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Leases (Tables)

12 Months Ended

Dec. 31, 2020

The components of lease cost for the years ended December 31, 2020 and 2019 were as follows (in millions):


	2020		2019
Operating Lease Cost (1)	$	393	$	497
Finance Lease Cost:
Amortization of Lease Assets	21		13
Interest on Lease Liabilities	4		2
Variable Lease Cost	91		138
Short-Term Lease Cost	194		333
Total Lease Cost	$	703	$	983

(1) Operating lease cost includes impairment expenses of $35 million in 2020.

Outstanding Lease Assets And Lease Liabilities

The following table sets forth the amounts and classification of EOG's outstanding ROU assets and related lease liabilities at December 31, 2020 and 2019 and supplemental information for the years ended December 31, 2020 and 2019 (in millions, except lease terms and discount rates):


Description	Location on Balance Sheet	2020		2019
Assets
Operating Leases	Other Assets	$	869	$	773
Finance Leases	Property, Plant and Equipment, Net (1)	206		53
Total		$	1,075	$	826

Liabilities
Current
Operating Leases	Current Portion of Operating Lease Liabilities	$	295	$	369
Finance Leases	Current Portion of Long-Term Debt	31		15
Long-Term
Operating Leases	Other Liabilities	641		430
Finance Leases	Long-Term Debt	181		43
Total		$	1,148	$	857

(1) Finance lease assets are recorded net of accumulated amortization of $81 million and $60 million at December 31, 2020 and 2019, respectively.

Weighted Average Remaining Lease Term And Discount Rate


	2020		2019
Weighted Average Remaining Lease Term (in years):
Operating Leases	5.3		3.2
Finance Leases	7.6		4.7

Weighted Average Discount Rate:
Operating Leases	3.4	%	3.5	%
Finance Leases	2.8	%	3.0	%

Cash Paid for Leases

Cash paid for leases for the years ended December 31, 2020 and 2019 was as follows (in millions):


	2020		2019
Repayment of Operating Lease Liabilities Associated with Operating Activities	$	223	$	225
Repayment of Operating Lease Liabilities Associated with Investing Activities	130		270
Repayment of Finance Lease Liabilities	19		13

Operating And Finance Non-Cancellable Leases Maturity

At December 31, 2020, the future minimum lease payments under non-cancellable leases were as follows (in millions):


	Operating Leases		Finance Leases
2021	$	323	$	36
2022	210		32
2023	134		28
2024	96		29
2025	70		27
2026 and Beyond	206		87
Total Lease Payments	1,039		239
Less: Discount to Present Value	103		27
Total Lease Liabilities	936		212
Less: Current Portion of Lease Liabilities	295		31
Long-Term Lease Liabilities	$	641	$	181

Prior To Adoption Operating And Finance Non-Cancellable Leases Maturity

Prior to the adoption of ASU 2016-02 and other related ASUs, the future minimum commitments under non-cancellable leases, including non-lease components and excluding contracts with lease terms of less than 12 months as December 31, 2018, were as follows (in millions):


	Operating Leases		Finance Leases
2019	$	380	$	15
2020	213		15
2021	86		15
2022	39		12
2023	30		8
2024 and Beyond	62		14
Total Lease Payments	$	810	$	79