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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2017
Income Tax Disclosure [Abstract]  
Deferred Income Tax Liabilities, Net
The principal components of EOG's net deferred income tax liabilities at December 31, 2017 and 2016 were as follows (in thousands):
 
2017 (1)
 
2016 (1) (2)
Noncurrent Deferred Income Tax Assets (Liabilities)
 

 
 

Foreign Oil and Gas Exploration and Development Costs Deducted for Tax Under Book Depreciation, Depletion and Amortization
$
(40,851
)
 
$
(39,852
)
Foreign Net Operating Loss
423,258

 
352,150

Foreign Valuation Allowances
(365,379
)
 
(296,596
)
Foreign Other
478

 
438

Total Net Noncurrent Deferred Income Tax Assets
$
17,506

 
$
16,140

Noncurrent Deferred Income Tax (Assets) Liabilities
 

 
 

Oil and Gas Exploration and Development Costs Deducted for Tax Over Book Depreciation, Depletion and Amortization
$
3,894,739

 
$
5,899,533

Commodity Hedging Contracts
(12,008
)
 
(22,206
)
Deferred Compensation Plans
(35,832
)
 
(43,984
)
Accrued Expenses and Liabilities
12,094

 
(13,754
)
Net Operating Loss - Federal
(69,262
)
 
—

Non-Producing Leasehold Costs
(47,981
)
 
(64,898
)
Seismic Costs Capitalized for Tax
(109,423
)
 
(161,920
)
Equity Awards
(92,696
)
 
(139,787
)
Capitalized Interest
51,345

 
86,504

Alternative Minimum Tax Credit Carryforward (3)
(77,114
)
 
(757,631
)
Undistributed Foreign Earnings (4)
19,684

 
280,099

Other
(15,332
)
 
(33,548
)
Total Net Noncurrent Deferred Income Tax Liabilities
$
3,518,214

 
$
5,028,408

Total Net Deferred Income Tax Liabilities
$
3,500,708

 
$
5,012,268


 
(1)
United States federal deferred tax assets and liabilities tax effected at 21% and 35% for 2017 and 2016, respectively.
(2)
As described in Note 1, ASU 2015-17 eliminated the requirement to separate deferred tax assets and liabilities into current and noncurrent amounts.
(3)
Pursuant to the TCJA, $721 million of federal AMT credit carryforwards are expected to be refundable over four years and are presented as noncurrent tax receivables in Other Assets on the Consolidated Balance Sheet at December 31, 2017.
(4)
Undistributed foreign earnings have been deemed repatriated in 2017 in accordance with the TCJA. A portion of the associated federal taxes are now reflected as a noncurrent tax payable as a result of the eight year installment election.
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):
 
2017
 
2016
 
2015
 
 
 
 
 
 
United States
$
621,610

 
$
(1,520,573
)
 
$
(6,840,119
)
Foreign
39,572

 
(36,932
)
 
(81,437
)
Total
$
661,182

 
$
(1,557,505
)
 
$
(6,921,556
)
Components of Income Tax Provision (Benefit)
The principal components of EOG's Income Tax Benefit for the years indicated below were as follows (in thousands):
 
2017
 
2016
 
2015
Current:
 
 
 
 
 
Federal
$
33,058

 
$
11,567

 
$
21,719

State
(2,502
)
 
(8,369
)
 
9,404

Foreign
35,323

 
51,189

 
54,143

Total
65,879

 
54,387

 
85,266

Deferred:
 

 
 

 
 

Federal
(1,504,288
)
 
(532,979
)
 
(2,362,926
)
State
26,942

 
4,876

 
(127,444
)
Foreign
3,474

 
12,897

 
8,063

Total
(1,473,872
)
 
(515,206
)
 
(2,482,307
)
Other Non-Current:
 
 
 
 
 
Federal (1)
(513,404
)
 
—

 
—

Income Tax Benefit
$
(1,921,397
)
 
$
(460,819
)
 
$
(2,397,041
)

 
(1)
As described previously, under the TCJA, a deemed repatriation tax is to be paid over eight years beginning with respect to taxable year 2017. In addition, EOG expects to receive refunds of AMT credits over a four-year period beginning with respect to taxable year 2018. Other Non-Current includes the portion of these two items that relates to years after 2017.
Tax Rate Reconciliation
The differences between taxes computed at the U.S. federal statutory tax rate and EOG's effective rate were as follows:
 
2017
 
2016
 
2015
 
 
 
 
 
 
Statutory Federal Income Tax Rate
35.00
 %
 
35.00
 %
 
35.00
 %
State Income Tax, Net of Federal Benefit
3.38

 
0.15

 
1.11

Income Tax Provision Related to Foreign Operations
(0.30
)
 
(1.23
)
 
(1.31
)
Income Tax Provision Related to Trinidad Operations
—

 
(3.71
)
 
—

Income Tax Provision Related to United Kingdom Operations
1.78

 
—

 
—

Income Tax Provision Related to Canadian Operations
2.30

 
—

 
—

TCJA (1)
(328.10
)
 
—

 
—

Share-Based Compensation (2)
(4.63
)
 
—

 
—

Other
(0.03
)
 
(0.62
)
 
(0.17
)
Effective Income Tax Rate
(290.60
)%
 
29.59
 %
 
34.63
 %

 
(1)
Includes impact of federal tax rate reduction ((327.8)%), federal repatriation tax ((6.6)%), sequestration (6.4%) and other tax reform impacts ((0.1)%).
(2)
As described in Note 1, ASU 2016-09, adopted by EOG in 2017, provides that share-based compensation tax benefits and deficiencies are recognized in the income tax provision.
Summary of Valuation Allowance
The principal components of EOG's rollforward of valuation allowances for deferred income tax assets were as follows (in thousands):
 
2017
 
2016
 
2015
 
 
 
 
 
 
Beginning Balance
$
383,221

 
$
506,127

 
$
463,018

Increase (1)
67,333

 
37,221

 
146,602

Decrease (2)
(13,687
)
 
(12,667
)
 
(4,315
)
Other (3)
29,554

 
(147,460
)
 
(99,178
)
Ending Balance
$
466,421

 
$
383,221

 
$
506,127

 
(1)
Increase in valuation allowance related to the generation of tax NOLs 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.