XML 65 R23.htm IDEA: XBRL DOCUMENT v2.4.0.6
Divestitures
12 Months Ended
Dec. 31, 2012
Divestitures [Abstract]  
Divestitures [Text Block]
16.  Acquisitions and Divestitures

During 2012, EOG received proceeds of approximately $1.3 billion from the sales of producing properties and acreage primarily in the Rocky Mountain area, the Upper Gulf Coast region and Canada.  During 2011, EOG received proceeds of approximately $1.4 billion from sales of producing properties and acreage and certain midstream assets, primarily in the Rocky Mountain area and Texas, and the sale of a portion of EOG's interest in the planned Kitimat liquefied natural gas export terminal (Kitimat LNG Terminal) and the proposed Pacific Trail Pipelines (PTP).  During 2010, EOG received proceeds of approximately $673 million from the sale of producing properties and acreage, primarily Canadian shallow natural gas assets and properties in the Rocky Mountain area, Texas, and Pennsylvania.

EOG's wholly-owned Canadian subsidiary, EOG Resources Canada Inc. (EOGRC), owned a 30% interest in both the Kitimat LNG Terminal to be located near the Port of Kitimat, British Columbia and PTP which is intended to link Western Canada's natural gas producing regions to the Kitimat LNG Terminal.  In December 2012, EOGRC signed a purchase and sale agreement for the sale of its entire interest in the Kitimat LNG Terminal and PTP, as well as approximately 28,500 undeveloped net acres in the Horn River Basin, to Chevron Canada Limited.  The transaction closed in February 2013.  Additionally in 2012, EOG signed purchase and sale agreements for the sale of certain properties in the United States.  At December 31, 2012, the book value of these assets held for sale and the related liabilities were $310 million and $31 million, respectively.

In the fourth quarter of 2010, EOG completed the sales of certain of its Canadian shallow natural gas assets in three separate transactions.  Proceeds from the sales were approximately $344 million.  In 2010, EOG recorded a pretax impairment of $280 million to adjust the shallow natural gas assets sold to estimated fair value less estimated cost to sell.