XML 70 R49.htm IDEA: XBRL DOCUMENT v3.8.0.1
Income Taxes (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 22, 2017
Dec. 21, 2017
Dec. 31, 2016
Dec. 31, 2015
Income Tax Disclosure [Abstract]          
Provisional Reduction in the Income Tax Provision $ 2,200,000        
AMT Credit Carryovers Subject to Expiration $ 798,000        
Sequestration Rate Based On AMT Credits 6.60%        
Sequestration Refundable Tax Credits $ 42,000        
Repatriation Tax Of Foreign Earnings 179,000        
Deferred Taxes On Accumulated Foreign Earnings 260,000        
Provisional Reduction In The Federal Tax Provision $ 43,000        
Bonus Depreciation on Tangible Personal Property 100.00%        
Deferred Tax Assets (Liabilities) Net Noncurrent Classification [Abstract]          
Foreign Oil and Gas Exploration and Development Costs Deducted for Tax Under Book Depreciation, Depletion and Amortization [1] $ (40,851)     $ (39,852) [2]  
Foreign Net Operating Loss [1] 423,258     352,150 [2]  
Foreign Valuation Allowances [1] (365,379)     (296,596) [2]  
Foreign Other [1] 478     438 [2]  
Total Net Noncurrent Deferred Income Tax Assets [1] 17,506     16,140 [2]  
Deferred Tax (Assets) Liabilities Net Noncurrent Classification [Abstract]          
Oil and Gas Exploration and Development Costs Deducted for Tax Over Book Depreciation, Depletion and Amortization [1] 3,894,739     5,899,533 [2]  
Commodity Hedging Contracts [1] (12,008)     (22,206) [2]  
Deferred Compensation Plans [1] (35,832)     (43,984) [2]  
Accrued Expenses and Liabilities [1] 12,094     (13,754) [2]  
Net Operating Loss - Federal [1] (69,262)     0 [2]  
Non-Producing Leasehold Costs [1] (47,981)     (64,898) [2]  
Seismic Costs Capitalized for Tax [1] (109,423)     (161,920) [2]  
Equity Awards [1] (92,696)     (139,787) [2]  
Capitalized Interest [1] 51,345     86,504 [2]  
Alternative Minimum Tax Credit Carryforward (3) [1],[3] (77,114)     (757,631) [2]  
Undistributed Foreign Earnings (4) [1],[4] 19,684     280,099 [2]  
Other [1] (15,332)     (33,548) [2]  
Total Net Noncurrent Deferred Income Tax Liabilities [1] 3,518,214     5,028,408 [2]  
Total Net Deferred Income Tax Liabilities [1] 3,500,708     5,012,268 [2]  
Federal AMT Credit Carryforwards Expected To Be Refunded 721,000        
Components Income Before Income Taxes [Abstract]          
United States 621,610     (1,520,573) $ (6,840,119)
Foreign 39,572     (36,932) (81,437)
Income (Loss) Before Income Taxes 661,182     (1,557,505) (6,921,556)
Deferred income tax provision (benefit) [Abstract]          
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)
Current income tax provision (benefit) [Abstract]          
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
Other Non-Current [Abstract]          
Federal (1) (513,404) [5]     0 0
Income Tax Benefit $ (1,921,397)     $ (460,819) $ (2,397,041)
Federal Statutory and Effective Income Tax Rates [Abstract]          
Statutory Federal Income Tax Rate (in hundredths) 35.00% 21.00% 35.00% 35.00% 35.00%
State Income Tax, Net of Federal Benefit (in hundredths) 3.38%     0.15% 1.11%
Income Tax Provision Related to Foreign Operations (in hundredths) (0.30%)     (1.23%) (1.31%)
Income Tax Provision Related to Trinidad Operations (in hundredths) 0.00%     (3.71%) 0.00%
Income Tax Provision Related to United Kingdom Operations (in hundredths) 1.78%     0.00% 0.00%
Income Tax Provision Related to Canadian Operations (in hundredths) 2.30%     0.00% 0.00%
TCJA (in hundredths) [6] (328.10%)     0.00% 0.00%
Shared-Based Compensation (1) (in hundredths) [7] (4.63%)     0.00% 0.00%
Other (in hundredths) (0.03%)     (0.62%) (0.17%)
Effective Income Tax Rate (in hundredths) (290.60%)     29.59% 34.63%
Federal Tax Rate Reduction (in hundredths) (327.80%)        
Federal Repatriation Tax (in hundredths) (6.60%)        
Sequestration (in hundredths) 6.40%        
Other Tax Reform Impacts (in hundredths) (0.10%)        
Components of Valuation Allowance [Abstract]          
Beginning Balance $ 383,221 $ 383,221 $ 383,221 $ 506,127 $ 463,018
Increase [8] 67,333     37,221 146,602
Decrease [9] (13,687)     (12,667) (4,315)
Other [10] 29,554     (147,460) (99,178)
Ending Balance 466,421     $ 383,221 $ 506,127
Balance of state net operating loss expected to be carried forward 1,700,000        
Tax net operating loss incurred in United Kingdom in current year 72,000        
Balance of tax net operating loss incurred in the United Kingdom in prior years 857,000        
U.S. Federal Net Operating Loss Carryforwards 335,000        
Canadian Net Operating Loss Carryforwards 158,000        
AMT Paid In Years Prior To Prior Reporting Period 41,000        
Decrease in Uncertain Tax Positions Related to AMT Credits 40,000        
Unrecognized Tax Benefits Balance 39,000        
Foreign and State Deferred Income Taxes $ 20,000        
[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.
[5] 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.
[6] Includes impact of federal tax rate reduction ((327.8)%), federal repatriation tax ((6.6)%), sequestration (6.4%) and other tax reform impacts ((0.1)%).
[7] 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.
[8] Increase in valuation allowance related to the generation of tax NOLs and other deferred tax assets.
[9] Decrease in valuation allowance associated with adjustments to certain deferred tax assets and their related allowance.
[10] Represents dispositions/revisions/foreign exchange rate variances and the effect of statutory income tax rate changes.