Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

The principal components of EOG's net deferred income tax liabilities at December 31, 2015 and 2014 were as follows (in thousands):



	2015			2014
Current Deferred Income Tax Assets (Liabilities)
Deferred Compensation Plans	$	38,559		$	—
Alternative Minimum Tax Credit Carryforward	93,316			—
Foreign Net Operating Loss	47,786			49,865
Foreign Valuation Allowance	(35,536		)	(30,247		)
Other	3,687			—
Total Net Current Deferred Income Tax Assets	$	147,812		$	19,618
Noncurrent Deferred Income Tax Assets (Liabilities)
Foreign Oil and Gas Exploration and Development Costs Deducted for Tax Under Book Depreciation, Depletion and Amortization	$	(57,569	)	$	(141,643	)
Foreign Net Operating Loss	443,010			487,876
Foreign Valuation Allowances	(380,104		)	(349,704		)
Foreign Other	1,506			4,096
Total Net Noncurrent Deferred Income Tax Assets	$	6,843		$	625
Current Deferred Income Tax (Asset) Liabilities
Commodity Hedging Contracts	$	—		$	166,109
Deferred Compensation Plans	—			(48,207		)
Accrued Expenses and Liabilities	—			(5,643		)
Other	—			(1,516		)
Total Net Current Deferred Income Tax Liabilities	$	—		$	110,743
Noncurrent Deferred Income Tax (Assets) Liabilities
Oil and Gas Exploration and Development Costs Deducted for Tax Over Book Depreciation, Depletion and Amortization	$	5,299,817		$	7,634,297
Non-Producing Leasehold Costs	(53,026		)	(44,236		)
Seismic Costs Capitalized for Tax	(162,240		)	(158,157		)
Equity Awards	(140,663		)	(127,541		)
Capitalized Interest	98,242			97,739
Alternative Minimum Tax Credit Carryforward	(685,189		)	(793,126		)
Undistributed Foreign Earnings	258,403			249,861
Other	(27,442		)	(35,891		)
Total Net Noncurrent Deferred Income Tax Liabilities	$	4,587,902		$	6,822,946
Total Net Deferred Income Tax Liabilities	$	4,433,247		$	6,913,446

Components of Income (Loss) Before Income Taxes

The components of Income (Loss) Before Income Taxes for the years indicated below were as follows (in thousands):



	2015			2014			2013

United States	$	(6,840,119	)	$	5,161,232		$	3,268,727
Foreign	(81,437		)	(165,917		)	168,159
Total	$	(6,921,556	)	$	4,995,315		$	3,436,886

Components of Income Tax Provision (Benefit)

The principal components of EOG's Income Tax Provision (Benefit) for the years indicated below were as follows (in thousands):



	2015			2014		2013
Current:
Federal	$	21,719		$	269,326	$	207,777
State	9,404			22,835		22,856
Foreign	54,143			82,721		134,379
Total	85,266			374,882		365,012
Deferred:
Federal	(2,362,926		)	1,608,706		915,994
State	(127,444		)	29,056		26,305
Foreign	8,063			67,184		(67,534		)
Total	(2,482,307		)	1,704,946		874,765
Income Tax Provision (Benefit)	$	(2,397,041	)	$	2,079,828	$	1,239,777

Tax Rate Reconciliation

The differences between taxes computed at the United States federal statutory tax rate and EOG's effective rate were as follows:



	2015		2014		2013

Statutory Federal Income Tax Rate	35.00	%	35.00	%	35.00	%
State Income Tax, Net of Federal Benefit	1.11		0.68		0.93
Income Tax Provision Related to Foreign Operations	(1.31	)	(0.12	)	0.23
Canadian Divestiture	—		(3.46	)	—
Undistributed Foreign Earnings	—		4.94		—
Foreign Valuation Allowances	—		6.47		—
Foreign Oil and Gas Impairments	—		(1.90	)	—
Other	(0.17	)	0.03		(0.09	)
Effective Income Tax Rate	34.63	%	41.64	%	36.07	%

Summary of Valuation Allowance

The principal components of EOG's rollforward of valuation allowances for deferred tax assets were as follows (in thousands):



	2015			2014			2013

Beginning Balance	$	463,018		$	223,599		$	199,743
Increase ⁽¹⁾	146,602			392,729			43,422
Decrease ⁽²⁾	(4,315		)	(1,424		)	(4,967		)
Other ⁽³⁾	(99,178		)	(151,886		)	(14,599		)
Ending Balance	$	506,127		$	463,018		$	223,599


(1)	Increase in valuation allowance related to the generation of tax net operating losses and other deferred tax assets.


(2)	Decrease in valuation allowance associated with adjustments to certain deferred tax assets and their related allowance.


(3)	Represents dispositions/revisions/foreign exchange rate variances and the effect of statutory income tax rate changes.