Risk Management Activities (Tables)

9 Months Ended

Sep. 30, 2011

Notes To Financial Statements [Abstract]

Presented below is a comprehensive summary of EOG's crude oil and natural gas financial price swap contracts at September 30, 2011, with notional volumes expressed in barrels per day (Bbld) and in million British thermal units per day (MMBtud) and prices expressed in dollars per barrel ($/Bbl) and in dollars per million British thermal units ($/MMBtu), as applicable.

Financial Price Swap Contracts
	Crude Oil		Natural Gas
	Volume (Bbld)	Weighted Average Price ($/Bbl)	Volume (MMBtud)	Weighted Average Price ($/MMBtu)
2011 (1)
January 2011 (closed)	17,000	$90.44	275,000	$5.19
February 2011 (closed)	18,000	90.69	425,000	5.09
March 2011 (closed)	20,000	91.82	425,000	5.09
April 2011 (closed)	24,000	93.61	475,000	5.03
May 2011 (closed)	24,000	93.61	650,000	4.90
June 1, 2011 through September 30, 2011 (closed)	30,000	97.02	650,000	4.90
October 1, 2011 through December 31, 2011 (2)	30,000	97.02	650,000	4.90

2012 (3)
January 1, 2012 through December 31, 2012	11,000	$106.37	525,000	$5.44

(1)

EOG has entered into natural gas financial price swap contracts which give counterparties the option of entering into price swap contracts at future dates. Such options are exercisable monthly up until the settlement date of each monthly contract. If the counterparties exercise all such options, the notional volume of EOG's existing natural gas financial price swap contracts will increase by 500,000 MMBtud at an average price of $4.73 per million British thermal units (MMBtu) for the period from November 1, 2011 through December 31, 2011.

(2)

The crude oil contracts for October 2011 closed on October 31, 2011. The natural gas contracts for October 2011 are closed.

(3)

EOG has entered into natural gas financial price swap contracts which give counterparties the option of entering into price swap contracts at future dates. Such options are exercisable monthly up until the settlement date of each monthly contract. If the counterparties exercise all such options, the notional volume of EOG's existing natural gas financial price swap contracts will increase by 425,000 MMBtud at an average price of $5.44 per MMBtu for each month of 2012.

Schedule of Derivative Instruments In Statement of Financial Position, Fair Value

The following table sets forth the amounts, on a gross basis, and classification of EOG's outstanding financial derivative financial instruments at September 30, 2011 and December 31, 2010. Certain amounts may be presented on a net basis in the consolidated financial statements when such amounts are with the same counterparty and subject to a master netting arrangement (in millions):

					Fair Value at
					September 30,		December 31,
Description			Location on Balance Sheet		2011		2010

Asset Derivatives
	Crude oil and natural gas price swaps and natural gas swaptions -
		Current Portion	Assets from Price Risk Management Activities	$	365	$	51
		Current Portion	Assets from Price Risk Management Activities	$	365	$	51
		Noncurrent Portion	Other Assets	$	61	$	18

Liability Derivatives
	Crude oil price swaps, natural gas price and basis swaps and natural gas swaptions -
		Current Portion	Liabilities from Price Risk Management Activities	$	-	$	30
		Current Portion	Liabilities from Price Risk Management Activities	$	-	$	30
		Noncurrent Portion	Other Liabilities	$	-	$	-

	Foreign currency swap - Noncurrent Portion		Other Liabilities	$	46	$	55

	Interest rate swap - Noncurrent Portion		Other Assets	$	-	$	2
			Other Liabilities	$	5	$	-