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Risk Management Activities
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Risk Management Activities Risk Management Activities
Commodity Price Transactions.  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. 

During 2024, 2023 and 2022, EOG elected not to designate any of its financial commodity and other derivative contracts as accounting hedges and, accordingly, accounted for these financial commodity and other derivative contracts using the mark-to-market accounting method.  Under this accounting method, changes in the fair value of outstanding financial instruments are recognized as gains or losses in the period of change and are recorded as Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net on the Consolidated Statements of Income and Comprehensive Income.  The related cash flow impact is reflected in Cash Flows from Operating Activities.  During 2024, 2023 and 2022, EOG recognized net gains (losses) on the mark-to-market of financial commodity and other derivative contracts of $204 million, $818 million and $(3,982) million, respectively, which included net cash received from (payments for) settlements of crude oil, NGLs and natural gas financial derivative contracts of $214 million, $(112) million and $(3,501) million, respectively.

Presented below is a comprehensive summary of EOG's financial commodity derivative contracts settled during the year ended December 31, 2024 (closed) and remaining for 2025 and thereafter, as of December 31, 2024. Natural gas volumes are presented in MMBtu per day (MMBtud) and prices are presented in dollars per MMBtu ($/MMBtu).

Natural Gas Financial Price Swap Contracts
Contracts Sold
PeriodSettlement IndexVolume
(MMBtud in thousands)		Weighted Average
Price ($/MMBtu)
January - December 2024 (closed)NYMEX Henry Hub725 $3.07 
January 2025 (closed)NYMEX Henry Hub725 3.07 
February - December 2025NYMEX Henry Hub725 3.07 


Natural Gas Basis Swap Contracts
Contracts Sold
PeriodSettlement IndexVolume
(MMBtud in thousands)		Weighted Average Price Differential
($/MMBtu)
January - December 2024 (closed)
NYMEX Henry Hub Houston Ship Channel (HSC) Differential (1)
10 $0.00 
January - December 2025NYMEX Henry Hub HSC Differential10 0.00 
_________________
(1)    This settlement index is used to fix the differential between pricing at the Houston Ship Channel and NYMEX Henry Hub prices.
Financial Commodity and Other Derivatives Location on Balance Sheet. The following table sets forth the amounts and classification of EOG's outstanding financial commodity and other derivative instruments at December 31, 2024 and 2023, respectively.  Certain amounts may be presented on a net basis on the consolidated financial statements when such amounts are with the same counterparty and subject to a master netting arrangement (in millions):
   Fair Value at December 31,
DescriptionLocation on Balance Sheet20242023
Asset Derivatives 
Crude oil, NGLs and natural gas financial derivative contracts - 
Current portionAssets from Price Risk Management Activities$— $106 
Brent Crude Oil (Brent) Linked Gas Sales Contract -
Noncurrent Portion
Other Assets (1)
110 — 
Liability Derivatives   
Crude oil, NGLs and natural gas financial derivative contracts -   
Current portion
Liabilities from Price Risk Management Activities (2)
$116 $— 
Noncurrent PortionOther Liabilities— 103 
(1)    The noncurrent portion related to the Brent Linked Gas Sales Contract consists of gross assets of $110 million at December 31, 2024.
(2)    The current portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $117 million, partially offset by gross assets of $1 million at December 31, 2024.

Natural Gas Sales Linked to Brent Crude Oil. In February 2024, EOG entered into a 10-year agreement, commencing in 2027, to sell 180,000 MMBtud of its domestic natural gas production, with 140,000 MMBtud to be sold at a price indexed to Brent and the remaining volumes to be sold at a price indexed to Brent or a U.S. Gulf Coast gas index. It was determined that this agreement meets the definition of a derivative under the Derivatives and Hedging Topic of the ASC and does not qualify for the normal purchases and normal sales scope exception. As such, this agreement is accounted for as a derivative using the mark-to-market accounting method. Changes in the fair value are recognized as gains or losses in the period of change on the Consolidated Statements of Income and Comprehensive Income.

Credit Risk.  Notional contract amounts are used to express the magnitude of a 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 13).  EOG evaluates its exposure 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. 

At December 31, 2024, EOG's net accounts receivable balance related to United States hydrocarbon sales included one receivable balance which accounted for more than 10% of the total balance.  The receivable was due from a petroleum refining company.  The related amount was collected during early 2025. At December 31, 2023, EOG's net accounts receivable balance related to United States hydrocarbon sales included three receivable balances, each of which accounted for more than 10% of the total balance. The receivables were due from three petroleum refining companies. The related amounts were collected during early 2024.

In 2024 and 2023, all natural gas from EOG's Trinidad operations was sold to the National Gas Company of Trinidad and Tobago Limited and its subsidiary. In 2024 and 2023, all crude oil and condensate from EOG's Trinidad operations was sold to Heritage Petroleum Company Limited.
All of EOG's financial commodity derivative instruments are covered by International Swap Dealers Association Master Agreements (ISDAs) with counterparties.  The ISDAs may contain provisions that (i) require EOG, if it is the party in a net liability position, to post collateral with the counterparty when the amount of the net liability exceeds the threshold level specified for EOG's then-current credit ratings or (ii) require the counterparty, if it is in a net liability position, to post collateral with EOG when the amount of the net liability exceeds the threshold level specified for the counterparty'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 financial derivatives under the ISDA to be settled immediately.  See Note 13 for the aggregate fair value of all financial derivative instruments that were in a net liability position at December 31, 2024 and 2023.  EOG had no collateral posted and held no collateral at December 31, 2024 and 2023.
Substantially all of EOG's accounts receivable at December 31, 2024 and 2023 resulted from hydrocarbon sales and/or joint interest billings to third-party companies, including foreign state-owned entities in the oil and gas industry.  This concentration of customers and joint interest owners may impact EOG's overall credit risk, either positively or negatively, in that these entities may be similarly affected by changes in economic or other conditions.  In determining whether or not to require collateral or other credit enhancements from a customer, EOG typically analyzes the entity's net worth, cash flows, earnings and credit ratings.  Receivables are generally not collateralized.  During the three-year period ended December 31, 2024, credit losses incurred on receivables by EOG have been immaterial.