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Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2019
Share-based Payment Arrangement [Abstract]  
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs Stock-based compensation expense is included on the Condensed Consolidated Statements of Income and Comprehensive Income based upon the job function of the employees receiving the grants as follows (in millions):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Lease and Well
$
13.3

 
$
12.9

 
$
40.6

 
$
37.1

Gathering and Processing Costs
0.3

 
0.1

 
0.8

 
0.3

Exploration Costs
5.2

 
5.8

 
18.1

 
18.4

General and Administrative
35.9

 
30.2

 
72.8

 
60.5

Total
$
54.7

 
$
49.0

 
$
132.3

 
$
116.3
Weighted Average Fair Values and Valuation Assumptions
Weighted average fair values and valuation assumptions used to value stock option, SAR and ESPP grants during the nine-month periods ended September 30, 2019 and 2018 are as follows:
 
Stock Options/SARs
 
ESPP
 
Nine Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Weighted Average Fair Value of Grants
$
19.49

 
$
33.49

 
$
22.83

 
$
25.52

Expected Volatility
32.01
%
 
28.22
%
 
34.83
%
 
24.36
%
Risk-Free Interest Rate
1.69
%
 
2.68
%
 
2.28
%
 
1.86
%
Dividend Yield
1.39
%
 
0.72
%
 
1.04
%
 
0.64
%
Expected Life
5.1 years

 
5.0 years

 
0.5 years

 
0.5 years
Stock Options and SARs Transactions
The following table sets forth stock option and SAR transactions for the nine-month periods ended September 30, 2019 and 2018 (stock options and SARs in thousands):
 
Nine Months Ended September 30, 2019
 
Nine Months Ended September 30, 2018
 
Number of
Stock
Options/SARs
 
Weighted
Average
Grant
Price
 
Number of
Stock
Options/SARs
 
Weighted
Average
Grant
Price
Outstanding at January 1
8,310

 
$
96.90

 
9,103

 
$
83.89

Granted
1,946

 
75.43

 
1,884

 
126.65

Exercised (1)
(586
)
 
61.19

 
(2,144
)
 
69.62

Forfeited
(200
)
 
104.89

 
(167
)
 
91.89

Outstanding at September 30 (2)
9,470

 
$
94.53

 
8,676

 
$
96.55

Vested or Expected to Vest (3)
9,127

 
$
94.51

 
8,316

 
$
96.08

Exercisable at September 30 (4)
5,307

 
$
94.08

 
4,202

 
$
85.80



(1)
The total intrinsic value of stock options/SARs exercised during the nine months ended September 30, 2019 and 2018 was $13.3 million and $103.7 million, respectively. The intrinsic value is based upon the difference between the market price of EOG's common stock on the date of exercise and the grant price of the stock options/SARs.
(2)
The total intrinsic value of stock options/SARs outstanding at September 30, 2019 and 2018 was $4.8 million and $269.1 million, respectively. At September 30, 2019 and 2018, the weighted average remaining contractual life was 4.5 years and 4.8 years, respectively.
(3)
The total intrinsic value of stock options/SARs vested or expected to vest at September 30, 2019 and 2018 was $4.8 million and $261.9 million, respectively. At September 30, 2019 and 2018, the weighted average remaining contractual life was 4.5 years and 4.7 years, respectively.
(4)
The total intrinsic value of stock options/SARs exercisable at September 30, 2019 and 2018 was $4.7 million and $175.5 million, respectively. At September 30, 2019 and 2018, the weighted average remaining contractual life was 3.3 years and 3.4 years, respectively.
Restricted Stock and Restricted Stock Unit Transactions
The following table sets forth restricted stock and restricted stock unit transactions for the nine-month periods ended September 30, 2019 and 2018 (shares and units in thousands):
 
Nine Months Ended September 30, 2019
 
Nine Months Ended September 30, 2018
 
Number of
Shares and
Units
 
Weighted
Average
Grant Date
Fair Value
 
Number of
Shares and
Units
 
Weighted
Average
Grant Date
Fair Value
Outstanding at January 1
3,792

 
$
96.64

 
3,905

 
$
88.57

Granted
1,728

 
80.12

 
792

 
117.67

Released (1)
(732
)
 
97.51

 
(708
)
 
77.46

Forfeited
(129
)
 
97.81

 
(150
)
 
91.36

Outstanding at September 30 (2)
4,659

 
$
90.34

 
3,839

 
$
96.52

 
(1)
The total intrinsic value of restricted stock and restricted stock units released during the nine months ended September 30, 2019 and 2018 was $61.2 million and $80.2 million, respectively. The intrinsic value is based upon the closing price of EOG's common stock on the date the restricted stock and restricted stock units are released.
(2)
The total intrinsic value of restricted stock and restricted stock units outstanding at September 30, 2019 and 2018 was $345.8 million and $489.7 million, respectively.
Weighted Average Fair Values and Valuation Assumptions for Performance Award Grants
The following table sets forth the performance unit transactions for the nine-month periods ended September 30, 2019 and 2018 (units in thousands):
 
Nine Months Ended September 30, 2019
 
Nine Months Ended September 30, 2018
 
Number of
Units
 
Weighted
Average
Price per
Grant Date
 
Number of
Units
 
Weighted
Average
Price per
Grant Date
Outstanding at January 1
539

 
$
101.53

 
502

 
$
90.96

Granted
172

 
75.09

 
107

 
127.00

Granted for Performance Multiple (1)
72

 
69.43

 
72

 
101.87

Released (2)
(185
)
 
94.63

 
(148
)
 
84.43

Forfeited
—

 
—

 
—

 
—

Outstanding at September 30 (3)
598

(4)
$
92.19

 
533

 
$
101.50

 
(1)
Upon completion of the Performance Period for the performance units granted in 2015 and 2014, a performance multiple of 200% was applied to each of the grants resulting in additional grants of performance units in February 2019 and February 2018, respectively.
(2)
The total intrinsic value of performance units released during the nine months ended September 30, 2019 and 2018, was $15.4 million and $17.7 million, respectively. The intrinsic value is based upon the closing price of EOG's common stock on the date the performance units are released.
(3)
The total intrinsic value of performance units outstanding at September 30, 2019 and 2018 was approximately $44.4 million and $68.0 million, respectively.
(4)
Upon the application of the relevant performance multiple at the completion of each of the remaining Performance Periods, a minimum of 102 thousand and a maximum of 1,094 thousand performance units could be outstanding.