Long-Term Debt and Common Stock

3 Months Ended

Mar. 31, 2012

Long Term Debt And Common Stock [Abstract]

Long-Term Debt and Common Stock [Text Block]

10.      Long-Term Debt and Common Stock

Long-Term Debt.  During the three months ended March 31, 2012 and 2011, EOG utilized commercial paper, bearing market interest rates, for various corporate financing purposes.  EOG had no outstanding borrowings from commercial paper issuances at March 31, 2012.  The average of the borrowings outstanding under the commercial paper program was $59 million during the three months ended March 31, 2012.  The weighted average interest rate for commercial paper borrowings for the three months ended March 31, 2012 was 0.38%.

EOG currently has a $2.0 billion unsecured Revolving Credit Agreement (Agreement) with domestic and foreign lenders.  The Agreement matures on October 11, 2016 and includes an option for EOG to extend, on up to two occasions, the term for successive one-year periods, subject to, among certain other terms and conditions, the consent of the Banks holding greater than 50% of the commitments then outstanding under the Agreement.  At March 31, 2012, there were no borrowings or letters of credit outstanding under the Agreement.  Advances under the Agreement accrue interest based, at EOG's option, on either the London InterBank Offering Rate (LIBOR) plus an applicable margin (Eurodollar rate), or the base rate (as defined in the Agreement) plus an applicable margin.  At March 31, 2012, the Eurodollar rate and applicable base rate, had there been any amounts borrowed under the Agreement, would have been 1.12% and 3.25%, respectively.

Common Stock.  On February 16, 2012, EOG's Board of Directors increased the quarterly cash dividend on the Common Stock from the previous $0.16 per share to $0.17 per share, effective with the dividend paid on April 30, 2012 to stockholders of record as of April 16, 2012.