total | 4,473,713 | 3,728,364 |
Long-Term Debt | 4,163,115 | 5,170,169 |
Other Liabilities | 1,858,357 | 1,258,355 |
Deferred Income Taxes | 4,922,804 | 4,413,398 |
Commitments and Contingencies (Note 8) | ||
Stockholders' Equity | ||
Common Stock, $0.01 Par, 1,280,000,000 Shares Authorized and 582,066,483 Shares Issued at September 30, 2019 and 580,408,117 Shares Issued at December 31, 2018 | 205,821 | 205,804 |
Additional Paid in Capital | 5,769,073 | 5,658,794 |
Accumulated Other Comprehensive Loss | (3,689) | (1,358) |
Retained Earnings | 15,179,381 | 13,543,130 |
Common Stock Held in Treasury, 289,903 Shares at September 30, 2019 and 385,042 Shares at December 31, 2018 | (26,306) | (42,182) |
Total Stockholders' Equity | 21,124,280 | 19,364,188 |
Total Liabilities and Stockholders' Equity | $ 36,542,269 | $ 33,934,474 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2019 | Dec. 31, 2018 |
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) | 582,066,483 | 580,408,117 |
Treasury Stock (in shares) | ||
Common Stock Held in Treasury, Shares | 289,903 | 385,042 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash Flows from Operating Activities | ||
Net Income | $ 2,098,389 | $ 2,526,272 |
Items Not Requiring (Providing) Cash | ||
Depreciation, Depletion and Amortization | 2,790,496 | 2,515,445 |
Impairments | 289,761 | 160,934 |
Stock-Based Compensation Expenses | 132,323 | 116,290 |
Deferred Income Taxes | 508,576 | 681,702 |
Gains (Losses) on Asset Dispositions, Net | 3,650 | 94,658 |
Other, Net | 4,155 | 15,314 |
Dry Hole Costs | 28,001 | 5,260 |
Mark-to-Market Commodity Derivative Contracts | ||
Total (Gains) Losses | (242,622) | 297,735 |
Net Cash Received from (Payments for) Settlements of Commodity Derivative Contracts | 139,708 | (180,228) |
Other, Net | 1,215 | 1,652 |
Changes in Components of Working Capital and Other Assets and Liabilities | ||
Accounts Receivable | (5,855) | (553,529) |
Inventories | 55,598 | (286,817) |
Accounts Payable | 134,253 | 537,525 |
Accrued Taxes Payable | 88,047 | (36,891) |
Other Assets | 394,573 | (103,334) |
Other Liabilities | (18,315) | (14,776) |
Changes in Components of Working Capital Associated with Investing and Financing Activities | (38,677) | 95,484 |
Net Cash Provided by Operating Activities | 6,355,976 | 5,683,380 |
Investing Cash Flows | ||
Additions to Oil and Gas Properties | (4,866,882) | (4,571,932) |
Additions to Other Property, Plant and Equipment | (187,350) | (202,384) |
Proceeds from Sales of Assets | 35,409 | 11,582 |
Other Investing Activities | 0 | (19,993) |
Changes in Components of Working Capital Associated with Investing Activities | 38,677 | (95,541) |
Net Cash Used in Investing Activities | (4,980,146) | (4,878,268) |
Financing Cash Flows | ||
Long-Term Debt Repayments | (900,000) | 0 |
Dividends Paid | (420,851) | (311,075) |
Treasury Stock Purchased | (22,238) | (58,558) |
Proceeds from Stock Options Exercised and Employee Stock Purchase Plan | 9,558 | 12,098 |
Debt Issuance Costs | (5,016) | 0 |
Repayment of Finance Lease Liabilities | (9,638) | (5,052) |
Changes in Components of Working Capital Associated with Financing Activities | 0 | 57 |
Net Cash Used in Financing Activities | (1,348,185) | (362,530) |
Effect of Exchange Rate Changes on Cash | (174) | (2,678) |
Increase in Cash and Cash Equivalents | 27,471 | 439,904 |
Cash and Cash Equivalents at Beginning of Period | 1,555,634 | 834,228 |
Cash and Cash Equivalents at End of Period | $ 1,583,105 | $ 1,274,132 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity Statement - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Treasury Stock [Member] |
Balance | $ 16,283,273 | $ 205,788 | $ 5,536,547 | $ (19,297) | $ 10,593,533 | $ (33,298) |
Net Income | 2,526,272 | 0 | 0 | 0 | 2,526,272 | 0 |
Common Stock Issued Under Stock Plans | 0 | 7 | (7) | 0 | 0 | 0 |
Dividends, Common Stock | (341,701) | 0 | 0 | 0 | (341,701) | 0 |
Other Comprehensive Loss | (161) | 0 | 0 | (161) | 0 | 0 |
Change in Treasury Stock - Stock Compensation Plans, Net | (46,460) | 0 | (23,458) | 0 | 0 | (23,002) |
Restricted Stock and Restricted Stock Units, Net | 0 | 8 | (3,421) | 0 | 0 | 3,413 |
Stock-Based Compensation Expenses | 116,290 | 0 | 116,290 | 0 | 0 | 0 |
Treasury Stock Issued as Compensation | 957 | 0 | 308 | 0 | 0 | 649 |
Balance | 17,452,394 | 205,796 | 5,591,643 | (17,512) | 11,714,656 | (42,189) |
Net Income | 1,190,952 | 0 | 0 | 0 | 1,190,952 | 0 |
Common Stock Issued Under Stock Plans | 0 | 2 | (2) | 0 | 0 | 0 |
Dividends, Common Stock | (127,504) | 0 | 0 | 0 | (127,504) | 0 |
Other Comprehensive Loss | (1,946) | 0 | 0 | (1,946) | 0 | 0 |
Change in Treasury Stock - Stock Compensation Plans, Net | (25,584) | 0 | (7,034) | 0 | 0 | (18,550) |
Restricted Stock and Restricted Stock Units, Net | 0 | 5 | (7,548) | 0 | 0 | 7,543 |
Stock-Based Compensation Expenses | 49,001 | 0 | 49,001 | 0 | 0 | 0 |
Treasury Stock Issued as Compensation | 1,157 | 0 | 199 | 0 | 0 | 958 |
Balance | 18,538,470 | 205,803 | 5,626,259 | (19,458) | 12,778,104 | (52,238) |
Cumulative Effect of Adoption of ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220) | 18,538,470 | 205,803 | 5,626,259 | (19,458) | 12,778,104 | (52,238) |
Balance | 19,364,188 | 205,804 | 5,658,794 | (1,358) | 13,543,130 | (42,182) |
Net Income | 2,098,389 | 0 | 0 | 0 | 2,098,389 | 0 |
Common Stock Issued Under Stock Plans | 0 | 0 | 0 | 0 | 0 | 0 |
Dividends, Common Stock | (461,871) | 0 | 0 | 0 | (461,871) | 0 |
Other Comprehensive Loss | (2,598) | 0 | 0 | (2,598) | 0 | 0 |
Change in Treasury Stock - Stock Compensation Plans, Net | (12,576) | 0 | (19,295) | 0 | 0 | 6,719 |
Restricted Stock and Restricted Stock Units, Net | 0 | 17 | (1,886) | 0 | 0 | 1,869 |
Stock-Based Compensation Expenses | 132,323 | 0 | 132,323 | 0 | 0 | |
Treasury Stock Issued as Compensation | 6,425 | 0 | (863) | 0 | 0 | 7,288 |
Balance | 20,630,276 | 205,809 | 5,729,318 | (4,528) | 14,731,609 | (31,932) |
Net Income | 615,122 | 0 | 0 | 0 | 615,122 | 0 |
Common Stock Issued Under Stock Plans | 0 | 0 | 0 | 0 | 0 | 0 |
Dividends, Common Stock | (167,350) | 0 | 0 | 0 | (167,350) | 0 |
Other Comprehensive Loss | 839 | 0 | 0 | 839 | 0 | 0 |
Change in Treasury Stock - Stock Compensation Plans, Net | (12,979) | 0 | (12,220) | 0 | 0 | (759) |
Restricted Stock and Restricted Stock Units, Net | 0 | 12 | (2,270) | 0 | 0 | 2,258 |
Stock-Based Compensation Expenses | 54,670 | 0 | 54,670 | 0 | 0 | 0 |
Treasury Stock Issued as Compensation | 3,702 | 0 | (425) | 0 | 0 | 4,127 |
Balance | 21,124,280 | 205,821 | 5,769,073 | (3,689) | 15,179,381 | (26,306) |
Cumulative Effect of Adoption of ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220) | $ 0 | $ 0 | $ 0 | $ 267 | $ (267) | $ 0 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||||
Common Stock Dividends Declared (in dollars per share) | $ 0.2875 | $ 0.22 | $ 0.795 | $ 0.590 |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies General. The condensed consolidated financial statements of EOG Resources, Inc., together with its subsidiaries (collectively, EOG), included herein have been prepared by management without audit pursuant to the rules and regulations of the United States Securities and Exchange Commission (SEC). Accordingly, they reflect all normal recurring adjustments which are, in the opinion of management, necessary for a fair presentation of the financial results for the interim periods presented. Certain information and notes normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) have been condensed or omitted pursuant to such rules and regulations. However, management believes that the disclosures included either on the face of the financial statements or in these notes are sufficient to make the interim information presented not misleading. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in EOG's Annual Report on Form 10-K for the year ended December 31, 2018 , filed on February 26, 2019 (EOG's 2018 Annual Report). The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The operating results for the three and nine months ended September 30, 2019 , are not necessarily indicative of the results to be expected for the full year. Effective January 1, 2019, EOG adopted the provisions of Accounting Standards Update (ASU) 2016-02, "Leases (Topic 842)" (ASU 2016-02). ASU 2016-02 and other related ASUs require that lessees recognize a right-of-use (ROU) asset and related lease liability, representing the obligation to make lease payments for certain lease transactions, on the Condensed Consolidated Balance Sheets and disclose additional leasing information. EOG elected to adopt ASU 2016-02 and other related ASUs using the modified retrospective approach with a cumulative-effect adjustment to the opening balance of retained earnings as of the effective date. Financial results reported in periods prior to January 1, 2019, are unchanged. Additionally, EOG elected 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 did not elect the practical expedient of hindsight when determining the lease term of existing contracts at the effective date. EOG also elected the practical expedient under ASU 2018-01, "Leases (Topic 842) - Land Easement Practical Expedient for Transition to Topic 842," and did not evaluate existing or expired land easements not previously accounted for as leases prior to the January 1, 2019 effective date. There was no impact to retained earnings upon adoption of ASU 2016-02 and other related ASUs. See Note 14. |
Stock-Based Compensation (Notes
Stock-Based Compensation (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation As more fully discussed in Note 7 to the Consolidated Financial Statements included in EOG's 2018 Annual Report, EOG maintains various stock-based compensation plans. Stock-based compensation expense is included on the Condensed Consolidated Statements of Income and Comprehensive Income based upon the job function of the employees receiving the grants as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Lease and Well $ 13.3 $ 12.9 $ 40.6 $ 37.1 Gathering and Processing Costs 0.3 0.1 0.8 0.3 Exploration Costs 5.2 5.8 18.1 18.4 General and Administrative 35.9 30.2 72.8 60.5 Total $ 54.7 $ 49.0 $ 132.3 $ 116.3 The Amended and Restated EOG Resources, Inc. 2008 Omnibus Equity Compensation Plan (2008 Plan) provides for grants of stock options, stock-settled stock appreciation rights (SARs), restricted stock and restricted stock units, performance units and other stock-based awards. At September 30, 2019 , approximately 7.7 million common shares remained available for grant under the 2008 Plan. EOG's policy is to issue shares related to 2008 Plan grants from previously authorized unissued shares or treasury shares to the extent treasury shares are available. Stock Options and Stock-Settled Stock Appreciation Rights and Employee Stock Purchase Plan . The fair value of stock option grants and SAR grants is estimated using the Hull-White II binomial option pricing model. The fair value of Employee Stock Purchase Plan (ESPP) grants is estimated using the Black-Scholes-Merton model. Stock-based compensation expense related to stock option, SAR and ESPP grants totaled $20.4 million and $21.7 million during the three months ended September 30, 2019 and 2018 , respectively, and $47.8 million and $45.4 million during the nine months ended September 30, 2019 and 2018 , respectively. Weighted average fair values and valuation assumptions used to value stock option, SAR and ESPP grants during the nine -month periods ended September 30, 2019 and 2018 are as follows: Stock Options/SARs ESPP Nine Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Weighted Average Fair Value of Grants $ 19.49 $ 33.49 $ 22.83 $ 25.52 Expected Volatility 32.01 % 28.22 % 34.83 % 24.36 % Risk-Free Interest Rate 1.69 % 2.68 % 2.28 % 1.86 % Dividend Yield 1.39 % 0.72 % 1.04 % 0.64 % Expected Life 5.1 years 5.0 years 0.5 years 0.5 years Expected volatility is based on an equal weighting of historical volatility and implied volatility from traded options in EOG's common stock. The risk-free interest rate is based upon United States Treasury yields in effect at the time of grant. The expected life is based upon historical experience and contractual terms of stock option, SAR and ESPP grants. The following table sets forth stock option and SAR transactions for the nine -month periods ended September 30, 2019 and 2018 (stock options and SARs in thousands): Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 Number of Stock Options/SARs Weighted Average Grant Price Number of Stock Options/SARs Weighted Average Grant Price Outstanding at January 1 8,310 $ 96.90 9,103 $ 83.89 Granted 1,946 75.43 1,884 126.65 Exercised (1) (586 ) 61.19 (2,144 ) 69.62 Forfeited (200 ) 104.89 (167 ) 91.89 Outstanding at September 30 (2) 9,470 $ 94.53 8,676 $ 96.55 Vested or Expected to Vest (3) 9,127 $ 94.51 8,316 $ 96.08 Exercisable at September 30 (4) 5,307 $ 94.08 4,202 $ 85.80 (1) The total intrinsic value of stock options/SARs exercised during the nine months ended September 30, 2019 and 2018 was $13.3 million and $103.7 million , respectively. The intrinsic value is based upon the difference between the market price of EOG's common stock on the date of exercise and the grant price of the stock options/SARs. (2) The total intrinsic value of stock options/SARs outstanding at September 30, 2019 and 2018 was $4.8 million and $269.1 million , respectively. At September 30, 2019 and 2018 , the weighted average remaining contractual life was 4.5 years and 4.8 years , respectively. (3) The total intrinsic value of stock options/SARs vested or expected to vest at September 30, 2019 and 2018 was $4.8 million and $261.9 million , respectively. At September 30, 2019 and 2018 , the weighted average remaining contractual life was 4.5 years and 4.7 years , respectively. (4) The total intrinsic value of stock options/SARs exercisable at September 30, 2019 and 2018 was $4.7 million and $175.5 million , respectively. At September 30, 2019 and 2018 , the weighted average remaining contractual life was 3.3 years and 3.4 years , respectively. At September 30, 2019 , unrecognized compensation expense related to non-vested stock option, SAR and ESPP grants totaled $100.5 million . Such unrecognized expense will be amortized on a straight-line basis over a weighted average period of 2.2 years . Restricted Stock and Restricted Stock Units. Employees may be granted restricted (non-vested) stock and/or restricted stock units without cost to them. Stock-based compensation expense related to restricted stock and restricted stock units totaled $24.7 million and $17.5 million for the three months ended September 30, 2019 and 2018 , respectively, and $71.1 million and $58.8 million for the nine months ended September 30, 2019 and 2018 , respectively. The following table sets forth restricted stock and restricted stock unit transactions for the nine -month periods ended September 30, 2019 and 2018 (shares and units in thousands): Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 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 3,792 $ 96.64 3,905 $ 88.57 Granted 1,728 80.12 792 117.67 Released (1) (732 ) 97.51 (708 ) 77.46 Forfeited (129 ) 97.81 (150 ) 91.36 Outstanding at September 30 (2) 4,659 $ 90.34 3,839 $ 96.52 (1) The total intrinsic value of restricted stock and restricted stock units released during the nine months ended September 30, 2019 and 2018 was $61.2 million and $80.2 million , respectively. The intrinsic value is based upon the closing price of EOG's common stock on the date the restricted stock and restricted stock units are released. (2) The total intrinsic value of restricted stock and restricted stock units outstanding at September 30, 2019 and 2018 was $345.8 million and $489.7 million , respectively. At September 30, 2019 , unrecognized compensation expense related to restricted stock and restricted stock units totaled $227.5 million . Such unrecognized expense will be amortized on a straight-line basis over a weighted average period of 2.0 years . Performance Units. EOG grants performance units annually to its executive officers without cost to them. As more fully discussed in the grant agreements, the performance metric applicable to the performance units is EOG's total shareholder return over a three -year performance period relative to the total shareholder return of a designated group of peer companies (Performance Period). Upon the application of the performance multiple at the completion of the Performance Period, a minimum of 0% and a maximum of 200% of the performance units granted could be outstanding. The fair value of the performance units is estimated using a Monte Carlo simulation. Stock-based compensation expense related to the performance unit grants totaled $9.6 million and $9.8 million for the three months ended September 30, 2019 and 2018 , respectively, and $13.4 million and $12.1 million for the nine months ended September 30, 2019 and 2018 , respectively. The following table sets forth the performance unit transactions for the nine -month periods ended September 30, 2019 and 2018 (units in thousands): Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 Number of Units Weighted Average Price per Grant Date Number of Units Weighted Average Price per Grant Date Outstanding at January 1 539 $ 101.53 502 $ 90.96 Granted 172 75.09 107 127.00 Granted for Performance Multiple (1) 72 69.43 72 101.87 Released (2) (185 ) 94.63 (148 ) 84.43 Forfeited — — — — Outstanding at September 30 (3) 598 (4) $ 92.19 533 $ 101.50 (1) Upon completion of the Performance Period for the performance units granted in 2015 and 2014, a performance multiple of 200% was applied to each of the grants resulting in additional grants of performance units in February 2019 and February 2018, respectively. (2) The total intrinsic value of performance units released during the nine months ended September 30, 2019 and 2018 , was $15.4 million and $17.7 million , respectively. The intrinsic value is based upon the closing price of EOG's common stock on the date the performance units are released. (3) The total intrinsic value of performance units outstanding at September 30, 2019 and 2018 was approximately $44.4 million and $68.0 million , respectively. (4) Upon the application of the relevant performance multiple at the completion of each of the remaining Performance Periods, a minimum of 102 thousand and a maximum of 1,094 thousand performance units could be outstanding. At September 30, 2019 , unrecognized compensation expense related to performance units totaled $10.1 million . Such unrecognized expense will be amortized on a straight-line basis over a weighted average period of 2.2 years . |
Net Income Per Share (Notes)
Net Income Per Share (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | Net Income Per Share The following table sets forth the computation of Net Income Per Share for the three -month and nine -month periods ended September 30, 2019 and 2018 (in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Numerator for Basic and Diluted Earnings Per Share - Net Income $ 615,122 $ 1,190,952 $ 2,098,389 $ 2,526,272 Denominator for Basic Earnings Per Share - Weighted Average Shares 577,839 577,254 577,498 576,431 Potential Dilutive Common Shares - Stock Options/SARs 203 1,432 371 1,317 Restricted Stock/Units and Performance Units 3,229 2,873 3,321 2,694 Denominator for Diluted Earnings Per Share - Adjusted Diluted Weighted Average Shares 581,271 581,559 581,190 580,442 Net Income Per Share Basic $ 1.06 $ 2.06 $ 3.63 $ 4.38 Diluted $ 1.06 $ 2.05 $ 3.61 $ 4.35 The diluted earnings per share calculation excludes stock options and SARs that were anti-dilutive. Shares underlying the excluded stock options and SARs were 6.8 million and 0.5 million shares for the three months ended September 30, 2019 and 2018 , respectively, and were 6.2 million and 0.2 million shares for the nine months ended September 30, 2019 and 2018 , respectively. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information Net cash paid (received) for interest and income taxes was as follows for the nine -month periods ended September 30, 2019 and 2018 (in thousands): Nine Months Ended September 30, 2019 2018 Interest (1) $ 154,852 $ 172,076 Income Taxes, Net of Refunds Received $ (314,689 ) $ 81,059 (1) Net of capitalized interest of $28 million and $18 million for the nine months ended September 30, 2019 and 2018 , respectively. EOG's accrued capital expenditures at September 30, 2019 and 2018 were $568 million and $702 million , respectively. Non-cash investing activities for the nine months ended September 30, 2019 and 2018 , included additions of $85 million and $222 million , respectively, to EOG's oil and gas properties as a result of property exchanges. Non-cash investing activities for the nine months ended September 30, 2018 included additions of $49 million to EOG's other property, plant and equipment primarily in connection with a finance lease transaction in the Permian Basin. Cash paid for leases for the nine months ended September 30, 2019 , is disclosed in Note 14. |
Segment Information (Notes)
Segment Information (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Selected financial information by reportable segment is presented below for the three -month and nine -month periods ended September 30, 2019 and 2018 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Operating Revenues and Other United States $ 4,224,510 $ 4,653,342 $ 12,813,318 $ 12,339,086 Trinidad 64,726 84,648 205,726 247,272 Other International (1) 14,219 43,634 40,683 114,505 Total $ 4,303,455 $ 4,781,624 $ 13,059,727 $ 12,700,863 Operating Income (Loss) United States $ 825,983 $ 1,458,641 $ 2,784,793 $ 3,251,377 Trinidad 8,991 48,988 82,213 117,106 Other International (1) (7,015 ) (942 ) (31,746 ) (22,277 ) Total 827,959 1,506,687 2,835,260 3,346,206 Reconciling Items Other Income (Expense), Net 9,118 3,308 23,233 (4,516 ) Interest Expense, Net (39,620 ) (63,632 ) (144,434 ) (189,032 ) Income Before Income Taxes $ 797,457 $ 1,446,363 $ 2,714,059 $ 3,152,658 (1) Other International primarily consists of EOG's United Kingdom, China and Canada operations. The United Kingdom operations were sold in the fourth quarter of 2018. Total assets by reportable segment are presented below at September 30, 2019 and December 31, 2018 (in thousands): At September 30, 2019 At December 31, 2018 Total Assets United States $ 35,765,137 $ 33,178,733 Trinidad 617,465 629,633 Other International (1) 159,667 126,108 Total $ 36,542,269 $ 33,934,474 (1) |
Asset Retirement Obligations (N
Asset Retirement Obligations (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Asset Retirement Obligation [Abstract] | |
Asset Retirement Obligations | Asset Retirement Obligations The following table presents the reconciliation of the beginning and ending aggregate carrying amounts of short-term and long-term legal obligations associated with the retirement of property, plant and equipment for the nine -month periods ended September 30, 2019 and 2018 (in thousands): Nine Months Ended September 30, 2019 2018 Carrying Amount at January 1 $ 954,377 $ 946,848 Liabilities Incurred 78,025 63,443 Liabilities Settled (1) (52,443 ) (15,319 ) Accretion 31,890 27,306 Revisions 71,145 (39,137 ) Foreign Currency Translations 154 (2,197 ) Carrying Amount at September 30 $ 1,083,148 $ 980,944 Current Portion $ 27,055 $ 18,209 Noncurrent Portion $ 1,056,093 $ 962,735 (1) Includes settlements related to asset sales. The current and noncurrent portions of EOG's asset retirement obligations are included in Current Liabilities - Other and Other Liabilities, respectively, on the Condensed Consolidated Balance Sheets. |
Exploratory Well Costs (Notes)
Exploratory Well Costs (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Capitalized Exploratory Well Costs [Abstract] | |
Exploratory Well Costs | Exploratory Well Costs EOG's net changes in capitalized exploratory well costs for the nine -month period ended September 30, 2019 , are presented below (in thousands): Nine Months Ended September 30, 2019 Balance at January 1 $ 4,121 Additions Pending the Determination of Proved Reserves 48,917 Reclassifications to Proved Properties (6,286 ) Costs Charged to Expense (22,421 ) Balance at September 30 $ 24,331 At September 30, 2019 , all capitalized exploratory well costs had been capitalized for periods of less than one year. |
Commitments and Contingencies (
Commitments and Contingencies (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies There are currently various suits and claims pending against EOG that have arisen in the ordinary course of EOG's business, including contract disputes, personal injury and property damage claims and title disputes. While the ultimate outcome and impact on EOG cannot be predicted, management believes that the resolution of these suits and claims will not, individually or in the aggregate, have a material adverse effect on EOG's consolidated financial position, results of operations or cash flow. EOG records reserves for contingencies when information available indicates that a loss is probable and the amount of the loss can be reasonably estimated. |
Pension and Postretirement Bene
Pension and Postretirement Benefits (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Retirement Benefits [Abstract] | |
Pension and Postretirement Benefits | Pension and Postretirement Benefits EOG has defined contribution pension plans in place for most of its employees in the United States, and a defined benefit pension plan covering certain of its employees in Trinidad. For the nine months ended September 30, 2019 and 2018 , EOG's total costs recognized for these pension plans were $34 million and $30 million |
Long-Term Debt and Common Stock
Long-Term Debt and Common Stock (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Common Stock | Long-Term Debt and Common Stock Long-Term Debt. EOG had no outstanding commercial paper borrowings at September 30, 2019 and December 31, 2018 and did not utilize any such borrowings during the nine months ended September 30, 2019 . During the nine months ended September 30, 2018 , EOG utilized commercial paper borrowings, bearing market interest rates, for various corporate financing purposes. The average borrowings outstanding under the commercial paper program were $11 million during the nine months ended September 30, 2018 . The weighted average interest rate for commercial paper borrowings during the nine months ended September 30, 2018 , was 1.97% . On June 3, 2019, EOG repaid upon maturity the $900 million aggregate principal amount of its 5.625% Senior Notes due 2019. On June 27, 2019, EOG entered into a new $2.0 billion senior unsecured Revolving Credit Agreement (New Facility) with domestic and foreign lenders (Banks). The New Facility replaced EOG’s $2.0 billion senior unsecured Revolving Credit Agreement, dated as of July 21, 2015, with domestic and foreign lenders (2015 Facility), which had a scheduled maturity date of July 21, 2020 and which was terminated by EOG (without penalty), effective as of June 27, 2019, in connection with the completion of the New Facility. The New Facility has a scheduled maturity date of June 27, 2024 , and includes an option for EOG to extend, on up to two occasions, the term for successive one-year periods subject to certain terms and conditions. The New Facility (i) commits the Banks to provide advances up to an aggregate principal amount of $2.0 billion at any one time outstanding, with an option for EOG to request increases in the aggregate commitments to an amount not to exceed $3.0 billion , subject to certain terms and conditions, and (ii) includes a swingline subfacility and a letter of credit subfacility. Advances under the New Facility 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 New Facility) plus an applicable margin. The applicable margin used in connection with interest rates and fees will be based on EOG’s credit rating for its senior unsecured long-term debt at the applicable time. Consistent with the terms of the 2015 Facility, the New Facility contains representations, warranties, covenants and events of default that we believe are customary for investment grade, senior unsecured commercial bank credit agreements, including a financial covenant for the maintenance of a ratio of total debt-to-total capitalization (as such terms are defined in the New Facility) of no greater than 65% . At September 30, 2019, EOG was in compliance with this financial covenant. There were no borrowings or letters of credit outstanding under the 2015 Facility as of (i) December 31, 2018 or (ii) the June 27, 2019 effective date of the closing of the New Facility and termination of the 2015 Facility. Further, at September 30, 2019, there were no borrowings or letters of credit outstanding under the New Facility. The Eurodollar Rate and Base Rate (inclusive of the applicable margin), had there been any amounts borrowed under the New Facility at September 30, 2019, would have been 2.92% and 5.0% , respectively. Common Stock. On May 2, 2019, EOG's Board of Directors increased the quarterly cash dividend on the common stock from the previous $0.22 per share to $0.2875 per share, effective beginning with the dividend paid on July 31, 2019, to stockholders of record as of July 17, 2019. |
Fair Value Measurements (Notes)
Fair Value Measurements (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements As more fully discussed in Note 13 to the Consolidated Financial Statements included in EOG's 2018 Annual Report, certain of EOG's financial and nonfinancial assets and liabilities are reported at fair value on the Condensed Consolidated Balance Sheets. The following table provides fair value measurement information within the fair value hierarchy for certain of EOG's financial assets and liabilities carried at fair value on a recurring basis at September 30, 2019 and December 31, 2018 (in thousands): Fair Value Measurements Using: Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total At September 30, 2019 Financial Assets: Natural Gas Swaps $ — $ 3,629 $ — $ 3,629 Crude Oil Swaps — 119,088 — 119,088 Crude Oil Basis Swaps — 1,162 — 1,162 Natural Gas Basis Swaps — 230 — 230 Financial Liabilities: Crude Oil Basis Swaps $ — $ 1,482 $ — $ 1,482 Natural Gas Basis Swaps — 21 — 21 At December 31, 2018 Financial Assets: Crude Oil Basis Swaps $ — $ 23,806 $ — $ 23,806 The estimated fair value of commodity derivative contracts was based upon forward commodity price curves based on quoted market prices. Commodity derivative contracts were valued by utilizing an independent third-party derivative valuation provider who uses various types of valuation models, as applicable. The initial measurement of asset retirement obligations at fair value is calculated using discounted cash flow techniques and based on internal estimates of future retirement costs associated with property, plant and equipment. Significant Level 3 inputs used in the calculation of asset retirement obligations include plugging costs and reserve lives. A reconciliation of EOG's asset retirement obligations is presented in Note 6. Proved oil and gas properties and other assets with a carrying amount of $472 million were written down to their fair value of $340 million , resulting in pretax impairment charges of $132 million for the nine months ended September 30, 2019 . Included in the $132 million pretax impairment charges are $89 million for a commodity price-related write-down of other assets. EOG utilized average prices per acre from comparable market transactions and estimated discounted cash flows as the basis for determining the fair value of unproved and proved properties, respectively, received in non-cash property exchanges. See Note 4. Fair Value of Debt. At September 30, 2019 and December 31, 2018 , respectively, EOG had outstanding $5,140 million and $6,040 million aggregate principal amount of senior notes, which had estimated fair values at such dates of approximately $5,453 million and $6,027 million , respectively. The estimated fair value of debt was based upon quoted market prices and, where such prices were not available, other observable (Level 2) inputs regarding interest rates available to EOG at the end of each respective period. |
Risk Management Activities (Not
Risk Management Activities (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Risk Management Activities | Risk Management Activities Commodity Price Risk . As more fully discussed in Note 12 to the Consolidated Financial Statements included in EOG's 2018 Annual Report, EOG engages in price risk management activities from time to time. These activities are intended to manage EOG's exposure to fluctuations in commodity prices for crude oil and natural gas. EOG utilizes financial commodity derivative instruments, primarily price swap, option, swaption, collar and basis swap contracts, as a means to manage this price risk. EOG has not designated any of its financial commodity derivative contracts as accounting hedges and, accordingly, accounts for financial commodity derivative contracts using the mark-to-market accounting method. Commodity Derivative Contracts. Prices received by EOG for its crude oil production generally vary from U.S. New York Mercantile Exchange (NYMEX) West Texas Intermediate prices due to adjustments for delivery location (basis) and other factors. EOG has entered into crude oil basis swap contracts in order to fix the differential between pricing in Midland, Texas, and Cushing, Oklahoma (Midland Differential). Presented below is a comprehensive summary of EOG's Midland Differential basis swap contracts for the nine months ended September 30, 2019 . The weighted average price differential expressed in dollars per barrel ($/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) 2019 January 1, 2019 through October 31, 2019 (closed) 20,000 $ 1.075 November 1, 2019 through December 31, 2019 20,000 1.075 EOG has also entered into crude oil basis swap contracts in order to fix the differential between pricing in the U.S. Gulf Coast and Cushing, Oklahoma (Gulf Coast Differential). Presented below is a comprehensive summary of EOG's Gulf Coast Differential basis swap contracts for the nine months ended September 30, 2019 . 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) 2019 January 1, 2019 through October 31, 2019 (closed) 13,000 $ 5.572 November 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 nine months ended September 30, 2019 , with notional volumes expressed in Bbld and prices expressed in $/Bbl. Crude Oil Price Swap Contracts Volume (Bbld) Weighted Average Price ($/Bbl) 2019 April 2019 (closed) 25,000 $ 60.00 May 1, 2019 through September 30, 2019 (closed) 150,000 62.50 October 1, 2019 through December 31, 2019 150,000 62.50 Prices received by EOG for its natural gas production generally vary from NYMEX Henry Hub prices due to adjustments for delivery location (basis) and other factors. EOG has entered into natural gas basis swap contracts in order to fix the differential between pricing in the Rocky Mountain area and NYMEX Henry Hub prices (Rockies Differential). Presented below is a comprehensive summary of EOG's Rockies Differential basis swap contracts for the nine months ended September 30, 2019. The weighted average price differential expressed in dollars per million British thermal units ($/MMBtu) represents the amount of reduction to NYMEX Henry Hub prices for the notional volumes expressed in MMBtu per day (MMBtud) covered by the basis swap contracts. Rockies Differential Basis Swap Contracts Volume (MMBtud) Weighted Average Price Differential ($/MMBtu) 2020 January 1, 2020 through December 31, 2020 14,000 $ 0.55 Presented below is a comprehensive summary of EOG's natural gas price swap contracts for the nine months ended September 30, 2019 , with notional volumes expressed in MMBtud and prices expressed in $/MMBtu. Natural Gas Price Swap Contracts Volume (MMBtud) Weighted Average Price ($/MMBtu) 2019 April 1, 2019 through October 31, 2019 (closed) 250,000 $ 2.90 The following table sets forth the amounts and classification of EOG's outstanding financial derivative instruments at September 30, 2019 and December 31, 2018 . Certain amounts may be presented on a net basis on the Condensed Consolidated Financial Statements when such amounts are with the same counterparty and subject to a master netting arrangement (in thousands): Fair Value at Description Location on Balance Sheet September 30, 2019 December 31, 2018 Asset Derivatives Crude oil and natural gas derivative contracts - Current portion Assets from Price Risk Management Activities (1) $ 122,627 $ 23,806 Liability Derivatives Crude oil and natural gas derivative contracts - Noncurrent portion Other Liabilities $ 21 $ — (1) The current portion of Assets from Price Risk Management Activities consists of gross assets of $124 million , partially offset by gross liabilities of $1 million at September 30, 2019 . Credit Risk. Notional contract amounts are used to express the magnitude of a financial derivative. The amounts potentially subject to credit risk, in the event of nonperformance by the counterparties, are equal to the fair value of such contracts (see Note 11). EOG evaluates its exposure to significant counterparties on an ongoing basis, including that arising from physical and financial transactions. In some instances, EOG renegotiates payment terms and/or requires collateral, parent guarantees or letters of credit to minimize credit risk. All of EOG's derivative instruments are covered by International Swap Dealers Association Master Agreements (ISDAs) with counterparties. The ISDAs may contain provisions that require EOG, if it is the party in a net liability position, to post collateral when the amount of the net liability exceeds the threshold level specified for EOG's then-current credit ratings. In addition, the ISDAs may also provide that as a result of certain circumstances, including certain events that cause EOG's credit ratings to become materially weaker than its then-current ratings, the counterparty may require all outstanding derivatives under the ISDAs to be settled immediately. See Note 11 for the aggregate fair value of all derivative instruments that were in a net asset position at September 30, 2019 and December 31, 2018 . EOG had no collateral posted or held at September 30, 2019 , or at December 31, 2018 . |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Acquisitions and Divestitures | Acquisitions and Divestitures During the nine months ended September 30, 2019 , EOG paid cash for property acquisitions of $311 million in the United States. Additionally, during the nine months ended September 30, 2019 , EOG recognized net gains on asset dispositions of $4 million and received proceeds of approximately $35 million . During the nine months ended September 30, 2018 , EOG recognized net gains on asset dispositions of $95 million , primarily due to non-cash exchanges of unproved leasehold in Texas, New Mexico and Wyoming and received proceeds of approximately $12 million . |
Leases (Notes)
Leases (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Lessee Operating and Finance Leases | Leases In the ordinary course of business, EOG enters into contracts for drilling, fracturing, compression, real estate and other services which contain equipment and other assets and that meet the definition of a lease under ASU 2016-02. The lease term for these contracts, which includes any renewals at EOG's option that are reasonably certain to be exercised, ranges from one month to 30 years. ROU assets and related liabilities are recognized on commencement date on the Condensed Consolidated Balance Sheets based on future lease payments, discounted based on the rate implicit in the contract, if readily determinable, or EOG's incremental borrowing rate commensurate with the lease term of the contract. EOG estimates its incremental borrowing rate based on the approximate rate required to borrow on a collateralized basis. Contracts with lease terms of less than 12 months are not recorded on the Condensed Consolidated Balance Sheets, but instead are disclosed as short-term lease cost. EOG has elected not to separate non-lease components from all leases, excluding those for fracturing services, real estate and salt water disposal, as lease payments under these contracts contain significant non-lease components, such as labor and operating costs. Lease costs are classified by the function of the ROU asset. The lease costs related to exploration and development activities are initially included in the Oil and Gas Properties line on the Condensed Consolidated Balance Sheets and subsequently accounted for in accordance with the Extractive Industries - Oil and Gas Topic of the Accounting Standards Codification. Variable lease cost represents costs incurred above the contractual minimum payments for operating and finance leases. The components of lease cost for the three month and nine month periods ended September 30, 2019 , were as follows (in millions): Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Operating Lease Cost $ 138 $ 391 Finance Lease Cost: Amortization of Lease Assets 3 10 Interest on Lease Liabilities — 1 Variable Lease Cost 39 167 Short-Term Lease Cost 67 295 Total Lease Cost $ 247 $ 864 The following table sets forth the amounts and classification of EOG's outstanding ROU assets and related lease liabilities and supplemental information at September 30, 2019 (in millions, except lease terms and discount rates): Description Location on Balance Sheet Amount Assets Operating Leases Other Assets $ 842 Finance Leases Property, Plant and Equipment, Net (1) 56 Total $ 898 Liabilities Current Operating Leases Current Portion of Operating Lease Liabilities $ 384 Finance Leases Current Portion of Long-Term Debt 15 Long-Term Operating Leases Other Liabilities 485 Finance Leases Long-Term Debt 46 Total $ 930 (1) Finance lease assets are recorded net of accumulated amortization of $57 million at September 30, 2019 . Nine Months Ended September 30, 2019 Weighted Average Remaining Lease Term (in years): Operating Leases 3.2 Finance Leases 4.9 Weighted Average Discount Rate: Operating Leases 3.5 % Finance Leases 3.0 % Cash paid for leases was as follows for the nine months ended September 30, 2019 (in millions): Nine Months Ended September 30, 2019 Repayment of Operating Lease Liabilities Associated with Operating Activities $ 162 Repayment of Operating Lease Liabilities Associated with Investing Activities 225 Repayment of Finance Lease Liabilities 10 Upon adoption of ASU 2016-02 effective January 1, 2019, EOG recognized operating lease ROU assets of $566 million . Non-cash leasing activities for the nine months ended September 30, 2019 , included the addition of $703 million of operating leases. At September 30, 2019 , the future minimum lease payments under non-cancellable leases were as follows (in millions): Operating Leases Finance Leases October 1, 2019 to December 31, 2019 $ 116 $ 3 2020 377 15 2021 198 15 2022 118 12 2023 50 8 2024 and Beyond 64 14 Total Lease Payments 923 67 Less: Discount to Present Value 54 6 Total Lease Liabilities 869 61 Less: Current Portion of Lease Liabilities 384 15 Long-Term Lease Liabilities $ 485 $ 46 At September 30, 2019 , EOG had additional leases of $675 million , of which $24 million , $446 million and $205 million were expected to commence in the remainder of 2019 and in 2020 and 2021, respectively, with lease terms of one month to 10 years . At December 31, 2018 and prior to the adoption of ASU 2016-02 and other related ASUs, the future minimum commitments under non-cancellable leases, including non-lease components and excluding contracts with lease terms of less than 12 months, were as follows (in millions): Operating Leases Finance Leases 2019 $ 380 $ 15 2020 213 15 2021 86 15 2022 39 12 2023 30 8 2024 and Beyond 62 14 Total Lease Payments $ 810 $ 79 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | Stock-based compensation expense is included on the Condensed Consolidated Statements of Income and Comprehensive Income based upon the job function of the employees receiving the grants as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Lease and Well $ 13.3 $ 12.9 $ 40.6 $ 37.1 Gathering and Processing Costs 0.3 0.1 0.8 0.3 Exploration Costs 5.2 5.8 18.1 18.4 General and Administrative 35.9 30.2 72.8 60.5 Total $ 54.7 $ 49.0 $ 132.3 $ 116.3 |
Weighted Average Fair Values and Valuation Assumptions | Weighted average fair values and valuation assumptions used to value stock option, SAR and ESPP grants during the nine -month periods ended September 30, 2019 and 2018 are as follows: Stock Options/SARs ESPP Nine Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Weighted Average Fair Value of Grants $ 19.49 $ 33.49 $ 22.83 $ 25.52 Expected Volatility 32.01 % 28.22 % 34.83 % 24.36 % Risk-Free Interest Rate 1.69 % 2.68 % 2.28 % 1.86 % Dividend Yield 1.39 % 0.72 % 1.04 % 0.64 % Expected Life 5.1 years 5.0 years 0.5 years 0.5 years |
Stock Options and SARs Transactions | The following table sets forth stock option and SAR transactions for the nine -month periods ended September 30, 2019 and 2018 (stock options and SARs in thousands): Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 Number of Stock Options/SARs Weighted Average Grant Price Number of Stock Options/SARs Weighted Average Grant Price Outstanding at January 1 8,310 $ 96.90 9,103 $ 83.89 Granted 1,946 75.43 1,884 126.65 Exercised (1) (586 ) 61.19 (2,144 ) 69.62 Forfeited (200 ) 104.89 (167 ) 91.89 Outstanding at September 30 (2) 9,470 $ 94.53 8,676 $ 96.55 Vested or Expected to Vest (3) 9,127 $ 94.51 8,316 $ 96.08 Exercisable at September 30 (4) 5,307 $ 94.08 4,202 $ 85.80 (1) The total intrinsic value of stock options/SARs exercised during the nine months ended September 30, 2019 and 2018 was $13.3 million and $103.7 million , respectively. The intrinsic value is based upon the difference between the market price of EOG's common stock on the date of exercise and the grant price of the stock options/SARs. (2) The total intrinsic value of stock options/SARs outstanding at September 30, 2019 and 2018 was $4.8 million and $269.1 million , respectively. At September 30, 2019 and 2018 , the weighted average remaining contractual life was 4.5 years and 4.8 years , respectively. (3) The total intrinsic value of stock options/SARs vested or expected to vest at September 30, 2019 and 2018 was $4.8 million and $261.9 million , respectively. At September 30, 2019 and 2018 , the weighted average remaining contractual life was 4.5 years and 4.7 years , respectively. (4) The total intrinsic value of stock options/SARs exercisable at September 30, 2019 and 2018 was $4.7 million and $175.5 million , respectively. At September 30, 2019 and 2018 , the weighted average remaining contractual life was 3.3 years and 3.4 years , respectively. |
Restricted Stock and Restricted Stock Unit Transactions | The following table sets forth restricted stock and restricted stock unit transactions for the nine -month periods ended September 30, 2019 and 2018 (shares and units in thousands): Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 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 3,792 $ 96.64 3,905 $ 88.57 Granted 1,728 80.12 792 117.67 Released (1) (732 ) 97.51 (708 ) 77.46 Forfeited (129 ) 97.81 (150 ) 91.36 Outstanding at September 30 (2) 4,659 $ 90.34 3,839 $ 96.52 (1) The total intrinsic value of restricted stock and restricted stock units released during the nine months ended September 30, 2019 and 2018 was $61.2 million and $80.2 million , respectively. The intrinsic value is based upon the closing price of EOG's common stock on the date the restricted stock and restricted stock units are released. (2) The total intrinsic value of restricted stock and restricted stock units outstanding at September 30, 2019 and 2018 was $345.8 million and $489.7 million , respectively. |
Weighted Average Fair Values and Valuation Assumptions for Performance Award Grants | The following table sets forth the performance unit transactions for the nine -month periods ended September 30, 2019 and 2018 (units in thousands): Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 Number of Units Weighted Average Price per Grant Date Number of Units Weighted Average Price per Grant Date Outstanding at January 1 539 $ 101.53 502 $ 90.96 Granted 172 75.09 107 127.00 Granted for Performance Multiple (1) 72 69.43 72 101.87 Released (2) (185 ) 94.63 (148 ) 84.43 Forfeited — — — — Outstanding at September 30 (3) 598 (4) $ 92.19 533 $ 101.50 (1) Upon completion of the Performance Period for the performance units granted in 2015 and 2014, a performance multiple of 200% was applied to each of the grants resulting in additional grants of performance units in February 2019 and February 2018, respectively. (2) The total intrinsic value of performance units released during the nine months ended September 30, 2019 and 2018 , was $15.4 million and $17.7 million , respectively. The intrinsic value is based upon the closing price of EOG's common stock on the date the performance units are released. (3) The total intrinsic value of performance units outstanding at September 30, 2019 and 2018 was approximately $44.4 million and $68.0 million , respectively. (4) Upon the application of the relevant performance multiple at the completion of each of the remaining Performance Periods, a minimum of 102 thousand and a maximum of 1,094 thousand performance units could be outstanding. |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Computation of Net Income Per Share | The following table sets forth the computation of Net Income Per Share for the three -month and nine -month periods ended September 30, 2019 and 2018 (in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Numerator for Basic and Diluted Earnings Per Share - Net Income $ 615,122 $ 1,190,952 $ 2,098,389 $ 2,526,272 Denominator for Basic Earnings Per Share - Weighted Average Shares 577,839 577,254 577,498 576,431 Potential Dilutive Common Shares - Stock Options/SARs 203 1,432 371 1,317 Restricted Stock/Units and Performance Units 3,229 2,873 3,321 2,694 Denominator for Diluted Earnings Per Share - Adjusted Diluted Weighted Average Shares 581,271 581,559 581,190 580,442 Net Income Per Share Basic $ 1.06 $ 2.06 $ 3.63 $ 4.38 Diluted $ 1.06 $ 2.05 $ 3.61 $ 4.35 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Supplemental Cash Flow Information [Abstract] | |
Net Cash Paid For Interest and Income Taxes | Net cash paid (received) for interest and income taxes was as follows for the nine -month periods ended September 30, 2019 and 2018 (in thousands): Nine Months Ended September 30, 2019 2018 Interest (1) $ 154,852 $ 172,076 Income Taxes, Net of Refunds Received $ (314,689 ) $ 81,059 (1) Net of capitalized interest of $28 million and $18 million for the nine months ended September 30, 2019 and 2018 , respectively. |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Selected Financial Information by Reportable Segment | Selected financial information by reportable segment is presented below for the three -month and nine -month periods ended September 30, 2019 and 2018 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Operating Revenues and Other United States $ 4,224,510 $ 4,653,342 $ 12,813,318 $ 12,339,086 Trinidad 64,726 84,648 205,726 247,272 Other International (1) 14,219 43,634 40,683 114,505 Total $ 4,303,455 $ 4,781,624 $ 13,059,727 $ 12,700,863 Operating Income (Loss) United States $ 825,983 $ 1,458,641 $ 2,784,793 $ 3,251,377 Trinidad 8,991 48,988 82,213 117,106 Other International (1) (7,015 ) (942 ) (31,746 ) (22,277 ) Total 827,959 1,506,687 2,835,260 3,346,206 Reconciling Items Other Income (Expense), Net 9,118 3,308 23,233 (4,516 ) Interest Expense, Net (39,620 ) (63,632 ) (144,434 ) (189,032 ) Income Before Income Taxes $ 797,457 $ 1,446,363 $ 2,714,059 $ 3,152,658 (1) Other International primarily consists of EOG's United Kingdom, China and Canada operations. The United Kingdom operations were sold in the fourth quarter of 2018. |
Assets by Reportable Segment | Total assets by reportable segment are presented below at September 30, 2019 and December 31, 2018 (in thousands): At September 30, 2019 At December 31, 2018 Total Assets United States $ 35,765,137 $ 33,178,733 Trinidad 617,465 629,633 Other International (1) 159,667 126,108 Total $ 36,542,269 $ 33,934,474 (1) |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Asset Retirement Obligation [Abstract] | |
Asset Retirement Obligation Rollforward Analysis | The following table presents the reconciliation of the beginning and ending aggregate carrying amounts of short-term and long-term legal obligations associated with the retirement of property, plant and equipment for the nine -month periods ended September 30, 2019 and 2018 (in thousands): Nine Months Ended September 30, 2019 2018 Carrying Amount at January 1 $ 954,377 $ 946,848 Liabilities Incurred 78,025 63,443 Liabilities Settled (1) (52,443 ) (15,319 ) Accretion 31,890 27,306 Revisions 71,145 (39,137 ) Foreign Currency Translations 154 (2,197 ) Carrying Amount at September 30 $ 1,083,148 $ 980,944 Current Portion $ 27,055 $ 18,209 Noncurrent Portion $ 1,056,093 $ 962,735 (1) Includes settlements related to asset sales. |
Exploratory Well Costs (Tables)
Exploratory Well Costs (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Capitalized Exploratory Well Costs [Abstract] | |
Net Changes In Capitalized Exploratory Well Costs | EOG's net changes in capitalized exploratory well costs for the nine -month period ended September 30, 2019 , are presented below (in thousands): Nine Months Ended September 30, 2019 Balance at January 1 $ 4,121 Additions Pending the Determination of Proved Reserves 48,917 Reclassifications to Proved Properties (6,286 ) Costs Charged to Expense (22,421 ) Balance at September 30 $ 24,331 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Assets and Liabilities Measured On Recurring Basis | The following table provides fair value measurement information within the fair value hierarchy for certain of EOG's financial assets and liabilities carried at fair value on a recurring basis at September 30, 2019 and December 31, 2018 (in thousands): Fair Value Measurements Using: Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total At September 30, 2019 Financial Assets: Natural Gas Swaps $ — $ 3,629 $ — $ 3,629 Crude Oil Swaps — 119,088 — 119,088 Crude Oil Basis Swaps — 1,162 — 1,162 Natural Gas Basis Swaps — 230 — 230 Financial Liabilities: Crude Oil Basis Swaps $ — $ 1,482 $ — $ 1,482 Natural Gas Basis Swaps — 21 — 21 At December 31, 2018 Financial Assets: Crude Oil Basis Swaps $ — $ 23,806 $ — $ 23,806 |
Risk Management Activities (Tab
Risk Management Activities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Derivatives, Fair Value [Line Items] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table sets forth the amounts and classification of EOG's outstanding financial derivative instruments at September 30, 2019 and December 31, 2018 . Certain amounts may be presented on a net basis on the Condensed Consolidated Financial Statements when such amounts are with the same counterparty and subject to a master netting arrangement (in thousands): Fair Value at Description Location on Balance Sheet September 30, 2019 December 31, 2018 Asset Derivatives Crude oil and natural gas derivative contracts - Current portion Assets from Price Risk Management Activities (1) $ 122,627 $ 23,806 Liability Derivatives Crude oil and natural gas derivative contracts - Noncurrent portion Other Liabilities $ 21 $ — (1) The current portion of Assets from Price Risk Management Activities consists of gross assets of $124 million , partially offset by gross liabilities of $1 million at September 30, 2019 . |
Crude Oil | Midland Differential Basis Swaps | |
Derivatives, Fair Value [Line Items] | |
Schedule of Derivative Instruments | Presented below is a comprehensive summary of EOG's Midland Differential basis swap contracts for the nine months ended September 30, 2019 . The weighted average price differential expressed in dollars per barrel ($/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) 2019 January 1, 2019 through October 31, 2019 (closed) 20,000 $ 1.075 November 1, 2019 through December 31, 2019 20,000 1.075 |
Crude Oil | Gulf Coast Differential Basis Swap | |
Derivatives, Fair Value [Line Items] | |
Schedule of Derivative Instruments | Presented below is a comprehensive summary of EOG's Gulf Coast Differential basis swap contracts for the nine months ended September 30, 2019 . 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) 2019 January 1, 2019 through October 31, 2019 (closed) 13,000 $ 5.572 November 1, 2019 through December 31, 2019 13,000 5.572 |
Crude Oil | Price Swaps | |
Derivatives, Fair Value [Line Items] | |
Schedule of Derivative Instruments | Presented below is a comprehensive summary of EOG's crude oil price swap contracts for the nine months ended September 30, 2019 , with notional volumes expressed in Bbld and prices expressed in $/Bbl. Crude Oil Price Swap Contracts Volume (Bbld) Weighted Average Price ($/Bbl) 2019 April 2019 (closed) 25,000 $ 60.00 May 1, 2019 through September 30, 2019 (closed) 150,000 62.50 October 1, 2019 through December 31, 2019 150,000 62.50 |
Natural Gas | Rockies Differential Basis Swap | |
Derivatives, Fair Value [Line Items] | |
Schedule of Derivative Instruments | Presented below is a comprehensive summary of EOG's Rockies Differential basis swap contracts for the nine months ended September 30, 2019. The weighted average price differential expressed in dollars per million British thermal units ($/MMBtu) represents the amount of reduction to NYMEX Henry Hub prices for the notional volumes expressed in MMBtu per day (MMBtud) covered by the basis swap contracts. Rockies Differential Basis Swap Contracts Volume (MMBtud) Weighted Average Price Differential ($/MMBtu) 2020 January 1, 2020 through December 31, 2020 14,000 $ 0.55 |
Natural Gas | Price Swaps | |
Derivatives, Fair Value [Line Items] | |
Schedule of Derivative Instruments | Presented below is a comprehensive summary of EOG's natural gas price swap contracts for the nine months ended September 30, 2019 , with notional volumes expressed in MMBtud and prices expressed in $/MMBtu. Natural Gas Price Swap Contracts Volume (MMBtud) Weighted Average Price ($/MMBtu) 2019 April 1, 2019 through October 31, 2019 (closed) 250,000 $ 2.90 |
Leases (Tables)
Leases (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Leases [Abstract] | ||
Lease Cost | Variable lease cost represents costs incurred above the contractual minimum payments for operating and finance leases. The components of lease cost for the three month and nine month periods ended September 30, 2019 , were as follows (in millions): Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Operating Lease Cost $ 138 $ 391 Finance Lease Cost: Amortization of Lease Assets 3 10 Interest on Lease Liabilities — 1 Variable Lease Cost 39 167 Short-Term Lease Cost 67 295 Total Lease Cost $ 247 $ 864 | |
Outstanding Lease Assets And Lease Liabilities | The following table sets forth the amounts and classification of EOG's outstanding ROU assets and related lease liabilities and supplemental information at September 30, 2019 (in millions, except lease terms and discount rates): Description Location on Balance Sheet Amount Assets Operating Leases Other Assets $ 842 Finance Leases Property, Plant and Equipment, Net (1) 56 Total $ 898 Liabilities Current Operating Leases Current Portion of Operating Lease Liabilities $ 384 Finance Leases Current Portion of Long-Term Debt 15 Long-Term Operating Leases Other Liabilities 485 Finance Leases Long-Term Debt 46 Total $ 930 (1) Finance lease assets are recorded net of accumulated amortization of $57 million at September 30, 2019 . | |
Weighted Average Remaining Lease Term And Discount Rate | Nine Months Ended September 30, 2019 Weighted Average Remaining Lease Term (in years): Operating Leases 3.2 Finance Leases 4.9 Weighted Average Discount Rate: Operating Leases 3.5 % Finance Leases 3.0 % | |
Cash Paid for Leases | Cash paid for leases was as follows for the nine months ended September 30, 2019 (in millions): Nine Months Ended September 30, 2019 Repayment of Operating Lease Liabilities Associated with Operating Activities $ 162 Repayment of Operating Lease Liabilities Associated with Investing Activities 225 Repayment of Finance Lease Liabilities 10 | |
Operating And Finance Non-Cancellable Leases Maturity | At September 30, 2019 , the future minimum lease payments under non-cancellable leases were as follows (in millions): Operating Leases Finance Leases October 1, 2019 to December 31, 2019 $ 116 $ 3 2020 377 15 2021 198 15 2022 118 12 2023 50 8 2024 and Beyond 64 14 Total Lease Payments 923 67 Less: Discount to Present Value 54 6 Total Lease Liabilities 869 61 Less: Current Portion of Lease Liabilities 384 15 Long-Term Lease Liabilities $ 485 $ 46 | |
Prior To Adoption Operating And Finance Non-Cancellable Leases Maturity | At December 31, 2018 and prior to the adoption of ASU 2016-02 and other related ASUs, the future minimum commitments under non-cancellable leases, including non-lease components and excluding contracts with lease terms of less than 12 months, were as follows (in millions): Operating Leases Finance Leases 2019 $ 380 $ 15 2020 213 15 2021 86 15 2022 39 12 2023 30 8 2024 and Beyond 62 14 Total Lease Payments $ 810 $ 79 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||||
Stock Options/SARs and Employee Stock Purchase Plan (ESPP) Disclosures [Line Items] | |||||||
Stock-Based Compensation Expenses | $ 54,670 | $ 49,001 | $ 132,323 | $ 116,290 | |||
Common Shares Available for Grant | 7,700,000 | 7,700,000 | |||||
Unrecognized compensation expense | [1] | $ 100,500 | $ 100,500 | ||||
Weighted average period over which unrecognized compensation expense will be recognized (in years) | 2 years 2 months 12 days | ||||||
Stock Options and SARs | |||||||
Stock Options/SARs and Employee Stock Purchase Plan (ESPP) Disclosures [Line Items] | |||||||
Stock-based compensation expense related to stock options, SAR and ESPP grants | $ 20,400 | $ 21,700 | $ 47,800 | $ 45,400 | |||
Weighted Average Fair Values And Valuation Assumptions Used To Value Stock Option/SARs, ESPP, and Performance Units/Stock Stock-Based Compensation [Abstract] | |||||||
Weighted Average Fair Value of Grants (price per share) | $ 19.49 | $ 33.49 | |||||
Expected Volatility (in hundredths) | 32.01% | 28.22% | |||||
Risk-Free Interest Rate (in hundredths) | 1.69% | 2.68% | |||||
Dividend Yield (in hundredths) | 1.39% | 0.72% | |||||
Expected Life (in years) | 5 years 1 month 6 days | 5 years | |||||
Stock Options and SARs Rollforward [Abstract] | |||||||
Outstanding at January 1 (in shares) | 8,310,000 | 9,103,000 | |||||
Granted (in shares) | 1,946,000 | 1,884,000 | |||||
Exercised (1) (in shares) | [1] | (586,000) | (2,144,000) | ||||
Forfeited (in shares) | (200,000) | (167,000) | |||||
Outstanding at September 30 (2) (in shares) | [2] | 9,470,000 | 8,676,000 | 9,470,000 | 8,676,000 | ||
Stock Options and SARs Vested or Expected to Vest (3) (in shares) | [3] | 9,127,000 | 8,316,000 | 9,127,000 | 8,316,000 | ||
Stock Options and SARs Exercisable at September 30 (4) (in shares) | [4] | 5,307,000 | 4,202,000 | 5,307,000 | 4,202,000 | ||
Intrinsic Value of Stock Options/SARs Exercised | [1] | $ 13,300 | $ 103,700 | ||||
Weighted Average Remaining Contractual Life for Stock Options/SARs Outstanding (in years) | 4 years 6 months | 4 years 9 months 18 days | |||||
Intrinsic Value of Stock Options/SARs Vested or Expected to Vest | [1] | $ 4,800 | $ 261,900 | $ 4,800 | $ 261,900 | ||
Weighted average remaining contractual life for stock options/SARs vested or expected to vest (in years) | 4 years 6 months | 4 years 8 months 12 days | |||||
Aggregate Intrinsic Value for Exercisable Units | [1] | 4,700 | 175,500 | $ 4,700 | $ 175,500 | ||
Weighted average remaining contractual life for exercisable options/SARs (in years) | 3 years 3 months 18 days | 3 years 4 months 24 days | |||||
Weighted Average Grant Price Stock Option and SARs [Rollforward] | |||||||
Intrinsic Value of Stock Options/SARs Outstanding | [1] | $ 4,800 | $ 269,100 | $ 4,800 | $ 269,100 | ||
Outstanding at January 1 (price per share) | $ 96.90 | $ 83.89 | |||||
Granted (price per share) | 75.43 | 126.65 | |||||
Exercised (1) (price per share) | [1] | 61.19 | 69.62 | ||||
Forfeited (price per share) | 104.89 | 91.89 | |||||
Outstanding at September 30 (2) (price per share) | [2] | $ 94.53 | $ 96.55 | 94.53 | 96.55 | ||
Vested or Expected to Vest (3) (price per share) | [3] | 94.51 | 96.08 | 94.51 | 96.08 | ||
Exercisable at September 30 (4) (price per share) | [4] | $ 94.08 | $ 85.80 | 94.08 | 85.80 | ||
ESPP | |||||||
Weighted Average Fair Values And Valuation Assumptions Used To Value Stock Option/SARs, ESPP, and Performance Units/Stock Stock-Based Compensation [Abstract] | |||||||
Weighted Average Fair Value of Grants (price per share) | $ 22.83 | $ 25.52 | |||||
Expected Volatility (in hundredths) | 34.83% | 24.36% | |||||
Risk-Free Interest Rate (in hundredths) | 2.28% | 1.86% | |||||
Dividend Yield (in hundredths) | 1.04% | 0.64% | |||||
Expected Life (in years) | 15 days | 15 days | |||||
Restricted Stock And Restricted Stock Units | |||||||
Stock Options/SARs and Employee Stock Purchase Plan (ESPP) Disclosures [Line Items] | |||||||
Unrecognized compensation expense | [1] | $ 227,500 | $ 227,500 | ||||
Weighted average period over which unrecognized compensation expense will be recognized (in years) | 2 years | ||||||
Intrinsic value released during the year | [1] | $ 61,200 | $ 80,200 | ||||
Aggregate intrinsic value of stock and units outstanding | [1] | 345,800 | $ 489,700 | 345,800 | 489,700 | ||
Restricted Stock/Restricted Stock Units [Roll Forward] | |||||||
Share-Based Compensation Arrangement By Restricted Stock And Restricted Stock Units Compensation Cost | [1] | $ 24,700 | $ 17,500 | $ 71,100 | $ 58,800 | ||
Outstanding at January 1 (in shares) | 3,792,000 | 3,905,000 | |||||
Granted (in shares) | 1,728,000 | 792,000 | |||||
Released (1) (in shares) | [5] | (732,000) | (708,000) | ||||
Forfeited (in shares) | (129,000) | (150,000) | |||||
Outstanding at September 30 (2) (in shares) | [6] | 4,659,000 | 3,839,000 | 4,659,000 | 3,839,000 | ||
Weighted Average Grant Price Restricted Stock and Restricted Stock Units [Roll Forward] | |||||||
Outstanding at January 1 (price per share) | $ 96.64 | $ 88.57 | |||||
Granted (price per share) | 80.12 | 117.67 | |||||
Released (1) (price per share) | [5] | 97.51 | 77.46 | ||||
Forfeited (price per share) | 97.81 | 91.36 | |||||
Outstanding at September 30 (2) (price per share) | [6] | $ 90.34 | $ 96.52 | $ 90.34 | $ 96.52 | ||
Performance Unit | |||||||
Stock Options/SARs and Employee Stock Purchase Plan (ESPP) Disclosures [Line Items] | |||||||
Stock-Based Compensation Expenses | [1] | $ 9,600 | $ 9,800 | $ 13,400 | $ 12,100 | ||
Unrecognized compensation expense | 10,100 | $ 10,100 | |||||
Weighted average period over which unrecognized compensation expense will be recognized (in years) | 2 years 2 months 12 days | ||||||
Intrinsic value released during the year | [1] | $ 15,400 | 17,700 | ||||
Aggregate intrinsic value of stock and units outstanding | $ 44,400 | $ 68,000 | $ 44,400 | $ 68,000 | |||
Restricted Stock/Restricted Stock Units [Roll Forward] | |||||||
Outstanding at January 1 (in shares) | 539 | 502 | |||||
Granted (in shares) | 172 | 107 | |||||
Granted for Performance Multiple (1) | [7] | 72 | 72 | ||||
Released (1) (in shares) | 185 | 148 | |||||
Forfeited (in shares) | 0 | 0 | |||||
Outstanding at September 30 (2) (in shares) | [8] | 598 | [9] | 533 | 598 | [9] | 533 |
Weighted Average Grant Price Restricted Stock and Restricted Stock Units [Roll Forward] | |||||||
Outstanding at January 1 (price per share) | $ 101.53 | $ 90.96 | |||||
Granted (price per share) | 75.09 | 127 | |||||
Granted for Performance Multiple (1) (in dollars per share) | [7] | 69.43 | 101.87 | ||||
Released (1) (price per share) | 94.63 | 84.43 | |||||
Forfeited (price per share) | 0 | 0 | |||||
Outstanding at September 30 (2) (price per share) | [8] | $ 92.19 | $ 101.50 | $ 92.19 | $ 101.50 | ||
Performance Units and Performance Stock Disclosures [Abstract] | |||||||
Performance Period for Performance Units and Shares | 3 years | ||||||
Minimum Performance Multiple at the Completion of the Performance Period | 0.00% | ||||||
Maximum Performance Multiple at the Completion of the Performance Period | 200.00% | 200.00% | |||||
Minimum Performance Units and Stock Allowed to be Outstanding | 102,000 | ||||||
Maximum Performance Units and Stock Allowed to be Outstanding | 1,094,000 | ||||||
Lease and Well | |||||||
Stock Options/SARs and Employee Stock Purchase Plan (ESPP) Disclosures [Line Items] | |||||||
Stock-Based Compensation Expenses | $ 13,300 | $ 12,900 | $ 40,600 | $ 37,100 | |||
Gathering and Processing Costs | |||||||
Stock Options/SARs and Employee Stock Purchase Plan (ESPP) Disclosures [Line Items] | |||||||
Stock-Based Compensation Expenses | 300 | 100 | 800 | 300 | |||
Exploration Costs | |||||||
Stock Options/SARs and Employee Stock Purchase Plan (ESPP) Disclosures [Line Items] | |||||||
Stock-Based Compensation Expenses | 5,200 | 5,800 | 18,100 | 18,400 | |||
General and Administrative | |||||||
Stock Options/SARs and Employee Stock Purchase Plan (ESPP) Disclosures [Line Items] | |||||||
Stock-Based Compensation Expenses | $ 35,900 | $ 30,200 | $ 72,800 | $ 60,500 | |||
[1] | The total intrinsic value of stock options/SARs exercised during the nine months ended September 30, 2019 and 2018 was $13.3 million and $103.7 million , respectively. The intrinsic value is based upon the difference between the market price of EOG's common stock on the date of exercise and the grant price of the stock options/SARs. | ||||||
[2] | The total intrinsic value of stock options/SARs outstanding at September 30, 2019 and 2018 was $4.8 million and $269.1 million , respectively. At September 30, 2019 and 2018 , the weighted average remaining contractual life was 4.5 years and 4.8 years , respectively. | ||||||
[3] | The total intrinsic value of stock options/SARs vested or expected to vest at September 30, 2019 and 2018 was $4.8 million and $261.9 million , respectively. At September 30, 2019 and 2018 , the weighted average remaining contractual life was 4.5 years and 4.7 years , respectively. | ||||||
[4] | The total intrinsic value of stock options/SARs exercisable at September 30, 2019 and 2018 was $4.7 million and $175.5 million , respectively. At September 30, 2019 and 2018 , the weighted average remaining contractual life was 3.3 years and 3.4 years , respectively. | ||||||
[5] | The total intrinsic value of restricted stock and restricted stock units released during the nine months ended September 30, 2019 and 2018 was $61.2 million and $80.2 million , respectively. The intrinsic value is based upon the closing price of EOG's common stock on the date the restricted stock and restricted stock units are released. | ||||||
[6] | The total intrinsic value of restricted stock and restricted stock units outstanding at September 30, 2019 and 2018 was $345.8 million and $489.7 million , respectively. | ||||||
[7] | Upon completion of the Performance Period for the performance units granted in 2015 and 2014, a performance multiple of 200% was applied to each of the grants resulting in additional grants of performance units in February 2019 and February 2018, respectively. | ||||||
[8] | The total intrinsic value of performance units outstanding at September 30, 2019 and 2018 was approximately $44.4 million and $68.0 million , respectively. | ||||||
[9] | The total intrinsic value of performance units released during the nine months ended September 30, 2019 and 2018 , was $15.4 million and $17.7 million , respectively. The intrinsic value is based upon the closing price of EOG's common stock on the date the performance units are released. |
Net Income Per Share (Details)
Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Earnings Per Share, Diluted , By Common Class [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 6,800 | 500 | 6,200 | 200 |
Numerator for Basic and Diluted Earnings Per Share - [Abstract] | ||||
Net Income | $ 615,122 | $ 1,190,952 | $ 2,098,389 | $ 2,526,272 |
Denominator for Basic Earnings Per Share - [Abstract] | ||||
Weighted Average Shares | 577,839 | 577,254 | 577,498 | 576,431 |
Denominator for Diluted Earnings Per Share - [Abstract] | ||||
Adjusted Diluted Weighted Average Shares | 581,271 | 581,559 | 581,190 | 580,442 |
Net Income Per Share | ||||
Basic | $ 1.06 | $ 2.06 | $ 3.63 | $ 4.38 |
Diluted | $ 1.06 | $ 2.05 | $ 3.61 | $ 4.35 |
Stock Options And SARs | ||||
Potential Dilutive Common Shares - [Abstract] | ||||
Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangments | 203 | 1,432 | 371 | 1,317 |
Restricted Stock/Units and Performance Units/Stock [Member] | ||||
Potential Dilutive Common Shares - [Abstract] | ||||
Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangments | 3,229 | 2,873 | 3,321 | 2,694 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | ||
Supplemental Cash Flow Information [Abstract] | |||
Interest (1) | [1] | $ 154,852 | $ 172,076 |
Income Taxes, Net of Refunds Received | (314,689) | 81,059 | |
Interest Costs Capitalized | 28,000 | 18,000 | |
Accrued Capital Expenditures | 568,000 | 702,000 | |
Non-Cash Property Exchanges | $ 85,000 | 222,000 | |
Non-Cash Investing From Other Property, Plant and Equipment | $ 49,000 | ||
[1] | Net of capitalized interest of $28 million and $18 million for the nine months ended September 30, 2019 and 2018 , respectively. |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | ||
Schedule of Segment Reporting Information By Segment [Abstract] | ||||||
Operating Revenues and Other | $ 4,303,455 | $ 4,781,624 | $ 13,059,727 | $ 12,700,863 | ||
Operating Income (Loss) | 827,959 | 1,506,687 | 2,835,260 | 3,346,206 | ||
Other Income, Net | 9,118 | 3,308 | 23,233 | (4,516) | ||
Interest Expense, Net | (39,620) | (63,632) | (144,434) | (189,032) | ||
Income Before Income Taxes | 797,457 | 1,446,363 | 2,714,059 | 3,152,658 | ||
Total Assets | 36,542,269 | 36,542,269 | $ 33,934,474 | |||
United States | ||||||
Schedule of Segment Reporting Information By Segment [Abstract] | ||||||
Operating Revenues and Other | 4,224,510 | 4,653,342 | 12,813,318 | 12,339,086 | ||
Operating Income (Loss) | 825,983 | 1,458,641 | 2,784,793 | 3,251,377 | ||
Total Assets | 35,765,137 | 35,765,137 | 33,178,733 | |||
Trinidad | ||||||
Schedule of Segment Reporting Information By Segment [Abstract] | ||||||
Operating Revenues and Other | 64,726 | 84,648 | 205,726 | 247,272 | ||
Operating Income (Loss) | 8,991 | 48,988 | 82,213 | 117,106 | ||
Total Assets | 617,465 | 617,465 | 629,633 | |||
Other International | ||||||
Schedule of Segment Reporting Information By Segment [Abstract] | ||||||
Operating Revenues and Other | [1] | 14,219 | 43,634 | 40,683 | 114,505 | |
Operating Income (Loss) | [1] | (7,015) | $ (942) | (31,746) | $ (22,277) | |
Total Assets | [1] | $ 159,667 | $ 159,667 | $ 126,108 | ||
[1] | Other International primarily consists of EOG's United Kingdom, China and Canada operations. The United Kingdom operations were sold in the fourth quarter of 2018. |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | ||
Asset Retirement Obligation [Abstract] | |||
Carrying Amount at January 1 | $ 954,377 | $ 946,848 | |
Liabilities Incurred | 78,025 | 63,443 | |
Liabilities Settled (1) | [1] | (52,443) | (15,319) |
Accretion | 31,890 | 27,306 | |
Revisions | 71,145 | (39,137) | |
Foreign Currency Translations | 154 | (2,197) | |
Carrying Amount at September 30 | 1,083,148 | 980,944 | |
Current Portion | 27,055 | 18,209 | |
Noncurrent Portion | $ 1,056,093 | $ 962,735 | |
[1] | Includes settlements related to asset sales. |
Exploratory Well Costs (Details
Exploratory Well Costs (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Capitalized Exploratory Well Costs that are Pending Determination of Proved Reserves [Roll Forward] | |
Balance at January 1 | $ 4,121 |
Additions Pending the Determination of Proved Reserves | 48,917 |
Reclassifications to Proved Properties | (6,286) |
Costs Charged to Expense | (22,421) |
Balance at September 30 | $ 24,331 |
Pension and Postretirement Be_2
Pension and Postretirement Benefits (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Defined Benefit and Defined Contribution Plan Disclosure [Line Items] | ||
Total Pension Plans Costs | $ 34 | $ 30 |
Long-Term Debt and Common Sto_2
Long-Term Debt and Common Stock (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Debt Instrument [Abstract] | ||||
Debt Instrument, Face Amount | $ 900,000,000 | $ 900,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.625% | 5.625% | ||
Dividends Common Stock Declared Per Share | $ 0.22 | |||
Dividends Payable, Amount Per Share After Increase | $ 0.2875 | |||
Commercial Paper [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Borrowings Outstanding | $ 0 | |||
Average Borrowings Outstanding | $ 11,000,000 | |||
Weighted average interest rate (in hundredths) | 1.97% | |||
Uncommitted Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Borrowings Outstanding | $ 0 | |||
Revolving Credit Agreement (New Facility) [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Borrowings Outstanding | 0 | |||
Letters of Credit Outstanding | $ 0 | 0 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,000,000,000 | $ 2,000,000,000 | ||
Line of Credit Facility, Expiration Date | Jun. 27, 2024 | |||
Line Of Credit Facility Increase Additional Borrowings | $ 3,000,000,000 | |||
Maximum Total Debt To Total Capitalization Ratio Allowed Under Financial Covenant | 65.00% | 65.00% | ||
Revolving Credit Agreement 2020 [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Borrowings Outstanding | $ 0 | 0 | ||
Letters of Credit Outstanding | $ 0 | 0 | $ 0 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,000,000,000 | $ 2,000,000,000 | ||
Line of Credit Facility, Expiration Date | Jul. 21, 2020 | |||
Eurodollar [Member] | Revolving Credit Agreement (New Facility) [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Weighted average interest rate (in hundredths) | 2.92% | |||
Base Rate [Member] | Revolving Credit Agreement (New Facility) [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Weighted average interest rate (in hundredths) | 5.00% |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | |
Proved Oil and Gas Properties, Other Property, Plant and Equipment and Other Assets [Abstract] | |||
Proved Oil and Gas Properties and Other Assets Carrying Amount | $ 472,000 | $ 472,000 | |
Proved Oil and Gas Properties and Other Assets Written Down During the Period - Fair value at End of Period | 340,000 | 340,000 | |
Pretax Impairment Charges for Proved Oil and Gas Properties, Other Property, Plant and Equipment and Other Assets | 132,000 | 132,000 | |
Pretax Impairment Charge for a Commodity Price-Related Write-Down of Other Assets | 89,000 | ||
Debt Disclosure [Abstract] | |||
Aggregate Principal Amount of Current and Long-Term Debt | 5,140,000 | 5,140,000 | $ 6,040,000 |
Estimated Fair Value of Debt | 5,453,000 | 5,453,000 | 6,027,000 |
Commodity Contract [Member] | Crude Oil | Price Swaps | |||
Financial Assets: [Abstract] | |||
Assets, Fair Value Disclosure | 119,088 | 119,088 | |
Commodity Contract [Member] | Crude Oil | Price Swaps | Fair Value, Inputs, Level 1 [Member] | |||
Financial Assets: [Abstract] | |||
Assets, Fair Value Disclosure | 0 | 0 | |
Commodity Contract [Member] | Crude Oil | Price Swaps | Fair Value, Inputs, Level 2 [Member] | |||
Financial Assets: [Abstract] | |||
Assets, Fair Value Disclosure | 119,088 | 119,088 | |
Commodity Contract [Member] | Crude Oil | Price Swaps | Fair Value, Inputs, Level 3 [Member] | |||
Financial Assets: [Abstract] | |||
Assets, Fair Value Disclosure | 0 | 0 | |
Commodity Contract [Member] | Crude Oil | Basis Swaps | |||
Financial Assets: [Abstract] | |||
Assets, Fair Value Disclosure | 1,162 | 1,162 | 23,806 |
Financial Liabilities: | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 1,482 | 1,482 | |
Commodity Contract [Member] | Crude Oil | Basis Swaps | Fair Value, Inputs, Level 1 [Member] | |||
Financial Assets: [Abstract] | |||
Assets, Fair Value Disclosure | 0 | 0 | 0 |
Financial Liabilities: | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 | |
Commodity Contract [Member] | Crude Oil | Basis Swaps | Fair Value, Inputs, Level 2 [Member] | |||
Financial Assets: [Abstract] | |||
Assets, Fair Value Disclosure | 1,162 | 1,162 | 23,806 |
Financial Liabilities: | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 1,482 | 1,482 | |
Commodity Contract [Member] | Crude Oil | Basis Swaps | Fair Value, Inputs, Level 3 [Member] | |||
Financial Assets: [Abstract] | |||
Assets, Fair Value Disclosure | 0 | 0 | $ 0 |
Financial Liabilities: | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 | |
Commodity Contract [Member] | Natural Gas | Price Swaps | |||
Financial Assets: [Abstract] | |||
Assets, Fair Value Disclosure | 3,629 | 3,629 | |
Commodity Contract [Member] | Natural Gas | Price Swaps | Fair Value, Inputs, Level 1 [Member] | |||
Financial Assets: [Abstract] | |||
Assets, Fair Value Disclosure | 0 | 0 | |
Commodity Contract [Member] | Natural Gas | Price Swaps | Fair Value, Inputs, Level 2 [Member] | |||
Financial Assets: [Abstract] | |||
Assets, Fair Value Disclosure | 3,629 | 3,629 | |
Commodity Contract [Member] | Natural Gas | Price Swaps | Fair Value, Inputs, Level 3 [Member] | |||
Financial Assets: [Abstract] | |||
Assets, Fair Value Disclosure | 0 | 0 | |
Commodity Contract [Member] | Natural Gas | Basis Swaps | |||
Financial Assets: [Abstract] | |||
Assets, Fair Value Disclosure | 230 | 230 | |
Financial Liabilities: | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 21 | 21 | |
Commodity Contract [Member] | Natural Gas | Basis Swaps | Fair Value, Inputs, Level 1 [Member] | |||
Financial Assets: [Abstract] | |||
Assets, Fair Value Disclosure | 0 | 0 | |
Financial Liabilities: | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 | |
Commodity Contract [Member] | Natural Gas | Basis Swaps | Fair Value, Inputs, Level 2 [Member] | |||
Financial Assets: [Abstract] | |||
Assets, Fair Value Disclosure | 230 | 230 | |
Financial Liabilities: | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 21 | 21 | |
Commodity Contract [Member] | Natural Gas | Basis Swaps | Fair Value, Inputs, Level 3 [Member] | |||
Financial Assets: [Abstract] | |||
Assets, Fair Value Disclosure | 0 | 0 | |
Financial Liabilities: | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 0 | $ 0 |
Risk Management Activities (Det
Risk Management Activities (Details) | 9 Months Ended | ||
Sep. 30, 2019USD ($)MMBTU$ / bbl$ / MMBTUbbl | Dec. 31, 2018USD ($) | ||
Derivatives, Fair Value [Line Items] | |||
Assets from Price Risk Management Activities | $ | $ 122,627,000 | $ 23,806,000 | |
Derivative Collateral [Abstract] | |||
Collateral Had on Derivative | $ | 0 | ||
Collateral Held on Derivative | $ | 0 | ||
Other Liabilities | Price Risk Derivative [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Liabilities from Price Risk Management Activities | $ | 21,000 | 0 | |
Assets From Price Risk Management Activities | |||
Derivatives, Fair Value [Line Items] | |||
Assets from Price Risk Management Activities | $ | 124,000,000 | ||
Liabilities from Price Risk Management Activities | $ | 1,000,000 | ||
Assets From Price Risk Management Activities | Price Risk Derivative [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Assets from Price Risk Management Activities | $ | [1] | $ 122,627,000 | $ 23,806,000 |
Crude Oil | Midland Differential Basis Swaps | Derivative Contracts - January through October (closed) [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Volume (Bbld) | bbl | 20,000 | ||
Derivative, Swap Type, Average Fixed Price | $ / bbl | 1.075 | ||
Crude Oil | Midland Differential Basis Swaps | Derivative Contracts - November through December [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Volume (Bbld) | bbl | 20,000 | ||
Derivative, Swap Type, Average Fixed Price | $ / bbl | 1.075 | ||
Crude Oil | Gulf Coast Differential Basis Swap | Derivative Contracts - January through October (closed) [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Volume (Bbld) | bbl | 13,000 | ||
Derivative, Swap Type, Average Fixed Price | $ / bbl | 5.572 | ||
Crude Oil | Gulf Coast Differential Basis Swap | Derivative Contracts - November through December [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Volume (Bbld) | bbl | 13,000 | ||
Derivative, Swap Type, Average Fixed Price | $ / bbl | 5.572 | ||
Crude Oil | Price Swaps | Derivative Contracts - April (closed) [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Volume (Bbld) | bbl | 25,000 | ||
Derivative, Swap Type, Average Fixed Price | $ / bbl | 60 | ||
Crude Oil | Price Swaps | Derivative Contracts - May through September (closed) [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Volume (Bbld) | bbl | 150,000 | ||
Derivative, Swap Type, Average Fixed Price | $ / bbl | 62.50 | ||
Crude Oil | Price Swaps | Derivative Contracts - October through December [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Volume (Bbld) | bbl | 150,000 | ||
Derivative, Swap Type, Average Fixed Price | $ / bbl | 62.50 | ||
Natural Gas | Rockies Differential Basis Swap | Derivative Contracts Year Two - January through December [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Swap Type, Average Fixed Price | $ / MMBTU | 0.55 | ||
Volume (MMBtud) | MMBTU | 14,000 | ||
Natural Gas | Price Swaps | Derivative Contracts - April through October (closed) [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Swap Type, Average Fixed Price | $ / MMBTU | 2.90 | ||
Volume (MMBtud) | MMBTU | 250,000 | ||
[1] | The current portion of Assets from Price Risk Management Activities consists of gross assets of $124 million , partially offset by gross liabilities of $1 million at September 30, 2019 . |
Acquisitions and Divestitures_2
Acquisitions and Divestitures (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | ||
Proved oil and gas properties carrying amount | $ 311,000 | |
Gains (Losses) on Asset Dispositions, Net | 3,650 | $ 94,658 |
Proceeds on Asset Dispositions | $ 35,409 | $ 11,582 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | ||
Lease Cost [Abstract] | |||||
Operating Lease Cost | $ 138,000 | $ 391,000 | |||
Amortization of Lease Assets | 3,000 | 10,000 | |||
Interest on Lease Liabilities | 0 | 1,000 | |||
Variable Lease Cost | 39,000 | 167,000 | |||
Short-Term Lease Cost | 67,000 | 295,000 | |||
Total Lease Cost | 247,000 | 864,000 | |||
Lease Assets and Liabilities [Abstract] | |||||
Right-of-Use Assets | $ 566,000 | ||||
Total | 898,000 | 898,000 | |||
Current Liabilities | 384,348 | 384,348 | $ 0 | ||
Total | 930,000 | 930,000 | |||
Finance Lease Net of Accumulated Amortization | 35,810,197 | 35,810,197 | 33,475,162 | ||
Cash Flow Operating And Financing Activities [Abstract] | |||||
Operating Leases Non-Cash Leasing Activities | 703,000 | ||||
Operating And Finance Leases Future Minimum Payments [Abstract] | |||||
Operating and Finance Leases Not Yet Commenced | 675,000 | 675,000 | |||
Operating and Finance Leases Liabilities Not Yet Commenced Due in the Remainder of 2019 | 24,000 | 24,000 | |||
Operating and Finance Leases Liabilities Not Yet Commenced Payments Due 2020 | 446,000 | 446,000 | |||
Operating and Finance Leases Liabilities Not Yet Commenced Payments Due 2021 | 205,000 | $ 205,000 | |||
Maximum | |||||
Operating And Finance Leases Future Minimum Payments [Abstract] | |||||
Operating and Finance Leases Not Yet Commenced Lease Term | 10 years | ||||
Operating Leases | |||||
Lease Assets and Liabilities [Abstract] | |||||
Current Liabilities | 384,000 | $ 384,000 | |||
Long-Term Liabilities | $ 485,000 | $ 485,000 | |||
Weighted Average Remaining Lease Term And Discount Rate [Abstract] | |||||
Operating Lease Weighted Average Remaining Lease Term (in years) | 3 years 2 months 12 days | 3 years 2 months 12 days | |||
Operating Lease Weighted Average Discount Rate (%) | 3.50% | 3.50% | |||
Operating And Finance Leases Future Minimum Payments [Abstract] | |||||
October 1, 2019 to December 31, 2019 | $ 116,000 | $ 116,000 | |||
2020 | 377,000 | 377,000 | |||
2021 | 198,000 | 198,000 | |||
2022 | 118,000 | 118,000 | |||
2023 | 50,000 | 50,000 | |||
2024 and Beyond | 64,000 | 64,000 | |||
Total Lease Payments | 923,000 | 923,000 | |||
Less: Discount to Present Value | (54,000) | (54,000) | |||
Total Lease Liabilities | 869,000 | 869,000 | |||
Operating Leases Future Minimum Payments Due [Abstract] | |||||
2019 | 380,000 | ||||
2020 | 213,000 | ||||
2021 | 86,000 | ||||
2022 | 39,000 | ||||
2023 | 30,000 | ||||
2024 and Beyond | 62,000 | ||||
Total Lease Payments | 810,000 | ||||
Operating Leases | Operating Activities | |||||
Cash Flow Operating And Financing Activities [Abstract] | |||||
Repayment of Operating Lease Liabilities | 162,000 | ||||
Operating Leases | Investing Activities | |||||
Cash Flow Operating And Financing Activities [Abstract] | |||||
Repayment of Operating Lease Liabilities | 225,000 | ||||
Finance Leases | |||||
Lease Assets and Liabilities [Abstract] | |||||
Current Liabilities | 15,000 | 15,000 | |||
Long-Term Liabilities | $ 46,000 | $ 46,000 | |||
Weighted Average Remaining Lease Term And Discount Rate [Abstract] | |||||
Finance Lease Weighted Average Remaining Lease Term (in years) | 4 years 10 months 24 days | 4 years 10 months 24 days | |||
Finance Lease Weighted Average Discount Rate (%) | 3.00% | 3.00% | |||
Cash Flow Operating And Financing Activities [Abstract] | |||||
Repayment of Finance Lease Liabilities | $ 10,000 | ||||
Operating And Finance Leases Future Minimum Payments [Abstract] | |||||
October 1, 2019 to December 31, 2019 | $ 3,000 | 3,000 | |||
2020 | 15,000 | 15,000 | |||
2021 | 15,000 | 15,000 | |||
2022 | 12,000 | 12,000 | |||
2023 | 8,000 | 8,000 | |||
2024 and Beyond | 14,000 | 14,000 | |||
Total Lease Payments | 67,000 | 67,000 | |||
Less: Discount to Present Value | 6,000 | 6,000 | |||
Total Lease Liabilities | 61,000 | 61,000 | |||
Finance Leases Future Minimum Payments Due [Abstract] | |||||
2019 | 15,000 | ||||
2020 | 15,000 | ||||
2021 | 15,000 | ||||
2022 | 12,000 | ||||
2023 | 8,000 | ||||
2024 and Beyond | 14,000 | ||||
Total Lease Payments | $ 79,000 | ||||
Other Assets [Member] | Operating Leases | |||||
Lease Assets and Liabilities [Abstract] | |||||
Right-of-Use Assets | 842,000 | 842,000 | |||
Property, Plant and Equipment [Member] | |||||
Lease Assets and Liabilities [Abstract] | |||||
Finance Lease Net of Accumulated Amortization | 57,000 | 57,000 | |||
Property, Plant and Equipment [Member] | Finance Leases | |||||
Lease Assets and Liabilities [Abstract] | |||||
Right-of-Use Assets | [1] | 56,000 | 56,000 | ||
Current Portion of Operating Lease Liabilities [Member] | Operating Leases | |||||
Lease Assets and Liabilities [Abstract] | |||||
Current Liabilities | 384,000 | 384,000 | |||
Current Portion of Long-Term Debt [Member] | Finance Leases | |||||
Lease Assets and Liabilities [Abstract] | |||||
Current Liabilities | 15,000 | 15,000 | |||
Other Liabilities [Member] | Operating Leases | |||||
Lease Assets and Liabilities [Abstract] | |||||
Long-Term Liabilities | 485,000 | 485,000 | |||
Long-term Debt [Member] | Finance Leases | |||||
Lease Assets and Liabilities [Abstract] | |||||
Long-Term Liabilities | $ 46,000 | $ 46,000 | |||
[1] | Finance lease assets are recorded net of accumulated amortization of $57 million at September 30, 2019 . |