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Long-Term Debt
9 Months Ended
Sep. 30, 2015
Debt Disclosure [Abstract]  
Long-Term Debt [Text Block]
Long-Term Debt

During the nine months ended September 30, 2015 and 2014, EOG utilized commercial paper and short-term borrowings under uncommitted credit facilities, bearing market interest rates, for various corporate financing purposes. At September 30, 2015 and 2014, EOG had $30 million and zero, respectively, of outstanding short-term borrowings from commercial paper and no outstanding borrowings from uncommitted credit facilities. The average borrowings outstanding under the commercial paper program were $7 million and $16 million during the nine months ended September 30, 2015 and 2014, respectively. The average borrowings outstanding under the uncommitted credit facilities were zero and $0.1 million during the nine months ended September 30, 2015 and 2014, respectively. The weighted average interest rates for commercial paper borrowings during the nine months ended September 30, 2015 and 2014 were 0.45% and 0.25%, respectively, and 0.70% for uncommitted credit facility borrowings during the nine months ended September 30, 2014.

At September 30, 2015, the $400 million aggregate principal amount of 2.500% Senior Notes due 2016 were classified as long-term debt based upon EOG's intent and ability to ultimately replace such amount with other long-term debt.

On June 1, 2015, EOG repaid upon maturity the $500 million aggregate principal amount of its 2.95% Senior Notes due 2015.

On March 17, 2015, EOG closed its sale of the $500 million aggregate principal amount of its 3.15% Senior Notes due 2025 and the $500 million aggregate principal amount of its 3.90% Senior Notes due 2035 (together, the Notes). Interest on the Notes is payable semi-annually in arrears on April 1 and October 1 of each year, beginning on October 1, 2015. Net proceeds from the Notes offering of approximately $990 million were used for general corporate purposes.

On July 21, 2015, EOG entered into a new $2.0 billion senior unsecured Revolving Credit Agreement (2015 Agreement) with domestic and foreign lenders. The 2015 Agreement replaces EOG's $2.0 billion senior unsecured Revolving Credit Agreement, dated as of October 11, 2011, which had a scheduled maturity date of October 11, 2016  (2011 Agreement). There were no borrowings or letters of credit outstanding under the 2011 Agreement as of the closing of the 2015 Agreement and the termination of the 2011 Agreement. The 2015 Agreement has a scheduled maturity date of July 21, 2020, and includes an option for EOG to extend, on up to two occasions, the term for successive one-year periods subject to certain terms and conditions. Advances under the 2015 Agreement will accrue interest based, at EOG's option, on either the London InterBank Offered Rate plus an applicable margin (Eurodollar rate) or the base rate (as defined in the 2015 Agreement) plus an applicable margin. Consistent with the terms of the 2011 Agreement, the 2015 Agreement contains representations, warranties, covenants and events of default that are customary for investment-grade, senior unsecured commercial bank credit agreements, including a financial covenant for the maintenance of a debt-to-total capitalization ratio of no greater than 65%. At September 30, 2015, there were no borrowings or letters of credit outstanding under the 2015 Agreement. The Eurodollar rate and applicable base rate, had there been any amounts borrowed under the 2015 Agreement, would have been 1.09% and 3.25%, respectively.