Document and Entity Information
Document and Entity Information Document - shares | 6 Months Ended | |
Jun. 30, 2020 | Jul. 30, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2020 | |
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 | 2020 | |
Document Fiscal Period Focus | Q2 | |
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 $0.01 per share | |
Trading Symbol | EOG | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 582,243,561 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Operating Revenues and Other | ||||
Total | $ 1,103,374,000 | $ 4,697,630,000 | $ 5,821,066,000 | $ 8,756,272,000 |
Operating Expenses | ||||
Lease and Well | 245,346,000 | 347,281,000 | 575,005,000 | 683,572,000 |
Transportation Costs | 151,728,000 | 174,101,000 | 360,024,000 | 350,623,000 |
Gathering and Processing Costs | 96,767,000 | 112,643,000 | 225,249,000 | 223,938,000 |
Exploration Costs | 27,283,000 | 32,522,000 | 66,960,000 | 68,846,000 |
Dry Hole Costs | 87,000 | 3,769,000 | 459,000 | 3,863,000 |
Impairments | 305,415,000 | 112,130,000 | 1,878,350,000 | 184,486,000 |
Marketing Costs | 444,444,000 | 1,500,915,000 | 1,553,437,000 | 2,770,972,000 |
Depreciation, Depletion and Amortization | 706,679,000 | 957,304,000 | 1,706,739,000 | 1,836,899,000 |
General and Administrative | 131,855,000 | 121,780,000 | 246,128,000 | 228,452,000 |
Taxes Other Than Income | 80,319,000 | 204,414,000 | 237,679,000 | 397,320,000 |
Total | 2,189,923,000 | 3,566,859,000 | 6,850,030,000 | 6,748,971,000 |
Operating Income (Loss) | (1,086,549,000) | 1,130,771,000 | (1,028,964,000) | 2,007,301,000 |
Other Income (Expense), Net | (4,500,000) | 8,503,000 | 13,608,000 | 14,115,000 |
Income (Loss) Before Interest Expense and Income Taxes | (1,091,049,000) | 1,139,274,000 | (1,015,356,000) | 2,021,416,000 |
Interest Expense | ||||
Interest Expense, Net | 54,213,000 | 49,908,000 | 98,903,000 | 104,814,000 |
Income (Loss) Before Income Taxes | (1,145,262,000) | 1,089,366,000 | (1,114,259,000) | 1,916,602,000 |
Income Tax Provision (Benefit) | (235,878,000) | 241,525,000 | (214,688,000) | 433,335,000 |
Net Income (Loss) | $ (909,384,000) | $ 847,841,000 | $ (899,571,000) | $ 1,483,267,000 |
Net Income (Loss) Per Share | ||||
Basic | $ (1.57) | $ 1.47 | $ (1.55) | $ 2.57 |
Diluted | $ (1.57) | $ 1.46 | $ (1.55) | $ 2.56 |
Average Number of Common Shares | ||||
Basic | 578,719 | 577,460 | 578,581 | 577,333 |
Diluted | 578,719 | 580,247 | 578,581 | 580,204 |
Other Comprehensive Income (Loss) | ||||
Foreign Currency Translation Adjustments | $ (2,831,000) | $ (1,665,000) | $ (1,490,000) | $ (3,449,000) |
Other, Net of Tax | 6,000 | 6,000 | 12,000 | 12,000 |
Other Comprehensive Income (Loss) | (2,825,000) | (1,659,000) | (1,478,000) | (3,437,000) |
Comprehensive Income (Loss) | (912,209,000) | 846,182,000 | (901,049,000) | 1,479,830,000 |
Crude Oil and Condensate | ||||
Operating Revenues and Other | ||||
Revenues | 614,627,000 | 2,528,866,000 | 2,680,125,000 | 4,729,269,000 |
Natural Gas Liquids | ||||
Operating Revenues and Other | ||||
Revenues | 93,909,000 | 186,374,000 | 254,444,000 | 405,012,000 |
Natural Gas | ||||
Operating Revenues and Other | ||||
Revenues | 141,696,000 | 269,892,000 | 351,460,000 | 604,864,000 |
Gains (Losses) on Mark-to-Market Commodity Derivative Contracts | ||||
Operating Revenues and Other | ||||
Revenues | (126,362,000) | 177,300,000 | 1,079,411,000 | 156,720,000 |
Gathering, Processing and Marketing | ||||
Operating Revenues and Other | ||||
Revenues | 362,786,000 | 1,501,386,000 | 1,401,432,000 | 2,787,040,000 |
Gains (Losses) on Asset Dispositions, Net | ||||
Operating Revenues and Other | ||||
Revenues | 13,233,000 | 8,009,000 | 29,693,000 | 4,173,000 |
Other, Net | ||||
Operating Revenues and Other | ||||
Revenues | $ 3,485,000 | $ 25,803,000 | $ 24,501,000 | $ 69,194,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Current Assets | ||
Cash and Cash Equivalents | $ 2,416,501 | $ 2,027,972 |
Accounts Receivable, Net | 943,354 | 2,001,658 |
Inventories | 676,580 | 767,297 |
Assets from Price Risk Management Activities | 207,019 | 1,299 |
Income Taxes Receivable | 196,958 | 151,665 |
Other | 156,979 | 323,448 |
Total | 4,597,391 | 5,273,339 |
Property, Plant and Equipment | ||
Oil and Gas Properties (Successful Efforts Method) | 64,406,245 | 62,830,415 |
Other Property, Plant and Equipment | 4,665,815 | 4,472,246 |
Total Property, Plant and Equipment | 69,072,060 | 67,302,661 |
Less: Accumulated Depreciation, Depletion and Amortization | (39,838,595) | (36,938,066) |
Total Property, Plant and Equipment, Net | 29,233,465 | 30,364,595 |
Deferred Income Tax Assets, Net | 1,846 | 2,363 |
Other Assets | 1,388,969 | 1,484,311 |
Total Assets | 35,221,671 | 37,124,608 |
Current Liabilities | ||
Accounts Payable | 1,281,166 | 2,429,127 |
Accrued Taxes Payable | 193,763 | 254,850 |
Dividends Payable | 217,004 | 166,273 |
Liabilities from Price Risk Management Activities | 0 | 20,194 |
Current Portion of Long-Term Debt | 21,121 | 1,014,524 |
Current Portion of Operating Lease Liabilities | 252,642 | 369,365 |
Other | 188,685 | 232,655 |
Total | 2,154,381 | 4,486,988 |
Long-Term Debt | 5,703,141 | 4,160,919 |
Other Liabilities | 2,138,696 | 1,789,884 |
Deferred Income Tax Liabilities, Net | 4,837,896 | 5,046,101 |
Commitments and Contingencies (Note 8) | ||
Stockholders' Equity | ||
Common Stock, $0.01 Par, 1,280,000,000 Shares Authorized and 582,386,619 Shares Issued at June 30, 2020 and 582,213,016 Shares Issued at December 31, 2019 | 205,824 | 205,822 |
Additional Paid in Capital | 5,886,298 | 5,817,475 |
Accumulated Other Comprehensive Loss | (6,130) | (4,652) |
Retained Earnings | 14,312,493 | 15,648,604 |
Common Stock Held in Treasury, 142,025 Shares at June 30, 2020 and 298,820 Shares at December 31, 2019 | (10,928) | (26,533) |
Total Stockholders' Equity | 20,387,557 | 21,640,716 |
Total Liabilities and Stockholders' Equity | $ 35,221,671 | $ 37,124,608 |
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) | 582,386,619 | 582,213,016 |
Treasury Stock, Shares | 142,025 | 298,820 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash Flows from Operating Activities | ||
Net Income (Loss) | $ (899,571) | $ 1,483,267 |
Items Not Requiring (Providing) Cash | ||
Depreciation, Depletion and Amortization | 1,706,739 | 1,836,899 |
Impairments | 1,878,350 | 184,486 |
Stock-Based Compensation Expenses | 79,643 | 77,653 |
Deferred Income Taxes | (207,692) | 324,294 |
Gains (Losses) on Asset Dispositions, Net | 29,693 | 4,173 |
Other, Net | 171 | 5,439 |
Dry Hole Costs | 459 | 3,863 |
Mark-to-Market Commodity Derivative Contracts | ||
Total Gains | (1,079,411) | (156,720) |
Net Cash Received from Settlements of Commodity Derivative Contracts | 723,761 | 31,290 |
Other, Net | (720) | 1,639 |
Changes in Components of Working Capital and Other Assets and Liabilities | ||
Accounts Receivable | 1,191,457 | (69,746) |
Inventories | 84,575 | (11,259) |
Accounts Payable | (1,184,718) | 126,853 |
Accrued Taxes Payable | (61,087) | 53,280 |
Other Assets | 252,978 | 487,387 |
Other Liabilities | (64,403) | (58,106) |
Changes in Components of Working Capital Associated with Investing and Financing Activities | 282,154 | (22,034) |
Net Cash Provided by Operating Activities | 2,672,992 | 4,294,312 |
Investing Cash Flows | ||
Additions to Oil and Gas Properties | (1,990,033) | (3,446,497) |
Additions to Other Property, Plant and Equipment | (147,366) | (116,881) |
Proceeds from Sales of Assets | 43,368 | 17,642 |
Changes in Components of Working Capital Associated with Investing Activities | (282,154) | 22,056 |
Net Cash Used in Investing Activities | (2,376,185) | (3,523,680) |
Financing Cash Flows | ||
Long-Term Debt Borrowings | 1,483,852 | 0 |
Long-Term Debt Repayments | (1,000,000) | (900,000) |
Dividends Paid | (384,100) | (254,681) |
Treasury Stock Purchased | (5,057) | (8,403) |
Proceeds from Stock Options Exercised and Employee Stock Purchase Plan | 8,614 | 8,695 |
Debt Issuance Costs | (2,635) | (4,902) |
Repayment of Finance Lease Liabilities | (8,445) | (6,403) |
Changes in Components of Working Capital Associated with Financing Activities | 0 | (22) |
Net Cash Provided by (Used in) Financing Activities | 92,229 | (1,165,716) |
Effect of Exchange Rate Changes on Cash | (507) | (65) |
Increase (Decrease) in Cash and Cash Equivalents | 388,529 | (395,149) |
Cash and Cash Equivalents at Beginning of Period | 2,027,972 | 1,555,634 |
Cash and Cash Equivalents at End of Period | $ 2,416,501 | $ 1,160,485 |
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 | $ 19,364,188 | $ 205,804 | $ 5,658,794 | $ (1,358) | $ 13,543,130 | $ (42,182) |
Net Income (Loss) | 1,483,267 | 0 | 0 | 0 | 1,483,267 | 0 |
Common Stock Issued Under Stock Plans | 0 | 0 | 0 | 0 | 0 | 0 |
Dividends, Common Stock | (294,521) | 0 | 0 | 0 | 294,521 | 0 |
Other Comprehensive Loss | (3,437) | 0 | 0 | (3,437) | 0 | 0 |
Change in Treasury Stock - Stock Compensation Plans, Net | 404 | 0 | (7,074) | 0 | 0 | 7,478 |
Restricted Stock and Restricted Stock Units, Net | 0 | 5 | 384 | 0 | 0 | (389) |
Stock-Based Compensation Expenses | 77,653 | 0 | 77,653 | 0 | 0 | 0 |
Treasury Stock Issued as Compensation | 2,722 | 0 | (439) | 0 | 0 | 3,161 |
Cumulative Effect of Adoption of ASU 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220)" | $ 0 | 0 | 0 | 267 | (267) | 0 |
Common Stock Dividends Declared (in dollars per share) | $ 0.5075 | |||||
Balance | $ 19,903,797 | 205,807 | 5,695,197 | (2,869) | 14,050,676 | (45,014) |
Net Income (Loss) | 847,841 | 0 | 0 | 0 | 847,841 | 0 |
Common Stock Issued Under Stock Plans | 0 | 0 | 0 | 0 | 0 | 0 |
Dividends, Common Stock | (166,908) | 0 | 0 | 0 | 166,908 | 0 |
Other Comprehensive Loss | (1,659) | 0 | 0 | (1,659) | 0 | 0 |
Change in Treasury Stock - Stock Compensation Plans, Net | 6,193 | 0 | (5,834) | 0 | 0 | 12,027 |
Restricted Stock and Restricted Stock Units, Net | 0 | 2 | 1,788 | 0 | 0 | (1,790) |
Stock-Based Compensation Expenses | 38,566 | 0 | 38,566 | 0 | 0 | 0 |
Treasury Stock Issued as Compensation | $ 2,446 | 0 | (399) | 0 | 0 | 2,845 |
Common Stock Dividends Declared (in dollars per share) | $ 0.2875 | |||||
Balance | $ 20,630,276 | 205,809 | 5,729,318 | (4,528) | 14,731,609 | (31,932) |
Balance | 21,640,716 | 205,822 | 5,817,475 | (4,652) | 15,648,604 | (26,533) |
Net Income (Loss) | (899,571) | 0 | 0 | 0 | (899,571) | 0 |
Common Stock Issued Under Stock Plans | (14) | 0 | (14) | 0 | 0 | 0 |
Dividends, Common Stock | (436,540) | 0 | 0 | 0 | 436,540 | 0 |
Other Comprehensive Loss | (1,478) | 0 | 0 | (1,478) | 0 | 0 |
Change in Treasury Stock - Stock Compensation Plans, Net | 3,662 | 0 | (7,011) | 0 | 0 | 10,673 |
Restricted Stock and Restricted Stock Units, Net | 0 | 2 | (3,415) | 0 | 0 | 3,413 |
Stock-Based Compensation Expenses | 79,643 | 0 | 79,643 | 0 | 0 | 0 |
Treasury Stock Issued as Compensation | $ 1,139 | 0 | (380) | 0 | 0 | 1,519 |
Common Stock Dividends Declared (in dollars per share) | $ 0.75 | |||||
Balance | $ 21,470,675 | 205,824 | 5,852,821 | (3,305) | 15,440,142 | (24,807) |
Net Income (Loss) | (909,384) | 0 | 0 | 0 | (909,384) | 0 |
Common Stock Issued Under Stock Plans | 0 | 0 | 0 | 0 | 0 | 0 |
Dividends, Common Stock | (218,265) | 0 | 0 | 0 | 218,265 | 0 |
Other Comprehensive Loss | (2,825) | 0 | 0 | (2,825) | 0 | 0 |
Change in Treasury Stock - Stock Compensation Plans, Net | 8,237 | 0 | (6,635) | 0 | 0 | 14,872 |
Restricted Stock and Restricted Stock Units, Net | 0 | 0 | 541 | 0 | 0 | (541) |
Stock-Based Compensation Expenses | 39,571 | 0 | 39,571 | 0 | 0 | 0 |
Treasury Stock Issued as Compensation | $ (452) | 0 | 0 | 0 | 0 | (452) |
Common Stock Dividends Declared (in dollars per share) | $ 0.375 | |||||
Balance | $ 20,387,557 | $ 205,824 | $ 5,886,298 | $ (6,130) | $ 14,312,493 | $ (10,928) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2020 | |
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, 2019, filed on February 27, 2020 (EOG's 2019 Annual Report). The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The operating results for the three and six months ended June 30, 2020, are not necessarily indicative of the results to be expected for the full year. Effective January 1, 2020, EOG adopted the provisions of Accounting Standards Update (ASU) 2016-13, "Measurement of Credit Losses on Financial Instruments" (ASU 2016-13). ASU 2016-13 changes the impairment model for financial assets and certain other instruments by requiring entities to adopt a forward-looking expected loss model that will result in earlier recognition of credit losses. EOG elected to adopt ASU 2016-13 using the modified retrospective approach with a cumulative-effect adjustment to retained earnings as of the effective date. Financial results reported in periods prior to January 1, 2020, are unchanged. EOG assessed its applicable financial assets, which are primarily its accounts receivable from hydrocarbon sales and joint interest billings to third-party companies, including foreign state-owned entities in the oil and gas industry. Based on its assessment and various potential remedies ensuring collection, EOG did not record an impact to retained earnings upon adoption and expects current and future credit losses to be immaterial. EOG continues to monitor the credit risk from third-party companies to determine if expected credit losses may become material. Recently Issued Accounting Standards. In March 2020, the Financial Accounting Standards Board (FASB) issued ASU 2020-04, "Reference Rate Reform (Topic 848)" (ASU 2020-04), which provides optional expedients and exceptions for accounting treatment of contracts which are affected by the anticipated discontinuation of the London InterBank Offered Rate (LIBOR) and other rates resulting from rate reform. Contract terms that are modified due to the replacement of a reference rate are not required to be remeasured or reassessed under relevant accounting standards. Early adoption is permitted. ASU 2020-04 covers certain contracts which reference these rates and that are entered into on or before December 31, 2022. EOG is evaluating the provisions of ASU 2020-04 and has not determined the full impact on its consolidated financial statements and related disclosures related to its $2.0 billion senior unsecured Revolving Credit Agreement. In December 2019, the FASB issued ASU 2019-12, "Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes" (ASU 2019-12), which amends certain aspects of accounting for income taxes. ASU 2019-12 removes specific exceptions within existing U.S. GAAP related to the incremental approach for intraperiod tax allocation and to the general methodology for calculating income taxes in interim periods, among other changes. ASU 2019-12 also requires an entity to reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date, among other requirements. ASU 2019-12 is effective for interim and annual periods beginning after December 15, 2020, and early adoption is permitted. EOG is continuing to evaluate the provisions of ASU 2019-12 and has not determined the full impact on its consolidated financial statements and related disclosures. |
Stock-Based Payments
Stock-Based Payments | 6 Months Ended |
Jun. 30, 2020 | |
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 2019 Annual Report, EOG maintains various stock-based compensation plans. Stock-based compensation expense is included on the Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) based upon the job function of the employees receiving the grants as follows (in millions): Three Months Ended Six Months Ended 2020 2019 2020 2019 Lease and Well $ 15.1 $ 13.6 $ 30.2 $ 27.3 Gathering and Processing Costs 0.4 0.3 0.6 0.5 Exploration Costs 6.8 6.5 14.0 13.0 General and Administrative 17.3 18.2 34.8 36.9 Total $ 39.6 $ 38.6 $ 79.6 $ 77.7 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 June 30, 2020, approximately 7.0 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 $15.0 million and $13.6 million during the three months ended June 30, 2020 and 2019, respectively, and $29.1 million and $27.5 million during the six months ended June 30, 2020 and 2019, respectively. Weighted average fair values and valuation assumptions used to value stock option, SAR and ESPP grants during the six-month periods ended June 30, 2020 and 2019 are as follows: Stock Options/SARs ESPP Six Months Ended Six Months Ended 2020 2019 2020 2019 Weighted Average Fair Value of Grants $ 16.94 $ 25.68 $ 20.80 $ 22.98 Expected Volatility 42.10 % 31.50 % 35.24 % 36.31 % Risk-Free Interest Rate 0.93 % 2.38 % 1.56 % 2.48 % Dividend Yield 1.94 % 0.96 % 1.56 % 0.83 % Expected Life 5.1 years 5.1 years 0.5 years 0.5 years Expected volatility is based on an equal weighting of historical volatility and implied volatility from traded options in EOG's common stock. The risk-free interest rate is based upon United States Treasury yields in effect at the time of grant. The expected life is based upon historical experience and contractual terms of stock option, SAR and ESPP grants. The following table sets forth stock option and SAR transactions for the six-month periods ended June 30, 2020 and 2019 (stock options and SARs in thousands): Six Months Ended Six Months Ended Number of Weighted Number of Weighted Outstanding at January 1 9,395 $ 94.53 8,310 $ 96.90 Granted 16 58.40 32 93.29 Exercised (1) (23) 69.59 (157) 73.39 Forfeited (389) 91.39 (107) 105.47 Outstanding at June 30 (2) 8,999 $ 94.66 8,078 $ 97.23 Vested or Expected to Vest (3) 8,670 $ 94.67 7,741 $ 96.78 Exercisable at June 30 (4) 4,963 $ 94.61 3,905 $ 86.71 (1) The total intrinsic value of stock options/SARs exercised during the six months ended June 30, 2020 and 2019 was $0.4 million and $3.9 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 June 30, 2020 and 2019 was $0.1 million and $45.0 million, respectively. At June 30, 2020 and 2019, the weighted average remaining contractual life was 3.9 years and 4.0 years, respectively. (3) The total intrinsic value of stock options/SARs vested or expected to vest at June 30, 2020 and 2019 was $0.1 million and $44.4 million, respectively. At June 30, 2020 and 2019, the weighted average remaining contractual life was 3.9 years and 3.9 years, respectively. (4) The total intrinsic value of stock options/SARs exercisable at June 30, 2020 and 2019 was zero and $37.1 million, respectively. At June 30, 2020 and 2019, the weighted average remaining contractual life was 2.7 years and 2.5 years, respectively. At June 30, 2020, unrecognized compensation expense related to non-vested stock option, SAR and ESPP grants totaled $61.6 million. Such unrecognized expense will be amortized on a straight-line basis over a weighted average period of 1.5 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 $23.4 million and $23.1 million for the three months ended June 30, 2020 and 2019, respectively, and $48.2 million and $46.4 million for the six months ended June 30, 2020 and 2019, respectively. The following table sets forth restricted stock and restricted stock unit transactions for the six-month periods ended June 30, 2020 and 2019 (shares and units in thousands): Six Months Ended Six Months Ended Number of Weighted Number of Weighted Outstanding at January 1 4,546 $ 90.16 3,792 $ 96.64 Granted 67 51.83 401 96.22 Released (1) (304) 88.58 (395) 93.84 Forfeited (36) 90.61 (68) 98.27 Outstanding at June 30 (2) 4,273 $ 89.67 3,730 $ 96.86 (1) The total intrinsic value of restricted stock and restricted stock units released during the six months ended June 30, 2020 and 2019 was $13.1 million and $35.7 million, respectively. The intrinsic value is based upon the closing price of EOG's common stock on the date the restricted stock and restricted stock units are released. (2) The total intrinsic value of restricted stock and restricted stock units outstanding at June 30, 2020 and 2019 was $216.5 million and $347.5 million, respectively. At June 30, 2020, unrecognized compensation expense related to restricted stock and restricted stock units totaled $154.2 million. Such unrecognized expense will be amortized on a straight-line basis over a weighted average period of 1.4 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 The following table sets forth the performance unit transactions for the six-month periods ended June 30, 2020 and 2019 (units in thousands): Six Months Ended Six Months Ended Number of Weighted Number of Weighted Outstanding at January 1 598 $ 92.19 539 $ 101.53 Granted — — — — Granted for Performance Multiple (1) 66 100.95 72 69.43 Released (2) (121) 104.69 (83) 85.65 Forfeited — — — — Outstanding at June 30 (3) 543 (4) $ 90.48 528 $ 99.64 (1) Upon completion of the Performance Period for the performance units granted in 2016 and 2015, a performance multiple of 150% and 200%, respectively, was applied to each of the grants resulting in additional grants of performance units in February 2020 and February 2019, respectively. (2) The total intrinsic value of performance units released during the six months ended June 30, 2020 and 2019 was $9.0 million and $7.7 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 June 30, 2020 and 2019 was approximately $27.5 million and $49.2 million, respectively. (4) Upon the application of the relevant performance multiple at the completion of each of the remaining Performance Periods, a minimum of 179 and a maximum of 907 performance units could be outstanding. At June 30, 2020, unrecognized compensation expense related to performance units totaled $6.4 million. Such unrecognized expense will be amortized on a straight-line basis over a weighted average period of 1.7 years. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | Net Income (Loss) Per Share The following table sets forth the computation of Net Income (Loss) Per Share for the three-month and six-month periods ended June 30, 2020 and 2019 (in thousands, except per share data): Three Months Ended Six Months Ended 2020 2019 2020 2019 Numerator for Basic and Diluted Earnings Per Share - Net Income (Loss) $ (909,384) $ 847,841 $ (899,571) $ 1,483,267 Denominator for Basic Earnings Per Share - Weighted Average Shares 578,719 577,460 578,581 577,333 Potential Dilutive Common Shares - Stock Options/SARs/ESPP — 434 — 452 Restricted Stock/Units and Performance Units — 2,353 — 2,419 Denominator for Diluted Earnings Per Share - Adjusted Diluted Weighted Average Shares 578,719 580,247 578,581 580,204 Net Income (Loss) Per Share Basic $ (1.57) $ 1.47 $ (1.55) $ 2.57 Diluted $ (1.57) $ 1.46 $ (1.55) $ 2.56 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 6 Months Ended |
Jun. 30, 2020 | |
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 six-month periods ended June 30, 2020 and 2019 (in thousands): Six Months Ended 2020 2019 Interest (1) $ 68,730 $ 108,994 Income Taxes, Net of Refunds Received $ (76,489) $ (331,778) (1) Net of capitalized interest of $17 million and $18 million for the six months ended June 30, 2020 and 2019, respectively. EOG's accrued capital expenditures at June 30, 2020 and 2019 were $246 million and $626 million, respectively. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Selected financial information by reportable segment is presented below for the three-month and six-month periods ended June 30, 2020 and 2019 (in thousands): Three Months Ended Six Months Ended 2020 2019 2020 2019 Operating Revenues and Other United States $ 1,055,673 $ 4,611,789 $ 5,716,408 $ 8,588,808 Trinidad 33,899 71,132 75,542 141,000 Other International (1) 13,802 14,709 29,116 26,464 Total $ 1,103,374 $ 4,697,630 $ 5,821,066 $ 8,756,272 Operating Income (Loss) United States (2) $ (1,079,201) $ 1,107,910 $ (973,795) $ 1,958,810 Trinidad 10,234 34,390 22,897 73,222 Other International (1) (3) (17,582) (11,529) (78,066) (24,731) Total (1,086,549) 1,130,771 (1,028,964) 2,007,301 Reconciling Items Other Income (Expense), Net (4,500) 8,503 13,608 14,115 Interest Expense, Net (54,213) (49,908) (98,903) (104,814) Income (Loss) Before Income Taxes $ (1,145,262) $ 1,089,366 $ (1,114,259) $ 1,916,602 (1) Other International primarily consists of EOG's China and Canada operations. (2) EOG recorded pretax impairment charges of $6 million and $1,462 million for the three and six months ended June 30, 2020, respectively, for proved oil and gas properties, leasehold costs and other assets due to the decline in commodity prices. See Note 11. In addition, EOG recorded pretax impairment charges of $219 million for the three and six months ended June 30, 2020, for sand and crude-by-rail assets. (3) EOG recorded pretax impairment charges of $19 million for the three months ended June 30, 2020, and $79 million for the six months ended June 30, 2020, for proved oil and gas properties and firm commitment contracts related to its decision to exit the Horn River Basin in British Columbia, Canada. Total assets by reportable segment are presented below at June 30, 2020 and December 31, 2019 (in thousands): At At Total Assets United States $ 34,534,344 $ 36,274,942 Trinidad 531,454 705,747 Other International (1) 155,873 143,919 Total $ 35,221,671 $ 37,124,608 |
Asset Retirement Obligations
Asset Retirement Obligations | 6 Months Ended |
Jun. 30, 2020 | |
Asset Retirement Obligation [Abstract] | |
Asset Retirement Obligations | Asset Retirement Obligations The following table presents the reconciliation of the beginning and ending aggregate carrying amounts of short-term and long-term legal obligations associated with the retirement of property, plant and equipment for the six-month periods ended June 30, 2020 and 2019 (in thousands): Six Months Ended 2020 2019 Carrying Amount at January 1 $ 1,110,710 $ 954,377 Liabilities Incurred 16,715 56,490 Liabilities Settled (1) (24,480) (41,650) Accretion 23,153 20,523 Revisions 19,990 8,006 Foreign Currency Translations (223) 219 Carrying Amount at June 30 $ 1,145,865 $ 997,965 Current Portion $ 38,792 $ 27,416 Noncurrent Portion $ 1,107,073 $ 970,549 (1) Includes settlements related to asset sales. The current and noncurrent portions of EOG's asset retirement obligations are included in Current Liabilities - Other and Other Liabilities, respectively, on the Condensed Consolidated Balance Sheets. |
Exploratory Well Costs
Exploratory Well Costs | 6 Months Ended |
Jun. 30, 2020 | |
Capitalized Exploratory Well Costs [Abstract] | |
Exploratory Well Costs | Exploratory Well Costs EOG's net changes in capitalized exploratory well costs for the six-month period ended June 30, 2020, are presented below (in thousands): Six Months Ended Balance at January 1 $ 25,897 Additions Pending the Determination of Proved Reserves 55,669 Reclassifications to Proved Properties (2,178) Costs Charged to Expense (1) (10,988) Balance at June 30 $ 68,400 (1) Includes capitalized exploratory well costs charged to either dry hole costs or impairments. At June 30, 2020, all capitalized exploratory well costs had been capitalized for periods of less than one year. |
Commitment and Contingencies
Commitment and Contingencies | 6 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and ContingenciesThere are currently various suits and claims pending against EOG that have arisen in the ordinary course of EOG's business, including contract disputes, personal injury and property damage claims and title disputes. While the ultimate outcome and impact on EOG cannot be predicted, management believes that the resolution of these suits and claims will not, individually or in the aggregate, have a material adverse effect on EOG's consolidated financial position, results of operations or cash flow. EOG records reserves for contingencies when information available indicates that a loss is probable and the amount of the loss can be reasonably estimated. |
Pension and Postretirement Bene
Pension and Postretirement Benefits | 6 Months Ended |
Jun. 30, 2020 | |
Retirement Benefits [Abstract] | |
Pension and Postretirement Benefits | Pension and Postretirement BenefitsEOG 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 six months ended June 30, 2020 and 2019, EOG's total costs recognized for these pension plans were $20.7 million and $23.0 million, respectively. EOG also has postretirement medical and dental plans in place for eligible employees and their dependents in the United States and Trinidad, the costs of which are not material. |
Long-Term Debt and Common Stock
Long-Term Debt and Common Stock | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Common Stock | Long-Term Debt and Common Stock Long-Term Debt. EOG had no outstanding commercial paper borrowings at June 30, 2020 and December 31, 2019, and did not utilize any commercial paper borrowings during the six months ended June 30, 2020 and 2019. At June 30, 2020, $750 million aggregate principal amount of EOG's 4.100% Senior Notes due 2021 was reclassified as long-term debt as a result of EOG's intent and ability to ultimately replace such amounts with other long-term debt. EOG currently has a $2.0 billion senior unsecured Revolving Credit Agreement (Agreement) with domestic and foreign lenders (Banks). The Agreement has a scheduled maturity date of June 27, 2024, and includes an option for EOG to extend, on up to two occasions, the term for successive one-year periods subject to certain terms and conditions. The Agreement (i) commits the Banks to provide advances up to an aggregate principal amount of $2.0 billion at any one time outstanding, with an option for EOG to request increases in the aggregate commitments to an amount not to exceed $3.0 billion, subject to certain terms and conditions and (ii) includes a swingline subfacility and a letter of credit subfacility. Advances under the Agreement will accrue interest based, at EOG's option, on either LIBOR plus an applicable margin (Eurodollar rate) or the base rate (as defined in the Agreement) plus an applicable margin. The Agreement contains representations, warranties, covenants and events of default that EOG believes are customary for investment-grade, senior unsecured commercial bank credit agreements, including a financial covenant for the maintenance of a ratio of total debt-to-total capitalization (as such terms are defined in the Agreement) of no greater than 65%. At June 30, 2020, EOG was in compliance with this financial covenant. At June 30, 2020 and December 31, 2019, there were no borrowings or letters of credit outstanding under the Agreement. The Eurodollar rate and base rate (inclusive of the applicable margin), had there been any amounts borrowed under the Agreement at June 30, 2020, would have been 1.06% and 3.25%, respectively. On April 1, 2020, EOG repaid upon maturity the $500 million aggregate principal amount of its 2.45% Senior Notes due 2020. On April 14, 2020, EOG closed on its offering of $750 million aggregate principal amount of its 4.375% Senior Notes due 2030 and $750 million aggregate principal amount of its 4.950% Senior Notes due 2050 (together, the Notes). Interest on the Notes is payable semi-annually in arrears on April 15 and October 15 of each year, beginning on October 15, 2020. EOG received net proceeds of approximately $1.48 billion from the issuance of the Notes, which were used to repay the 4.40% Senior Notes due 2020 when they matured on June 1, 2020 (see below), and have also been used (and will continue to be used) for general corporate purposes, including the funding of capital expenditures. On June 1, 2020, EOG repaid upon maturity the $500 million aggregate principal amount of its 4.40% Senior Notes due 2020. Common Stock. On February 27, 2020, EOG's Board of Directors increased the quarterly cash dividend on the common stock from the previous $0.2875 per share to $0.375 per share, effective beginning with the dividend paid on April 30, 2020, to stockholders of record as of April 16, 2020. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Recurring Fair Value Measurements. As more fully discussed in Note 13 to the Consolidated Financial Statements included in EOG's 2019 Annual Report, certain of EOG's financial and nonfinancial assets and liabilities are reported at fair value on the Condensed Consolidated Balance Sheets. The following table provides fair value measurement information within the fair value hierarchy for certain of EOG's financial assets and liabilities carried at fair value on a recurring basis at June 30, 2020 and December 31, 2019 (in thousands): Fair Value Measurements Using: Quoted Significant Significant Total At June 30, 2020 Financial Assets: (1) Crude Oil Swaps $ — $ 224,256 $ — $ 224,256 Crude Oil Roll Differential Swaps — 2,396 — 2,396 Natural Gas Liquids Swaps — 7,064 — 7,064 Natural Gas Collars — 4,338 — 4,338 Natural Gas Swaps — 2,533 — 2,533 Natural Gas Basis Swaps — 6 — 6 Financial Liabilities: Crude Oil Roll Differential Swaps $ — $ 16,855 $ — $ 16,855 Natural Gas Basis Swaps — 10,671 — 10,671 Natural Gas Liquids Swaps — 166 — 166 Natural Gas Collars — 4,313 — 4,313 At December 31, 2019 Financial Assets: (1) Natural Gas Liquids Swaps $ — $ 3,401 $ — $ 3,401 Natural Gas Basis Swaps — 970 — 970 Financial Liabilities: (2) Crude Oil Swaps $ — $ 23,266 $ — $ 23,266 (1) $207 million and $1 million are included in "Current Assets - Assets from Price Risk Management Activities" at June 30, 2020 and December 31, 2019, respectively, on the Condensed Consolidated Balance Sheets. $2 million is included in "Other Assets" at June 30, 2020, on the Condensed Consolidated Balance Sheets. (2) $20 million is included in "Current Liabilities - Liabilities from Price Risk Management Activities" at December 31, 2019, on the Condensed Consolidated Balance Sheets. 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. Non-Recurring Fair Value Measurements. The initial measurement of asset retirement obligations at fair value is calculated using discounted cash flow techniques and based on internal estimates of future retirement costs associated with property, plant and equipment. Significant Level 3 inputs used in the calculation of asset retirement obligations include plugging costs and reserve lives. A reconciliation of EOG's asset retirement obligations is presented in Note 6. When circumstances indicate that proved oil and gas properties may be impaired, EOG compares expected undiscounted future cash flows at a depreciation, depletion and amortization group level to the unamortized capitalized cost of the asset. If the expected undiscounted future cash flows, based on EOG's estimate of (and assumptions regarding) future crude oil and natural gas prices, operating costs, development expenditures, anticipated production from proved reserves and other relevant data, are lower than the unamortized capitalized cost, the capitalized cost is reduced to fair value. Fair value is generally calculated using the Income Approach described in the Fair Value Measurement Topic of the ASC. In certain instances, EOG utilizes accepted offers from third-party purchasers as the basis for determining fair value. During the first half of 2020, due to the decline in commodity prices, proved oil and gas properties with a carrying amount of $1,424 million were written down to their fair value of $264 million, resulting in pretax impairment charges of $1,160 million for the six months ended June 30, 2020. In addition, EOG recorded pretax impairment charges of $72 million for the six months ended June 30, 2020, 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 Disclosures. EOG's financial instruments, other than commodity derivative contracts, consist of cash and cash equivalents, accounts receivable, accounts payable and current and long-term debt. The carrying values of cash and cash equivalents, accounts receivable and accounts payable approximate fair value. At June 30, 2020 and December 31, 2019, respectively, EOG had outstanding $5,640 million and $5,140 million aggregate principal amount of senior notes, which had estimated fair values at such dates of approximately $6,416 million and $5,452 million, respectively. The estimated fair value of debt was based upon quoted market prices and, where such prices were not available, other observable (Level 2) inputs regarding interest rates available to EOG at the end of each respective period. |
Risk Management Activities
Risk Management Activities | 6 Months Ended |
Jun. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Risk Management Activities | Risk Management Activities Commodity Price Risk . As more fully discussed in Note 12 to the Consolidated Financial Statements included in EOG's 2019 Annual Report, EOG engages in price risk management activities from time to time. These activities are intended to manage EOG's exposure to fluctuations in commodity prices for crude oil, NGLs and natural gas. EOG utilizes financial commodity derivative instruments, primarily price swap, option, swaption, collar and basis swap contracts, as a means to manage this price risk. EOG has not designated any of its financial commodity derivative contracts as accounting hedges and, accordingly, accounts for financial commodity derivative contracts using the mark-to-market accounting method. Crude Oil Derivative Contracts. Prices received by EOG for its crude oil production generally vary from U.S. New York Mercantile Exchange (NYMEX) West Texas Intermediate (WTI) prices due to adjustments for delivery location (basis) and other factors. EOG has entered into crude oil basis swap contracts in order to fix the differential between Intercontinental Exchange (ICE) Brent pricing and pricing in Cushing, Oklahoma (ICE Brent Differential). Presented below is a comprehensive summary of EOG's ICE Brent Differential basis swap contracts as of June 30, 2020. The weighted average price differential expressed in dollars per barrel ($/Bbl) represents the amount of addition to Cushing, Oklahoma, prices for the notional volumes expressed in barrels per day (Bbld) covered by the basis swap contracts. ICE Brent Differential Basis Swap Contracts Volume (Bbld) Weighted Average Price Differential 2020 May 2020 (closed) 10,000 $ 4.92 EOG has also entered into crude oil basis swap contracts in order to fix the differential between pricing in Houston, Texas, and Cushing, Oklahoma (Houston Differential). Presented below is a comprehensive summary of EOG's Houston Differential basis swap contracts as of June 30, 2020. 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. Houston Differential Basis Swap Contracts Volume (Bbld) Weighted Average Price Differential 2020 May 2020 (closed) 10,000 $ 1.55 EOG has also entered into crude oil swaps in order to fix the differential in pricing between the NYMEX calendar month average and the physical crude oil delivery month (Roll Differential). Presented below is a comprehensive summary of EOG's Roll Differential swap contracts as of June 30, 2020. The weighted average price differential expressed in $/Bbl represents the amount of net addition (reduction) to delivery month prices for the notional volumes expressed in Bbld covered by the swap contracts. Roll Differential Swap Contracts Volume (Bbld) Weighted Average Price Differential 2020 February 1, 2020 through June 30, 2020 (closed) 10,000 $ 0.70 July 2020 (closed) 88,000 (1.16) August 1, 2020 through September 30, 2020 88,000 (1.16) October 1, 2020 through December 31, 2020 66,000 (1.16) In May 2020, EOG entered into crude oil Roll Differential swap contracts for the period from July 1, 2020 through September 30, 2020, with notional volumes of 22,000 Bbld at a weighted average price differential of $(0.43) per Bbl, and for the period from October 1, 2020 through December 31, 2020, with notional volumes of 44,000 Bbld at a weighted average price differential of $(0.73) per Bbl. These contracts partially offset certain outstanding Roll Differential swap contracts for the same time periods and volumes at a weighted average price differential of $(1.16) per Bbl. EOG expects to pay net cash of $3.2 million for the settlement of these contracts. The offsetting contracts were excluded from the above table. Presented below is a comprehensive summary of EOG's crude oil NYMEX WTI price swap contracts as of June 30, 2020, with notional volumes expressed in Bbld and prices expressed in $/Bbl. Crude Oil NYMEX WTI Price Swap Contracts Volume (Bbld) Weighted Average Price ($/Bbl) 2020 January 1, 2020 through March 31, 2020 (closed) 200,000 $ 59.33 April 1, 2020 through May 31, 2020 (closed) 265,000 51.36 In April and May 2020, EOG entered into crude oil NYMEX WTI price swap contracts for the period from June 1, 2020 through June 30, 2020, with notional volumes of 265,000 Bbld at a weighted average price of $33.80 per Bbl, for the period from July 1, 2020 through July 31, 2020, with notional volumes of 254,000 Bbld at a weighted average price of $33.75 per Bbl, for the period from August 1, 2020 through September 30, 2020, with notional volumes of 154,000 Bbld at a weighted average price of $34.18 per Bbl and for the period from October 1, 2020 through December 31, 2020, with notional volumes of 47,000 Bbld at a weighted average price of $30.04 per Bbl. These contracts offset the remaining NYMEX WTI price swap contracts for the same time periods and volumes at a weighted average price of $51.36 per Bbl for the period from June 1, 2020 through June 30, 2020, $42.36 per Bbl for the period from July 1, 2020 through July 31, 2020, $50.42 per Bbl for the period from August 1, 2020 through September 30, 2020 and $31.00 per Bbl for the period from October 1, 2020 through December 31, 2020. EOG expects to receive net cash of $364.0 million for the settlement of these contracts. The offsetting contracts were excluded from the above table. Presented below is a comprehensive summary of EOG's crude oil ICE Brent price swap contracts as of June 30, 2020, with notional volumes expressed in Bbld and prices expressed in $/Bbl. Crude Oil ICE Brent Price Swap Contracts Volume (Bbld) Weighted Average Price 2020 April 2020 (closed) 75,000 $ 25.66 May 2020 (closed) 35,000 26.53 NGLs Derivative Contracts. Presented below is a comprehensive summary of EOG's Mont Belvieu propane (non-TET) financial price swap contracts (Mont Belvieu Propane Price Swap Contracts) as of June 30, 2020, with notional volumes expressed in Bbld and prices expressed in $/Bbl. Mont Belvieu Propane Price Swap Contracts Volume (Bbld) Weighted Average Price ($/Bbl) 2020 January 1, 2020 through February 29, 2020 (closed) 4,000 $ 21.34 March 1, 2020 through April 30, 2020 (closed) 25,000 17.92 In April and May 2020, EOG entered into Mont Belvieu propane price swap contracts for the period from May 1, 2020 through December 31, 2020, with notional volumes of 25,000 Bbld at a weighted average price of $16.41 per Bbl. These contracts offset the remaining Mont Belvieu propane price swap contracts for the same time period with notional volumes of 25,000 Bbld at a weighted average price of $17.92 per Bbl. EOG expects to receive net cash of $9.2 million for the settlement of these contracts. The offsetting contracts were excluded from the above table. Natural Gas Derivative Contracts. Presented below is a comprehensive summary of EOG's natural gas price swap contracts as of June 30, 2020, with notional volumes expressed in million British thermal units (MMBtu) per day (MMBtud) and prices expressed in dollars per MMBtu ($/MMBtu). Natural Gas Price Swap Contracts Volume (MMBtud) Weighted Average Price ($/MMBtu) 2021 January 1, 2021 through December 31, 2021 50,000 $ 2.75 EOG has entered into natural gas collar contracts, which establish ceiling and floor prices for the sale of notional volumes of natural gas as specified in the collar contracts. The collars require that EOG pay the difference between the ceiling price and the NYMEX Henry Hub natural gas price for the contract month (Henry Hub Index Price) in the event the Henry Hub Index Price is above the ceiling price. The collars grant EOG the right to receive the difference between the floor price and the Henry Hub Index Price in the event the Henry Hub Index Price is below the floor price. In March 2020, EOG executed the early termination provision granting EOG the right to terminate certain 2020 natural gas collar contracts with notional volumes of 250,000 MMBtud at a weighted average ceiling price of $2.50 per MMBtu and a weighted average floor price of $2.00 per MMBtu for the period from April 1, 2020 through July 31, 2020. The net cash EOG received for settling these contracts was $7.8 million. Presented below is a comprehensive summary of EOG's natural gas collar contracts as of June 30, 2020, with notional volumes expressed in MMBtud and prices expressed in $/MMBtu. Natural Gas Collar Contracts Weighted Average Price ($/MMBtu) Volume (MMBtud) Ceiling Price Floor Price 2020 April 1, 2020 through July 31, 2020 (closed) 250,000 $ 2.50 $ 2.00 In April 2020, EOG entered into natural gas collar contracts for the period from August 1, 2020 through October 31, 2020, with notional volumes of 250,000 MMBtud at a ceiling price of $2.50 per MMBtu and a floor price of $2.00 per MMBtu. These contracts offset the remaining natural gas collar contracts for the same time period with notional volumes of 250,000 MMBtud at a ceiling price of $2.50 per MMBtu and a floor price of $2.00 per MMBtu. EOG expects to receive net cash of $1.1 million for the settlement of these contracts. The offsetting contracts were excluded from the above table. 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 as of June 30, 2020. The weighted average price differential expressed in $/MMBtu represents the amount of reduction to NYMEX Henry Hub prices for the notional volumes expressed in MMBtud covered by the basis swap contracts. Rockies Differential Basis Swap Contracts Volume (MMBtud) Weighted Average Price Differential 2020 January 1, 2020 through June 30, 2020 (closed) 30,000 $ 0.55 July 1, 2020 through December 31, 2020 30,000 0.55 EOG has also entered into natural gas basis swap contracts in order to fix the differential between pricing at the Houston Ship Channel (HSC) and NYMEX Henry Hub prices (HSC Differential). In March 2020, EOG executed the early termination provision granting EOG the right to terminate certain 2020 HSC Differential basis swaps with notional volumes of 60,000 MMBtud at a weighted average price differential of $0.05 per MMBtu for the period from April 1, 2020 through December 31, 2020. The net cash EOG paid for settling these contracts was $0.4 million. Presented below is a comprehensive summary of EOG's HSC Differential basis swap contracts as of June 30, 2020. The weighted average price differential expressed in $/MMBtu represents the amount of reduction to NYMEX Henry Hub prices for the notional volumes expressed in MMBtud covered by the basis swap contracts. HSC Differential Basis Swap Contracts Volume (MMBtud) Weighted Average Price Differential 2020 January 1, 2020 through December 31, 2020 (closed) 60,000 $ 0.05 EOG has also entered into natural gas basis swap contracts in order to fix the differential between pricing at the Waha Hub in West Texas and NYMEX Henry Hub prices (Waha Differential). Presented below is a comprehensive summary of EOG's Waha Differential basis swap contracts as of June 30, 2020. The weighted average price differential expressed in $/MMBtu represents the amount of reduction to NYMEX Henry Hub prices for the notional volumes expressed in MMBtud covered by the basis swap contracts. Waha Differential Basis Swap Contracts Volume (MMBtud) Weighted Average Price Differential 2020 January 1, 2020 through April 30, 2020 (closed) 50,000 $ 1.40 In April 2020, EOG entered into Waha Differential basis swap contracts for the period from May 1, 2020 through December 31, 2020, with notional volumes of 50,000 MMBtud at a weighted average price differential of $0.43 per MMBtu. These contracts offset the remaining Waha Differential basis swap contracts for the same time period with notional volumes of 50,000 MMBtud at a weighted average price differential of $1.40 per MMBtu. EOG expects to pay net cash of $11.9 million for the settlement of these contracts. The offsetting contracts were excluded from the above table. Commodity Derivatives Location on Balance Sheet. The following table sets forth the amounts and classification of EOG's outstanding financial derivative instruments at June 30, 2020 and December 31, 2019. 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 June 30, 2020 December 31, 2019 Asset Derivatives Crude oil, NGLs and natural gas derivative contracts - Current portion Assets from Price Risk Management Activities (1) $ 207,019 $ 1,299 Noncurrent Portion Other Assets $ 1,569 $ — Liability Derivatives Crude oil, NGLs and natural gas derivative contracts - Current portion Liabilities from Price Risk Management Activities (2) $ — $ 20,194 (1) The current portion of Assets from Price Risk Management Activities consists of gross assets of $239 million, partially offset by gross liabilities of $32 million at June 30, 2020. The current portion of Assets from Price Risk Management Activities consists of gross assets of $3 million, partially offset by gross liabilities of $2 million, at December 31, 2019. (2) The current portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $23 million, partially offset by gross assets of $3 million, at December 31, 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. |
Acquisitions and Divestitures
Acquisitions and Divestitures | 6 Months Ended |
Jun. 30, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Acquisitions and Divestitures | Acquisitions and DivestituresDuring the six months ended June 30, 2020, EOG paid cash for property acquisitions of $46 million in the United States. Additionally, during the six months ended June 30, 2020, EOG recognized net gains on asset dispositions of $30 million, primarily due to the sale of proved properties and non-cash property exchanges of unproved leasehold in Texas, New Mexico and the Rocky Mountain area, and received proceeds of approximately $43 million. During the six months ended June 30, 2019, EOG paid cash for property acquisitions of $304 million in the United States. Additionally, during the six months ended June 30, 2019, EOG recognized net gains on asset dispositions of $4 million and received proceeds of approximately $18 million. |
Stock-Based Payments (Tables)
Stock-Based Payments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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 (Loss) and Comprehensive Income (Loss) based upon the job function of the employees receiving the grants as follows (in millions): Three Months Ended Six Months Ended 2020 2019 2020 2019 Lease and Well $ 15.1 $ 13.6 $ 30.2 $ 27.3 Gathering and Processing Costs 0.4 0.3 0.6 0.5 Exploration Costs 6.8 6.5 14.0 13.0 General and Administrative 17.3 18.2 34.8 36.9 Total $ 39.6 $ 38.6 $ 79.6 $ 77.7 |
Weighted Average Fair Values and Valuation Assumptions | Weighted average fair values and valuation assumptions used to value stock option, SAR and ESPP grants during the six-month periods ended June 30, 2020 and 2019 are as follows: Stock Options/SARs ESPP Six Months Ended Six Months Ended 2020 2019 2020 2019 Weighted Average Fair Value of Grants $ 16.94 $ 25.68 $ 20.80 $ 22.98 Expected Volatility 42.10 % 31.50 % 35.24 % 36.31 % Risk-Free Interest Rate 0.93 % 2.38 % 1.56 % 2.48 % Dividend Yield 1.94 % 0.96 % 1.56 % 0.83 % Expected Life 5.1 years 5.1 years 0.5 years 0.5 years |
Stock Options and SARs Transactions | The following table sets forth stock option and SAR transactions for the six-month periods ended June 30, 2020 and 2019 (stock options and SARs in thousands): Six Months Ended Six Months Ended Number of Weighted Number of Weighted Outstanding at January 1 9,395 $ 94.53 8,310 $ 96.90 Granted 16 58.40 32 93.29 Exercised (1) (23) 69.59 (157) 73.39 Forfeited (389) 91.39 (107) 105.47 Outstanding at June 30 (2) 8,999 $ 94.66 8,078 $ 97.23 Vested or Expected to Vest (3) 8,670 $ 94.67 7,741 $ 96.78 Exercisable at June 30 (4) 4,963 $ 94.61 3,905 $ 86.71 (1) The total intrinsic value of stock options/SARs exercised during the six months ended June 30, 2020 and 2019 was $0.4 million and $3.9 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 June 30, 2020 and 2019 was $0.1 million and $45.0 million, respectively. At June 30, 2020 and 2019, the weighted average remaining contractual life was 3.9 years and 4.0 years, respectively. (3) The total intrinsic value of stock options/SARs vested or expected to vest at June 30, 2020 and 2019 was $0.1 million and $44.4 million, respectively. At June 30, 2020 and 2019, the weighted average remaining contractual life was 3.9 years and 3.9 years, respectively. (4) The total intrinsic value of stock options/SARs exercisable at June 30, 2020 and 2019 was zero and $37.1 million, respectively. At June 30, 2020 and 2019, the weighted average remaining contractual life was 2.7 years and 2.5 years, respectively. |
Restricted Stock and Restricted Stock Unit Transactions | The following table sets forth restricted stock and restricted stock unit transactions for the six-month periods ended June 30, 2020 and 2019 (shares and units in thousands): Six Months Ended Six Months Ended Number of Weighted Number of Weighted Outstanding at January 1 4,546 $ 90.16 3,792 $ 96.64 Granted 67 51.83 401 96.22 Released (1) (304) 88.58 (395) 93.84 Forfeited (36) 90.61 (68) 98.27 Outstanding at June 30 (2) 4,273 $ 89.67 3,730 $ 96.86 (1) The total intrinsic value of restricted stock and restricted stock units released during the six months ended June 30, 2020 and 2019 was $13.1 million and $35.7 million, respectively. The intrinsic value is based upon the closing price of EOG's common stock on the date the restricted stock and restricted stock units are released. (2) The total intrinsic value of restricted stock and restricted stock units outstanding at June 30, 2020 and 2019 was $216.5 million and $347.5 million, respectively. |
Weighted Average Fair Values and Valuation Assumptions for Performance Award Grants | The following table sets forth the performance unit transactions for the six-month periods ended June 30, 2020 and 2019 (units in thousands): Six Months Ended Six Months Ended Number of Weighted Number of Weighted Outstanding at January 1 598 $ 92.19 539 $ 101.53 Granted — — — — Granted for Performance Multiple (1) 66 100.95 72 69.43 Released (2) (121) 104.69 (83) 85.65 Forfeited — — — — Outstanding at June 30 (3) 543 (4) $ 90.48 528 $ 99.64 (1) Upon completion of the Performance Period for the performance units granted in 2016 and 2015, a performance multiple of 150% and 200%, respectively, was applied to each of the grants resulting in additional grants of performance units in February 2020 and February 2019, respectively. (2) The total intrinsic value of performance units released during the six months ended June 30, 2020 and 2019 was $9.0 million and $7.7 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 June 30, 2020 and 2019 was approximately $27.5 million and $49.2 million, respectively. |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Computation of Net Income Per Share | The following table sets forth the computation of Net Income (Loss) Per Share for the three-month and six-month periods ended June 30, 2020 and 2019 (in thousands, except per share data): Three Months Ended Six Months Ended 2020 2019 2020 2019 Numerator for Basic and Diluted Earnings Per Share - Net Income (Loss) $ (909,384) $ 847,841 $ (899,571) $ 1,483,267 Denominator for Basic Earnings Per Share - Weighted Average Shares 578,719 577,460 578,581 577,333 Potential Dilutive Common Shares - Stock Options/SARs/ESPP — 434 — 452 Restricted Stock/Units and Performance Units — 2,353 — 2,419 Denominator for Diluted Earnings Per Share - Adjusted Diluted Weighted Average Shares 578,719 580,247 578,581 580,204 Net Income (Loss) Per Share Basic $ (1.57) $ 1.47 $ (1.55) $ 2.57 Diluted $ (1.57) $ 1.46 $ (1.55) $ 2.56 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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 six-month periods ended June 30, 2020 and 2019 (in thousands): Six Months Ended 2020 2019 Interest (1) $ 68,730 $ 108,994 Income Taxes, Net of Refunds Received $ (76,489) $ (331,778) (1) Net of capitalized interest of $17 million and $18 million for the six months ended June 30, 2020 and 2019, respectively. |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Segment Reporting [Abstract] | |
Selected Financial Information by Reportable Segment | Selected financial information by reportable segment is presented below for the three-month and six-month periods ended June 30, 2020 and 2019 (in thousands): Three Months Ended Six Months Ended 2020 2019 2020 2019 Operating Revenues and Other United States $ 1,055,673 $ 4,611,789 $ 5,716,408 $ 8,588,808 Trinidad 33,899 71,132 75,542 141,000 Other International (1) 13,802 14,709 29,116 26,464 Total $ 1,103,374 $ 4,697,630 $ 5,821,066 $ 8,756,272 Operating Income (Loss) United States (2) $ (1,079,201) $ 1,107,910 $ (973,795) $ 1,958,810 Trinidad 10,234 34,390 22,897 73,222 Other International (1) (3) (17,582) (11,529) (78,066) (24,731) Total (1,086,549) 1,130,771 (1,028,964) 2,007,301 Reconciling Items Other Income (Expense), Net (4,500) 8,503 13,608 14,115 Interest Expense, Net (54,213) (49,908) (98,903) (104,814) Income (Loss) Before Income Taxes $ (1,145,262) $ 1,089,366 $ (1,114,259) $ 1,916,602 (1) Other International primarily consists of EOG's China and Canada operations. (2) EOG recorded pretax impairment charges of $6 million and $1,462 million for the three and six months ended June 30, 2020, respectively, for proved oil and gas properties, leasehold costs and other assets due to the decline in commodity prices. See Note 11. In addition, EOG recorded pretax impairment charges of $219 million for the three and six months ended June 30, 2020, for sand and crude-by-rail assets. (3) EOG recorded pretax impairment charges of $19 million for the three months ended June 30, 2020, and $79 million for the six months ended June 30, 2020, for proved oil and gas properties and firm commitment contracts related to its decision to exit the Horn River Basin in British Columbia, Canada. |
Assets by Reportable Segment | Total assets by reportable segment are presented below at June 30, 2020 and December 31, 2019 (in thousands): At At Total Assets United States $ 34,534,344 $ 36,274,942 Trinidad 531,454 705,747 Other International (1) 155,873 143,919 Total $ 35,221,671 $ 37,124,608 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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 six-month periods ended June 30, 2020 and 2019 (in thousands): Six Months Ended 2020 2019 Carrying Amount at January 1 $ 1,110,710 $ 954,377 Liabilities Incurred 16,715 56,490 Liabilities Settled (1) (24,480) (41,650) Accretion 23,153 20,523 Revisions 19,990 8,006 Foreign Currency Translations (223) 219 Carrying Amount at June 30 $ 1,145,865 $ 997,965 Current Portion $ 38,792 $ 27,416 Noncurrent Portion $ 1,107,073 $ 970,549 (1) Includes settlements related to asset sales. |
Exploratory Well Costs (Tables)
Exploratory Well Costs (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Capitalized Exploratory Well Costs [Abstract] | |
Net Changes In Capitalized Exploratory Well Costs | EOG's net changes in capitalized exploratory well costs for the six-month period ended June 30, 2020, are presented below (in thousands): Six Months Ended Balance at January 1 $ 25,897 Additions Pending the Determination of Proved Reserves 55,669 Reclassifications to Proved Properties (2,178) Costs Charged to Expense (1) (10,988) Balance at June 30 $ 68,400 (1) Includes capitalized exploratory well costs charged to either dry hole costs or impairments. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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 June 30, 2020 and December 31, 2019 (in thousands): Fair Value Measurements Using: Quoted Significant Significant Total At June 30, 2020 Financial Assets: (1) Crude Oil Swaps $ — $ 224,256 $ — $ 224,256 Crude Oil Roll Differential Swaps — 2,396 — 2,396 Natural Gas Liquids Swaps — 7,064 — 7,064 Natural Gas Collars — 4,338 — 4,338 Natural Gas Swaps — 2,533 — 2,533 Natural Gas Basis Swaps — 6 — 6 Financial Liabilities: Crude Oil Roll Differential Swaps $ — $ 16,855 $ — $ 16,855 Natural Gas Basis Swaps — 10,671 — 10,671 Natural Gas Liquids Swaps — 166 — 166 Natural Gas Collars — 4,313 — 4,313 At December 31, 2019 Financial Assets: (1) Natural Gas Liquids Swaps $ — $ 3,401 $ — $ 3,401 Natural Gas Basis Swaps — 970 — 970 Financial Liabilities: (2) Crude Oil Swaps $ — $ 23,266 $ — $ 23,266 |
Risk Management Activities (Tab
Risk Management Activities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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 June 30, 2020 and December 31, 2019. 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 June 30, 2020 December 31, 2019 Asset Derivatives Crude oil, NGLs and natural gas derivative contracts - Current portion Assets from Price Risk Management Activities (1) $ 207,019 $ 1,299 Noncurrent Portion Other Assets $ 1,569 $ — Liability Derivatives Crude oil, NGLs and natural gas derivative contracts - Current portion Liabilities from Price Risk Management Activities (2) $ — $ 20,194 (1) The current portion of Assets from Price Risk Management Activities consists of gross assets of $239 million, partially offset by gross liabilities of $32 million at June 30, 2020. The current portion of Assets from Price Risk Management Activities consists of gross assets of $3 million, partially offset by gross liabilities of $2 million, at December 31, 2019. (2) The current portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $23 million, partially offset by gross assets of $3 million, at December 31, 2019. |
Crude Oil | ICE Brent Differential Basis Swap | |
Derivatives, Fair Value [Line Items] | |
Schedule of Derivative Instruments | Prices received by EOG for its crude oil production generally vary from U.S. New York Mercantile Exchange (NYMEX) West Texas Intermediate (WTI) prices due to adjustments for delivery location (basis) and other factors. EOG has entered into crude oil basis swap contracts in order to fix the differential between Intercontinental Exchange (ICE) Brent pricing and pricing in Cushing, Oklahoma (ICE Brent Differential). Presented below is a comprehensive summary of EOG's ICE Brent Differential basis swap contracts as of June 30, 2020. The weighted average price differential expressed in dollars per barrel ($/Bbl) represents the amount of addition to Cushing, Oklahoma, prices for the notional volumes expressed in barrels per day (Bbld) covered by the basis swap contracts. ICE Brent Differential Basis Swap Contracts Volume (Bbld) Weighted Average Price Differential 2020 May 2020 (closed) 10,000 $ 4.92 |
Crude Oil | Houston Differential Basis Swap | |
Derivatives, Fair Value [Line Items] | |
Schedule of Derivative Instruments | EOG has also entered into crude oil basis swap contracts in order to fix the differential between pricing in Houston, Texas, and Cushing, Oklahoma (Houston Differential). Presented below is a comprehensive summary of EOG's Houston Differential basis swap contracts as of June 30, 2020. 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. Houston Differential Basis Swap Contracts Volume (Bbld) Weighted Average Price Differential 2020 May 2020 (closed) 10,000 $ 1.55 |
Crude Oil | Roll Differential Swap | |
Derivatives, Fair Value [Line Items] | |
Schedule of Derivative Instruments | EOG has also entered into crude oil swaps in order to fix the differential in pricing between the NYMEX calendar month average and the physical crude oil delivery month (Roll Differential). Presented below is a comprehensive summary of EOG's Roll Differential swap contracts as of June 30, 2020. The weighted average price differential expressed in $/Bbl represents the amount of net addition (reduction) to delivery month prices for the notional volumes expressed in Bbld covered by the swap contracts. Roll Differential Swap Contracts Volume (Bbld) Weighted Average Price Differential 2020 February 1, 2020 through June 30, 2020 (closed) 10,000 $ 0.70 July 2020 (closed) 88,000 (1.16) August 1, 2020 through September 30, 2020 88,000 (1.16) October 1, 2020 through December 31, 2020 66,000 (1.16) |
Crude Oil | Price Swaps | |
Derivatives, Fair Value [Line Items] | |
Schedule of Derivative Instruments | Presented below is a comprehensive summary of EOG's crude oil NYMEX WTI price swap contracts as of June 30, 2020, with notional volumes expressed in Bbld and prices expressed in $/Bbl. Crude Oil NYMEX WTI Price Swap Contracts Volume (Bbld) Weighted Average Price ($/Bbl) 2020 January 1, 2020 through March 31, 2020 (closed) 200,000 $ 59.33 April 1, 2020 through May 31, 2020 (closed) 265,000 51.36 |
Crude Oil | ICE Brent Price Swap | |
Derivatives, Fair Value [Line Items] | |
Schedule of Derivative Instruments | Presented below is a comprehensive summary of EOG's crude oil ICE Brent price swap contracts as of June 30, 2020, with notional volumes expressed in Bbld and prices expressed in $/Bbl. Crude Oil ICE Brent Price Swap Contracts Volume (Bbld) Weighted Average Price 2020 April 2020 (closed) 75,000 $ 25.66 May 2020 (closed) 35,000 26.53 |
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 as of June 30, 2020, with notional volumes expressed in million British thermal units (MMBtu) per day (MMBtud) and prices expressed in dollars per MMBtu ($/MMBtu). Natural Gas Price Swap Contracts Volume (MMBtud) Weighted Average Price ($/MMBtu) 2021 January 1, 2021 through December 31, 2021 50,000 $ 2.75 |
Natural Gas | Collars | |
Derivatives, Fair Value [Line Items] | |
Schedule of Derivative Instruments | EOG has entered into natural gas collar contracts, which establish ceiling and floor prices for the sale of notional volumes of natural gas as specified in the collar contracts. The collars require that EOG pay the difference between the ceiling price and the NYMEX Henry Hub natural gas price for the contract month (Henry Hub Index Price) in the event the Henry Hub Index Price is above the ceiling price. The collars grant EOG the right to receive the difference between the floor price and the Henry Hub Index Price in the event the Henry Hub Index Price is below the floor price. In March 2020, EOG executed the early termination provision granting EOG the right to terminate certain 2020 natural gas collar contracts with notional volumes of 250,000 MMBtud at a weighted average ceiling price of $2.50 per MMBtu and a weighted average floor price of $2.00 per MMBtu for the period from April 1, 2020 through July 31, 2020. The net cash EOG received for settling these contracts was $7.8 million. Presented below is a comprehensive summary of EOG's natural gas collar contracts as of June 30, 2020, with notional volumes expressed in MMBtud and prices expressed in $/MMBtu. Natural Gas Collar Contracts Weighted Average Price ($/MMBtu) Volume (MMBtud) Ceiling Price Floor Price 2020 April 1, 2020 through July 31, 2020 (closed) 250,000 $ 2.50 $ 2.00 |
Natural Gas | Rockies Differential Basis Swap | |
Derivatives, Fair Value [Line Items] | |
Schedule of Derivative Instruments | 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 as of June 30, 2020. The weighted average price differential expressed in $/MMBtu represents the amount of reduction to NYMEX Henry Hub prices for the notional volumes expressed in MMBtud covered by the basis swap contracts. Rockies Differential Basis Swap Contracts Volume (MMBtud) Weighted Average Price Differential 2020 January 1, 2020 through June 30, 2020 (closed) 30,000 $ 0.55 July 1, 2020 through December 31, 2020 30,000 0.55 |
Natural Gas | HSC Differential Basis Swaps | |
Derivatives, Fair Value [Line Items] | |
Schedule of Derivative Instruments | EOG has also entered into natural gas basis swap contracts in order to fix the differential between pricing at the Houston Ship Channel (HSC) and NYMEX Henry Hub prices (HSC Differential). In March 2020, EOG executed the early termination provision granting EOG the right to terminate certain 2020 HSC Differential basis swaps with notional volumes of 60,000 MMBtud at a weighted average price differential of $0.05 per MMBtu for the period from April 1, 2020 through December 31, 2020. The net cash EOG paid for settling these contracts was $0.4 million. Presented below is a comprehensive summary of EOG's HSC Differential basis swap contracts as of June 30, 2020. The weighted average price differential expressed in $/MMBtu represents the amount of reduction to NYMEX Henry Hub prices for the notional volumes expressed in MMBtud covered by the basis swap contracts. HSC Differential Basis Swap Contracts Volume (MMBtud) Weighted Average Price Differential 2020 January 1, 2020 through December 31, 2020 (closed) 60,000 $ 0.05 |
Natural Gas | Waha Differential Basis Swaps | |
Derivatives, Fair Value [Line Items] | |
Schedule of Derivative Instruments | EOG has also entered into natural gas basis swap contracts in order to fix the differential between pricing at the Waha Hub in West Texas and NYMEX Henry Hub prices (Waha Differential). Presented below is a comprehensive summary of EOG's Waha Differential basis swap contracts as of June 30, 2020. The weighted average price differential expressed in $/MMBtu represents the amount of reduction to NYMEX Henry Hub prices for the notional volumes expressed in MMBtud covered by the basis swap contracts. Waha Differential Basis Swap Contracts Volume (MMBtud) Weighted Average Price Differential 2020 January 1, 2020 through April 30, 2020 (closed) 50,000 $ 1.40 |
Natural Gas Liquids | Mont Belvieu Propane Price Swap | |
Derivatives, Fair Value [Line Items] | |
Schedule of Derivative Instruments | Presented below is a comprehensive summary of EOG's Mont Belvieu propane (non-TET) financial price swap contracts (Mont Belvieu Propane Price Swap Contracts) as of June 30, 2020, with notional volumes expressed in Bbld and prices expressed in $/Bbl. Mont Belvieu Propane Price Swap Contracts Volume (Bbld) Weighted Average Price ($/Bbl) 2020 January 1, 2020 through February 29, 2020 (closed) 4,000 $ 21.34 March 1, 2020 through April 30, 2020 (closed) 25,000 17.92 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Details) $ in Billions | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Document Period End Date | Jun. 30, 2020 |
Revolving Credit Agreement (New Facility) [Member] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 2 |
Stock-Based Payments (Details)
Stock-Based Payments (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | ||||
Stock Options/SARs, Employee Stock Purchase Plan (ESPP), Restricted Stock and Restricted Stock Units and Performance Units Disclosures [Line Items] | |||||||
Stock-Based Compensation Expenses | $ 39,571 | $ 38,566 | $ 79,643 | $ 77,653 | |||
Common Shares Available for Grant | 7,000,000 | 7,000,000 | |||||
Stock Options And SARs | |||||||
Stock Options/SARs, Employee Stock Purchase Plan (ESPP), Restricted Stock and Restricted Stock Units and Performance Units Disclosures [Line Items] | |||||||
Stock-based compensation expense related to stock options, SAR and ESPP grants | $ 15,000 | $ 13,600 | $ 29,100 | $ 27,500 | |||
Unrecognized compensation expense | $ 61,600 | $ 61,600 | |||||
Weighted average period over which unrecognized compensation expense will be recognized (in years) | 1 year 6 months | ||||||
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) | $ 16.94 | $ 25.68 | |||||
Expected Volatility (in hundredths) | 42.10% | 31.50% | |||||
Risk-Free Interest Rate (in hundredths) | 0.93% | 2.38% | |||||
Dividend Yield (in hundredths) | 1.94% | 0.96% | |||||
Expected Life (in years) | 5 years 1 month 6 days | 5 years 1 month 6 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||||||
Outstanding at January 1 (in shares) | 9,395,000 | 8,310,000 | |||||
Granted (in shares) | 16,000 | 32,000 | |||||
Exercised (1) (in shares) | [1] | (23,000) | (157,000) | ||||
Forfeited (in shares) | (389,000) | (107,000) | |||||
Outstanding at June 30 (2) | [2] | 8,999,000 | 8,078,000 | 8,999,000 | 8,078,000 | ||
Stock Options and SARs Vested or Expected to Vest (3) (in shares) | [3] | 8,670,000 | 7,741,000 | 8,670,000 | 7,741,000 | ||
Stock Options and SARs Exercisable at June 30 (4) (in shares) | [4] | 4,963,000 | 3,905,000 | 4,963,000 | 3,905,000 | ||
Intrinsic Value of Stock Options/SARs Exercised | [1] | $ 400 | $ 3,900 | ||||
Intrinsic Value of Stock Options/SARs Outstanding | [2] | $ 100 | $ 45,000 | $ 100 | $ 45,000 | ||
Weighted Average Remaining Contractual Life for Stock Options/SARs Outstanding (in years) | [2] | 3 years 10 months 24 days | 4 years | ||||
Intrinsic Value of Stock Options/SARs Vested or Expected to Vest | [3] | 100 | 44,400 | $ 100 | $ 44,400 | ||
Weighted average remaining contractual life for stock options/SARs vested or expected to vest (in years) | [3] | 3 years 10 months 24 days | 3 years 10 months 24 days | ||||
Aggregate Intrinsic Value for Exercisable Units | [4] | $ 0 | $ 37,100 | $ 0 | $ 37,100 | ||
Weighted average remaining contractual life for exercisable options/SARs (in years) | [4] | 2 years 8 months 12 days | 2 years 6 months | ||||
Weighted Average Grant Price Stock Option and SARs [Rollforward] | |||||||
Outstanding at January 1 (price per share) | $ 94.53 | $ 96.90 | |||||
Granted (price per share) | 58.40 | 93.29 | |||||
Exercised (1) (price per share) | [1] | 69.59 | 73.39 | ||||
Forfeited (price per share) | 91.39 | 105.47 | |||||
Outstanding at June 30 (2) | [2] | $ 94.66 | $ 97.23 | 94.66 | 97.23 | ||
Vested or Expected to Vest (3) (price per share) | [3] | 94.67 | 96.78 | 94.67 | 96.78 | ||
Exercisable at June 30 (4) | [4] | $ 94.61 | $ 86.71 | 94.61 | 86.71 | ||
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) | $ 20.80 | $ 22.98 | |||||
Expected Volatility (in hundredths) | 35.24% | 36.31% | |||||
Risk-Free Interest Rate (in hundredths) | 1.56% | 2.48% | |||||
Dividend Yield (in hundredths) | 1.56% | 0.83% | |||||
Expected Life (in years) | 6 months | 6 months | |||||
Restricted Stock And Restricted Stock Units | |||||||
Stock Options/SARs, Employee Stock Purchase Plan (ESPP), Restricted Stock and Restricted Stock Units and Performance Units Disclosures [Line Items] | |||||||
Unrecognized compensation expense | $ 154,200 | $ 154,200 | |||||
Weighted average period over which unrecognized compensation expense will be recognized (in years) | 1 year 4 months 24 days | ||||||
Intrinsic value released during the year | [5] | $ 13,100 | $ 35,700 | ||||
Aggregate intrinsic value of stock and units outstanding | [6] | 216,500 | $ 347,500 | 216,500 | 347,500 | ||
Restricted Stock/Restricted Stock Units and Performance Units [Roll Forward] | |||||||
Share-Based Compensation Arrangement By Restricted Stock And Restricted Stock Units Compensation Cost | $ 23,400 | $ 23,100 | $ 48,200 | $ 46,400 | |||
Outstanding at January 1 (in shares) | 4,546,000 | 3,792,000 | |||||
Granted (in shares) | 67,000 | 401,000 | |||||
Released (1) (in shares) | [5] | (304,000) | (395,000) | ||||
Forfeited (in shares) | (36,000) | (68,000) | |||||
Outstanding at June 30 (3) | [6] | 4,273,000 | 3,730,000 | 4,273,000 | 3,730,000 | ||
Weighted Average Grant Price Restricted Stock and Restricted Stock Units [Roll Forward] | |||||||
Outstanding at January 1 (price per share) | $ 90.16 | $ 96.64 | |||||
Granted (price per share) | 51.83 | 96.22 | |||||
Released (2) (price per share) | [5] | 88.58 | 93.84 | ||||
Forfeited (price per share) | 90.61 | 98.27 | |||||
Outstanding at June 30 (3) (price per share) | [6] | $ 89.67 | $ 96.86 | $ 89.67 | $ 96.86 | ||
Performance Unit | |||||||
Stock Options/SARs, Employee Stock Purchase Plan (ESPP), Restricted Stock and Restricted Stock Units and Performance Units Disclosures [Line Items] | |||||||
Stock-Based Compensation Expenses | $ 1,200 | $ 1,900 | $ 2,300 | $ 3,800 | |||
Unrecognized compensation expense | 6,400 | $ 6,400 | |||||
Weighted average period over which unrecognized compensation expense will be recognized (in years) | 1 year 8 months 12 days | ||||||
Intrinsic value released during the year | [7] | $ 9,000 | 7,700 | ||||
Aggregate intrinsic value of stock and units outstanding | [8] | $ 27,500 | $ 49,200 | $ 27,500 | $ 49,200 | ||
Restricted Stock/Restricted Stock Units and Performance Units [Roll Forward] | |||||||
Outstanding at January 1 (in shares) | 598 | 539 | |||||
Granted (in shares) | 0 | 0 | |||||
Granted for Performance Multiple (1) | [9] | 66 | 72 | ||||
Released (1) (in shares) | [7] | (121) | (83) | ||||
Forfeited (in shares) | 0 | 0 | |||||
Outstanding at June 30 (3) | [8] | 543 | [10] | 528 | 543 | [10] | 528 |
Weighted Average Grant Price Restricted Stock and Restricted Stock Units [Roll Forward] | |||||||
Outstanding at January 1 (price per share) | $ 92.19 | $ 101.53 | |||||
Granted (price per share) | 0 | 0 | |||||
Granted for Performance Multiple (1) (in dollars per share) | [9] | 100.95 | 69.43 | ||||
Released (2) (price per share) | [7] | 104.69 | 85.65 | ||||
Forfeited (price per share) | 0 | 0 | |||||
Outstanding at June 30 (3) (price per share) | [8] | $ 90.48 | $ 99.64 | $ 90.48 | $ 99.64 | ||
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% | ||||||
Minimum Performance Multiple Applied at the Completion Period | [9] | 150.00% | |||||
Maximum Performance Multiple Applied at the Completion Period | [9] | 200.00% | |||||
Minimum Performance Units and Stock Allowed to be Outstanding | [10] | 179 | |||||
Maximum Performance Units Allowed to be Outstanding | [10] | 907 | |||||
Lease and Well | |||||||
Stock Options/SARs, Employee Stock Purchase Plan (ESPP), Restricted Stock and Restricted Stock Units and Performance Units Disclosures [Line Items] | |||||||
Stock-Based Compensation Expenses | $ 15,100 | $ 13,600 | $ 30,200 | $ 27,300 | |||
Gathering and Processing Costs | |||||||
Stock Options/SARs, Employee Stock Purchase Plan (ESPP), Restricted Stock and Restricted Stock Units and Performance Units Disclosures [Line Items] | |||||||
Stock-Based Compensation Expenses | 400 | 300 | 600 | 500 | |||
Exploration Costs | |||||||
Stock Options/SARs, Employee Stock Purchase Plan (ESPP), Restricted Stock and Restricted Stock Units and Performance Units Disclosures [Line Items] | |||||||
Stock-Based Compensation Expenses | 6,800 | 6,500 | 14,000 | 13,000 | |||
General and Administrative | |||||||
Stock Options/SARs, Employee Stock Purchase Plan (ESPP), Restricted Stock and Restricted Stock Units and Performance Units Disclosures [Line Items] | |||||||
Stock-Based Compensation Expenses | $ 17,300 | $ 18,200 | $ 34,800 | $ 36,900 | |||
[1] | The total intrinsic value of stock options/SARs exercised during the six months ended June 30, 2020 and 2019 was $0.4 million and $3.9 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 June 30, 2020 and 2019 was $0.1 million and $45.0 million, respectively. At June 30, 2020 and 2019, the weighted average remaining contractual life was 3.9 years and 4.0 years, respectively. | ||||||
[3] | The total intrinsic value of stock options/SARs vested or expected to vest at June 30, 2020 and 2019 was $0.1 million and $44.4 million, respectively. At June 30, 2020 and 2019, the weighted average remaining contractual life was 3.9 years and 3.9 years, respectively. | ||||||
[4] | The total intrinsic value of stock options/SARs exercisable at June 30, 2020 and 2019 was zero and $37.1 million, respectively. At June 30, 2020 and 2019, the weighted average remaining contractual life was 2.7 years and 2.5 years, respectively. | ||||||
[5] | The total intrinsic value of restricted stock and restricted stock units released during the six months ended June 30, 2020 and 2019 was $13.1 million and $35.7 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 June 30, 2020 and 2019 was $216.5 million and $347.5 million, respectively. | ||||||
[7] | The total intrinsic value of performance units released during the six months ended June 30, 2020 and 2019 was $9.0 million and $7.7 million, respectively. The intrinsic value is based upon the closing price of EOG's common stock on the date the performance units are released. | ||||||
[8] | The total intrinsic value of performance units outstanding at June 30, 2020 and 2019 was approximately $27.5 million and $49.2 million, respectively. | ||||||
[9] | Upon completion of the Performance Period for the performance units granted in 2016 and 2015, a performance multiple of 150% and 200%, respectively, was applied to each of the grants resulting in additional grants of performance units in February 2020 and February 2019, respectively. | ||||||
[10] | Upon the application of the relevant performance multiple at the completion of each of the remaining Performance Periods, a minimum of 179 and a maximum of 907 performance units could be outstanding. |
Net Income (Loss) Per Share (De
Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Numerator for Basic and Diluted Earnings Per Share - [Abstract] | ||||
Net Income (Loss) | $ (909,384) | $ 847,841 | $ (899,571) | $ 1,483,267 |
Denominator for Basic Earnings Per Share - [Abstract] | ||||
Weighted Average Shares | 578,719 | 577,460 | 578,581 | 577,333 |
Denominator for Diluted Earnings Per Share - [Abstract] | ||||
Adjusted Diluted Weighted Average Shares | 578,719 | 580,247 | 578,581 | 580,204 |
Net Income (Loss) Per Share | ||||
Basic | $ (1.57) | $ 1.47 | $ (1.55) | $ 2.57 |
Diluted | $ (1.57) | $ 1.46 | $ (1.55) | $ 2.56 |
Stock Options, SARs and ESPP [Member] | ||||
Potential Dilutive Common Shares - [Abstract] | ||||
Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangments | 0 | 434 | 0 | 452 |
Net Income (Loss) Per Share | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 9,300 | 6,000 | 9,300 | 6,000 |
Restricted Stock/Units and Performance Units/Stock | ||||
Potential Dilutive Common Shares - [Abstract] | ||||
Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangments | 0 | 2,353 | 0 | 2,419 |
Net Income (Loss) Per Share | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 4,800 | 4,800 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | ||
Supplemental Cash Flow Information [Abstract] | |||
Interest (1) | [1] | $ 68,730 | $ 108,994 |
Income Taxes, Net of Refunds Received | (76,489) | (331,778) | |
Interest Costs Capitalized | 17,000 | 18,000 | |
Accrued Capital Expenditures | 246,000 | 626,000 | |
Non-Cash Property Exchanges | 55,000 | $ 72,000 | |
Noncash Additions To Other Property, Plant and Equipment | $ 73,000 | ||
[1] | Net of capitalized interest of $17 million and $18 million for the six months ended June 30, 2020 and 2019, respectively. |
Segment Information (Details)
Segment Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | ||||
Selected Information [Line Items] | ||||||||
Document Period End Date | Jun. 30, 2020 | |||||||
Schedule of Segment Reporting Information By Segment [Abstract] | ||||||||
Operating Revenues and Other | $ 1,103,374,000 | $ 4,697,630,000 | $ 5,821,066,000 | $ 8,756,272,000 | ||||
Operating Income (Loss) | (1,086,549,000) | 1,130,771,000 | (1,028,964,000) | 2,007,301,000 | ||||
Other Income, Net | (4,500,000) | 8,503,000 | 13,608,000 | 14,115,000 | ||||
Interest Expense, Net | (54,213,000) | (49,908,000) | (98,903,000) | (104,814,000) | ||||
Income (Loss) Before Income Taxes | (1,145,262,000) | 1,089,366,000 | (1,114,259,000) | 1,916,602,000 | ||||
Total Assets | 35,221,671,000 | 35,221,671,000 | $ 37,124,608,000 | |||||
Pretax Impairment Charges for Proved Oil and Gas Properties and Other Property, Plant and Equipment | 1,160,000,000 | |||||||
Pretax Impairment Changes For Other Assets | 72,000,000 | |||||||
United States | ||||||||
Schedule of Segment Reporting Information By Segment [Abstract] | ||||||||
Operating Revenues and Other | 1,055,673,000 | 4,611,789,000 | 5,716,408,000 | 8,588,808,000 | ||||
Operating Income (Loss) | (1,079,201,000) | 1,107,910,000 | (973,795,000) | 1,958,810,000 | ||||
Total Assets | 34,534,344,000 | 34,534,344,000 | 36,274,942,000 | |||||
Pretax Impairment Charges for Proved Oil and Gas Properties and Other Property, Plant and Equipment | 6,000,000 | 1,462,000,000 | ||||||
Pretax Impairment Changes For Other Assets | 219,000,000 | |||||||
Trinidad | ||||||||
Schedule of Segment Reporting Information By Segment [Abstract] | ||||||||
Operating Revenues and Other | 33,899,000 | 71,132,000 | 75,542,000 | 141,000,000 | ||||
Operating Income (Loss) | 10,234,000 | 34,390,000 | 22,897,000 | 73,222,000 | ||||
Total Assets | 531,454,000 | 531,454,000 | 705,747,000 | |||||
Other International | ||||||||
Schedule of Segment Reporting Information By Segment [Abstract] | ||||||||
Operating Revenues and Other | [1] | 13,802,000 | 14,709,000 | 29,116,000 | 26,464,000 | |||
Operating Income (Loss) | [1] | (17,582,000) | $ (11,529,000) | (78,066,000) | $ (24,731,000) | |||
Total Assets | [1] | 155,873,000 | [2] | 155,873,000 | [2] | $ 143,919,000 | ||
Pretax Impairment Charges for Proved Oil and Gas Properties and Other Property, Plant and Equipment | $ 19,000,000 | $ 79,000,000 | ||||||
[1] | Other International primarily consists of EOG's China and Canada operations. | |||||||
[2] | Other International primarily consists of EOG's China and Canada operations |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | ||
Asset Retirement Obligation [Abstract] | |||
Carrying Amount at January 1 | $ 1,110,710 | $ 954,377 | |
Liabilities Incurred | 16,715 | 56,490 | |
Liabilities Settled (1) | [1] | (24,480) | (41,650) |
Accretion | 23,153 | 20,523 | |
Revisions | 19,990 | 8,006 | |
Foreign Currency Translations | (223) | 219 | |
Carrying Amount at June 30 | 1,145,865 | 997,965 | |
Current Portion | 38,792 | 27,416 | |
Noncurrent Portion | $ 1,107,073 | $ 970,549 | |
[1] | Includes settlements related to asset sales. |
Exploratory Well Costs (Details
Exploratory Well Costs (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020USD ($) | ||
Capitalized Exploratory Well Costs that are Pending Determination of Proved Reserves [Roll Forward] | ||
Balance at January 1 | $ 25,897 | |
Additions Pending the Determination of Proved Reserves | 55,669 | |
Reclassifications to Proved Properties | (2,178) | |
Costs Charged to Expense (1) | (10,988) | [1] |
Balance at June 30 | $ 68,400 | |
[1] | Includes capitalized exploratory well costs charged to either dry hole costs or impairments. |
Pension and Postretirement Be_2
Pension and Postretirement Benefits (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Defined Benefit and Defined Contribution Plan Disclosure [Line Items] | ||
Pension and Other Postretirement Benefits Cost | $ 20.7 | $ 23 |
Long-Term Debt and Common Sto_2
Long-Term Debt and Common Stock (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Debt Instrument [Abstract] | ||
Proceeds from Debt, Net of Issuance Costs | $ 1,480,000,000 | |
Dividends Common Stock Declared Per Share | $ 0.2875 | |
Dividends Payable, Amount Per Share After Increase | $ 0.375 | |
Commercial Paper [Member] | ||
Line of Credit Facility [Line Items] | ||
Borrowings Outstanding | $ 0 | $ 0 |
Revolving Credit Agreement (New Facility) [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,000,000,000 | |
Line of Credit Facility, Expiration Date | Jun. 27, 2024 | |
Line Of Credit Facility Increase Additional Borrowings | $ 3,000,000,000 | |
Maximum Total Debt To Total Capitalization Ratio Allowed Under Financial Covenant | 65.00% | |
Revolving Credit Agreement 2020 [Member] | ||
Line of Credit Facility [Line Items] | ||
Borrowings Outstanding | $ 0 | $ 0 |
Eurodollar [Member] | Revolving Credit Agreement (New Facility) [Member] | ||
Line of Credit Facility [Line Items] | ||
Weighted average interest rate (in hundredths) | 1.06% | |
Base Rate [Member] | Revolving Credit Agreement (New Facility) [Member] | ||
Line of Credit Facility [Line Items] | ||
Weighted average interest rate (in hundredths) | 3.25% | |
4.40% Senior Notes Due 2020 [Member] | ||
Debt Instrument [Abstract] | ||
Debt Instrument, Face Amount | $ 500,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.40% | |
4.100% Senior Notes Due 2021 [Member] | ||
Debt Instrument [Abstract] | ||
Debt Instrument, Face Amount | $ 750,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.10% | |
2.45% Senior Notes Due 2020 [Member] | ||
Debt Instrument [Abstract] | ||
Debt Instrument, Face Amount | $ 500,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 2.45% | |
4.375% Senior Notes Due 2030 [Member] | ||
Debt Instrument [Abstract] | ||
Debt Instrument, Face Amount | $ 750,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.375% | |
4.950% Senior Notes Due 2050 [Member] | ||
Debt Instrument [Abstract] | ||
Debt Instrument, Face Amount | $ 750,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.95% |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Proved Oil and Gas Properties, Other Property, Plant and Equipment and Other Assets [Abstract] | ||
Proved Oil and Gas Properties and Other Assets Carrying Amount | $ 1,424,000 | |
Proved Oil and Gas Properties and Other Assets Written Down During the Period - Fair value at End of Period | 264,000 | |
Pretax Impairment Charges for Proved Oil and Gas Properties and Other Property, Plant and Equipment | 1,160,000 | |
Pretax Impairment Changes For Other Assets | 72,000 | |
Debt Disclosure [Abstract] | ||
Aggregate Principal Amount of Current and Long-Term Debt | 5,640,000 | $ 5,140,000 |
Estimated Fair Value of Debt | 6,416,000 | 5,452,000 |
Commodity Contract [Member] | Crude Oil | Price Swaps | ||
Financial Assets: [Abstract] | ||
Assets, Fair Value Disclosure | 224,256 | |
Financial Liabilities: | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 23,266 | |
Commodity Contract [Member] | Crude Oil | Price Swaps | Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets: [Abstract] | ||
Assets, Fair Value Disclosure | 0 | |
Financial Liabilities: | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | |
Commodity Contract [Member] | Crude Oil | Price Swaps | Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets: [Abstract] | ||
Assets, Fair Value Disclosure | 224,256 | |
Financial Liabilities: | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 23,266 | |
Commodity Contract [Member] | Crude Oil | Price Swaps | Fair Value, Inputs, Level 3 [Member] | ||
Financial Assets: [Abstract] | ||
Assets, Fair Value Disclosure | 0 | |
Financial Liabilities: | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | |
Commodity Contract [Member] | Crude Oil | Roll Differential Swap | ||
Financial Assets: [Abstract] | ||
Assets, Fair Value Disclosure | 2,396 | |
Financial Liabilities: | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 16,855 | |
Commodity Contract [Member] | Crude Oil | Roll Differential Swap | Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets: [Abstract] | ||
Assets, Fair Value Disclosure | 0 | |
Financial Liabilities: | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | |
Commodity Contract [Member] | Crude Oil | Roll Differential Swap | Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets: [Abstract] | ||
Assets, Fair Value Disclosure | 2,396 | |
Financial Liabilities: | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 16,855 | |
Commodity Contract [Member] | Crude Oil | Roll Differential Swap | Fair Value, Inputs, Level 3 [Member] | ||
Financial Assets: [Abstract] | ||
Assets, Fair Value Disclosure | 0 | |
Financial Liabilities: | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | |
Commodity Contract [Member] | Natural Gas | Price Swaps | ||
Financial Assets: [Abstract] | ||
Assets, Fair Value Disclosure | 2,533 | |
Commodity Contract [Member] | Natural Gas | Price Swaps | Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets: [Abstract] | ||
Assets, Fair Value Disclosure | 0 | |
Commodity Contract [Member] | Natural Gas | Price Swaps | Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets: [Abstract] | ||
Assets, Fair Value Disclosure | 2,533 | |
Commodity Contract [Member] | Natural Gas | Price Swaps | Fair Value, Inputs, Level 3 [Member] | ||
Financial Assets: [Abstract] | ||
Assets, Fair Value Disclosure | 0 | |
Commodity Contract [Member] | Natural Gas | Collars | ||
Financial Assets: [Abstract] | ||
Assets, Fair Value Disclosure | 4,338 | |
Financial Liabilities: | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 4,313 | |
Commodity Contract [Member] | Natural Gas | Collars | Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets: [Abstract] | ||
Assets, Fair Value Disclosure | 0 | |
Financial Liabilities: | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | |
Commodity Contract [Member] | Natural Gas | Collars | Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets: [Abstract] | ||
Assets, Fair Value Disclosure | 4,338 | |
Financial Liabilities: | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 4,313 | |
Commodity Contract [Member] | Natural Gas | Collars | Fair Value, Inputs, Level 3 [Member] | ||
Financial Assets: [Abstract] | ||
Assets, Fair Value Disclosure | 0 | |
Financial Liabilities: | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | |
Commodity Contract [Member] | Natural Gas | Basis Swaps | ||
Financial Assets: [Abstract] | ||
Assets, Fair Value Disclosure | 6 | 970 |
Financial Liabilities: | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 10,671 | |
Commodity Contract [Member] | Natural Gas | Basis Swaps | Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets: [Abstract] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Financial Liabilities: | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | |
Commodity Contract [Member] | Natural Gas | Basis Swaps | Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets: [Abstract] | ||
Assets, Fair Value Disclosure | 6 | 970 |
Financial Liabilities: | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 10,671 | |
Commodity Contract [Member] | Natural Gas | Basis Swaps | Fair Value, Inputs, Level 3 [Member] | ||
Financial Assets: [Abstract] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Financial Liabilities: | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | |
Commodity Contract [Member] | Natural Gas Liquids | Price Swaps | ||
Financial Assets: [Abstract] | ||
Assets, Fair Value Disclosure | 7,064 | 3,401 |
Financial Liabilities: | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 166 | |
Commodity Contract [Member] | Natural Gas Liquids | Price Swaps | Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets: [Abstract] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Financial Liabilities: | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | |
Commodity Contract [Member] | Natural Gas Liquids | Price Swaps | Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets: [Abstract] | ||
Assets, Fair Value Disclosure | 7,064 | 3,401 |
Financial Liabilities: | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 166 | |
Commodity Contract [Member] | Natural Gas Liquids | Price 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 | |
Assets From Price Risk Management Activities | ||
Financial Assets: [Abstract] | ||
Assets, Fair Value Disclosure | $ 207,000 | 1,000 |
Liabilities From Price Risk Management Activities | ||
Financial Liabilities: | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 20,000 |
Risk Management Activities (Det
Risk Management Activities (Details) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2020USD ($)MMBTU$ / MMBTU$ / bblbbl | Dec. 31, 2019USD ($) | ||
Derivatives, Fair Value [Line Items] | |||
Volume (MMBtud) | MMBTU | 50,000 | ||
Weighted Average Price (MMBtu) | 1.40 | ||
Assets from Price Risk Management Activities | $ | $ 207,019 | $ 1,299 | |
Liabilities from Price Risk Management Activities | $ | 0 | 20,194 | |
Other Assets | $ | 2,000 | ||
Derivative Collateral [Abstract] | |||
Collateral Had on Derivative | $ | 0 | 0 | |
Collateral Held on Derivative | $ | 62,000 | 0 | |
Price Risk Derivative | |||
Derivatives, Fair Value [Line Items] | |||
Other Assets | $ | 1,569 | 0 | |
Assets From Price Risk Management Activities | |||
Derivatives, Fair Value [Line Items] | |||
Assets from Price Risk Management Activities | $ | 239,000 | 3,000 | |
Liabilities from Price Risk Management Activities | $ | 32,000 | 2,000 | |
Assets From Price Risk Management Activities | Price Risk Derivative | |||
Derivatives, Fair Value [Line Items] | |||
Assets from Price Risk Management Activities | $ | [1] | 207,019 | 1,299 |
Liabilities From Price Risk Management Activities | |||
Derivatives, Fair Value [Line Items] | |||
Assets from Price Risk Management Activities | $ | 3,000 | ||
Liabilities from Price Risk Management Activities | $ | 23,000 | ||
Liabilities From Price Risk Management Activities | Price Risk Derivative | |||
Derivatives, Fair Value [Line Items] | |||
Liabilities from Price Risk Management Activities | $ | [2] | 0 | $ 20,194 |
Crude Oil | Roll Differential Swap | |||
Derivatives, Fair Value [Line Items] | |||
Cash Expected to Receive or Pay From Offsetting Contract | $ | 3,200 | ||
Crude Oil | Price Swaps | |||
Derivatives, Fair Value [Line Items] | |||
Cash Expected to Receive or Pay From Offsetting Contract | $ | $ 364,000 | ||
Crude Oil | Derivative Contracts - May (closed) | ICE Brent Differential Basis Swap | |||
Derivatives, Fair Value [Line Items] | |||
Volume (Bbld) | bbl | 10,000 | ||
Weighted Average Price ($/Bbl) | (4.92) | ||
Crude Oil | Derivative Contracts - May (closed) | Houston Differential Basis Swap | |||
Derivatives, Fair Value [Line Items] | |||
Volume (Bbld) | bbl | 10,000 | ||
Weighted Average Price ($/Bbl) | (1.55) | ||
Crude Oil | Derivative Contracts - February through June (closed) | Roll Differential Swap | |||
Derivatives, Fair Value [Line Items] | |||
Volume (Bbld) | bbl | 10,000 | ||
Weighted Average Price ($/Bbl) | (0.70) | ||
Crude Oil | Derivative Contracts - July (closed) | Roll Differential Swap | |||
Derivatives, Fair Value [Line Items] | |||
Volume (Bbld) | bbl | 88,000 | ||
Weighted Average Price ($/Bbl) | (1.16) | ||
Crude Oil | Derivative Contracts - August through September | Roll Differential Swap | |||
Derivatives, Fair Value [Line Items] | |||
Volume (Bbld) | bbl | 88,000 | ||
Weighted Average Price ($/Bbl) | (1.16) | ||
Crude Oil | Derivative Contracts - August through September | Price Swaps | |||
Derivatives, Fair Value [Line Items] | |||
Volume (Bbld) | bbl | 154,000 | ||
Weighted Average Price ($/Bbl) | (50.42) | ||
Crude Oil | Derivative Contracts - October through December | Roll Differential Swap | |||
Derivatives, Fair Value [Line Items] | |||
Volume (Bbld) | bbl | 66,000 | ||
Weighted Average Price ($/Bbl) | (1.16) | ||
Crude Oil | Derivative Contracts - October through December | Price Swaps | |||
Derivatives, Fair Value [Line Items] | |||
Weighted Average Price ($/Bbl) | (31) | ||
Crude Oil | Derivative Contracts - April through May (closed) | Price Swaps | |||
Derivatives, Fair Value [Line Items] | |||
Volume (Bbld) | bbl | 265,000 | ||
Weighted Average Price ($/Bbl) | (51.36) | ||
Crude Oil | Derivative Contracts - January through March (closed) | Price Swaps | |||
Derivatives, Fair Value [Line Items] | |||
Volume (Bbld) | bbl | 200,000 | ||
Weighted Average Price ($/Bbl) | (59.33) | ||
Crude Oil | OffSetting Derivative Contracts - July through September | Roll Differential Swap | |||
Derivatives, Fair Value [Line Items] | |||
Volume (Bbld) | bbl | 22,000 | ||
Weighted Average Price ($/Bbl) | (0.43) | ||
Crude Oil | OffSetting Derivative Contracts - June | Price Swaps | |||
Derivatives, Fair Value [Line Items] | |||
Volume (Bbld) | bbl | 265,000 | ||
Weighted Average Price ($/Bbl) | (33.80) | ||
Crude Oil | OffSetting Derivative Contracts - July | Price Swaps | |||
Derivatives, Fair Value [Line Items] | |||
Volume (Bbld) | bbl | 254,000 | ||
Weighted Average Price ($/Bbl) | (33.75) | ||
Crude Oil | OffSetting Derivative Contracts - August through September | Price Swaps | |||
Derivatives, Fair Value [Line Items] | |||
Volume (Bbld) | bbl | 154,000 | ||
Weighted Average Price ($/Bbl) | (34.18) | ||
Crude Oil | Derivative Contacts - April (closed) | ICE Brent Price Swap | |||
Derivatives, Fair Value [Line Items] | |||
Volume (Bbld) | bbl | 75,000 | ||
Weighted Average Price ($/Bbl) | (25.66) | ||
Crude Oil | Derivative Contacts - May (closed) | ICE Brent Price Swap | |||
Derivatives, Fair Value [Line Items] | |||
Volume (Bbld) | bbl | 35,000 | ||
Weighted Average Price ($/Bbl) | (26.53) | ||
Crude Oil | OffSetting Derivative Contracts - October through December | Roll Differential Swap | |||
Derivatives, Fair Value [Line Items] | |||
Volume (Bbld) | bbl | 44,000 | ||
Weighted Average Price ($/Bbl) | (0.73) | ||
Crude Oil | OffSetting Derivative Contracts - October through December | Price Swaps | |||
Derivatives, Fair Value [Line Items] | |||
Volume (Bbld) | bbl | 47,000 | ||
Weighted Average Price ($/Bbl) | (30.04) | ||
Crude Oil | Derivative Contracts - June [Member] | Price Swaps | |||
Derivatives, Fair Value [Line Items] | |||
Volume (Bbld) | bbl | 265,000 | ||
Weighted Average Price ($/Bbl) | (51.36) | ||
Crude Oil | Derivative Contracts - July [Member] | Price Swaps | |||
Derivatives, Fair Value [Line Items] | |||
Volume (Bbld) | bbl | 254,000 | ||
Weighted Average Price ($/Bbl) | (42.36) | ||
Crude Oil | Derivative Contracts - July through September [Member] | Roll Differential Swap | |||
Derivatives, Fair Value [Line Items] | |||
Volume (Bbld) | bbl | 22,000 | ||
Weighted Average Price ($/Bbl) | (1.16) | ||
Crude Oil | New Derivative Contracts - October through December [Member] | Roll Differential Swap | |||
Derivatives, Fair Value [Line Items] | |||
Volume (Bbld) | bbl | 44,000 | ||
Crude Oil | New Derivative Contracts - October through December [Member] | Price Swaps | |||
Derivatives, Fair Value [Line Items] | |||
Volume (Bbld) | bbl | 47,000 | ||
Natural Gas Liquids | Mont Belvieu Propane Price Swap | |||
Derivatives, Fair Value [Line Items] | |||
Cash Expected to Receive or Pay From Offsetting Contract | $ | $ 9,200 | ||
Natural Gas Liquids | Derivative Contracts - January through February (closed) | Mont Belvieu Propane Price Swap | |||
Derivatives, Fair Value [Line Items] | |||
Volume (Bbld) | bbl | 4,000 | ||
Weighted Average Price ($/Bbl) | (21.34) | ||
Natural Gas Liquids | Derivative Contracts - May through December | Mont Belvieu Propane Price Swap | |||
Derivatives, Fair Value [Line Items] | |||
Volume (Bbld) | bbl | 25,000 | ||
Weighted Average Price ($/Bbl) | (17.92) | ||
Natural Gas Liquids | Offsetting Derivative Contracts - May through December [Member] | Mont Belvieu Propane Price Swap | |||
Derivatives, Fair Value [Line Items] | |||
Volume (Bbld) | bbl | 25,000 | ||
Weighted Average Price ($/Bbl) | (16.41) | ||
Natural Gas Liquids | Derivative Contracts - March through April (closed) | Mont Belvieu Propane Price Swap | |||
Derivatives, Fair Value [Line Items] | |||
Volume (Bbld) | bbl | 25,000 | ||
Weighted Average Price ($/Bbl) | (17.92) | ||
Natural Gas | Collars | |||
Derivatives, Fair Value [Line Items] | |||
Cash Expected to Receive or Pay From Offsetting Contract | $ | $ 1,100 | ||
Natural Gas | Waha Differential Basis Swaps | |||
Derivatives, Fair Value [Line Items] | |||
Cash Expected to Receive or Pay From Offsetting Contract | $ | $ 11,900 | ||
Natural Gas | Derivative Contracts - April through December (closed) | HSC Differential Basis Swaps | |||
Derivatives, Fair Value [Line Items] | |||
Weighted Average Price ($/Bbl) | $ / MMBTU | (0.05) | ||
Volume (MMBtud) | MMBTU | 60,000 | ||
Cash Paid For Early Termination Of Contracts | $ | $ 400 | ||
Natural Gas | Derivative Contracts - January through December (closed) | HSC Differential Basis Swaps | |||
Derivatives, Fair Value [Line Items] | |||
Weighted Average Price ($/Bbl) | $ / MMBTU | (0.05) | ||
Volume (MMBtud) | MMBTU | 60,000 | ||
Natural Gas | Derivative Contracts - April through July (closed) | Collars | |||
Derivatives, Fair Value [Line Items] | |||
Volume (MMBtud) | MMBTU | 250,000 | ||
Weighted Average Price (MMBtu) | $ / MMBTU | 2.50 | ||
Weighted Average Floor Price (MMBtu) | $ / MMBTU | 2 | ||
Cash Received For Early Termination Of Contracts | $ | $ 7,800 | ||
Natural Gas | Derivative Contracts - January through April (closed) | Waha Differential Basis Swaps | |||
Derivatives, Fair Value [Line Items] | |||
Weighted Average Price ($/Bbl) | $ / MMBTU | (1.40) | ||
Volume (MMBtud) | MMBTU | 50,000 | ||
Natural Gas | Derivative Contracts - August through October | Collars | |||
Derivatives, Fair Value [Line Items] | |||
Volume (MMBtud) | MMBTU | 250,000 | ||
Weighted Average Price (MMBtu) | $ / MMBTU | 2.50 | ||
Weighted Average Floor Price (MMBtu) | $ / MMBTU | 2 | ||
Natural Gas | Derivative Contracts - January through June (closed) | Rockies Differential Basis Swap | |||
Derivatives, Fair Value [Line Items] | |||
Weighted Average Price ($/Bbl) | $ / MMBTU | (0.55) | ||
Volume (MMBtud) | MMBTU | 30,000 | ||
Natural Gas | Derivative Contracts - July though December | Rockies Differential Basis Swap | |||
Derivatives, Fair Value [Line Items] | |||
Weighted Average Price ($/Bbl) | $ / MMBTU | (0.55) | ||
Volume (MMBtud) | MMBTU | 30,000 | ||
Natural Gas | Offsetting Derivative Contracts - May through December [Member] | Waha Differential Basis Swaps | |||
Derivatives, Fair Value [Line Items] | |||
Weighted Average Price ($/Bbl) | $ / MMBTU | (0.43) | ||
Volume (MMBtud) | MMBTU | 50,000 | ||
Natural Gas | Offsetting Derivative Contracts - August through October [Member] | Collars | |||
Derivatives, Fair Value [Line Items] | |||
Volume (MMBtud) | MMBTU | 250,000 | ||
Weighted Average Price (MMBtu) | $ / MMBTU | 2.50 | ||
Weighted Average Floor Price (MMBtu) | $ / MMBTU | 2 | ||
Natural Gas | Derivative Contracts - Year Two | Price Swaps | |||
Derivatives, Fair Value [Line Items] | |||
Weighted Average Price ($/Bbl) | (2.75) | ||
Volume (MMBtud) | MMBTU | 50,000 | ||
[1] | The current portion of Assets from Price Risk Management Activities consists of gross assets of $239 million, partially offset by gross liabilities of $32 million at June 30, 2020. The current portion of Assets from Price Risk Management Activities consists of gross assets of $3 million, partially offset by gross liabilities of $2 million, at December 31, 2019. | ||
[2] | The current portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $23 million, partially offset by gross assets of $3 million, at December 31, 2019. |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | ||
Proved oil and gas properties carrying amount | $ 46,000 | $ 304,000 |
Gains (Losses) on Asset Dispositions, Net | 29,693 | 4,173 |
Proceeds on Asset Dispositions | $ 43,368 | $ 17,642 |