Long-Term Debt (Notes)

12 Months Ended

Dec. 31, 2020

Long-Term Debt at December 31, 2020 and 2019 consisted of the following (in thousands):


	2020		2019

4.40% Senior Notes due 2020	$	—	$	500,000
2.45% Senior Notes due 2020	—		500,000
4.100% Senior Notes due 2021	750,000		750,000
2.625% Senior Notes due 2023	1,250,000		1,250,000
3.15% Senior Notes due 2025	500,000		500,000
4.15% Senior Notes due 2026	750,000		750,000
6.65% Senior Notes due 2028	140,000		140,000
4.375% Senior Notes due 2030	750,000		—
3.90% Senior Notes due 2035	500,000		500,000
5.10% Senior Notes due 2036	250,000		250,000
4.950% Senior Notes due 2050	750,000		—
Long-Term Debt	5,640,000		5,140,000
Finance Leases (see Note 18)	212,217		57,900
Less: Current Portion of Long-Term Debt	781,054		1,014,524
Unamortized Debt Discount	30,931		19,528
Debt Issuance Costs	4,881		2,929
Total Long-Term Debt	$	5,035,351	$	4,160,919

At December 31, 2020, the aggregate annual maturities of long-term debt (excluding finance lease obligations) were $750 million in 2021, zero in 2022, $1.25 billion in 2023, zero in 2024 and $500 million in 2025.

At December 31, 2020 and 2019, EOG had no outstanding commercial paper borrowings and did not utilize any commercial paper borrowings during 2020 and 2019.

On February 1, 2021, EOG repaid upon maturity the $750 million aggregate principal amount of its 4.100% Senior Notes due 2021.

On June 1, 2020, EOG repaid upon maturity the $500 million aggregate principal amount of its 4.40% Senior Notes due 2020.

On April 14, 2020, EOG closed on its offering of $750 million aggregate principal amount of its 4.375% Senior Notes due 2030 and $750 million aggregate principal amount of its 4.950% Senior Notes due 2050 (together, the Notes). Interest on the Notes is payable semi-annually in arrears on April 15 and October 15 of each year, beginning on October 15, 2020. EOG received net proceeds of $1.48 billion from the issuance of the Notes, which were used to repay the 4.40% Senior Notes due 2020 when they matured on June 1, 2020 (see below), and for general corporate purposes, including the funding of capital expenditures.

On April 1, 2020, EOG repaid upon maturity the $500 million aggregate principal amount of its 2.45% Senior Notes due 2020.

On June 27, 2019, EOG entered into a new $2.0 billion senior unsecured Revolving Credit Agreement (the Agreement) with domestic and foreign lenders (Banks). The Agreement replaced EOG's $2.0 billion senior unsecured Revolving Credit Agreement, dated as of July 21, 2015, with domestic and foreign lenders, which had a scheduled maturity date of July 21, 2020 and which was terminated by EOG (without penalty), effective as of June 27, 2019, in connection with the execution of the Agreement.

The Agreement has a scheduled maturity date of June 27, 2024, and includes an option for EOG to extend, on up to two occasions, the term for successive one-year periods subject to certain terms and conditions. The Agreement (i) commits the Banks to provide advances up to an aggregate principal amount of $2.0 billion at any one time outstanding, with an option for EOG to request increases in the aggregate commitments to an amount not to exceed $3.0 billion, subject to certain terms and conditions and (ii) includes a swingline subfacility and a letter of credit subfacility. Advances under the Agreement will accrue interest based, at EOG's option, on either the LIBOR plus an applicable margin (Eurodollar rate) or the base rate (as defined in the Agreement) plus an applicable margin. The Agreement contains representations, warranties, covenants and events of default that EOG believes are customary for investment-grade, senior unsecured commercial bank credit agreements, including a financial covenant for the maintenance of a ratio of total debt-to-capitalization (as such terms are defined in the Agreement) of no greater than 65%. At December 31, 2020, EOG was in compliance with this financial covenant. At December 31, 2020 and December 31, 2019, there were no borrowings or letters of credit outstanding under the Agreement. The Eurodollar rate and base rate (inclusive of the applicable margin), had there been any amounts borrowed under the Agreement at December 31, 2020, would have been 1.04% and 3.25%, respectively.

On June 3, 2019, EOG repaid upon maturity the $900 million aggregate principal amount of its 5.625% Senior Notes due 2019.