Risk Management Activities (Tables)

12 Months Ended

Dec. 31, 2013

Risk Management Activities [Abstract]

Commodity Derivative Contracts - Crude Oil

Crude Oil Derivative Contracts
	Volume (Bbld)		Weighted Average Price ($/Bbl)
2014 (1)
January 2014		156,000	$	96.30
February 1, 2014 through March 31, 2014		171,000		96.35
April 1, 2014 through June 30, 2014		161,000		96.33
July 1, 2014 through December 31, 2014		64,000		95.18

(1) EOG has entered into crude oil derivative contracts which give counterparties the option to extend certain current derivative contracts for additional six-month and nine-month periods.  Options covering a notional volume of 10,000 Bbld are exercisable on or about March 31, 2014.  If the counterparties exercise all such options, the notional volume of EOG's existing crude oil derivative contracts will increase by 10,000 Bbld at an average price of $96.60 per barrel for each month during the period April 1, 2014 through December 31, 2014.  Options covering a notional volume of 118,000 Bbld are exercisable on or about June 30, 2014.  If the counterparties exercise all such options, the notional volume of EOG's existing crude oil derivative contracts will increase by 118,000 Bbld at an average price of $96.64 per barrel for each month during the period July 1, 2014 through December 31, 2014.  Options covering a notional volume of 69,000 Bbld are exercisable on or about December 31, 2014.  If the counterparties exercise all such options, the notional volume of EOG's existing crude oil derivative contracts will increase by 69,000 Bbld at an average price of $95.20 per barrel for each month during the period January 1, 2015 through June 30, 2015.

Commodity Derivative Contracts - Natural Gas

Presented below is a comprehensive summary of EOG's natural gas derivative contracts at December 31, 2013, 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)
2014 (1)
January 2014 (closed)		230,000		$	4.51
February 1, 2014 through December 31, 2014		205,000		$	4.52

(1) EOG has entered into natural gas derivative contracts which give counterparties the option of entering into derivative contracts at future dates.  All 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 355,000 MMBtud at an average price of $4.63 per MMBtu for each month during the period February 1, 2014 through December 31, 2014.

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

The following table sets forth the amounts and classification of EOG's outstanding derivative financial instruments at December 31, 2013 and 2012, 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	2013		2012
Asset Derivatives
Crude oil and natural gas derivative contracts -
Current portion	Assets from Price Risk Management Activities (1)	$	8	$	166
Liability Derivatives
Crude oil and natural gas derivative contracts -
Current portion	Liabilities from Price Risk Management Activities (2)	$	127	$	8
Noncurrent portion	Other Liabilities (3)	$	-	$	13
Foreign currency swap -
Current portion	Current Liabilities - Other	$	40	$	-
Noncurrent portion	Other Liabilities	$	-	$	55
Interest rate swap -
Current portion	Current Liabilities - Other	$	1	$	-
Noncurrent portion	Other Liabilities	$	-	$	4

(1) The current portion of Assets from Price Risk Management Activities consists of gross assets of $18 million, partially offset by gross liabilities of $10 million, at December 31, 2013 and gross assets of $271 million, partially offset by gross liabilities of $105 million, at December 31, 2012.

(2) The current portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $137 million, partially offset by gross assets of $10 million, at December 31, 2013 and gross liabilities of $113 million, partially offset by gross assets of $105 million, at December 31, 2012.

(3) The noncurrent portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $13 million at December 31, 2012.