Risk Management Activities (Tables)

6 Months Ended

Jun. 30, 2012

Risk Management Activities [Abstract]

Commodity Derivative Contracts - Crude Oil

Commodity Derivative Contracts.  Presented below is a comprehensive summary of EOG's crude oil derivative contracts at June 30, 2012, with notional volumes expressed in barrels per day (Bbld) and prices expressed in dollars per barrel ($/Bbl).

Crude Oil Derivative Contracts
			Weighted
	Volume		Average Price
	(Bbld)		($/Bbl)
2012(1)
January 1, 2012 through February 29, 2012 (closed)		34,000	$	104.95
March 1, 2012 through June 30, 2012 (closed)		52,000		105.80
July 1, 2012 through August 31, 2012		50,000		106.90
September 1, 2012 through December 31, 2012		32,000		106.61

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(1) EOG has entered into crude oil derivative contracts which give counterparties the option to extend certain current derivative contracts for an additional six-month period.  Options covering a notional volume of 18,000 Bbld are exercisable on August 31, 2012.  If the counterparties exercise all such options, the notional volume of EOG's existing crude oil derivative contracts will increase by 18,000 Bbld at an average price of $107.42 per barrel for the period September 1, 2012 through February 28, 2013.  Options covering a notional volume of 15,000 Bbld are exercisable on December 31, 2012.  If the counterparties exercise all such options, the notional volume of EOG's existing crude oil derivative contracts will increase by 15,000 Bbld at an average price of $110.03 per barrel for the period from January 1, 2013 through June 30, 2013.

Commodity Derivative Contracts - Natural Gas

EOG RESOURCES, INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)(Unaudited)

Presented below is a comprehensive summary of EOG's natural gas derivative contracts at June 30, 2012, with notional volumes expressed in million British thermal units (MMBtu) per day (MMBtud) and prices expressed in dollars per MMBtu ($/MMBtu).

Natural Gas Derivative Contracts
	Volume (MMBtud)		Weighted Average Price ($/MMBtu)
2012(1)
January 2012 through July 31, 2012 (closed)		525,000	$	5.44
August 1, 2012 through December 31, 2012		525,000	$	5.44
2013(2)
January 1, 2013 through December 31, 2013		150,000	$	4.79
2014(2)
January 1, 2014 through December 31, 2014		150,000	$	4.79

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(1) EOG has entered into natural gas derivative contracts which give counterparties the option of entering into derivative 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 derivative contracts will increase by 425,000 MMBtud at an average price of $5.44 per MMBtu for the period from August 1, 2012 through December 31, 2012.

(2) EOG has entered into natural gas derivative contracts which give counterparties the option of entering into derivative 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 derivative contracts will increase by 150,000 MMBtud at an average price of $4.79 per MMBtu for each month of 2013 and 2014.

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

EOG RESOURCES, INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Concluded)(Unaudited)

The following table sets forth the amounts, on a gross basis, and classification of EOG's outstanding financial derivative instruments at June 30, 2012 and December 31, 2011.  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
		June 30,		December 31,
Description	Location on Balance Sheet	2012		2011
Asset Derivatives
Crude oil and natural gas derivative     contracts -
Current portion	Assets from Price Risk     Management Activities	$	410	$	451
Noncurrent portion	Other Assets	$	54	$	35
Liability Derivatives
Foreign currency swap - Noncurrent      portion	Other Liabilities	$	51	$	52
Interest rate swap - Noncurrent portion	Other Liabilities	$	4	$	3

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