Risk Management Activities (Tables)

9 Months Ended

Sep. 30, 2021

Derivatives, Fair Value [Line Items]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table sets forth the amounts and classification of EOG's outstanding financial derivative instruments at September 30, 2021 and December 31, 2020.  Certain amounts may be presented on a net basis on the Condensed Consolidated Financial Statements when such amounts are with the same counterparty and subject to a master netting arrangement (in millions):

		Fair Value at
Description	Location on Balance Sheet	September 30, 2021		December 31, 2020
Asset Derivatives
Crude oil, NGLs and natural gas derivative contracts -
Current portion	Assets from Price Risk Management Activities (1)	$	18	$	65
Noncurrent Portion	Other Assets	—		1
Liability Derivatives
Crude oil, NGLs and natural gas derivative contracts -
Current portion	Liabilities from Price Risk Management Activities (2)	$	238	$	—
Noncurrent portion	Other Liabilities (3)	81		1

(1)    The current portion of Assets from Price Risk Management Activities consists of gross assets of $21 million, partially offset by gross liabilities of $3 million, at September 30, 2021.

(2)    The current portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $474 million, partially offset by collateral posted with counterparties of $236 million, at September 30, 2021.

(3)    The noncurrent portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $153 million, partially offset by collateral posted with counterparties of $72 million, at September 30, 2021.

Crude Oil | Price Swaps

Derivatives, Fair Value [Line Items]

Schedule of Derivative Instruments

Presented below is a comprehensive summary of EOG's financial commodity derivative contracts as of September 30, 2021. Crude oil and NGL volumes are presented in thousand barrels per day (MBbld) and prices are presented in dollars per barrel ($/Bbl). Natural gas volumes are presented in million British Thermal Units per day (MMBtud) and prices are presented in dollars per million British Thermal Units ($/MMBtu).

Crude Oil Financial Price Swap Contracts
		Contracts Sold
Period	Settlement Index	Volume (MBbld)	Weighted Average Price ($/Bbl)
January 2021 (closed)	New York Mercantile Exchange (NYMEX) West Texas Intermediate (WTI)	151	$	50.06
February - March 2021 (closed)	NYMEX WTI	201	51.29
April - June 2021 (closed)	NYMEX WTI	150	51.68
July - September 2021 (closed)	NYMEX WTI	150	52.71
January - March 2022	NYMEX WTI	140	65.58
April - June 2022	NYMEX WTI	140	65.62
July - September 2022	NYMEX WTI	140	65.59
October - December 2022	NYMEX WTI	140	65.68
January - March 2023	NYMEX WTI	60	66.21

Crude Oil | Roll Differential Swap

Derivatives, Fair Value [Line Items]

Schedule of Derivative Instruments

Crude Oil Basis Swap Contracts
		Contracts Sold
Period	Settlement Index	Volume (MBbld)	Weighted Average Price Differential ($/Bbl)
February 2021 (closed)	NYMEX WTI Roll Differential (1)	30	$	0.11
March - October 2021 (closed)	NYMEX WTI Roll Differential (1)	125	0.17
November - December 2021	NYMEX WTI Roll Differential (1)	125	0.17
January - December 2022	NYMEX WTI Roll Differential (1)	125	0.15

(1)    This settlement index is used to fix the differential in pricing between the NYMEX calendar month average and the physical crude oil delivery month.

Natural Gas Liquids | Mont Belvieu Propane Price Swap

Derivatives, Fair Value [Line Items]

Schedule of Derivative Instruments

NGL Financial Price Swap Contracts
		Contracts Sold
Period	Settlement Index	Volume (MBbld)	Weighted Average Price ($/Bbl)
January - September 2021 (closed)	Mont Belvieu Propane (non-Tet)	15	$	29.44
October - December 2021	Mont Belvieu Propane (non-Tet)	15	29.44

Natural Gas

Derivatives, Fair Value [Line Items]

Schedule of Derivative Instruments

Natural Gas Financial Price Swap Contracts
		Contracts Sold			Contracts Purchased
Period	Settlement Index	Volume (MMBtud in thousands)	Weighted AveragePrice ($/MMBtu)		Volume (MMBtud in thousands)	Weighted Average Price ($/MMBtu)
January - March 2021 (closed)	NYMEX Henry Hub	500	$	2.99	500	$	2.43
April - September 2021 (closed)	NYMEX Henry Hub	500	2.99		570	2.81
October 2021 (closed)	NYMEX Henry Hub	500	2.99		500	2.83
November - December 2021	NYMEX Henry Hub	500	2.99		500	2.83
January - December 2022 (closed) (1)	NYMEX Henry Hub	20	2.75		—	—
January - December 2022	NYMEX Henry Hub	725	3.57		—	—
January - December 2023	NYMEX Henry Hub	725	3.18		—	—
January - December 2024	NYMEX Henry Hub	625	3.06		—	—
January - December 2025	NYMEX Henry Hub	425	3.05		—	—
April - September 2021 (closed)	Japan Korea Marker (JKM)	70	6.65		—	—

(1)    In January 2021, EOG executed the early termination provision granting EOG the right to terminate all of its open 2022 natural gas price swap contracts which were open at that time. EOG received net cash of $0.6 million for the settlement of these contracts.

Natural Gas | Basis Swaps

Derivatives, Fair Value [Line Items]

Schedule of Derivative Instruments

Natural Gas Basis Swap Contracts
		Contracts Sold
Period	Settlement Index	Volume (MMBtud in thousands)	Weighted Average Price ($/MMBtu)
January - December 2022	NYMEX Henry Hub Houston Ship Channel (HSC) Differential (1)	10	$	0.00
January - December 2023	NYMEX Henry Hub HSC Differential (1)	10	0.00
January - December 2024	NYMEX Henry Hub HSC Differential (1)	10	0.00
January - December 2025	NYMEX Henry Hub HSC Differential (1)	10	0.00

(1)    This settlement index is used to fix the differential between pricing at the Houston Ship Channel and NYMEX Henry Hub prices.