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Oil and Gas Exploration and Production Industries Disclosures (Tables)
12 Months Ended
Dec. 31, 2021
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, 2021, and the changes in the net proved reserves for each of the three years in the period ended December 31, 2021, 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 (MMBbl) (2)
Net proved reserves at December 31, 20181,532 — — 1,532 
Revisions of previous estimates(43)— — (43)
Purchases in place— — 
Extensions, discoveries and other additions370 — — 370 
Sales in place(1)— — (1)
Production(167)— — (167)
Net proved reserves at December 31, 20191,694 — — 1,694 
Revisions of previous estimates(225)— — (225)
Purchases in place— — 
Extensions, discoveries and other additions194 — 195 
Sales in place(3)— — (3)
Production(149)— — (149)
Net proved reserves at December 31, 20201,513 — 1,514 
Revisions of previous estimates(116)— — (116)
Purchases in place— — 
Extensions, discoveries and other additions311 — 312 
Sales in place(2)— — (2)
Production(162)— — (162)
Net proved reserves at December 31, 20211,546 2  1,548 
Natural Gas Liquids (MMBbl) (2)
    
Net proved reserves at December 31, 2018614 — — 614 
Revisions of previous estimates— — 
Purchases in place— — 
Extensions, discoveries and other additions168 — — 168 
Sales in place(1)— — (1)
Production(48)— — (48)
Net proved reserves at December 31, 2019740 — — 740 
Revisions of previous estimates(60)— — (60)
Purchases in place— — 
Extensions, discoveries and other additions180 — — 180 
Sales in place(1)— — (1)
Production(50)— — (50)
Net proved reserves at December 31, 2020813 — — 813 
Revisions of previous estimates(128)— — (128)
Purchases in place— — 
Extensions, discoveries and other additions194 — — 194 
Sales in place— — — — 
Production(53)— — (53)
Net proved reserves at December 31, 2021829   829 
 United
States
Trinidad
Other
International (1)
Total
Natural Gas (Bcf) (3)
Net proved reserves at December 31, 20184,391 237 59 4,687 
Revisions of previous estimates(184)47 (134)
Purchases in place72 — — 72 
Extensions, discoveries and other additions1,176 87 10 1,273 
Sales in place(15)— — (15)
Production(405)(95)(13)(513)
Net proved reserves at December 31, 20195,035 276 59 5,370 
Revisions of previous estimates(498)(492)
Purchases in place26 — — 26 
Extensions, discoveries and other additions1,078 54 — 1,132 
Sales in place(157)— — (157)
Production(441)(66)(12)(519)
Net proved reserves at December 31, 20205,043 269 48 5,360 
Revisions of previous estimates754 26 783 
Purchases in place23 — — 23 
Extensions, discoveries and other additions2,574 100 — 2,674 
Sales in place(4)— (48)(52)
Production(483)(80)(3)(566)
Net proved reserves at December 31, 20217,907 315  8,222 
Oil Equivalents (MMBoe) (2)
    
Net proved reserves at December 31, 20182,878 40 10 2,928 
Revisions of previous estimates(68)— (60)
Purchases in place17 — — 17 
Extensions, discoveries and other additions734 14 750 
Sales in place(5)— — (5)
Production(283)(16)(2)(301)
Net proved reserves at December 31, 20193,273 46 10 3,329 
Revisions of previous estimates(368)— (367)
Purchases in place10 — — 10 
Extensions, discoveries and other additions554 10 — 564 
Sales in place(31)— — (31)
Production(272)(11)(2)(285)
Net proved reserves at December 31, 20203,166 46 3,220 
Revisions of previous estimates(118)— (114)
Purchases in place— — 
Extensions, discoveries and other additions934 18 — 952 
Sales in place(3)— (8)(11)
Production(295)(14)— (309)
Net proved reserves at December 31, 20213,693 54  3,747 
(1)Other International includes EOG's China and Canada operations. The China operations were sold in the second quarter of 2021.
(2)Million barrels or million 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 (MMBbl)
December 31, 2018713 — — 713 
December 31, 2019801 — — 801 
December 31, 2020792 — 793 
December 31, 2021886 — — 886 
Natural Gas Liquids (MMBbl)    
December 31, 2018341 — — 341 
December 31, 2019387 — — 387 
December 31, 2020392 — — 392 
December 31, 2021416 — — 416 
Natural Gas (Bcf)    
December 31, 20182,699 224 41 2,964 
December 31, 20192,974 178 42 3,194 
December 31, 20202,586 171 32 2,789 
December 31, 20213,743 131 — 3,874 
Oil Equivalents (MMBoe)    
December 31, 20181,503 38 1,548 
December 31, 20191,684 30 1,721 
December 31, 20201,614 30 1,649 
December 31, 20211,926 22 — 1,948 
NET PROVED UNDEVELOPED RESERVES    
Crude Oil (MMBbl)    
December 31, 2018819 — — 819 
December 31, 2019893 — — 893 
December 31, 2020721 — — 721 
December 31, 2021660 — 662 
Natural Gas Liquids (MMBbl)    
December 31, 2018273 — — 273 
December 31, 2019353 — — 353 
December 31, 2020421 — — 421 
December 31, 2021413 — — 413 
Natural Gas (Bcf)    
December 31, 20181,692 13 18 1,723 
December 31, 20192,061 98 17 2,176 
December 31, 20202,457 98 16 2,571 
December 31, 20214,164 184 — 4,348 
Oil Equivalents (MMBoe)    
December 31, 20181,375 1,380 
December 31, 20191,589 16 1,608 
December 31, 20201,552 16 1,571 
December 31, 20211,767 32 — 1,799 
(1)Other International includes EOG's China and Canada operations. The China operations were sold in the second quarter of 2021.
Net Proved Undeveloped Reserves The following table presents the changes in EOG's total PUDs during 2021, 2020 and 2019 (in MMBoe):
 202120202019
Balance at January 11,571 1,608 1,380 
Extensions and Discoveries
779 456 578 
Revisions
(305)(277)(50)
Acquisition of Reserves
— — 
Sale of Reserves
(3)(4)— 
Conversion to Proved Developed Reserves
(243)(212)(302)
Balance at December 311,799 1,571 1,608 
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, 2021 and 2020:
 20212020
Proved properties$64,876 $61,725 
Unproved properties2,768 3,068 
Total67,644 64,793 
Accumulated depreciation, depletion and amortization(41,907)(38,751)
Net capitalized costs$25,737 $26,042 
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, 2021, 2020 and 2019:
 United
States
Trinidad
Other
International (1)
Total
2021
Acquisition Costs of Properties
Unproved (2)
$207 $— $$215 
Proved (3)
100 — — 100 
Subtotal307 — 315 
Exploration Costs296 51 354 
Development Costs (4)
3,206 77 17 3,300 
Total$3,809 $84 $76 $3,969 
2020    
Acquisition Costs of Properties    
Unproved (5)
$265 $— $— $265 
Proved (6)
97 — 38 135 
Subtotal362 — 38 400 
Exploration Costs203 81 12 296 
Development Costs (7)
2,998 20 3,022 
Total$3,563 $85 $70 $3,718 
2019    
Acquisition Costs of Properties    
Unproved (8)
$276 $— $— $276 
Proved (9)
380 — — 380 
Subtotal656 — — 656 
Exploration Costs214 47 12 273 
Development Costs (10)
5,662 25 12 5,699 
Total$6,532 $72 $24 $6,628 
(1)Other International primarily consists of EOG's China and Canada operations. The China operations were sold in the second quarter of 2021. EOG began exploration programs in Australia in the third quarter of 2021 and in Oman in the third quarter of 2020. The decision was reached in the fourth quarter of 2021 to exit Block 36 and Block 49 in Oman.
(2)Includes non-cash unproved leasehold acquisition costs of $45 million related to property exchanges.
(3)Includes non-cash proved property acquisition costs of $5 million related to property exchanges.
(4)Includes Asset Retirement Costs of $86 million, $24 million and $17 million for the United States, Trinidad and Other International, respectively. Excludes other property, plant and equipment.
(5)Includes non-cash unproved leasehold acquisition costs of $197 million related to property exchanges.
(6)Includes non-cash proved property acquisition costs of $15 million related to property exchanges.
(7)Includes Asset Retirement Costs of $97 million and $20 million for the United States and Other International, respectively. Excludes other property, plant and equipment.
(8)Includes non-cash unproved leasehold acquisition costs of $98 million related to property exchanges.
(9)Includes non-cash proved property acquisition costs of $52 million related to property exchanges.
(10)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.
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, 2021, 2020 and 2019:
United
States
Trinidad
Other
International (2)
Total
2021
Crude Oil and Condensate, Natural Gas Liquids and Natural Gas Revenues
$15,062 $301 $18 $15,381 
Other108 — — 108 
Total
15,170 301 18 15,489 
Exploration Costs137 12 154 
Dry Hole Costs29 — 42 71 
Transportation Costs863 — — 863 
Gathering and Processing Costs559 — — 559 
Production Costs2,108 39 2,155 
Impairments312 61 376 
Depreciation, Depletion and Amortization3,411 87 3,504 
Income (Loss) Before Income Taxes7,751 167 (111)7,807 
Income Tax Provision1,690 73 (1)1,762 
Results of Operations$6,061 $94 $(110)$6,045 
2020    
Crude Oil and Condensate, Natural Gas Liquids and Natural Gas Revenues
$7,056 $180 $55 $7,291 
Other60 — — 60 
Total
7,116 180 55 7,351 
Exploration Costs136 146 
Dry Hole Costs13 — — 13 
Transportation Costs734 — 735 
Gathering and Processing Costs459 — — 459 
Production Costs1,480 27 10 1,517 
Impairments2,018 81 2,100 
Depreciation, Depletion and Amortization3,192 60 16 3,268 
Income (Loss) Before Income Taxes(916)89 (60)(887)
Income Tax Provision(220)24 (193)
Results of Operations$(696)$65 $(63)$(694)
2019    
Crude Oil and Condensate, Natural Gas Liquids and Natural Gas Revenues
$11,251 $270 $61 $11,582 
Other134 — — 134 
Total
11,385 270 61 11,716 
Exploration Costs130 140 
Dry Hole Costs11 13 28 
Transportation Costs753 758 
Gathering and Processing Costs479 — — 479 
Production Costs2,063 31 40 2,134 
Impairments511 518 
Depreciation, Depletion and Amortization3,561 79 18 3,658 
Income (Loss) Before Income Taxes3,877 133 (9)4,001 
Income Tax Provision884 55 942 
Results of Operations$2,993 $78 $(12)$3,059 
(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, 2021.
(2)Other International primarily consists of EOG's China and Canada operations. The China operations were sold in the second quarter of 2021. EOG began exploration programs in Australia in the third quarter of 2021 and in Oman in the third quarter of 2020. The decision was reached in the fourth quarter of 2021 to exit Block 36 and Block 49 in Oman.
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, 2021, 2020 and 2019:
 United
States
Trinidad
Other
International (1)
Composite
Year Ended December 31, 2021$3.71 $2.32 $16.13 $3.67 
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 
(1)    Other International primarily consists of EOG's China and Canada operations. The China operations were sold in the second quarter of 2021.
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, 2021, 2020 and 2019:
 United
States
Trinidad
Other
International (1)
Total
2021
Future cash inflows (2)
$166,316 $1,135 $— $167,451 
Future production costs(44,905)(258)— (45,163)
Future development costs(13,885)(380)— (14,265)
Future income taxes(22,831)(84)— (22,915)
Future net cash flows84,695 413 — 85,108 
Discount to present value at 10% annual rate(38,834)(88)— (38,922)
Standardized measure of discounted future net cash flows relating to proved oil and gas reserves
$45,861 $325 $— $46,186 
2020    
Future cash inflows (3)
$73,727 $901 $281 $74,909 
Future production costs(34,619)(153)(54)(34,826)
Future development costs(15,159)(227)(18)(15,404)
Future income taxes(4,337)(81)(24)(4,442)
Future net cash flows19,612 440 185 20,237 
Discount to present value at 10% annual rate(8,410)(101)(36)(8,547)
Standardized measure of discounted future net cash flows relating to proved oil and gas reserves
$11,202 $339 $149 $11,690 
2019    
Future cash inflows (4)
$120,360 $813 $305 $121,478 
Future production costs(42,387)(166)(88)(42,641)
Future development costs(20,356)(212)(18)(20,586)
Future income taxes(11,460)(74)(32)(11,566)
Future net cash flows46,157 361 167 46,685 
Discount to present value at 10% annual rate(21,043)(86)(35)(21,164)
Standardized measure of discounted future net cash flows relating to proved oil and gas reserves
$25,114 $275 $132 $25,521 
(1)Other International includes EOG's China and Canada operations. The China operations were sold in the second quarter of 2021.
(2)Estimated crude oil prices used to calculate 2021 future cash inflows for the United States and Trinidad were $67.79 and $58.32, respectively. Estimated NGL price used to calculate 2021 future cash inflows for the United States was $30.28. Estimated natural gas prices used to calculate 2021 future cash inflows for the United States and Trinidad were $4.61 and $3.28, respectively.
(3)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.
(4)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.
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, 2021:
 United
States
Trinidad
Other
International (1)
Total
December 31, 2018$32,033 $266 $127 $32,426 
Sales and transfers of oil and gas produced, net of production costs
(7,955)(235)(20)(8,210)
Net changes in prices and production costs(10,974)66 28 (10,880)
Extensions, discoveries, additions and improved recovery, net of related costs
5,608 85 16 5,709 
Development costs incurred3,004 23 3,033 
Revisions of estimated development cost(599)(129)(11)(739)
Revisions of previous quantity estimates(813)116 (696)
Accretion of discount3,892 43 15 3,950 
Net change in income taxes1,454 94 1,549 
Purchases of reserves in place99 — — 99 
Sales of reserves in place(51)— — (51)
Changes in timing and other(584)(54)(31)(669)
December 31, 2019$25,114 $275 $132 $25,521 
Sales and transfers of oil and gas produced, net of production costs
(4,382)(152)(45)(4,579)
Net changes in prices and production costs(18,625)132 47 (18,446)
Extensions, discoveries, additions and improved recovery, net of related costs
1,437 64 — 1,501 
Development costs incurred1,675 — — 1,675 
Revisions of estimated development cost4,149 (11)— 4,138 
Revisions of previous quantity estimates(3,307)12 (2)(3,297)
Accretion of discount3,055 34 15 3,104 
Net change in income taxes3,497 (12)3,488 
Purchases of reserves in place49 — — 49 
Sales of reserves in place(156)— — (156)
Changes in timing and other(1,304)(3)(1)(1,308)
December 31, 2020$11,202 $339 $149 $11,690 
Sales and transfers of oil and gas produced, net of production costs
(11,532)(261)(16)(11,809)
Net changes in prices and production costs37,088 133 (1)37,220 
Extensions, discoveries, additions and improved recovery, net of related costs
12,154 71 — 12,225 
Development costs incurred1,619 16 — 1,635 
Revisions of estimated development cost2,773 (133)— 2,640 
Revisions of previous quantity estimates(1,789)73 — (1,716)
Accretion of discount1,313 42 17 1,372 
Net change in income taxes(9,914)27 17 (9,870)
Purchases of reserves in place151 — — 151 
Sales of reserves in place(19)— (151)(170)
Changes in timing and other2,815 18 (15)2,818 
December 31, 2021$45,861 $325 $ $46,186 
(1)    Other International includes EOG's China and Canada operations. The China operations were sold in the second quarter of 2021.