Risk Management Activities (Tables)

3 Months Ended

Mar. 31, 2022

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 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
Description	Location on Balance Sheet	March 31, 2022		December 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.

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 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 Sold			Contracts Purchased
Period	Settlement Index	Volume (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 2022	NYMEX WTI	140	65.62		—	—
July - September 2022	NYMEX WTI	140	65.59		—	—
October - December 2022	NYMEX WTI	140	65.68		78	88.73
January - March 2023	NYMEX WTI	150	67.92		—	—
April - June 2023	NYMEX WTI	120	67.79		—	—
July - September 2023	NYMEX WTI	100	70.15		—	—
October - December 2023	NYMEX WTI	69	69.41		—	—

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)
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

Derivatives, Fair Value [Line Items]

Schedule of Derivative Instruments

Natural Gas Financial Price Swap Contracts
		Contracts Sold
Period	Settlement Index	Volume (MMBtud in thousands)	Weighted Average Price ($/MMBtu)
January - April 2022 (closed)	NYMEX Henry Hub	725	$	3.57
May - December 2022	NYMEX Henry Hub	725	3.57
January - December 2023	NYMEX Henry Hub	725	3.18
January - December 2024	NYMEX Henry Hub	725	3.07
January - December 2025	NYMEX Henry Hub	725	3.07

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 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.