Risk Management Activities (Tables)

3 Months Ended

Mar. 31, 2012

Risk Management Activities [Abstract]

Commodity Derivative Contracts - Crude Oil

Presented below is a comprehensive summary of EOG's crude oil derivative contracts at March 31, 2012, with notional volumes expressed in barrels per day (Bbld) and prices expressed in dollars per barrel ($/Bbl).

Crude Oil Derivative Contracts
			Weighted
	Volume		Average Price
	(Bbld)		($/Bbl)
2012 (1)
January 1, 2012 through February 29, 2012 (closed)		34,000	$	104.95
March 2012 (closed)		52,000		105.80
April 1, 2012 through June 30, 2012		52,000		105.80
July 1, 2012 through August 31, 2012		35,000		105.56
September 1, 2012 through December 31, 2012		17,000		103.59

(1)   EOG has entered into crude oil derivative contracts which give counterparties the option to extend certain current derivative contracts for an additional six-month period.  Options covering a notional volume of 17,000 Bbld are exercisable on June 29, 2012. If the counterparties exercise all such options, the notional volume of EOG's existing crude oil derivative contracts will increase by 17,000 Bbld at an average price of $106.31 per barrel for the period July 1, 2012 through December 31, 2012.  Options covering a notional volume of 18,000 Bbld are exercisable on August 31, 2012.  If the counterparties exercise all such options, the notional volume of EOG's existing crude oil derivative contracts will increase by 18,000 Bbld at an average price of $107.42 per barrel for the period September 1, 2012 through February 28, 2013.

Commodity Derivative Contracts - Natural Gas

Presented below is a comprehensive summary of EOG's natural gas derivative contracts at March 31, 2012, with notional volumes expressed in million British thermal units (MMBtu) per day (MMBtud) and prices expressed in dollars per MMBtu ($/MMBtu).

Natural Gas Derivative Contracts
	Volume (MMBtud)		Weighted Average Price ($/MMBtu)
2012 (1)
January 2012 through April 30, 2012 (closed)		525,000	$	5.44
May 1, 2012 through December 31, 2012		525,000	$	5.44
2013 (2)
January 1, 2013 through December 31, 2013		150,000	$	4.79
2014 (2)
January 1, 2014 through December 31, 2014		150,000	$	4.79

(1) EOG has entered into natural gas derivative contracts which give counterparties the option of entering into derivative contracts at future dates.  Such options are exercisable monthly up until the settlement date of each monthly contract.  If the counterparties exercise all such options, the notional volume of EOG's existing natural gas derivative contracts will increase by 425,000 MMBtud at an average price of $5.44 per MMBtu for the period from May 1, 2012 through December 31, 2012.

(2) EOG has entered into natural gas derivative contracts which give counterparties the option of entering into derivative contracts at future dates.  Such options are exercisable monthly up until the settlement date of each monthly contract.  If the counterparties exercise all such options, the notional volume of EOG's existing natural gas derivative contracts will increase by 150,000 MMBtud at an average price of $4.79 per MMBtu for each month of 2013 and 2014.

Schedule of Derivative Instruments In Statement Of Financial Position, Fair Value

The following table sets forth the amounts, on a gross basis, and classification of EOG's outstanding derivative financial instruments at March 31, 2012 and December 31, 2011.  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
		March 31,		December 31,
Description	Location on Balance Sheet	2012		2011
Asset Derivatives
Crude oil and natural gas derivative contracts -
Current portion	Assets from Price Risk Management Activities	$	441	$	451
Noncurrent portion	Other Assets	$	71	$	35
Liability Derivatives
Crude oil and natural gas derivative contracts -
Current portion	Liabilities from Price Risk Management Activities	$	26	$	-
Foreign currency swap- Noncurrent portion	Other Liabilities	$	54	$	52
Interest rate swap - Noncurrent portion	Other Liabilities	$	4	$	3