Risk Management Activities (Tables)

12 Months Ended

Dec. 31, 2012

Risk Management Activities [Abstract]

Commodity Derivative Contracts - Crude Oil

Commodity Derivative Contracts.  Presented below is a comprehensive summary of EOG's crude oil derivative contracts at December 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 (1)	Average Price
	(Bbld)	($/Bbl)
2013
January 1, 2013 through June 30, 2013	101,000	$  99.29
July 1, 2013 through December 31, 2013	93,000	98.44

(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 62,000 Bbld are exercisable on June 28, 2013.  If the counterparties exercise all such options, the notional volume of EOG's existing crude oil derivative contracts will increase by 62,000 Bbld at an average price of $100.24 per barrel for the period July 1, 2013 through December 31, 2013.  Options covering a notional volume of 54,000 Bbld are exercisable on December 31, 2013.  If the counterparties exercise all such options, the notional volume of EOG's existing crude oil derivative contracts will increase by 54,000 Bbld at an average price of $98.91 per barrel for the period January 1, 2014 through June 30, 2014.

Commodity Derivative Contracts - Natural Gas

Presented below is a comprehensive summary of EOG's natural gas derivative contracts at December 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)
2013 (1)
January 2013 (closed)	150,000	$4.79
February 1, 2013 through December 31, 2013	150,000	4.79
2014 (2)

(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 150,000 MMBtud at an average price of $4.79 per MMBtu for the period from February 1, 2013 through December 31, 2013.

(2) In July 2012, EOG settled its natural gas financial price swap contracts for the period January 1, 2014 through December 31, 2014 and received proceeds of $36.6 million.  In connection with these contracts, the counterparties retain an 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 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 December 31, 2012 and 2011, respectively.  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 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	$	166	$	451
		Noncurrent portion	Other Assets	$	-	$	35
Liability Derivatives
	Crude oil and natural gas derivative contracts -
		Current portion	Liabilities from Price Risk Management     Activities	$	8	$	-
		Noncurrent portion	Other Liabilities	$	13	$	-
	Foreign currency swap -
		Noncurrent portion	Other Liabilities	$	55	$	52
	Interest rate swap -
		Noncurrent portion	Other Liabilities	$	4	$	3