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Long-Term Debt
6 Months Ended
Jun. 30, 2015
Debt Disclosure [Abstract]  
Long-Term Debt [Text Block]
10.    Long-Term Debt

EOG had no outstanding commercial paper borrowings or uncommitted credit facility borrowings at June 30, 2015 and did not utilize any such borrowings during the six months ended June 30, 2015. During the six months ended June 30, 2014, EOG utilized commercial paper and short-term borrowings under uncommitted credit facilities, bearing market interest rates, for various corporate financing purposes. The average borrowings outstanding under the commercial paper program and under uncommitted credit facilities were $18 million and $0.2 million, respectively, during the six months ended June 30, 2014. The weighted average interest rates for commercial paper borrowings and uncommitted credit facility borrowings were 0.25% and 0.70%, respectively, during the six months ended June 30, 2014.

At June 30, 2015, the $400 million aggregate principal amount of 2.500% Senior Notes due 2016 were classified as long-term debt based upon EOG's intent and ability to ultimately replace such amount with other long-term debt.

On June 1, 2015, EOG repaid upon maturity the $500 million aggregate principal amount of its 2.95% Senior Notes due 2015.

On March 17, 2015, EOG closed its sale of the $500 million aggregate principal amount of its 3.15% Senior Notes due 2025 and the $500 million aggregate principal amount of its 3.90% Senior Notes due 2035 (together, the Notes). Interest on the Notes is payable semi-annually in arrears on April 1 and October 1 of each year, beginning on October 1, 2015. Net proceeds from the Notes offering of approximately $990 million were used for general corporate purposes.

At June 30, 2015, EOG had a $2.0 billion senior unsecured Revolving Credit Agreement with domestic and foreign lenders (2011 Agreement). There were no borrowings or letters of credit outstanding under the 2011 Agreement at June 30, 2015. The 2011 Agreement was scheduled to mature on October 11, 2016. Advances under the 2011 Agreement accrue interest based, at EOG's option, on either the London InterBank Offered Rate (LIBOR) plus an applicable margin (Eurodollar rate) or the base rate (as defined in the 2011 Agreement) plus an applicable margin. At June 30, 2015, the Eurodollar rate and applicable base rate, had there been any amounts borrowed under the 2011 Agreement, would have been 1.062% and 3.25%, respectively.

On July 21, 2015, EOG entered into a new $2.0 billion senior unsecured Revolving Credit Agreement (New Facility) with domestic and foreign lenders (Banks). The New Facility replaces the 2011 Agreement described above.
The New Facility has a scheduled maturity date of July 21, 2020, 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 New Facility 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. Advances under the New Facility will accrue interest based, at EOG’s option, on either LIBOR plus an applicable margin or the base rate (as defined in the New Facility) plus an applicable margin. Consistent with the terms of the 2011 Agreement, the New Facility contains representations, warranties, covenants and events of default that are customary for investment grade, senior unsecured commercial bank credit agreements, including a financial covenant for the maintenance of a total debt-to-total capitalization ratio of no greater than 65%.