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Risk Management Activities
 3 Months Ended
Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Risk Management Activities Risk Management Activities
Commodity Price Risk. As more fully discussed in Note 12 to the Consolidated Financial Statements included in EOG's 2021 Annual Report, EOG engages in price risk management activities from time to time. These activities are intended to manage EOG's exposure to fluctuations in commodity prices for crude oil, NGLs and natural gas. EOG utilizes financial commodity derivative instruments, primarily price swap, option, swaption, collar and basis swap contracts, as a means to manage this price risk. EOG has not designated any of its financial commodity derivative contracts as accounting hedges and, accordingly, accounts for financial commodity derivative contracts using the mark-to-market accounting method.

Financial Commodity Derivative Contracts. Presented below is a comprehensive summary of EOG's financial commodity derivative contracts settled during the three-month period ended March 31, 2022 (closed) and outstanding as of March 31, 2022. Crude oil 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 SoldContracts Purchased
PeriodSettlement IndexVolume
(MBbld)		Weighted Average Price
($/Bbl)		Volume (MBbld)Weighted Average Price
($/Bbl)
January - March 2022 (closed)New York Mercantile Exchange (NYMEX) West Texas Intermediate (WTI)140 $65.58 — $— 
April - June 2022NYMEX WTI140 65.62 — — 
July - September 2022NYMEX WTI140 65.59 — — 
October - December 2022NYMEX WTI140 65.68 78 88.73 
January - March 2023NYMEX WTI150 67.92 — — 
April - June 2023NYMEX WTI120 67.79 — — 
July - September 2023NYMEX WTI100 70.15 — — 
October - December 2023NYMEX WTI69 69.41 — — 

Crude Oil Basis Swap Contracts
Contracts Sold
PeriodSettlement IndexVolume
(MBbld)		Weighted Average Price Differential
($/Bbl)
January - April 2022 (closed)
NYMEX WTI Roll Differential (1)
125 $0.15 
May - December 2022
NYMEX WTI Roll Differential (1)
125 0.15 
(1)    This settlement index is used to fix the differential in pricing between the NYMEX calendar month average and the physical crude oil delivery month.
Natural Gas Financial Price Swap Contracts
Contracts Sold
PeriodSettlement IndexVolume
(MMBtud in thousands)		Weighted Average Price
($/MMBtu)
January - April 2022 (closed)NYMEX Henry Hub725 $3.57 
May - 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 

Natural Gas Basis Swap Contracts
Contracts Sold
PeriodSettlement IndexVolume
(MMBtud in thousands)		Weighted Average Price Differential
($/MMBtu)
January - March 2022 (closed)
NYMEX Henry Hub Houston Ship Channel (HSC) Differential (1)
210 $(0.01)
April - December 2022
NYMEX Henry Hub 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.
Financial Commodity Derivatives Location on Balance Sheet. The following table sets forth the amounts and classification of EOG's outstanding financial commodity derivative instruments at March 31, 2022 and December 31, 2021.  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
DescriptionLocation on Balance SheetMarch 31, 2022December 31, 2021
Asset Derivatives 
Crude oil and natural gas derivative contracts - 
Noncurrent Portion
Other Assets (1)
$— $6 
Liability Derivatives
Crude oil and natural gas derivative contracts -
Current portion
Liabilities from Price Risk Management Activities (2)
260 269 
Noncurrent portion
Other Liabilities (3)
110 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 $1,948 million, partially offset by gross assets of $13 million and collateral posted with counterparties of $1,675 million at March 31, 2022. 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 $860 million, partially offset by gross assets of $10 million and collateral posted with counterparties of $740 million at March 31, 2022. 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.

Credit Risk. Notional contract amounts are used to express the magnitude of a financial derivative. The amounts potentially subject to credit risk, in the event of nonperformance by the counterparties, are equal to the fair value of such contracts (see Note 11). EOG evaluates its exposures to significant counterparties on an ongoing basis, including those arising from physical and financial transactions. In some instances, EOG renegotiates payment terms and/or requires collateral, parent guarantees or letters of credit to minimize credit risk.

All of EOG's derivative instruments are covered by International Swap Dealers Association Master Agreements (ISDAs) with counterparties. The ISDAs may contain provisions that require EOG, if it is the party in a net liability position, to post collateral when the amount of the net liability exceeds the threshold level specified for EOG's then-current credit ratings. In addition, the ISDAs may also provide that as a result of certain circumstances, including certain events that cause EOG's credit ratings to become materially weaker than its then-current ratings, the counterparty may require all outstanding derivatives under the ISDAs to be settled immediately. See Note 11 for the aggregate fair value of all derivative instruments that were in a net liability position at both March 31, 2022 and December 31, 2021. EOG had $2,415 million of collateral posted and no collateral held at March 31, 2022. EOG had $140 million of collateral posted and no collateral held at December 31, 2021. Due to changes in contracted volumes and commodity prices subsequent to March 31, 2022, EOG had $2,900 million of collateral posted at May 4, 2022.