Risk Management Activities (Tables)

6 Months Ended

Jun. 30, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Commodity Derivative Contracts - Crude Oil

Presented below is a comprehensive summary of EOG's crude oil derivative contracts at June 30, 2014, with notional volumes expressed in barrels per day (Bbld) and prices expressed in dollars per barrel ($/Bbl).

Crude Oil Derivative Contracts
	Volume (Bbld)	Weighted Average Price ($/Bbl)
2014
January 2014 (closed)	156,000	$	96.30
February 2014 (closed)	171,000	96.35
March 1, 2014 through June 30, 2014 (closed)	181,000	96.55
July 1, 2014 through August 31, 2014	202,000	96.34
September 1, 2014 through December 31, 2014	192,000	96.15
2015(1)	—	$	—

(1) 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 June 30, 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
	Volume (MMBtud)	Weighted Average Price ($/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 2014 (closed)	685,000	4.55
June 2014 (closed)	515,000	4.52
July 2014 (closed)	340,000	4.55
August 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 August 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 June 30, 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
Description	Location on Balance Sheet	June 30, 2014		December 31, 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)	$	5	$	—
Liability Derivatives
Crude oil and natural gas derivative contracts -
Current portion	Liabilities from Price Risk Management    Activities (3)	$	338	$	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 $14 million, offset by gross liabilities of $14 million at June 30, 2014, and 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 $11 million, partially offset by gross liabilities of $6 million at June 30, 2014.

(3) The current portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $352 million, partially offset by gross assets of $14 million at June 30, 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 $6 million, offset by gross assets of $6 million at June 30, 2014.