Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Taxes [Abstract]

Deferred Income Tax Liabilities, Net Table

The principal components of EOG's net deferred income tax liabilities at December 31, 2013 and 2012 were as follows (in thousands):

	2013			2012
Current Deferred Income Tax Assets (Liabilities)
Commodity Hedging Contracts	$	29,582		$	(57,754	)
Deferred Compensation Plans		42,296			35,715
Net Operating Loss		96,616			-
Alternative Minimum Tax Credit Carryforward		72,297			-
Timing Differences Associated with Different Year-ends in Foreign Jurisdictions		-			(2,762	)
Other		3,815			1,963
Total Net Current Deferred Income Tax Assets (Liabilities)	$	244,606		$	(22,838	)
Noncurrent Deferred Income Tax Assets (Liabilities)
Foreign Oil and Gas Exploration and Development Costs Deducted for Tax Over (Under) Book Depreciation, Depletion and Amortization	$	(112,346	)	$	25,592
Foreign Net Operating Loss		369,257			164,829
Foreign Other		4,179			1,607
Foreign Valuation Allowances		(183,122	)		(134,792	)
Total Net Noncurrent Deferred Income Tax Assets	$	77,968		$	57,236
Noncurrent Deferred Income Tax (Assets) Liabilities
Oil and Gas Exploration and Development Costs Deducted for Tax Over Book Depreciation, Depletion and Amortization	$	6,287,541		$	5,300,115
Non-Producing Leasehold Costs		(50,581	)		(61,512	)
Seismic Costs Capitalized for Tax		(136,964	)		(125,026	)
Equity Awards		(122,665	)		(116,666	)
Capitalized Interest		101,006			102,677
Net Operating Loss		-			(308,154	)
Alternative Minimum Tax Credit Carryforward		(557,352	)		(476,505	)
Other		1,369			12,467
Total Net Noncurrent Deferred Income Tax Liabilities	$	5,522,354		$	4,327,396
Total Net Deferred Income Tax Liabilities	$	5,199,780		$	4,292,998

The components of Income Before Income Taxes for the years indicated below were as follows (in thousands):

Components of Income Before Income Taxes

	2013		2012			2011
United States	$	3,268,727	$	1,988,105		$	2,156,147
Foreign		168,159		(707,365	)		(246,348	)
Total	$	3,436,886	$	1,280,740		$	1,909,799

Components of Income Tax Provision

The principal components of EOG's Income Tax Provision for the years indicated below were as follows (in thousands):

	2013			2012			2011
Current:
Federal	$	207,777		$	242,674		$	94,244
State		22,856			22,573			1,083
Foreign		134,379			152,276			224,049
Total		365,012			417,523			319,376
Deferred:
Federal		915,994			454,173			608,181
State		26,305			632			40,321
Foreign		(67,534	)		(161,867	)		(149,202	)
Total		874,765			292,938			499,300
Income Tax Provision	$	1,239,777		$	710,461		$	818,676

Tax Rate Reconciliation

The differences between taxes computed at the United States federal statutory tax rate and EOG's effective rate were as follows:

	2013	2012	2011
Statutory Federal Income Tax Rate	35.00%	35.00%	35.00%
State Income Tax, Net of Federal Benefit	0.93	1.18	1.41
Income Tax Provision Related to Foreign Operations	(0.20)	1.38	0.88
Income Tax Provision  Related to Trinidad Operations	0.43	(0.27)	3.37
Canadian Valuation Allowances	-	10.57	-
Canadian Natural Gas Impairments	-	6.90	1.85
Other	(0.09)	0.71	0.36
Effective Income Tax Rate	36.07%	55.47%	42.87%