Risk Management Activities (Tables)

3 Months Ended

Mar. 31, 2014

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 March 31, 2014, 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)
2014 (1)
January 2014 (closed)		156,000	$	96.30
February 2014 (closed)		171,000		96.35
March 2014 (closed)		181,000		96.55
April 1, 2014 through May 31, 2014		181,000		96.55
June 2014		171,000		96.35
July 1, 2014 through December 31, 2014		74,000		95.37
2015 (2)		-	$	-

(1) EOG has entered into crude oil derivative contracts which give counterparties the option to extend certain current derivative contracts for additional three-month and six-month periods.  Options covering a notional volume of 10,000 Bbld are exercisable on or about May 30, 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 $100.00 per barrel for each month during the period June 1, 2014 through August 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.

(2) EOG has entered into crude oil derivative contracts which give counterparties the option to extend certain current derivative contracts for additional six-month periods.  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 March 31, 2014, 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
			Weighted
	Volume		Average Price
	(MMBtud)		($/MMBtu)
2014 (1)
January 2014 (closed)		230,000	$	4.51
February 2014 (closed)		710,000		4.57
March 2014 (closed)		810,000		4.60
April 2014 (closed)		465,000		4.52
May 1, 2014 through December 31, 2014		330,000		4.55
2015 (2)
January 1, 2015 through December 31, 2015		175,000	$	4.51

(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 480,000 MMBtud at an average price of $4.63 per MMBtu for each month during the period May 1, 2014 through December 31, 2014.

(2) 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 175,000 MMBtud at an average price of $4.51 per MMBtu for each month during the period January 1, 2015 through December 31, 2015.

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 March 31, 2014 and December 31, 2013.  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		2014		2013
Asset Derivatives
Crude oil and natural gas derivative contracts -
Current portion	Assets from Price Risk Management Activities (1)	$	-	$	8
Noncurrent portion	Other Assets (2)	$	12	$	-
Liability Derivatives
Crude oil and natural gas derivative contracts -
Current portion	Liabilities from Price Risk Management Activities (3)	$	227	$	127
Noncurrent portion	Other Liabilities (4)	$	-	$	-
Foreign currency swap -
Current portion	Current Liabilities - Other	$	-	$	40
Interest rate swap -
Current portion	Current Liabilities - Other	$	-	$	1

(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.

(2) The noncurrent portion of Assets from Price Risk Management Activities consists of gross assets of $21 million, partially offset by gross liabilities of $9 million at March 31, 2014.

(3) The current portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $227 million at March 31, 2014 and gross liabilities of $137 million, partially offset by gross assets of $10 million at December 31, 2013.

(4) The noncurrent portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $9 million, offset by gross assets of $9 million at March 31, 2014.