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Long-Term Debt (Notes)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
Long-Term Debt at December 31, 2021 and 2020 consisted of the following (in millions):
 20212020
4.100% Senior Notes due 2021$— $750 
2.625% Senior Notes due 20231,250 1,250 
3.15% Senior Notes due 2025500 500 
4.15% Senior Notes due 2026750 750 
6.65% Senior Notes due 2028140 140 
4.375% Senior Notes due 2030750 750 
3.90% Senior Notes due 2035500 500 
5.10% Senior Notes due 2036250 250 
4.950% Senior Notes due 2050750 750 
Long-Term Debt
4,890 5,640 
Finance Leases (see Note 18)250 212 
Less: Current Portion of Long-Term Debt37 781 
Unamortized Debt Discount27 31 
Debt Issuance Costs4 5 
Total Long-Term Debt$5,072 $5,035 

The senior notes in the table above are senior, unsecured obligations that rank equally in right of payment with all of our other unsecured and unsubordinated outstanding debt. At December 31, 2021, the aggregate annual maturities of long-term debt (excluding finance lease obligations) were zero in 2022, $1.25 billion in 2023, zero in 2024, $500 million in 2025 and $750 million in 2026. 

At December 31, 2021 and 2020, EOG had no outstanding commercial paper borrowings and did not utilize any commercial paper borrowings during 2021 and 2020.

On February 1, 2021, EOG repaid upon maturity the $750 million aggregate principal amount of its 4.100% Senior Notes due 2021.

On June 1, 2020, EOG repaid upon maturity the $500 million aggregate principal amount of its 4.40% Senior Notes due 2020.

On April 14, 2020, EOG closed on its offering of $750 million aggregate principal amount of its 4.375% Senior Notes due 2030 and $750 million aggregate principal amount of its 4.950% Senior Notes due 2050 (together, the Notes). Interest on the Notes is payable semi-annually in arrears on April 15 and October 15 of each year, beginning on October 15, 2020. EOG received net proceeds of $1.48 billion from the issuance of the Notes, which were used to repay the 4.40% Senior Notes due 2020 when they matured on June 1, 2020 (see above), and for general corporate purposes, including the funding of capital expenditures.

On April 1, 2020, EOG repaid upon maturity the $500 million aggregate principal amount of its 2.45% Senior Notes due 2020.
EOG currently has a $2.0 billion senior unsecured Revolving Credit Agreement (the Agreement) with domestic and foreign lenders (Banks). The Agreement has a scheduled maturity date of June 27, 2024, 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 Agreement (i) 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 and (ii) includes a swingline subfacility and a letter of credit subfacility. Advances under the Agreement will accrue interest based, at EOG's option, on either the LIBOR plus an applicable margin (Eurodollar rate) or the base rate (as defined in the Agreement) plus an applicable margin. The Agreement contains representations, warranties, covenants and events of default that EOG believes are customary for investment-grade, senior unsecured commercial bank credit agreements, including a financial covenant for the maintenance of a ratio of total debt-to-capitalization (as such terms are defined in the Agreement) of no greater than 65%. At December 31, 2021, EOG was in compliance with this financial covenant. At December 31, 2021 and December 31, 2020, there were no borrowings or letters of credit outstanding under the Agreement. The Eurodollar rate and base rate (inclusive of the applicable margin), had there been any amounts borrowed under the Agreement at December 31, 2021, would have been 1.00% and 3.25%, respectively.