Stockholder's Equity (Notes)

12 Months Ended

Dec. 31, 2021

Stockholders' Equity Note [Abstract]

Stockholder's Equity

Stockholders' Equity

Common Stock.  In September 2001, EOG's Board of Directors (Board) authorized the repurchase of an aggregate maximum of 10 million shares of common stock that superseded all previous authorizations (September 2001 Authorization). EOG last repurchased shares under the September 2001 Authorization in March 2003.  As of November 3, 2021, 6,386,200 shares remained available for purchase under September 2001 Authorization.  Effective November 4, 2021, the Board (i) established a new share repurchase authorization to allow for the repurchase by EOG of up to $5 billion of common stock (November 2021 Authorization) and (ii) revoked and terminated the September 2001 Authorization. EOG did not repurchase any shares under the November 2021 Authorization during the period from November 4, 2021 through December 31, 2021 and, accordingly, $5 billion remained available for purchase under the November 2021 Authorization as of December 31, 2021.

Shares of common stock are from time to time withheld by, or returned to, EOG in satisfaction of tax withholding obligations arising upon the exercise of employee stock options or stock-settled stock appreciation rights (SARs), the vesting of restricted stock, restricted stock unit or performance unit grants or in payment of the exercise price of employee stock options. Such shares withheld or returned prior to November 4, 2021 have not counted against the September 2001 Authorization, and such shares withheld or returned on or subsequent to November 4, 2021 will not count against the November 2021 Authorization. Shares purchased, withheld and returned are held in treasury for, among other purposes, fulfilling any obligations arising under EOG's stock-based compensation plans and any other approved transactions or activities for which such shares of common stock may be required.

On February 24, 2022, the Board declared a quarterly cash dividend on the common stock of $0.75 per share payable April 29, 2022, to stockholders of record as of April 15, 2022. The Board also declared a special dividend of $1.00 per share payable March 29, 2022, to stockholders of record as of March 15, 2022.

On November 4, 2021, the Board (i) increased the quarterly cash dividend on the common stock from the previous $0.4125 per share to $0.75 per share, effective beginning with the dividend paid on January 28, 2022, to stockholders of record as of January 14, 2022 and (ii) declared a special cash dividend on the common stock of $2.00 per share, paid on December 30, 2021, to stockholders of record as of December 15, 2021.

On May 6, 2021, the Board declared a special cash dividend on the common stock of $1.00 per share. The special cash dividend was paid on July 30, 2021 to stockholders of record as of July 16, 2021 (and was in addition to the quarterly cash dividend of $0.4125 per share also paid on July 30, 2021 to stockholders of record as of July 16, 2021).

On February 25, 2021, the Board increased the quarterly cash dividend on the common stock from the previous $0.375 per share to $0.4125 per share, effective beginning with the dividend to be paid on April 30, 2021, to stockholders of record as of April 16, 2021.

On February 27, 2020, the Board increased the quarterly cash dividend on the common stock from the previous $0.2875 per share to $0.375 per share, effective beginning with the dividend to be paid on April 30, 2020, to stockholders of record as of April 16, 2020.

On May 2, 2019, the Board increased the quarterly cash dividend on the common stock from the previous $0.22 per share to $0.2875 per share, effective beginning with the dividend paid on July 31, 2019, to stockholders of record as of July 17, 2019.

The following summarizes Common Stock activity for each of the years ended December 31, 2021, 2020 and 2019 (in thousands):

	Common Shares
	Issued	Treasury	Outstanding
Balance at December 31, 2018	580,408	(385)	580,023
Common Stock Issued Under Stock-Based Compensation Plans	1,688	—	1,688
Treasury Stock Purchased (1)	—	(310)	(310)
Common Stock Issued Under Employee Stock Purchase Plan	117	107	224
Treasury Stock Issued Under Stock-Based Compensation Plans	—	289	289
Balance at December 31, 2019	582,213	(299)	581,914
Common Stock Issued Under Stock-Based Compensation Plans	1,482	—	1,482
Treasury Stock Purchased (1)	—	(389)	(389)
Common Stock Issued Under Employee Stock Purchase Plan	—	377	377
Treasury Stock Issued Under Stock-Based Compensation Plans	—	187	187
Balance at December 31, 2020	583,695	(124)	583,571
Common Stock Issued Under Stock-Based Compensation Plans	1,511	—	1,511
Treasury Stock Purchased (1)	—	(504)	(504)
Common Stock Issued Under Employee Stock Purchase Plan	316	—	316
Treasury Stock Issued Under Stock-Based Compensation Plans	—	371	371
Balance at December 31, 2021	585,522	(257)	585,265

(1)    Represents shares that were withheld by or returned to EOG (i) in satisfaction of tax withholding obligations that arose upon the exercise of employee stock options or SARs or the vesting of restricted stock, restricted stock unit or performance unit grants or (ii) in payment of the exercise price of employee stock options.

Preferred Stock.  EOG currently has one authorized series of preferred stock.  As of December 31, 2021, there were no shares of preferred stock outstanding.