Oil and Gas Exploration and Production Industries Disclosures (Tables)

12 Months Ended

Dec. 31, 2020

Oil and Gas Exploration and Production Industries Disclosures [Abstract]

Net Proved and Proved Developed Oil and Gas Reserve Quantities

The following tables set forth EOG's net proved reserves at December 31 for each of the four years in the period ended December 31, 2020, and the changes in the net proved reserves for each of the three years in the period ended December 31, 2020, as estimated by the Engineering and Acquisitions Department of EOG:

NET PROVED RESERVE SUMMARY

	United States	Trinidad	Other International (1)	Total
NET PROVED RESERVES
Crude Oil (MBbl) (2)
Net proved reserves at December 31, 2017	1,304,071	898	8,004	1,312,973
Revisions of previous estimates	(13,237)	(183)	44	(13,376)
Purchases in place	2,743	—	—	2,743
Extensions, discoveries and other additions	383,003	—	15	383,018
Sales in place	(768)	—	(6,310)	(7,078)
Production	(144,128)	(298)	(1,542)	(145,968)
Net proved reserves at December 31, 2018	1,531,684	417	211	1,532,312
Revisions of previous estimates	(42,959)	85	(8)	(42,882)
Purchases in place	2,859	—	—	2,859
Extensions, discoveries and other additions	369,968	—	28	369,996
Sales in place	(1,282)	—	—	(1,282)
Production	(166,310)	(236)	(40)	(166,586)
Net proved reserves at December 31, 2019	1,693,960	266	191	1,694,417
Revisions of previous estimates	(225,375)	(19)	(18)	(225,412)
Purchases in place	2,176	—	—	2,176
Extensions, discoveries and other additions	194,724	863	—	195,587
Sales in place	(3,183)	—	—	(3,183)
Production	(149,402)	(355)	(30)	(149,787)
Net proved reserves at December 31, 2020	1,512,900	755	143	1,513,798
Natural Gas Liquids (MBbl) (2)
Net proved reserves at December 31, 2017	503,473	—	—	503,473
Revisions of previous estimates	23,942	—	—	23,942
Purchases in place	2,006	—	—	2,006
Extensions, discoveries and other additions	127,409	—	—	127,409
Sales in place	(41)	—	—	(41)
Production	(42,460)	—	—	(42,460)
Net proved reserves at December 31, 2018	614,329	—	—	614,329
Revisions of previous estimates	5,380	—	—	5,380
Purchases in place	1,948	—	—	1,948
Extensions, discoveries and other additions	167,782	—	—	167,782
Sales in place	(855)	—	—	(855)
Production	(48,892)	—	—	(48,892)
Net proved reserves at December 31, 2019	739,692	—	—	739,692
Revisions of previous estimates	(59,790)	—	—	(59,790)
Purchases in place	3,831	—	—	3,831
Extensions, discoveries and other additions	180,205	—	—	180,205
Sales in place	(1,399)	—	—	(1,399)
Production	(49,796)	—	—	(49,796)
Net proved reserves at December 31, 2020	812,743	—	—	812,743

	United States	Trinidad	Other International (1)	Total
Natural Gas (Bcf) (3)
Net proved reserves at December 31, 2017	3,898.5	313.4	51.2	4,263.1
Revisions of previous estimates	(127.2)	20.7	15.0	(91.5)
Purchases in place	41.3	—	—	41.3
Extensions, discoveries and other additions	951.4	—	4.6	956.0
Sales in place	(22.2)	—	—	(22.2)
Production	(351.2)	(97.1)	(11.2)	(459.5)
Net proved reserves at December 31, 2018	4,390.6	237.0	59.6	4,687.2
Revisions of previous estimates	(184.4)	47.0	2.6	(134.8)
Purchases in place	71.7	—	—	71.7
Extensions, discoveries and other additions	1,175.9	87.5	9.7	1,273.1
Sales in place	(14.5)	—	—	(14.5)
Production	(404.5)	(95.4)	(13.1)	(513.0)
Net proved reserves at December 31, 2019	5,034.8	276.1	58.8	5,369.7
Revisions of previous estimates	(497.7)	4.8	1.6	(491.3)
Purchases in place	26.3	—	—	26.3
Extensions, discoveries and other additions	1,077.9	53.9	—	1,131.8
Sales in place	(157.3)	—	—	(157.3)
Production	(441.4)	(65.9)	(11.6)	(518.9)
Net proved reserves at December 31, 2020	5,042.6	268.9	48.8	5,360.3
Oil Equivalents (MBoe) (2)
Net proved reserves at December 31, 2017	2,457,302	53,142	16,526	2,526,970
Revisions of previous estimates	(10,500)	3,272	2,544	(4,684)
Purchases in place	11,640	—	—	11,640
Extensions, discoveries and other additions	668,972	—	778	669,750
Sales in place	(4,509)	—	(6,310)	(10,819)
Production	(245,127)	(16,478)	(3,406)	(265,011)
Net proved reserves at December 31, 2018	2,877,778	39,936	10,132	2,927,846
Revisions of previous estimates	(68,317)	7,915	431	(59,971)
Purchases in place	16,761	—	—	16,761
Extensions, discoveries and other additions	733,730	14,577	1,661	749,968
Sales in place	(4,555)	—	—	(4,555)
Production	(282,619)	(16,130)	(2,232)	(300,981)
Net proved reserves at December 31, 2019	3,272,778	46,298	9,992	3,329,068
Revisions of previous estimates	(368,127)	773	259	(367,095)
Purchases in place	10,398	—	—	10,398
Extensions, discoveries and other additions	554,585	9,840	—	564,425
Sales in place	(30,802)	—	—	(30,802)
Production	(272,757)	(11,347)	(1,969)	(286,073)
Net proved reserves at December 31, 2020	3,166,075	45,564	8,282	3,219,921

(1)Other International includes EOG's United Kingdom, China and Canada operations. The United Kingdom operations were sold in the fourth quarter of 2018.

(2)Thousand barrels or thousand barrels of oil equivalent, as applicable; oil equivalents include crude oil and condensate, NGLs and natural gas. Oil equivalents are determined using a ratio of 1.0 barrel of crude oil and condensate or NGLs to 6.0 thousand cubic feet of natural gas.

(3)Billion cubic feet.

Net Proved Developed and Net Proved Undeveloped Oil and Gas Reserve Quantities

	United States	Trinidad	Other International (1)	Total
NET PROVED DEVELOPED RESERVES
Crude Oil (MBbl)
December 31, 2017	605,405	898	7,933	614,236
December 31, 2018	712,218	417	150	712,785
December 31, 2019	801,189	266	143	801,598
December 31, 2020	791,744	755	93	792,592
Natural Gas Liquids (MBbl)
December 31, 2017	286,872	—	—	286,872
December 31, 2018	341,386	—	—	341,386
December 31, 2019	387,253	—	—	387,253
December 31, 2020	391,708	—	—	391,708
Natural Gas (Bcf)
December 31, 2017	2,450.8	299.2	29.3	2,779.3
December 31, 2018	2,699.0	223.9	40.9	2,963.8
December 31, 2019	2,974.6	177.7	41.8	3,194.1
December 31, 2020	2,586.1	171.1	31.6	2,788.8
Oil Equivalents (MBoe)
December 31, 2017	1,300,758	50,779	12,798	1,364,335
December 31, 2018	1,503,441	37,746	6,950	1,548,137
December 31, 2019	1,684,209	29,886	7,117	1,721,212
December 31, 2020	1,614,462	29,268	5,368	1,649,098
NET PROVED UNDEVELOPED RESERVES
Crude Oil (MBbl)
December 31, 2017	698,666	—	71	698,737
December 31, 2018	819,466	—	61	819,527
December 31, 2019	892,771	—	48	892,819
December 31, 2020	721,156	—	50	721,206
Natural Gas Liquids (MBbl)
December 31, 2017	216,601	—	—	216,601
December 31, 2018	272,943	—	—	272,943
December 31, 2019	352,439	—	—	352,439
December 31, 2020	421,035	—	—	421,035
Natural Gas (Bcf)
December 31, 2017	1,447.7	14.2	21.9	1,483.8
December 31, 2018	1,691.6	13.1	18.7	1,723.4
December 31, 2019	2,060.2	98.4	17.0	2,175.6
December 31, 2020	2,456.5	97.8	17.2	2,571.5
Oil Equivalents (MBoe)
December 31, 2017	1,156,544	2,363	3,728	1,162,635
December 31, 2018	1,374,337	2,190	3,182	1,379,709
December 31, 2019	1,588,569	16,412	2,875	1,607,856
December 31, 2020	1,551,613	16,296	2,914	1,570,823

(1)Other International includes EOG's United Kingdom, China and Canada operations. The United Kingdom operations were sold in the fourth quarter of 2018.

Net Proved Undeveloped Reserves

The following table presents the changes in EOG's total PUDs during 2020, 2019 and 2018 (in MBoe):

	2020	2019	2018
Balance at January 1	1,607,856	1,379,709	1,162,635
Extensions and Discoveries	456,073	578,317	490,725
Revisions	(277,325)	(49,837)	(8,244)
Acquisition of Reserves	47	1,711	311
Sale of Reserves	(3,670)	—	—
Conversion to Proved Developed Reserves	(212,158)	(302,044)	(265,718)
Balance at December 31	1,570,823	1,607,856	1,379,709

Capitalized Costs Relating to Oil and Gas Producing Activities

The following table sets forth the capitalized costs relating to EOG's crude oil, NGLs and natural gas producing activities at December 31, 2020 and 2019:

	2020		2019
Proved properties	$	61,724,487	$	59,229,686
Unproved properties	3,068,311		3,600,729
Total	64,792,798		62,830,415
Accumulated depreciation, depletion and amortization	(38,750,852)		(35,033,085)
Net capitalized costs	$	26,041,946	$	27,797,330

Costs Incurred in Oil and Gas Property Acquisition, Exploration and Development Activities

The following table sets forth costs incurred related to EOG's oil and gas activities for the years ended December 31, 2020, 2019 and 2018:

	United States		Trinidad		Other International (1)		Total
2020
Acquisition Costs of Properties
Unproved (2)	$	264,778	$	—	$	—	$	264,778
Proved (3)	97,073		—		38,089		135,162
Subtotal	361,851		—		38,089		399,940
Exploration Costs	203,403		81,216		11,409		296,028
Development Costs (4)	2,998,155		4,036		20,072		3,022,263
Total	$	3,563,409	$	85,252	$	69,570	$	3,718,231
2019
Acquisition Costs of Properties
Unproved (5)	$	276,092	$	—	$	—	$	276,092
Proved (6)	379,938		—		—		379,938
Subtotal	656,030		—		—		656,030
Exploration Costs	213,505		46,616		13,218		273,339
Development Costs (7)	5,661,753		25,007		12,096		5,698,856
Total	$	6,531,288	$	71,623	$	25,314	$	6,628,225
2018
Acquisition Costs of Properties
Unproved (8)	$	486,081	$	1,258	$	—	$	487,339
Proved (9)	123,684		—		—		123,684
Subtotal	609,765		1,258		—		611,023
Exploration Costs	157,222		22,511		13,895		193,628
Development Costs (10)	5,605,264		(12,863)		22,628		5,615,029
Total	$	6,372,251	$	10,906	$	36,523	$	6,419,680

(1)Other International primarily consists of EOG's United Kingdom, China and Canada operations. EOG began an exploration program in Oman in the third quarter of 2020. The United Kingdom operations were sold in the fourth quarter of 2018.

(2)Includes non-cash unproved leasehold acquisition costs of $197 million related to property exchanges.

(3)Includes non-cash proved property acquisition costs of $15 million related to property exchanges.

(4)Includes Asset Retirement Costs of $97 million and $20 million for the United States and Other International, respectively. Excludes other property, plant and equipment.

(5)Includes non-cash unproved leasehold acquisition costs of $98 million related to property exchanges.

(6)Includes non-cash proved property acquisition costs of $52 million related to property exchanges.

(7)Includes Asset Retirement Costs of $181 million, $1 million and $4 million for the United States, Trinidad and Other International, respectively. Excludes other property, plant and equipment.

(8)Includes non-cash unproved leasehold acquisition costs of $291 million related to property exchanges.

(9)Includes non-cash proved property acquisition costs of $71 million related to property exchanges.

(10)Includes Asset Retirement Costs of $90 million, $(12) million and $(8) million for the United States, Trinidad and Other International, respectively.  Excludes other property, plant and equipment.

Results of Operations for Oil and Gas Producing Activities

esults of Operations for Oil and Gas Producing Activities (1). The following table sets forth results of operations for oil and gas producing activities for the years ended December 31, 2020, 2019 and 2018:

	United States		Trinidad		Other International (2)		Total
2020
Crude Oil and Condensate, Natural Gas Liquids and Natural Gas Revenues	$	7,055,098	$	179,690	$	55,468	$	7,290,256
Other	60,989		(35)		—		60,954
Total	7,116,087		179,655		55,468		7,351,210
Exploration Costs	136,266		1,909		7,613		145,788
Dry Hole Costs	13,055		—		28		13,083
Transportation Costs	734,071		747		171		734,989
Gathering and Processing Costs	459,211		—		—		459,211
Production Costs	1,479,976		26,964		10,407		1,517,347
Impairments	2,018,283		815		80,682		2,099,780
Depreciation, Depletion and Amortization	3,192,000		60,328		15,747		3,268,075
Income (Loss) Before Income Taxes	(916,775)		88,892		(59,180)		(887,063)
Income Tax Provision	(220,437)		23,526		3,428		(193,483)
Results of Operations	$	(696,338)	$	65,366	$	(62,608)	$	(693,580)
2019
Crude Oil and Condensate, Natural Gas Liquids and Natural Gas Revenues	$	11,250,853	$	269,957	$	60,635	$	11,581,445
Other	134,325		18		15		134,358
Total	11,385,178		269,975		60,650		11,715,803
Exploration Costs	130,302		4,290		5,289		139,881
Dry Hole Costs	11,133		13,033		3,835		28,001
Transportation Costs	753,558		4,014		728		758,300
Gathering and Processing Costs	479,102		—		—		479,102
Production Costs	2,063,078		30,539		40,369		2,133,986
Impairments	510,948		5,713		1,235		517,896
Depreciation, Depletion and Amortization	3,560,609		79,156		17,832		3,657,597
Income (Loss) Before Income Taxes	3,876,448		133,230		(8,638)		4,001,040
Income Tax Provision	884,450		54,980		3,152		942,582
Results of Operations	$	2,991,998	$	78,250	$	(11,790)	$	3,058,458
2018
Crude Oil and Condensate, Natural Gas Liquids and Natural Gas Revenues	$	11,488,620	$	302,112	$	155,755	$	11,946,487
Other	89,708		(49)		(24)		89,635
Total	11,578,328		302,063		155,731		12,036,122
Exploration Costs	121,572		21,402		6,025		148,999
Dry Hole Costs	4,983		—		422		5,405
Transportation Costs	742,792		3,236		848		746,876
Gathering and Processing Costs (3)	404,471		—		32,502		436,973
Production Costs	1,924,504		33,506		70,073		2,028,083
Impairments	344,595		—		2,426		347,021
Depreciation, Depletion and Amortization	3,181,801		91,788		46,687		3,320,276
Income (Loss) Before Income Taxes	4,853,610		152,131		(3,252)		5,002,489
Income Tax Provision	1,086,077		12,170		1,898		1,100,145
Results of Operations	$	3,767,533	$	139,961	$	(5,150)	$	3,902,344

(1)Excludes gains or losses on the mark-to-market of financial commodity derivative contracts, gains or losses on sales of reserves and related assets, interest charges and general corporate expenses for each of the three years in the period ended December 31, 2020.

(2)Other International primarily consists of EOG's United Kingdom, China and Canada operations. EOG began an exploration program in Oman in the third quarter of 2020. The United Kingdom operations were sold in the fourth quarter of 2018.

(3)Effective January 1, 2018, EOG adopted the provisions of Accounting Standards Update (ASU) 2014-09, "Revenue From Contracts With Customers" (ASU 2014-09). In connection with the adoption of ASU 2014-09, EOG presents natural gas processing fees relating to certain processing and marketing agreements within its United States segment as Gathering and Processing Costs instead of as a deduction to Natural Gas Revenues. There was no impact to operating income or net income resulting from changes to the presentation of natural gas processing fees (see Note 1 to Consolidated Financial Statements).

Production Costs Per Barrel of Oil Equivalent

The following table sets forth production costs per barrel of oil equivalent, excluding severance/production and ad valorem taxes, for the years ended December 31, 2020, 2019 and 2018:

	United States		Trinidad		Other International (1)		Composite
Year Ended December 31, 2020	$	3.75	$	2.33	$	6.78	$	3.72
Year Ended December 31, 2019	$	4.59	$	1.85	$	18.26	$	4.54
Year Ended December 31, 2018	$	4.84	$	1.67	$	20.19	$	4.84

(1)    Other International primarily consists of EOG's United Kingdom, China and Canada operations. The United Kingdom operations were sold in the fourth quarter of 2018.

Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves Table

The following table sets forth the standardized measure of discounted future net cash flows from projected production of EOG's oil and gas reserves for the years ended December 31, 2020, 2019 and 2018:

	United States		Trinidad		Other International (1)		Total
2020
Future cash inflows (2)	$	73,726,893	$	900,815	$	281,658	$	74,909,366
Future production costs	(34,618,860)		(153,275)		(53,933)		(34,826,068)
Future development costs	(15,159,373)		(226,430)		(18,400)		(15,404,203)
Future income taxes	(4,336,578)		(81,368)		(24,311)		(4,442,257)
Future net cash flows	19,612,082		439,742		185,014		20,236,838
Discount to present value at 10% annual rate	(8,410,282)		(100,350)		(36,194)		(8,546,826)
Standardized measure of discounted future net cash flows relating to proved oil and gas reserves	$	11,201,800	$	339,392	$	148,820	$	11,690,012
2019
Future cash inflows (3)	$	120,359,769	$	813,102	$	305,491	$	121,478,362
Future production costs	(42,387,801)		(166,705)		(87,381)		(42,641,887)
Future development costs	(20,355,746)		(212,303)		(18,400)		(20,586,449)
Future income taxes	(11,459,567)		(73,508)		(32,423)		(11,565,498)
Future net cash flows	46,156,655		360,586		167,287		46,684,528
Discount to present value at 10% annual rate	(21,042,593)		(86,009)		(35,161)		(21,163,763)
Standardized measure of discounted future net cash flows relating to proved oil and gas reserves	$	25,114,062	$	274,577	$	132,126	$	25,520,765
2018
Future cash inflows (4)	$	133,066,375	$	749,695	$	303,620	$	134,119,690
Future production costs	(42,351,174)		(204,444)		(99,024)		(42,654,642)
Future development costs	(16,577,794)		(78,199)		(11,900)		(16,667,893)
Future income taxes	(14,756,011)		(174,382)		(31,748)		(14,962,141)
Future net cash flows	59,381,396		292,670		160,948		59,835,014
Discount to present value at 10% annual rate	(27,348,744)		(26,832)		(33,483)		(27,409,059)
Standardized measure of discounted future net cash flows relating to proved oil and gas reserves	$	32,032,652	$	265,838	$	127,465	$	32,425,955

(1)Other International includes EOG's United Kingdom, China and Canada operations. The United Kingdom operations were sold in the fourth quarter of 2018.

(2)Estimated crude oil prices used to calculate 2020 future cash inflows for the United States, Trinidad and Other International were $37.19, $26.75, and $41.87, respectively. Estimated NGL price used to calculate 2020 future cash inflows for the United States was $12.47. Estimated natural gas prices used to calculate 2020 future cash inflows for the United States, Trinidad and Other International were $1.45, $3.28, and $5.65, respectively.

(3)Estimated crude oil prices used to calculate 2019 future cash inflows for the United States, Trinidad and Other International were $57.51, $46.77 and $57.22, respectively. Estimated NGL price used to calculate 2019 future cash inflows for the United States was $16.91. Estimated natural gas prices used to calculate 2019 future cash inflows for the United States, Trinidad and Other International were $2.07, $2.90 and $5.01, respectively.

(4)Estimated crude oil prices used to calculate 2018 future cash inflows for the United States, Trinidad and Other International were $68.54, $55.66 and $61.66, respectively. Estimated NGL price used to calculate 2018 future cash inflows for the United States was $27.83. Estimated natural gas prices used to calculate 2018 future cash inflows for the United States, Trinidad and Other International were $2.50, $3.06 and $4.88, respectively.

Changes in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Reserves

The following table sets forth the changes in the standardized measure of discounted future net cash flows at December 31, for each of the three years in the period ended December 31, 2020:

	United States		Trinidad		Other International (1)		Total
December 31, 2017	$	17,756,935	$	332,427	$	238,298	$	18,327,660
Sales and transfers of oil and gas produced, net of production costs	(8,416,853)		(265,370)		(52,399)		(8,734,622)
Net changes in prices and production costs	12,750,466		84,353		21,610		12,856,429
Extensions, discoveries, additions and improved recovery, net of related costs	8,418,666		—		12,287		8,430,953
Development costs incurred	2,732,560		—		12,600		2,745,160
Revisions of estimated development cost	(410,741)		4,030		(3,814)		(410,525)
Revisions of previous quantity estimates	(173,084)		39,608		31,750		(101,726)
Accretion of discount	1,967,592		50,191		24,839		2,042,622
Net change in income taxes	(4,965,373)		3,844		(11,529)		(4,973,058)
Purchases of reserves in place	116,887		—		—		116,887
Sales of reserves in place	(35,874)		—		(82,058)		(117,932)
Changes in timing and other	2,291,471		16,755		(64,119)		2,244,107
December 31, 2018	32,032,652		265,838		127,465		32,425,955
Sales and transfers of oil and gas produced, net of production costs	(7,955,115)		(235,404)		(19,919)		(8,210,438)
Net changes in prices and production costs	(10,973,981)		65,962		27,572		(10,880,447)
Extensions, discoveries, additions and improved recovery, net of related costs	5,608,038		85,233		16,287		5,709,558
Development costs incurred	3,003,510		22,820		5,820		3,032,150
Revisions of estimated development cost	(597,869)		(129,047)		(11,108)		(738,024)
Revisions of previous quantity estimates	(812,781)		116,062		1,198		(695,521)
Accretion of discount	3,891,701		43,148		14,909		3,949,758
Net change in income taxes	1,454,050		93,975		682		1,548,707
Purchases of reserves in place	98,539		—		—		98,539
Sales of reserves in place	(50,651)		—		—		(50,651)
Changes in timing and other	(584,031)		(54,010)		(30,780)		(668,821)
December 31, 2019	25,114,062		274,577		132,126		25,520,765
Sales and transfers of oil and gas produced, net of production costs	(4,381,840)		(151,979)		(45,355)		(4,579,174)
Net changes in prices and production costs	(18,624,768)		131,859		46,916		(18,445,993)
Extensions, discoveries, additions and improved recovery, net of related costs	1,436,988		64,385		—		1,501,373
Development costs incurred	1,674,800		—		—		1,674,800
Revisions of estimated development cost	4,148,768		(11,161)		—		4,137,607
Revisions of previous quantity estimates	(3,307,180)		11,632		(1,764)		(3,297,312)
Accretion of discount	3,054,437		34,624		15,307		3,104,368
Net change in income taxes	3,497,362		(12,185)		3,022		3,488,199
Purchases of reserves in place	49,232		—		—		49,232
Sales of reserves in place	(156,293)		—		—		(156,293)
Changes in timing and other	(1,303,768)		(2,360)		(1,432)		(1,307,560)
December 31, 2020	$	11,201,800	$	339,392	$	148,820	$	11,690,012

(1)    Other International includes EOG's United Kingdom, China and Canada operations. The United Kingdom operations were sold in the fourth quarter of 2018.