Segment Information

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment Information

Segment Information

EOG's operations are all crude oil, NGLs and natural gas exploration and production-related. The Segment Reporting Topic of the Accounting Standards Codification (ASC) establishes standards for reporting information about operating segments in annual and interim financial statements. Operating segments are defined as components of an enterprise about which separate financial information is available and evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. EOG's chief operating decision makers (CODM) are the Chairman of the Board and Chief Executive Officer, the Executive Vice President and Chief Operating Officer, the Executive Vice President and Chief Financial Officer, the Executive Vice President, General Counsel and Corporate Secretary, and the Senior Vice Presidents, Exploration and Production.

The CODM routinely review and make operating decisions related to significant issues associated with each of EOG's major producing areas (including in the United States and in Trinidad) and its exploration programs both inside and outside the United States. For segment reporting purposes, the CODM consider the major United States producing areas to be one operating segment. The CODM use operating income (loss) to assess performance and allocate resources.

Financial information by reportable segment is presented below for the three-month periods ended March 31, 2025 and 2024 (in millions):

	United States		Trinidad		Other International (1)		Total
Three Months Ended March 31, 2025
Crude Oil and Condensate	$	3,286	$	7	$	—	$	3,293
Natural Gas Liquids	572		—		—		572
Natural Gas	554		83		—		637
Losses on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net	(191)		—		—		(191)
Gathering, Processing and Marketing	1,340		—		—		1,340
Gains (Losses) on Asset Dispositions, Net	3		—		(4)		(1)
Other, Net	19		—		—		19
Operating Revenues and Other	5,583		90		(4)		5,669
Lease and Well	385		14		2
Gathering, Processing and Transportation Costs	440		—		—
Marketing Costs	1,325		—		—
Depreciation, Depletion and Amortization	963		50		—
General and Administrative	162		4		5
Taxes Other Than Income	340		1		—
Other Segment Items (2)	82		33		4
Operating Income (Loss)	1,886		(12)		(15)		1,859
Interest Income							68
Other Expense							(3)
Interest Expense, Net							(47)
Income Before Income Taxes							$	1,877
Other Segment Disclosures:
Additions to Oil and Gas Properties, Excluding Dry Hole Costs	1,358		(2)		—		1,356
Total Property, Plant and Equipment, Net	34,156		450		26		34,632
Total Assets	45,652		1,133		197		46,982
Interest Expense, Net	47		—		—		47
Interest Income	64		3		1		68

	United States		Trinidad		Other International (1)		Total
Three Months Ended March 31, 2024
Crude Oil and Condensate	$	3,476	$	4	$	—	$	3,480
Natural Gas Liquids	513		—		—		513
Natural Gas	317		65		—		382
Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net	237		—		—		237
Gathering, Processing and Marketing	1,459		—		—		1,459
Gains (Losses) on Asset Dispositions, Net	32		(6)		—		26
Other, Net	26		—		—		26
Operating Revenues and Other	6,060		63		—		6,123
Lease and Well	386		9		1
Gathering, Processing and Transportation Costs	413		—		—
Marketing Costs	1,404		—		—
Depreciation, Depletion and Amortization	1,042		32		—
General and Administrative	157		4		1
Taxes Other Than Income	337		1		—
Other Segment Items (2)	57		1		7
Operating Income (Loss)	2,264		16		(9)		2,271
Interest Income							68
Other Expense							(6)
Interest Expense, Net							(33)
Income Before Income Taxes							$	2,300
Other Segment Disclosures:
Additions to Oil and Gas Properties, Excluding Dry Hole Costs	1,495		39		1		1,535
Total Property, Plant and Equipment, Net	32,646		413		18		33,077
Total Assets	43,573		1,091		132		44,796
Interest Expense, Net	33		—		—		33
Interest Income	62		4		2		68

(1)    Other International primarily consists of EOG's Australia and Canada operations. EOG is continuing the process of exiting its Canada operations.

(2)    Other Segment Items include Exploration Costs, Dry Hole Costs and Impairments.