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Risk Management Activities (Tables)
12 Months Ended
Dec. 31, 2021
Price Risk Derivative [Member]  
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 derivative financial instruments at December 31, 2021 and 2020, respectively.  Certain amounts may be presented on a net basis on the consolidated financial statements when such amounts are with the same counterparty and subject to a master netting arrangement (in millions):
   Fair Value at December 31,
DescriptionLocation on Balance Sheet20212020
Asset Derivatives 
Crude oil, NGLs and natural gas derivative contracts -
 
Current portionAssets from Price Risk Management Activities$— $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)
$269 $— 
Noncurrent Portion
Other Liabilities (3)
37 
(1)    The noncurrent portion of Assets from Price Risk Management Activities consists of gross assets of $7 million, partially offset by gross liabilities of $1 million, at December 31, 2021.
(2)    The current portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $421 million, partially offset by gross assets of $29 million and collateral posted with counterparties of $123 million, at December 31, 2021.
(3)    The noncurrent portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $64 million, partially offset by gross assets of $10 million and collateral posted with counterparties of $17 million, at December 31, 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 settled during the year ended December 31, 2021 (closed) and remaining for 2022 and thereafter, as of December 31, 2021. Crude oil and NGL volumes are presented in MBbld and prices are presented in $/Bbl. Natural gas volumes are presented in MMBtu per day (MMBtud) and prices are presented in dollars per MMBtu ($/MMBtu).

Crude Oil Financial Price Swap Contracts
Contracts Sold
PeriodSettlement IndexVolume
(MBbld)
Weighted Average Price
($/Bbl)
January 2021 (closed)NYMEX West Texas Intermediate (WTI)151 $50.06 
February - March 2021 (closed)NYMEX WTI201 51.29 
April - June 2021 (closed)NYMEX WTI150 51.68 
July - September 2021 (closed)NYMEX WTI150 52.71 
January - March 2022NYMEX WTI140 65.58 
April - June 2022NYMEX WTI140 65.62 
July - September 2022NYMEX WTI140 65.59 
October - December 2022NYMEX WTI140 65.68 
January - March 2023NYMEX WTI150 67.92 
April - June 2023NYMEX WTI120 67.79 
July - September 2023NYMEX WTI20 68.04 
Crude Oil | Basis Swaps | Roll Differential Swap  
Derivatives, Fair Value [Line Items]  
Schedule of Derivative Instruments
Crude Oil Basis Swap Contracts
Contracts Sold
PeriodSettlement IndexVolume
(MBbld)
Weighted Average Price Differential
($/Bbl)
February 2021 (closed)
NYMEX WTI Roll Differential (1)
30 $0.11 
March - December 2021 (closed)
NYMEX WTI Roll Differential (1)
125 0.17 
January 2022 (closed)
NYMEX WTI Roll Differential (1)
125 0.15 
February - December 2022
NYMEX WTI Roll Differential (1)
125 0.15 
(1)    This settlement index is used to fix the differential in pricing between the NYMEX calendar month average and the physical crude oil delivery month.
Natural Gas Liquids | Price Swaps  
Derivatives, Fair Value [Line Items]  
Schedule of Derivative Instruments
NGL Financial Price Swap Contracts
Contracts Sold
PeriodSettlement IndexVolume
(MBbld)
Weighted Average Price
($/Bbl)
January - December 2021 (closed)Mont Belvieu Propane (non-Tet)15 $29.44 
Natural Gas | Price Swaps  
Derivatives, Fair Value [Line Items]  
Schedule of Derivative Instruments
Natural Gas Financial Price Swap Contracts
Contracts SoldContracts Purchased
PeriodSettlement IndexVolume
(MMBtud in thousands)
Weighted Average Price ($/MMBtu)Volume (MMBtud in thousands)Weighted Average Price ($/MMBtu)
January - March 2021 (closed)NYMEX Henry Hub500 $2.99 500 $2.43 
April - September 2021 (closed)NYMEX Henry Hub500 2.99 570 2.81 
October - December 2021 (closed)NYMEX Henry Hub500 2.99 500 2.83 
January - December 2022 (closed) (1)
NYMEX Henry Hub20 2.75 — — 
January - December 2022NYMEX Henry Hub725 3.57 — — 
January - December 2023NYMEX Henry Hub725 3.18 — — 
January - December 2024NYMEX Henry Hub725 3.07 — — 
January - December 2025NYMEX Henry Hub725 3.07 — — 
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 2022 natural gas price swap contracts which were open at that time. EOG received net cash of $0.6 million for the settlement of these contracts.
Natural Gas | Basis Swaps  
Derivatives, Fair Value [Line Items]  
Schedule of Derivative Instruments
Natural Gas Basis Swap Contracts
Contracts Sold
PeriodSettlement IndexVolume
(MMBtud in thousands)
Weighted Average Price ($/MMBtu)
January - December 2022
NYMEX Henry Hub Houston Ship Channel (HSC) Differential (1)
210 $(0.01)
January - December 2023
NYMEX Henry Hub HSC Differential (1)
135 (0.01)
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.