Asset Retirement Obligations (Notes)

12 Months Ended

Dec. 31, 2021

Asset Retirement Obligations, Noncurrent [Abstract]

Asset Retirement Obligations

Asset Retirement Obligations

The following table presents the reconciliation of the beginning and ending aggregate carrying amounts of short-term and long-term legal obligations associated with the retirement of property, plant and equipment for the years ended December 31, 2021 and 2020 (in millions):

	2021		2020
Carrying Amount at Beginning of Period	$	1,217	$	1,111
Liabilities Incurred	81		58
Liabilities Settled (1)	(131)		(54)
Accretion	44		47
Revisions	20		54
Foreign Currency Translations	—		1
Carrying Amount at End of Period	$	1,231	$	1,217
Current Portion	$	43	$	50
Noncurrent Portion	$	1,188	$	1,167

(1)    Includes settlements related to asset sales and property exchanges.

The current and noncurrent portions of EOG's asset retirement obligations are included in Current Liabilities - Other and Other Liabilities, respectively, on the Consolidated Balance Sheets.