Commitments and Contingencies

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

Letters of Credit and Guarantees.  At December 31, 2024 and 2023, respectively, EOG had standby letters of credit and guarantees outstanding totaling $825 million and $907 million, primarily representing guarantees of payment or performance obligations on behalf of subsidiaries. As of February 21, 2025, EOG had received no demands for payment under these guarantees.

Minimum Commitments. At December 31, 2024, total minimum commitments from purchase and service obligations and transportation and storage service commitments not qualifying as leases, based on current transportation and storage rates and the foreign currency exchange rates used to convert Canadian dollars into United States dollars at December 31, 2024, were as follows (in millions):

	Total Minimum Commitments
2025	$	1,520
2026	1,062
2027	933
2028	691
2029	581
2030 and beyond	1,379
	$	6,166

Delivery Commitments. EOG sells crude oil, natural gas and purity products from its producing operations under a variety of contractual arrangements. At December 31, 2024, EOG was committed to deliver to multiple parties aggregate fixed quantities of crude oil of 2 million barrels (MMBbls) in 2025. At December 31, 2024, EOG was committed to deliver to multiple parties aggregate fixed quantities of natural gas of 342 billion cubic feet (Bcf) in 2025, 318 Bcf in 2026, 359 Bcf in 2027, 328 Bcf in 2028, 328 Bcf in 2029 and 3,474 Bcf thereafter. Additionally at December 31, 2024, EOG was committed to deliver to multiple parties aggregate fixed quantities of purity products of 15 MMBbls in 2025. All delivery commitments are expected to be sourced from future production of available reserves.

Contingencies.  There are currently various suits and claims pending against EOG that have arisen in the ordinary course of EOG's business, including contract disputes, personal injury and property damage claims and title disputes.  While the ultimate outcome and impact on EOG cannot be predicted, management believes that the resolution of these suits and claims will not, individually or in the aggregate, have a material adverse effect on EOG's consolidated financial position, results of operations or cash flow.  EOG records reserves for contingencies when information available indicates that a loss is probable and the amount of the loss can be reasonably estimated.