Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

The principal components of EOG's net deferred income tax liabilities at December 31, 2016 and 2015 were as follows (in thousands):



	2016			2015
Current Deferred Income Tax Assets (Liabilities)
Commodity Hedging Contracts	$	22,206		$	—
Deferred Compensation Plans	43,984			38,559
Alternative Minimum Tax Credit Carryforward	84,426			93,316
Foreign Net Operating Loss	37,251			47,786
Foreign Valuation Allowance	(28,097		)	(35,536		)
Accrued Expenses and Liabilities	13,754			—
Other	(4,137		)	3,687
Total Net Current Deferred Income Tax Assets	$	169,387		$	147,812
Noncurrent Deferred Income Tax Assets (Liabilities)
Foreign Oil and Gas Exploration and Development Costs Deducted for Tax Under Book Depreciation, Depletion and Amortization	$	(39,852	)	$	(57,569	)
Foreign Net Operating Loss	314,899			443,010
Foreign Valuation Allowances	(268,499		)	(380,104		)
Foreign Other	438			1,506
Total Net Noncurrent Deferred Income Tax Assets	$	6,986		$	6,843
Noncurrent Deferred Income Tax (Assets) Liabilities
Oil and Gas Exploration and Development Costs Deducted for Tax Over Book Depreciation, Depletion and Amortization	$	5,899,533		$	5,299,817
Non-Producing Leasehold Costs	(64,898		)	(53,026		)
Seismic Costs Capitalized for Tax	(161,920		)	(162,240		)
Equity Awards	(139,787		)	(140,663		)
Capitalized Interest	86,504			98,242
Alternative Minimum Tax Credit Carryforward	(673,205		)	(685,189		)
Undistributed Foreign Earnings	280,099			258,403
Other	(37,686		)	(27,442		)
Total Net Noncurrent Deferred Income Tax Liabilities	$	5,188,640		$	4,587,902
Total Net Deferred Income Tax Liabilities	$	5,012,267		$	4,433,247

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

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



	2016			2015			2014
Current:
Federal	$	11,567		$	21,719		$	269,326
State	(8,369		)	9,404			22,835
Foreign	51,189			54,143			82,721
Total	54,387			85,266			374,882
Deferred:
Federal	(532,979		)	(2,362,926		)	1,608,706
State	4,876			(127,444		)	29,056
Foreign	12,897			8,063			67,184
Total	(515,206		)	(2,482,307		)	1,704,946
Income Tax Provision (Benefit)	$	(460,819	)	$	(2,397,041	)	$	2,079,828

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



	2016		2015		2014

Statutory Federal Income Tax Rate	35.00	%	35.00	%	35.00	%
State Income Tax, Net of Federal Benefit	0.15		1.11		0.68
Income Tax Provision Related to Foreign Operations	(1.23	)	(1.31	)	(0.12	)
Income Tax Provision Related to Trinidad Operations	(3.71	)	—		—
Canadian Divestiture	—		—		(3.46	)
Undistributed Foreign Earnings	—		—		4.94
Foreign Valuation Allowances	—		—		6.47
Foreign Oil and Gas Impairments	—		—		(1.90	)
Other	(0.62	)	(0.17	)	0.03
Effective Income Tax Rate	29.59	%	34.63	%	41.64	%

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


(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.