Commitments and Contingencies

12 Months Ended

Dec. 31, 2012

Notes To Financial Statements [Abstract]

Commitments and Contingencies [Text Block]

7.  Commitments and Contingencies

Letters of Credit.  At December 31, 2012, EOG had standby letters of credit and guarantees outstanding totaling approximately $636 million, of which $150 million represented guarantees of subsidiary indebtedness (see Note 2) and $486 million primarily represented guarantees of payment or performance obligations on behalf of subsidiaries.  At December 31, 2011, EOG had standby letters of credit and guarantees outstanding totaling approximately $585 million, of which $150 million represented guarantees of subsidiary indebtedness (see Note 2) and $435 million primarily represented guarantees of payment obligations on behalf of subsidiaries.  As of February 21, 2013, there were no demands for payment under these guarantees.

Minimum Commitments.  At December 31, 2012, total minimum commitments from long-term non-cancelable operating leases, drilling rig commitments, seismic purchase obligations, fracturing services obligations, other purchase obligations and transportation and storage service commitments, based on current transportation and storage rates and the foreign currency exchange rates used to convert Canadian dollars and British pounds into United States dollars at December 31, 2012, were as follows (in thousands):

		Total Minimum
		Commitments
2013	$	2,194,728
2014 - 2015		1,517,994
2016 - 2017		1,205,897
2018 and beyond		1,369,924
	$	6,288,543

Included in the table above are leases for buildings, facilities and equipment with varying expiration dates through 2042.  Rental expenses associated with existing leases amounted to $182 million, $149 million and $95 million for 2012, 2011 and 2010, respectively.

Contingencies.  There are currently various suits and claims pending against EOG that have arisen in the ordinary course of EOG's business, including contract disputes, personal injury and property damage claims and title disputes.  While the ultimate outcome and impact on EOG cannot be predicted, management believes that the resolution of these suits and claims will not, individually or in the aggregate, have a material adverse effect on EOG's consolidated financial position, results of operations or cash flow.  EOG records reserves for contingencies when information available indicates that a loss is probable and the amount of the loss can be reasonably estimated.