Commitments and Contingencies (Notes)

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

Letters of Credit and Guarantees.  At December 31, 2021 and 2020, respectively, EOG had standby letters of credit and guarantees outstanding totaling approximately $831 million and $854 million, primarily representing guarantees of payment or performance obligations on behalf of subsidiaries. As of February 17, 2022, EOG had received no demands for payment under these guarantees.

Minimum Commitments. At December 31, 2021, total minimum commitments from purchase and service obligations and transportation and storage service commitments not qualifying as leases, based on current transportation and storage rates and the foreign currency exchange rates used to convert Canadian dollars into United States dollars at December 31, 2021, were as follows (in millions):

	Total Minimum Commitments
2022	$	1,335
2023	1,045
2024	823
2025	673
2026	579
2027 and beyond	2,133
	$	6,588

Contingencies.  There are currently various suits and claims pending against EOG that have arisen in the ordinary course of EOG's business, including contract disputes, personal injury and property damage claims and title disputes.  While the ultimate outcome and impact on EOG cannot be predicted, management believes that the resolution of these suits and claims will not, individually or in the aggregate, have a material adverse effect on EOG's consolidated financial position, results of operations or cash flow.  EOG records reserves for contingencies when information available indicates that a loss is probable and the amount of the loss can be reasonably estimated.