Long-Term Debt

Long-Term Debt at December 31, 2015 and 2014 consisted of the following (in thousands):



	2015		2014

Commercial Paper	$	259,718	$	—
2.95% Senior Notes due 2015	—		500,000
2.500% Senior Notes due 2016	400,000		400,000
5.875% Senior Notes due 2017	600,000		600,000
6.875% Senior Notes due 2018	350,000		350,000
5.625% Senior Notes due 2019	900,000		900,000
4.40% Senior Notes due 2020	500,000		500,000
2.45% Senior Notes due 2020	500,000		500,000
4.100% Senior Notes due 2021	750,000		750,000
2.625% Senior Notes due 2023	1,250,000		1,250,000
3.15% Senior Notes due 2025	500,000		—
6.65% Senior Notes due 2028	140,000		140,000
3.90% Senior Notes due 2035	500,000		—
Long-Term Debt	6,649,718		5,890,000
Capital Lease Obligation	45,064		51,221
Less: Current Portion of Long-Term Debt	6,579		6,579
Unamortized Debt Discount	34,518		31,288
Total Long-Term Debt	$	6,653,685	$	5,903,354

At December 31, 2015, the aggregate annual maturities of long-term debt (excluding capital lease obligations) were $400 million in 2016, $600 million in 2017, $350 million in 2018, $900 million in 2019 and $1 billion in 2020. At December 31, 2015 and 2014, EOG had $260 million and zero, respectively, of outstanding short-term borrowings under the commercial paper program and no outstanding borrowings under uncommitted credit facilities.

During 2015 and 2014, EOG utilized commercial paper and short-term borrowings under uncommitted credit facilities, bearing market interest rates, for various corporate financing purposes. The average borrowings outstanding under the commercial paper program were $81 million and $12 million during the years ended December 31, 2015 and 2014, respectively. The average borrowings outstanding under the uncommitted credit facilities were zero and $0.1 million during the years ended December 31, 2015 and 2014, respectively. The weighted average interest rates for commercial paper borrowings were 0.51% and 0.25% for the years 2015 and 2014, respectively, and were 0.70% for uncommitted credit facility borrowings for the year 2014.

At December 31, 2015, the $400 million aggregate principal amount of its 2.500% Senior Notes due 2016 (2016 Notes) and $260 million aggregate principal amount of commercial paper borrowings were classified as long-term debt based upon EOG's intent and ability to ultimately replace such amount with other long-term debt.

On January 14, 2016, EOG closed its sale of $750 million aggregate principal amount of its 4.15% Senior Notes due 2026 and $250 million aggregate principal amount of its 5.10% Senior Notes due 2036 (collectively, the New Notes). Interest on the New Notes is payable semi-annually in arrears on January 15 and July 15 of each year beginning on July 15, 2016. Net proceeds from the New Notes offering totaled approximately $991 million and were used to repay the 2016 Notes when they matured on February 1, 2016, and for general corporate purposes, including repayment of outstanding commercial paper borrowings and funding of future capital expenditures.

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 December 31, 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 1.33% and 3.50%, respectively.

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 $500 million aggregate principal amount of its 3.15% Senior Notes due 2025 and $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.