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Stock-Based Payments (Tables)

6 Months Ended

Jun. 30, 2020

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 (Loss) and Comprehensive Income (Loss) based upon the job function of the employees receiving the grants as follows (in millions):


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
Lease and Well	$	15.1	$	13.6	$	30.2	$	27.3
Gathering and Processing Costs	0.4		0.3		0.6		0.5
Exploration Costs	6.8		6.5		14.0		13.0
General and Administrative	17.3		18.2		34.8		36.9
Total	$	39.6	$	38.6	$	79.6	$	77.7

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 six-month periods ended June 30, 2020 and 2019 are as follows:


	Stock Options/SARs									ESPP
	Six Months Ended June 30,									Six Months Ended June 30,
	2020			2019			2020			2019
Weighted Average Fair Value of Grants	$	16.94		$	25.68		$	20.80		$	22.98
Expected Volatility	42.10		%	31.50		%	35.24		%	36.31		%
Risk-Free Interest Rate	0.93		%	2.38		%	1.56		%	2.48		%
Dividend Yield	1.94		%	0.96		%	1.56		%	0.83		%
Expected Life	5.1 years			5.1 years			0.5 years			0.5 years

Stock Options and SARs Transactions

The following table sets forth stock option and SAR transactions for the six-month periods ended June 30, 2020 and 2019 (stock options and SARs in thousands):


	Six Months Ended June 30, 2020				Six Months Ended June 30, 2019
	Number of Stock Options/SARs	Weighted Average Grant Price		Number of Stock Options/SARs	Weighted Average Grant Price
Outstanding at January 1	9,395	$	94.53	8,310	$	96.90
Granted	16	58.40		32	93.29
Exercised ⁽¹⁾	(23)	69.59		(157)	73.39
Forfeited	(389)	91.39		(107)	105.47
Outstanding at June 30 ⁽²⁾	8,999	$	94.66	8,078	$	97.23
Vested or Expected to Vest ⁽³⁾	8,670	$	94.67	7,741	$	96.78
Exercisable at June 30 ⁽⁴⁾	4,963	$	94.61	3,905	$	86.71

(1)The total intrinsic value of stock options/SARs exercised during the six months ended June 30, 2020 and 2019 was $0.4 million and $3.9 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 June 30, 2020 and 2019 was $0.1 million and $45.0 million, respectively. At June 30, 2020 and 2019, the weighted average remaining contractual life was 3.9 years and 4.0 years, respectively.

(3)The total intrinsic value of stock options/SARs vested or expected to vest at June 30, 2020 and 2019 was $0.1 million and $44.4 million, respectively. At June 30, 2020 and 2019, the weighted average remaining contractual life was 3.9 years and 3.9 years, respectively.

(4)The total intrinsic value of stock options/SARs exercisable at June 30, 2020 and 2019 was zero and $37.1 million, respectively. At June 30, 2020 and 2019, the weighted average remaining contractual life was 2.7 years and 2.5 years, respectively.

Restricted Stock and Restricted Stock Unit Transactions

The following table sets forth restricted stock and restricted stock unit transactions for the six-month periods ended June 30, 2020 and 2019 (shares and units in thousands):


	Six Months Ended June 30, 2020				Six Months Ended June 30, 2019
	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	4,546	$	90.16	3,792	$	96.64
Granted	67	51.83		401	96.22
Released ⁽¹⁾	(304)	88.58		(395)	93.84
Forfeited	(36)	90.61		(68)	98.27
Outstanding at June 30 ⁽²⁾	4,273	$	89.67	3,730	$	96.86

(1)The total intrinsic value of restricted stock and restricted stock units released during the six months ended June 30, 2020 and 2019 was $13.1 million and $35.7 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 June 30, 2020 and 2019 was $216.5 million and $347.5 million, respectively.

Weighted Average Fair Values and Valuation Assumptions for Performance Award Grants

The following table sets forth the performance unit transactions for the six-month periods ended June 30, 2020 and 2019 (units in thousands):


	Six Months Ended June 30, 2020					Six Months Ended June 30, 2019
	Number of Units		Weighted Average Price per Grant Date		Number of Units	Weighted Average Price per Grant Date
Outstanding at January 1	598		$	92.19	539	$	101.53
Granted	—		—		—	—
Granted for Performance Multiple ⁽¹⁾	66		100.95		72	69.43
Released ⁽²⁾	(121)		104.69		(83)	85.65
Forfeited	—		—		—	—
Outstanding at June 30 ⁽³⁾	543	(4)	$	90.48	528	$	99.64

(1)Upon completion of the Performance Period for the performance units granted in 2016 and 2015, a performance multiple of 150% and 200%, respectively, was applied to each of the grants resulting in additional grants of performance units in February 2020 and February 2019, respectively.

(2)The total intrinsic value of performance units released during the six months ended June 30, 2020 and 2019 was $9.0 million and $7.7 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 June 30, 2020 and 2019 was approximately $27.5 million and $49.2 million, respectively.

(4)Upon the application of the relevant performance multiple at the completion of each of the remaining Performance Periods, a minimum of 179 and a maximum of 907 performance units could be outstanding.