XML 29 R15.htm IDEA: XBRL DOCUMENT v3.7.0.1
Long-Term Debt (Notes)
6 Months Ended
Jun. 30, 2017
Debt Disclosure [Abstract]  
Long-Term Debt
Long-Term Debt

EOG had no outstanding commercial paper borrowings or uncommitted credit facility borrowings at June 30, 2017, and did not utilize any such borrowings during the six months ended June 30, 2017. During the six months ended June 30, 2016, EOG utilized commercial paper, bearing market interest rates, for various corporate financing purposes. The average borrowings outstanding under the commercial paper program were $210 million during the six months ended June 30, 2016. The weighted average interest rate for commercial paper borrowings was 0.76% during the six months ended June 30, 2016.

At June 30, 2017, $600 million aggregate principal amount of EOG's 5.875% Senior Notes due 2017 was reclassified as Current Portion of Long-Term Debt on the Condensed Consolidated Balance Sheets based upon its intent and ability to repay these notes upon maturity with cash in the third quarter of 2017.

EOG currently has a $2.0 billion senior unsecured Revolving Credit Agreement (Agreement) with domestic and foreign lenders. The 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 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 Agreement) plus an applicable margin. At June 30, 2017, there were no borrowings or letters of credit outstanding under the Agreement. The Eurodollar rate and applicable base rate, had there been any amounts borrowed under the Agreement, would have been 2.22% and 4.25%, respectively.