Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Deferred Income Tax Assets (Liabilities), Net

The principal components of EOG's total net deferred income tax liabilities at December 31, 2024 and 2023 were as follows (in millions):


	2024		2023
Deferred Income Tax Assets (Liabilities)
Foreign Oil and Gas Exploration and Development Costs Deducted for Tax Under Book Depreciation, Depletion and Amortization	$	(56)	$	(26)
Foreign Asset Retirement Obligations	89		84
Foreign Accrued Expenses and Liabilities	10		12
Foreign Net Operating Loss	127		97
Foreign Valuation Allowances	(131)		(126)
Foreign Other	—		1
Total Net Deferred Income Tax Assets	$	39	$	42
Deferred Income Tax (Assets) Liabilities
Oil and Gas Exploration and Development Costs Deducted for Tax Over Book Depreciation, Depletion and Amortization	$	6,040	$	5,778
Deferred Compensation Plans	(65)		(61)
Equity Awards	(65)		(59)
Corporate Alternative Minimum Tax	—		(212)
Other	(44)		(44)
Total Net Deferred Income Tax Liabilities	$	5,866	$	5,402
Total Net Deferred Income Tax Liabilities	$	5,827	$	5,360

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):


	2024		2023		2022

United States	$	8,157	$	9,576	$	9,752
Foreign	61		113		149
Total	$	8,218	$	9,689	$	9,901

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):


	2024		2023		2022
Current:
Federal	$	1,244	$	1,334	$	2,020
State	102		76		126
Foreign	2		5		62
Total	1,348		1,415		2,208
Deferred:
Federal	425		628		(2)
State	40		55		(37)
Foreign	2		—		(22)
Total	467		683		(61)
Other Non-Current:
Foreign	—		(3)		(5)
Total	—		(3)		(5)

Income Tax Provision	$	1,815	$	2,095	$	2,142

Schedule of Tax Rate Reconciliation

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


	2024		2023		2022
Statutory Federal Income Tax Rate	21	%	21	%	21	%
State Income Tax, Net of Federal Benefit	1		1		1
Effective Income Tax Rate	22	%	22	%	22	%

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):


	2024		2023		2022

Beginning Balance	$	216	$	207	$	219
Increase (1)	15		8		27
Decrease (2)	—		—		(33)
Other (3)	(30)		1		(6)
Ending Balance	$	201	$	216	$	207

(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.