Risk Management Activities

9 Months Ended

Sep. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Risk Management Activities

Risk Management Activities

Commodity Price Risk. As more fully discussed in Note 12 to the Consolidated Financial Statements included in EOG's 2024 Annual Report, 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. EOG has not designated any of its financial commodity and other derivative contracts as accounting hedges and, accordingly, accounts for financial commodity and other derivative contracts using the mark-to-market accounting method.

Financial Commodity Derivative Contracts. Presented below is a comprehensive summary of EOG's financial commodity derivative contracts settled during the nine-month period ended September 30, 2025 (closed) and outstanding as of September 30, 2025 (inclusive of the contracts assumed, via novation, from Encino). Natural gas volumes are presented in million British thermal units per day (MMBtud) and prices are presented in dollars per million British Thermal Units ($/MMBtu). NGL volumes are presented in thousand barrels per day (MBbld) and prices are presented in dollars per barrel ($/Bbl).

Natural Gas Financial Price Swap Contracts
		Contracts Sold
Period	Settlement Index	Volume (MMBtud in thousands)	Weighted Average Price ($/MMBtu)
February - July 2025 (closed)	NYMEX Henry Hub	725	$	3.07
August - October 2025 (closed)	NYMEX Henry Hub	1,225	3.32
November - December 2025	NYMEX Henry Hub	1,225	3.32
January - June 2026	NYMEX Henry Hub	460	3.78
July - December 2026	NYMEX Henry Hub	450	3.79

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

Natural Gas Collar Contracts
		Contracts Sold
			Weighted Average Price ($/MMBtu)
Period	Settlement Index	Volume (MMBtud in thousands)	Ceiling Price		Floor Price
September 2025 (closed)	NYMEX Henry Hub	50	$	4.65	$	3.81
October 2025 (closed)	NYMEX Henry Hub	60	4.63		3.76
November - December 2025	NYMEX Henry Hub	60	4.63		3.76
January - June 2026	NYMEX Henry Hub	80	4.28		3.72
July - December 2026	NYMEX Henry Hub	70	4.23		3.71
January - December 2027	NYMEX Henry Hub	120	4.41		3.42

Ethane Financial Price Swap Contracts
		Contracts Sold
Period	Settlement Index	Volume (MBbld)	Weighted Average Price ($/Bbl)
August - September 2025 (closed)	Mont Belvieu Ethane (non-Tet)	11	$	10.46
October - December 2025	Mont Belvieu Ethane (non-Tet)	11	10.46
January - December 2026	Mont Belvieu Ethane (non-Tet)	11	10.94

Butane Financial Price Swap Contracts
		Contracts Sold
Period	Settlement Index	Volume (MBbld)	Weighted Average Price ($/Bbl)
August - September 2025 (closed)	Mont Belvieu Butane (non-Tet)	7	$	36.28
October - December 2025	Mont Belvieu Butane (non-Tet)	7	36.28

Propane Financial Price Swap Contracts
		Contracts Sold
Period	Settlement Index	Volume (MBbld)	Weighted Average Price ($/Bbl)
August - September 2025 (closed)	Mont Belvieu Propane (Tet)	13	$	30.82
October - December 2025	Mont Belvieu Propane (Tet)	13	30.82
January - December 2026	Mont Belvieu Propane (Tet)	1	30.24

Financial Commodity and Other Derivative Instruments Location on Balance Sheet. The following table sets forth the amounts and classification of EOG's outstanding financial commodity and other derivative instruments at September 30, 2025 and December 31, 2024. 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	September 30, 2025		December 31, 2024
Asset Derivatives
Crude oil, NGLs and natural gas financial derivative contracts -
Current Portion	Assets from Price Risk Management Activities (1)	$	19	$	—
Brent Linked Gas Sales Contract -
Noncurrent Portion	Other Assets (2)	65		110
Liability Derivatives
Crude oil, NGLs and natural gas financial derivative contracts -
Current Portion	Liabilities from Price Risk Management Activities (3)	$	17	$	116
Noncurrent Portion	Other Liabilities (4)	21		—

(1)    The current portion of Assets from Price Risk Management Activities consists of gross assets of $19 million at September 30, 2025.

(2)    The noncurrent portion related to the Brent Linked Gas Sales Contract consists of gross assets of $65 million and $110 million at September 30, 2025 and December 31, 2024, respectively.

(3)    The current portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $20 million, partially offset by gross assets of $3 million at September 30, 2025. 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.

(4)    The noncurrent portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $21 million at September 30, 2025.

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 9). EOG evaluates its exposures 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.

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 require EOG, if it is the party in a net liability position, to post collateral when the amount of the net liability exceeds the threshold level specified for EOG'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 derivatives under the ISDAs to be settled immediately. See Note 9 for the aggregate fair value of all derivative instruments that were in a net liability position at September 30, 2025 and December 31, 2024. EOG had no collateral posted and no collateral held at September 30, 2025 and December 31, 2024.