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Oil and Gas Exploration and Production Industries Disclosures (Tables)

12 Months Ended

Dec. 31, 2019

Oil and Gas Exploration and Production Industries Disclosures [Abstract]

Net Proved and Proved Developed Oil and Gas Reserve Quantities

The following tables set forth EOG's net proved reserves at December 31 for each of the four years in the period ended December 31, 2019, and the changes in the net proved reserves for each of the three years in the period ended December 31, 2019, as estimated by the Engineering and Acquisitions Department of EOG:

NET PROVED RESERVE SUMMARY



	United States		Trinidad		Other International ⁽¹⁾		Total
NET PROVED RESERVES

Crude Oil (MBbl) ⁽²⁾
Net proved reserves at December 31, 2016	1,168,491		839		8,255		1,177,585
Revisions of previous estimates	57,935		80		(179	)	57,836
Purchases in place	1,111		—		—		1,111
Extensions, discoveries and other additions	207,137		301		119		207,557
Sales in place	(8,393	)	—		—		(8,393	)
Production	(122,210	)	(322	)	(191	)	(122,723	)
Net proved reserves at December 31, 2017	1,304,071		898		8,004		1,312,973
Revisions of previous estimates	(13,237	)	(183	)	44		(13,376	)
Purchases in place	2,743		—		—		2,743
Extensions, discoveries and other additions	383,003		—		15		383,018
Sales in place	(768	)	—		(6,310	)	(7,078	)
Production	(144,128	)	(298	)	(1,542	)	(145,968	)
Net proved reserves at December 31, 2018	1,531,684		417		211		1,532,312
Revisions of previous estimates	(42,959	)	85		(8	)	(42,882	)
Purchases in place	2,859		—		—		2,859
Extensions, discoveries and other additions	369,968		—		28		369,996
Sales in place	(1,282	)	—		—		(1,282	)
Production	(166,310	)	(236	)	(40	)	(166,586	)
Net proved reserves at December 31, 2019	1,693,960		266		191		1,694,417

Natural Gas Liquids (MBbl) ⁽²⁾
Net proved reserves at December 31, 2016	416,366		—		—		416,366
Revisions of previous estimates	46,843		—		—		46,843
Purchases in place	421		—		—		421
Extensions, discoveries and other additions	75,003		—		—		75,003
Sales in place	(2,887	)	—		—		(2,887	)
Production	(32,273	)	—		—		(32,273	)
Net proved reserves at December 31, 2017	503,473		—		—		503,473
Revisions of previous estimates	23,942		—		—		23,942
Purchases in place	2,006		—		—		2,006
Extensions, discoveries and other additions	127,409		—		—		127,409
Sales in place	(41	)	—		—		(41	)
Production	(42,460	)	—		—		(42,460	)
Net proved reserves at December 31, 2018	614,329		—		—		614,329
Revisions of previous estimates	5,380		—		—		5,380
Purchases in place	1,948		—		—		1,948
Extensions, discoveries and other additions	167,782		—		—		167,782
Sales in place	(855	)	—		—		(855	)
Production	(48,892	)	—		—		(48,892	)
Net proved reserves at December 31, 2019	739,692		—		—		739,692



	United States		Trinidad		Other International ⁽¹⁾		Total
Natural Gas (Bcf) ⁽³⁾
Net proved reserves at December 31, 2016	3,021.2		280.9		15.8		3,317.9
Revisions of previous estimates	602.8		(27.4	)	8.6		584.0
Purchases in place	4.8		—		—		4.8
Extensions, discoveries and other additions	619.3		174.2		35.9		829.4
Sales in place	(56.4	)	—		—		(56.4	)
Production	(293.2	)	(114.3	)	(9.1	)	(416.6	)
Net proved reserves at December 31, 2017	3,898.5		313.4		51.2		4,263.1
Revisions of previous estimates	(127.2	)	20.7		15.0		(91.5	)
Purchases in place	41.3		—		—		41.3
Extensions, discoveries and other additions	951.4		—		4.6		956.0
Sales in place	(22.2	)	—		—		(22.2	)
Production	(351.2	)	(97.1	)	(11.2	)	(459.5	)
Net proved reserves at December 31, 2018	4,390.6		237.0		59.6		4,687.2
Revisions of previous estimates	(184.4	)	47.0		2.6		(134.8	)
Purchases in place	71.7		—		—		71.7
Extensions, discoveries and other additions	1,175.9		87.5		9.7		1,273.1
Sales in place	(14.5	)	—		—		(14.5	)
Production	(404.5	)	(95.4	)	(13.1	)	(513.0	)
Net proved reserves at December 31, 2019	5,034.8		276.1		58.8		5,369.7

Oil Equivalents (MBoe) ⁽²⁾
Net proved reserves at December 31, 2016	2,088,392		47,661		10,880		2,146,933
Revisions of previous estimates	205,262		(4,493	)	1,249		202,018
Purchases in place	2,332		—		—		2,332
Extensions, discoveries and other additions	385,354		29,340		6,104		420,798
Sales in place	(20,687	)	—		—		(20,687	)
Production	(203,351	)	(19,366	)	(1,707	)	(224,424	)
Net proved reserves at December 31, 2017	2,457,302		53,142		16,526		2,526,970
Revisions of previous estimates	(10,500	)	3,272		2,544		(4,684	)
Purchases in place	11,640		—		—		11,640
Extensions, discoveries and other additions	668,972		—		778		669,750
Sales in place	(4,509	)	—		(6,310	)	(10,819	)
Production	(245,127	)	(16,478	)	(3,406	)	(265,011	)
Net proved reserves at December 31, 2018	2,877,778		39,936		10,132		2,927,846
Revisions of previous estimates	(68,317	)	7,915		431		(59,971	)
Purchases in place	16,761		—		—		16,761
Extensions, discoveries and other additions	733,730		14,577		1,661		749,968
Sales in place	(4,555	)	—		—		(4,555	)
Production	(282,619	)	(16,130	)	(2,232	)	(300,981	)
Net proved reserves at December 31, 2019	3,272,778		46,298		9,992		3,329,068


(1)	Other International includes EOG's United Kingdom, China and Canada operations. The United Kingdom operations were sold in the fourth quarter of 2018.


(2)	Thousand barrels or thousand barrels of oil equivalent, as applicable; oil equivalents include crude oil and condensate, NGLs and natural gas. Oil equivalents are determined using a ratio of 1.0 barrel of crude oil and condensate or NGLs to 6.0 thousand cubic feet of natural gas.

(3)

Billion cubic feet.

Net Proved Developed and Net Proved Undeveloped Oil and Gas Reserve Quantities



	United States	Trinidad	Other International ⁽¹⁾	Total
NET PROVED DEVELOPED RESERVES
Crude Oil (MBbl)
December 31, 2016	507,531	839	8,255	516,625
December 31, 2017	605,405	898	7,933	614,236
December 31, 2018	712,218	417	150	712,785
December 31, 2019	801,189	266	143	801,598
Natural Gas Liquids (MBbl)
December 31, 2016	230,219	—	—	230,219
December 31, 2017	286,872	—	—	286,872
December 31, 2018	341,386	—	—	341,386
December 31, 2019	387,253	—	—	387,253
Natural Gas (Bcf)
December 31, 2016	1,804.4	262.2	15.8	2,082.4
December 31, 2017	2,450.8	299.2	29.3	2,779.3
December 31, 2018	2,699.0	223.9	40.9	2,963.8
December 31, 2019	2,974.6	177.7	41.8	3,194.1
Oil Equivalents (MBoe)
December 31, 2016	1,038,483	44,543	10,880	1,093,906
December 31, 2017	1,300,758	50,779	12,798	1,364,335
December 31, 2018	1,503,441	37,746	6,950	1,548,137
December 31, 2019	1,684,209	29,886	7,117	1,721,212
NET PROVED UNDEVELOPED RESERVES
Crude Oil (MBbl)
December 31, 2016	660,690	—	—	660,690
December 31, 2017	698,666	—	71	698,737
December 31, 2018	819,466	—	61	819,527
December 31, 2019	892,771	—	48	892,819
Natural Gas Liquids (MBbl)
December 31, 2016	186,147	—	—	186,147
December 31, 2017	216,601	—	—	216,601
December 31, 2018	272,943	—	—	272,943
December 31, 2019	352,439	—	—	352,439
Natural Gas (Bcf)
December 31, 2016	1,216.8	18.7	—	1,235.5
December 31, 2017	1,447.7	14.2	21.9	1,483.8
December 31, 2018	1,691.6	13.1	18.7	1,723.4
December 31, 2019	2,060.2	98.4	17.0	2,175.6
Oil Equivalents (MBoe)
December 31, 2016	1,049,909	3,118	—	1,053,027
December 31, 2017	1,156,544	2,363	3,728	1,162,635
December 31, 2018	1,374,337	2,190	3,182	1,379,709
December 31, 2019	1,588,569	16,412	2,875	1,607,856

(1)

Other International includes EOG's United Kingdom, China and Canada operations. The United Kingdom operations were sold in the fourth quarter of 2018.

Net Proved Undeveloped Reserves

The following table presents the changes in EOG's total proved undeveloped reserves during 2019, 2018 and 2017 (in MBoe):



	2019		2018		2017

Balance at January 1	1,379,709		1,162,635		1,053,027
Extensions and Discoveries	578,317		490,725		237,378
Revisions	(49,837	)	(8,244	)	33,127
Acquisition of Reserves	1,711		311		—
Sale of Reserves	—		—		(8,253	)
Conversion to Proved Developed Reserves	(302,044	)	(265,718	)	(152,644	)
Balance at December 31	1,607,856		1,379,709		1,162,635

Capitalized Costs Relating to Oil and Gas Producing Activities

The following table sets forth the capitalized costs relating to EOG's crude oil, NGLs and natural gas producing activities at December 31, 2019 and 2018:



	2019			2018

Proved properties	$	59,229,686		$	53,624,809
Unproved properties	3,600,729			3,705,207
Total	62,830,415			57,330,016
Accumulated depreciation, depletion and amortization	(35,033,085		)	(31,674,085		)
Net capitalized costs	$	27,797,330		$	25,655,931

Costs Incurred in Oil and Gas Property Acquisition, Exploration and Development Activities

The following table sets forth costs incurred related to EOG's oil and gas activities for the years ended December 31, 2019, 2018 and 2017:



	United States		Trinidad			Other International ⁽¹⁾		Total
2019
Acquisition Costs of Properties
Unproved ⁽²⁾	$	276,092	$	—		$	—	$	276,092
Proved ⁽³⁾	379,938		—			—		379,938
Subtotal	656,030		—			—		656,030
Exploration Costs	213,505		46,616			13,218		273,339
Development Costs ⁽⁴⁾	5,661,753		25,007			12,096		5,698,856
Total	$	6,531,288	$	71,623		$	25,314	$	6,628,225
2018
Acquisition Costs of Properties
Unproved ⁽⁵⁾	$	486,081	$	1,258		$	—	$	487,339
Proved ⁽⁶⁾	123,684		—			—		123,684
Subtotal	609,765		1,258			—		611,023
Exploration Costs	157,222		22,511			13,895		193,628
Development Costs ⁽⁷⁾	5,605,264		(12,863		)	22,628		5,615,029
Total	$	6,372,251	$	10,906		$	36,523	$	6,419,680
2017
Acquisition Costs of Properties
Unproved ⁽⁸⁾	$	424,118	$	2,422		$	—	$	426,540
Proved ⁽⁹⁾	72,584		—			—		72,584
Subtotal	496,702		2,422			—		499,124
Exploration Costs	144,499		62,547			16,553		223,599
Development Costs ⁽¹⁰⁾	3,590,899		109,491			16,297		3,716,687
Total	$	4,232,100	$	174,460		$	32,850	$	4,439,410


(1)	Other International primarily consists of EOG's United Kingdom, China and Canada operations. The United Kingdom operations were sold in the fourth quarter of 2018.


(2)	Includes non-cash unproved leasehold acquisition costs of $98 million related to property exchanges.


(3)	Includes non-cash proved property acquisition costs of $52 million related to property exchanges.


(4)	Includes Asset Retirement Costs of $181 million, $1 million and $4 million for the United States, Trinidad and Other International, respectively. Excludes other property, plant and equipment.


(5)	Includes non-cash unproved leasehold acquisition costs of $291 million related to property exchanges.


(6)	Includes non-cash proved property acquisition costs of $71 million related to property exchanges.


(7)	Includes Asset Retirement Costs of $90 million, $(12) million and $(8) million for the United States, Trinidad and Other International, respectively. Excludes other property, plant and equipment.


(8)	Includes non-cash unproved leasehold acquisition costs of $256 million related to property exchanges.


(9)	Includes non-cash proved property acquisition costs of $26 million related to property exchanges.


(10)	Includes Asset Retirement Costs of $50 million, $2 million and $4 million for the United States, Trinidad and Other International, respectively. Excludes other property, plant and equipment.

Results of Operations for Oil and Gas Producing Activities

Results of Operations for Oil and Gas Producing Activities ⁽¹⁾. The following table sets forth results of operations for oil and gas producing activities for the years ended December 31, 2019, 2018 and 2017:



	United States		Trinidad			Other International ⁽²⁾			Total
2019
Crude Oil and Condensate, Natural Gas Liquids and Natural Gas Revenues	$	11,250,853	$	269,957		$	60,635		$	11,581,445
Other	134,325		18			15			134,358
Total	11,385,178		269,975			60,650			11,715,803
Exploration Costs	130,302		4,290			5,289			139,881
Dry Hole Costs	11,133		13,033			3,835			28,001
Transportation Costs	753,558		4,014			728			758,300
Gathering and Processing Costs	479,102		—			—			479,102
Production Costs	2,063,078		30,539			40,369			2,133,986
Impairments	510,948		5,713			1,235			517,896
Depreciation, Depletion and Amortization	3,560,609		79,156			17,832			3,657,597
Income (Loss) Before Income Taxes	3,876,448		133,230			(8,638		)	4,001,040
Income Tax Provision	884,450		54,980			3,152			942,582
Results of Operations	$	2,991,998	$	78,250		$	(11,790	)	$	3,058,458
2018
Crude Oil and Condensate, Natural Gas Liquids and Natural Gas Revenues	$	11,488,620	$	302,112		$	155,755		$	11,946,487
Other	89,708		(49		)	(24		)	89,635
Total	11,578,328		302,063			155,731			12,036,122
Exploration Costs	121,572		21,402			6,025			148,999
Dry Hole Costs	4,983		—			422			5,405
Transportation Costs	742,792		3,236			848			746,876
Gathering and Processing Costs ⁽³⁾	404,471		—			32,502			436,973
Production Costs	1,924,504		33,506			70,073			2,028,083
Impairments	344,595		—			2,426			347,021
Depreciation, Depletion and Amortization	3,181,801		91,788			46,687			3,320,276
Income (Loss) Before Income Taxes	4,853,610		152,131			(3,252		)	5,002,489
Income Tax Provision	1,086,077		12,170			1,898			1,100,145
Results of Operations	$	3,767,533	$	139,961		$	(5,150	)	$	3,902,344
2017
Crude Oil and Condensate, Natural Gas Liquids and Natural Gas Revenues	$	7,570,768	$	284,673		$	52,450		$	7,907,891
Other	81,610		59			(59		)	81,610
Total	7,652,378		284,732			52,391			7,989,501
Exploration Costs	113,334		26,245			5,763			145,342
Dry Hole Costs	91		—			4,518			4,609
Transportation Costs	737,403		1,885			1,064			740,352
Production Costs	1,446,333		27,839			88,038			1,562,210
Impairments	477,223		—			2,017			479,240
Depreciation, Depletion and Amortization	3,157,056		115,174			24,536			3,296,766
Income (Loss) Before Income Taxes	1,720,938		113,589			(73,545		)	1,760,982
Income Tax Provision (Benefit)	625,562		24,882			(1,342		)	649,102
Results of Operations	$	1,095,376	$	88,707		$	(72,203	)	$	1,111,880


(1)	Excludes gains or losses on the mark-to-market of financial commodity derivative contracts, gains or losses on sales of reserves and related assets, interest charges and general corporate expenses for each of the three years in the period ended December 31, 2019.


(2)	Other International primarily consists of EOG's United Kingdom, China and Canada operations. The United Kingdom operations were sold in the fourth quarter of 2018.

(3)

Effective January 1, 2018, EOG adopted the provisions of Accounting Standards Update (ASU) 2014-09, "Revenue From Contracts With Customers" (ASU 2014-09). In connection with the adoption of ASU 2014-09, EOG presents natural gas processing fees relating to certain processing and marketing agreements within its United States segment as Gathering and Processing Costs instead of as a deduction to Natural Gas Revenues. There was no impact to operating income or net income resulting from changes to the presentation of natural gas processing fees (see Note 1 to Consolidated Financial Statements).

Production Costs Per Barrel of Oil Equivalent

The following table sets forth production costs per barrel of oil equivalent, excluding severance/production and ad valorem taxes, for the years ended December 31, 2019, 2018 and 2017:



	United States		Trinidad		Other International ⁽¹⁾		Composite

Year Ended December 31, 2019	$	4.59	$	1.85	$	18.26	$	4.54
Year Ended December 31, 2018	$	4.84	$	1.67	$	20.19	$	4.84
Year Ended December 31, 2017	$	4.58	$	1.39	$	50.86	$	4.66


(1)	Other International primarily consists of EOG's United Kingdom, China and Canada operations. The United Kingdom operations were sold in the fourth quarter of 2018.

Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves Table

The following table sets forth the standardized measure of discounted future net cash flows from projected production of EOG's oil and gas reserves for the years ended December 31, 2019, 2018 and 2017:



	United States			Trinidad			Other International ⁽¹⁾			Total
2019
Future cash inflows ⁽²⁾	$	120,359,769		$	813,102		$	305,491		$	121,478,362
Future production costs	(42,387,801		)	(166,705		)	(87,381		)	(42,641,887		)
Future development costs	(20,355,746		)	(212,303		)	(18,400		)	(20,586,449		)
Future income taxes	(11,459,567		)	(73,508		)	(32,423		)	(11,565,498		)
Future net cash flows	46,156,655			360,586			167,287			46,684,528
Discount to present value at 10% annual rate	(21,042,593		)	(86,009		)	(35,161		)	(21,163,763		)
Standardized measure of discounted future net cash flows relating to proved oil and gas reserves	$	25,114,062		$	274,577		$	132,126		$	25,520,765
2018
Future cash inflows ⁽³⁾	$	133,066,375		$	749,695		$	303,620		$	134,119,690
Future production costs	(42,351,174		)	(204,444		)	(99,024		)	(42,654,642		)
Future development costs	(16,577,794		)	(78,199		)	(11,900		)	(16,667,893		)
Future income taxes	(14,756,011		)	(174,382		)	(31,748		)	(14,962,141		)
Future net cash flows	59,381,396			292,670			160,948			59,835,014
Discount to present value at 10% annual rate	(27,348,744		)	(26,832		)	(33,483		)	(27,409,059		)
Standardized measure of discounted future net cash flows relating to proved oil and gas reserves	$	32,032,652		$	265,838		$	127,465		$	32,425,955
2017
Future cash inflows ⁽⁴⁾	$	83,652,363		$	904,141		$	664,560		$	85,221,064
Future production costs	(32,018,812		)	(239,213		)	(311,383		)	(32,569,408		)
Future development costs	(13,395,873		)	(84,379		)	(58,543		)	(13,538,795		)
Future income taxes	(5,948,453		)	(195,855		)	(16,233		)	(6,160,541		)
Future net cash flows	32,289,225			384,694			278,401			32,952,320
Discount to present value at 10% annual rate	(14,532,290		)	(52,267		)	(40,103		)	(14,624,660		)
Standardized measure of discounted future net cash flows relating to proved oil and gas reserves	$	17,756,935		$	332,427		$	238,298		$	18,327,660


(1)	Other International includes EOG's United Kingdom, China and Canada operations. The United Kingdom operations were sold in the fourth quarter of 2018.

(2)

Estimated crude oil prices used to calculate 2019 future cash inflows for the United States, Trinidad and Other International were $57.51, $46.77, and $57.22, respectively. Estimated NGL price used to calculate 2019 future cash inflows for the United States was $16.91. Estimated natural gas prices used to calculate 2019 future cash inflows for the United States, Trinidad and Other International were $2.07, $2.90, and $5.01, respectively.

(3)

Estimated crude oil prices used to calculate 2018 future cash inflows for the United States, Trinidad and Other International were $68.54, $55.66 and $61.66, respectively. Estimated NGL price used to calculate 2018 future cash inflows for the United States was $27.83. Estimated natural gas prices used to calculate 2018 future cash inflows for the United States, Trinidad and Other International were $2.50, $3.06 and $4.88, respectively.

(4)

Estimated crude oil prices used to calculate 2017 future cash inflows for the United States, Trinidad and Other International were $49.21, $41.87 and $50.06, respectively. Estimated NGL price used to calculate 2017 future cash inflows for the United States was $23.51. Estimated natural gas prices used to calculate 2017 future cash inflows for the United States, Trinidad and Other International were $1.96, $2.76 and $5.16, respectively.

Changes in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Reserves

The following table sets forth the changes in the standardized measure of discounted future net cash flows at December 31, for each of the three years in the period ended December 31, 2019:



	United States			Trinidad			Other International ⁽¹⁾			Total

December 31, 2016	$	8,493,727		$	185,750		$	132,680		$	8,812,157
Sales and transfers of oil and gas produced, net of production costs	(5,387,031		)	(254,948		)	36,649			(5,605,330		)
Net changes in prices and production costs	6,606,908			436,969			77,668			7,121,545
Extensions, discoveries, additions and improved recovery, net of related costs	3,644,041			270,255			43,952			3,958,248
Development costs incurred	1,435,600			4,700			—			1,440,300
Revisions of estimated development cost	(114,464		)	9,683			(20,096		)	(124,877		)
Revisions of previous quantity estimates	2,460,498			(58,373		)	36,146			2,438,271
Accretion of discount	849,373			24,066			13,268			886,707
Net change in income taxes	(1,918,989		)	(114,575		)	(10,099		)	(2,043,663		)
Purchases of reserves in place	30,362			—			—			30,362
Sales of reserves in place	(76,527		)	—			—			(76,527		)
Changes in timing and other	1,733,437			(171,100		)	(71,870		)	1,490,467
December 31, 2017	17,756,935			332,427			238,298			18,327,660
Sales and transfers of oil and gas produced, net of production costs	(8,416,853		)	(265,370		)	(52,399		)	(8,734,622		)
Net changes in prices and production costs	12,750,466			84,353			21,610			12,856,429
Extensions, discoveries, additions and improved recovery, net of related costs	8,418,666			—			12,287			8,430,953
Development costs incurred	2,732,560			—			12,600			2,745,160
Revisions of estimated development cost	(410,741		)	4,030			(3,814		)	(410,525		)
Revisions of previous quantity estimates	(173,084		)	39,608			31,750			(101,726		)
Accretion of discount	1,967,592			50,191			24,839			2,042,622
Net change in income taxes	(4,965,373		)	3,844			(11,529		)	(4,973,058		)
Purchases of reserves in place	116,887			—			—			116,887
Sales of reserves in place	(35,874		)	—			(82,058		)	(117,932		)
Changes in timing and other	2,291,471			16,755			(64,119		)	2,244,107
December 31, 2018	32,032,652			265,838			127,465			32,425,955
Sales and transfers of oil and gas produced, net of production costs	(7,955,115		)	(235,404		)	(19,919		)	(8,210,438		)
Net changes in prices and production costs	(10,973,981		)	65,962			27,572			(10,880,447		)
Extensions, discoveries, additions and improved recovery, net of related costs	5,608,038			85,233			16,287			5,709,558
Development costs incurred	3,003,510			22,820			5,820			3,032,150
Revisions of estimated development cost	(597,869		)	(129,047		)	(11,108		)	(738,024		)
Revisions of previous quantity estimates	(812,781		)	116,062			1,198			(695,521		)
Accretion of discount	3,891,701			43,148			14,909			3,949,758
Net change in income taxes	1,454,050			93,975			682			1,548,707
Purchases of reserves in place	98,539			—			—			98,539
Sales of reserves in place	(50,651		)	—			—			(50,651		)
Changes in timing and other	(584,031		)	(54,010		)	(30,780		)	(668,821		)
December 31, 2019	$	25,114,062		$	274,577		$	132,126		$	25,520,765

(1)

Other International includes EOG's United Kingdom, China and Canada operations. The United Kingdom operations were sold in the fourth quarter of 2018.