Risk Management Activities (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

Presented below is a comprehensive summary of EOG's financial commodity derivative contracts settled during the six-month period ended June 30, 2024 (closed) and outstanding as of June 30, 2024. Natural gas volumes are presented in MMBtud and prices are presented in dollars per million British Thermal Units ($/MMBtu).

Natural Gas Financial Price Swap Contracts
		Contracts Sold
Period	Settlement Index	Volume (MMBtud in thousands)	Weighted Average Price ($/MMBtu)
January - July 2024 (closed)	New York Mercantile Exchange (NYMEX) Henry Hub	725	$	3.07
August - December 2024	NYMEX Henry Hub	725	3.07
January - December 2025	NYMEX Henry Hub	725	3.07

Natural Gas Basis Swap Contracts
		Contracts Sold
Period	Settlement Index	Volume (MMBtud in thousands)	Weighted Average Price Differential ($/MMBtu)
January - June 2024 (closed)	NYMEX Henry Hub Houston Ship Channel (HSC) Differential (1)	10	$	0.00
July - December 2024	NYMEX Henry Hub HSC Differential	10	0.00
January - December 2025	NYMEX Henry Hub HSC Differential	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.

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 and other derivative instruments at June 30, 2024 and December 31, 2023. 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	June 30, 2024		December 31, 2023
Asset Derivatives
Crude oil, NGLs and natural gas financial derivative contracts -
Current portion	Assets from Price Risk Management Activities (1)	$	4	$	106
Brent Linked Gas Sales Contract -
Noncurrent Portion	Other Assets (2)	133		—
Liability Derivatives
Crude oil, NGLs and natural gas financial derivative contracts -
Current Portion	Liabilities from Price Risk Management Activities (3)	$	8	$	—
Noncurrent portion	Other Liabilities (4)	69		103

(1)    The current portion of Assets from Price Risk Management Activities consists of gross assets of $4 million and $106 million at June 30, 2024 and December 31, 2023, respectively.

(2)    The noncurrent portion related to the Brent Linked Gas Sales Contract consists of gross assets of $133 million at June 30, 2024.

(3)    The current portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $9 million, partially offset by gross assets of $1 million at June 30, 2024.

(4)    The noncurrent portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $70 million, partially offset by gross assets of $1 million at June 30, 2024. The noncurrent portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $104 million, partially offset by gross assets of $1 million at December 31, 2023.