Commitments and Contingencies

12 Months Ended

Dec. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

8.  Commitments and Contingencies

Letters of Credit and Guarantees.  At December 31, 2014, EOG had standby letters of credit and guarantees outstanding totaling approximately $423 million primarily representing guarantees of payment or performance obligations on behalf of subsidiaries.  In connection with the divestiture of substantially all of EOG's Canadian assets, EOG's standby letters of credit and guarantees outstanding will ultimately decrease by approximately $71 million. At December 31, 2013, EOG had standby letters of credit and guarantees outstanding totaling approximately $711 million, of which $150 million represented a guarantee of subsidiary indebtedness (see Note 2) and $561 million primarily represented guarantees of payment or performance obligations on behalf of subsidiaries.  As of February 18, 2015, there were no demands for payment under these guarantees.

Minimum Commitments.  At December 31, 2014, 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, 2014, were as follows (in thousands):

	Total Minimum Commitments
2015	$	1,643,053
2016 - 2017	1,981,982
2018 - 2019	1,221,216
2020 and beyond	974,073
	$	5,820,324

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 $237 million, $191 million and $182 million for 2014, 2013 and 2012, 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.