Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Deferred Income Tax Assets (Liabilities), Net

The principal components of EOG's total net deferred income tax liabilities at December 31, 2023 and 2022 were as follows (in millions):


	2023		2022
Deferred Income Tax Assets (Liabilities)
Foreign Oil and Gas Exploration and Development Costs Deducted for Tax Under Book Depreciation, Depletion and Amortization	$	(26)	$	(18)
Foreign Asset Retirement Obligations	84		81
Foreign Accrued Expenses and Liabilities	12		13
Foreign Net Operating Loss	97		82
Foreign Valuation Allowances	(126)		(116)
Foreign Other	1		(9)
Total Net Deferred Income Tax Assets	$	42	$	33
Deferred Income Tax (Assets) Liabilities
Oil and Gas Exploration and Development Costs Deducted for Tax Over Book Depreciation, Depletion and Amortization	$	5,778	$	5,291
Financial Commodity Derivative Contracts	—		(421)
Deferred Compensation Plans	(61)		(58)
Equity Awards	(59)		(60)
Corporate Alternative Minimum Tax	(212)		—
Other	(44)		(42)
Total Net Deferred Income Tax Liabilities	$	5,402	$	4,710
Total Net Deferred Income Tax Liabilities	$	5,360	$	4,677

Schedule of Components of Income (Loss) Before Income Taxes

The components of Income Before Income Taxes for the years indicated below were as follows (in millions):


	2023		2022		2021

United States	$	9,576	$	9,752	$	5,787
Foreign	113		149		146
Total	$	9,689	$	9,901	$	5,933

Schedule of Components of Income Tax Provision (Benefit)

The principal components of EOG's Income Tax Provision (Benefit) for the years indicated below were as follows (in millions):


	2023		2022		2021
Current:
Federal	$	1,334	$	2,020	$	1,203
State	76		126		85
Foreign	5		62		105
Total	1,415		2,208		1,393
Deferred:
Federal	628		(2)		(41)
State	55		(37)		(62)
Foreign	—		(22)		(19)
Total	683		(61)		(122)
Other Non-Current:
Foreign	(3)		(5)		(2)
Total	(3)		(5)		(2)

Income Tax Provision	$	2,095	$	2,142	$	1,269

Schedule of Tax Rate Reconciliation

The differences between taxes computed at the U.S. federal statutory tax rate and EOG's effective rate for the years indicated below were as follows:


	2023		2022		2021
Statutory Federal Income Tax Rate	21.0	%	21.0	%	21.0	%
State Income Tax, Net of Federal Benefit	1.0		0.7		0.3
Income Tax Provision Related to Foreign Operations	(0.2)		—		0.9
Stock-Based Compensation	—		—		0.2
Other	(0.2)		—		(1.0)
Effective Income Tax Rate	21.6	%	21.7	%	21.4	%

Schedule of Valuation Allowance

The principal components of EOG's rollforward of valuation allowances for deferred income tax assets for the years indicated below were as follows (in millions):


	2023		2022		2021

Beginning Balance	$	207	$	219	$	219
Increase (1)	8		27		15
Decrease (2)	—		(33)		(14)
Other (3)	1		(6)		(1)
Ending Balance	$	216	$	207	$	219

(1) Increase in valuation allowance related to the generation of tax NOLs and other deferred tax assets.

(2) Decrease in valuation allowance associated with adjustments to certain deferred tax assets and their related allowances.

(3) Represents dispositions, revisions and/or foreign exchange rate variances and the effect of statutory income tax rate changes.