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Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs
Stock-based compensation expense is included on the Condensed Consolidated Statements of Income and Comprehensive Income based upon the job function of the employees receiving the grants as follows (in millions):
 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
 
2018
 
2017
 
2018
 
2017
Lease and Well
$
11.4

 
$
9.6

 
$
24.2

 
$
20.5

Gathering and Processing Costs
0.1

 
0.2

 
0.2

 
0.4

Exploration Costs
5.7

 
5.3

 
12.6

 
11.5

General and Administrative
14.6

 
12.5

 
30.3

 
25.7

Total
$
31.8

 
$
27.6

 
$
67.3

 
$
58.1
Weighted Average Fair Values and Valuation Assumptions
Weighted average fair values and valuation assumptions used to value stock option, SAR and ESPP grants during the six-month periods ended June 30, 2018 and 2017 are as follows:
 
Stock Options/SARs
 
ESPP
 
Six Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
 
2018
 
2017
 
2018
 
2017
Weighted Average Fair Value of Grants
$
29.18

 
$
26.64

 
$
23.27

 
$
24.28

Expected Volatility
28.88
%
 
30.46
%
 
22.04
%
 
30.33
%
Risk-Free Interest Rate
2.23
%
 
1.39
%
 
1.60
%
 
0.65
%
Dividend Yield
0.67
%
 
0.68
%
 
0.66
%
 
0.69
%
Expected Life
5.0 years

 
5.3 years

 
0.5 years

 
0.5 years
Stock Options and SARs Transactions
The following table sets forth stock option and SAR transactions for the six-month periods ended June 30, 2018 and 2017 (stock options and SARs in thousands):
 
Six Months Ended 
 June 30, 2018
 
Six Months Ended 
 June 30, 2017
 
Number of
Stock
Options/SARs
 
Weighted
Average
Grant
Price
 
Number of
Stock
Options/SARs
 
Weighted
Average
Grant
Price
Outstanding at January 1
9,103

 
$
83.89

 
9,850

 
$
75.53

Granted
32

 
110.17

 
16

 
96.41

Exercised (1)
(1,662
)
 
71.33

 
(783
)
 
57.05

Forfeited
(124
)
 
92.07

 
(189
)
 
89.40

Outstanding at June 30 (2)
7,349

 
$
86.71

 
8,894

 
$
76.90

Vested or Expected to Vest (3)
7,006

 
$
86.44

 
8,594

 
$
76.53

Exercisable at June 30 (4)
2,938

 
$
78.74

 
4,973

 
$
68.43



(1)
The total intrinsic value of stock options/SARs exercised for the six months ended June 30, 2018 and 2017 was $74.5 million and $33.5 million, respectively. The intrinsic value is based upon the difference between the market price of EOG's common stock on the date of exercise and the grant price of the stock options/SARs.
(2)
The total intrinsic value of stock options/SARs outstanding at June 30, 2018 and 2017 was $277.2 million and $147.8 million, respectively. At June 30, 2018 and 2017, the weighted average remaining contractual life was 4.3 years and 3.6 years, respectively.
(3)
The total intrinsic value of stock options/SARs vested or expected to vest at June 30, 2018 and 2017 was $266.2 million and $145.7 million, respectively. At June 30, 2018 and 2017, the weighted average remaining contractual life was 4.3 years and 3.5 years, respectively.
(4)
The total intrinsic value of stock options/SARs exercisable at June 30, 2018 and 2017 was $134.2 million and $120.9 million, respectively. At June 30, 2018 and 2017, the weighted average remaining contractual life was 2.7 years and 2.2 years, respectively.
Restricted Stock and Restricted Stock Unit Transactions
The following table sets forth restricted stock and restricted stock unit transactions for the six-month periods ended June 30, 2018 and 2017 (shares and units in thousands):
 
Six Months Ended 
 June 30, 2018
 
Six Months Ended 
 June 30, 2017
 
Number of
Shares and
Units
 
Weighted
Average
Grant Date
Fair Value
 
Number of
Shares and
Units
 
Weighted
Average
Grant Date
Fair Value
Outstanding at January 1
3,905

 
$
88.57

 
3,962

 
$
79.63

Granted
309

 
103.52

 
437

 
98.97

Released (1)
(331
)
 
69.55

 
(407
)
 
63.20

Forfeited
(120
)
 
91.28

 
(143
)
 
83.92

Outstanding at June 30 (2)
3,763

 
$
91.39

 
3,849

 
$
83.40

 
(1)
The total intrinsic value of restricted stock and restricted stock units released for the six months ended June 30, 2018 and 2017 was $34.9 million and $40.4 million, respectively. The intrinsic value is based upon the closing price of EOG's common stock on the date the restricted stock and restricted stock units are released.
(2)
The total intrinsic value of restricted stock and restricted stock units outstanding at June 30, 2018 and 2017 was $468.2 million and $348.4 million, respectively.
Weighted Average Fair Values and Valuation Assumptions for Performance Award Grants
The following table sets forth the Performance Awards transactions for the six-month periods ended June 30, 2018 and 2017:
 
Six Months Ended 
 June 30, 2018
 
Six Months Ended 
 June 30, 2017
 
Number of
Units
 
Weighted
Average
Price per
Grant Date
 
Number of
Units
 
Weighted
Average
Price per
Grant Date
Outstanding at January 1
502,331

 
$
90.96

 
545,290

 
$
80.92

Granted
—

 
—

 
—

 
—

Granted for Performance Multiple (1)
71,805

 
101.87

 
118,834

 
84.43

Released (2)
—

 
—

 
(89,224
)
 
84.43

Forfeited
—

 
—

 
—

 
—

Outstanding at June 30 (3)
574,136

(4)
$
92.33

 
574,900

 
$
81.10

 
(1)
Upon completion of the Performance Period for the Performance Awards granted in 2014 and 2013, a performance multiple of 200% was applied to each of the grants resulting in additional grants of Performance Awards in February 2018 and February 2017, respectively.
(2)
The total intrinsic value of Performance Awards released during the six months ended June 30, 2017 was approximately $9.0 million. The intrinsic value is based upon the closing price of EOG's common stock on the date the Performance Awards are released.
(3)
The total intrinsic value of Performance Awards outstanding at June 30, 2018 and 2017 was approximately $71.4 million and $52.0 million, respectively.
(4)
Upon the application of the relevant performance multiple at the completion of each of the remaining Performance Periods, a minimum of 292,054 and a maximum of 856,218 Performance Awards could be outstanding.