Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Deferred Income Tax Assets (Liabilities), Net

The principal components of EOG's total net deferred income tax liabilities at December 31, 2022 and 2021 were as follows (in millions):


	2022		2021
Deferred Income Tax Assets (Liabilities)
Foreign Oil and Gas Exploration and Development Costs Deducted for Tax Under Book Depreciation, Depletion and Amortization	$	(18)	$	(19)
Foreign Asset Retirement Obligations	81		51
Foreign Accrued Expenses and Liabilities	13		15
Foreign Net Operating Loss	82		80
Foreign Valuation Allowances	(116)		(111)
Foreign Other	(9)		(5)
Total Net Deferred Income Tax Assets	$	33	$	11
Deferred Income Tax (Assets) Liabilities
Oil and Gas Exploration and Development Costs Deducted for Tax Over Book Depreciation, Depletion and Amortization	$	5,291	$	5,063
Financial Commodity Derivative Contracts	(421)		(97)
Deferred Compensation Plans	(58)		(57)
Equity Awards	(60)		(86)
Other	(42)		(74)
Total Net Deferred Income Tax Liabilities	$	4,710	$	4,749
Total Net Deferred Income Tax Liabilities	$	4,677	$	4,738

Schedule of Components of Income (Loss) Before Income Taxes

The components of Income (Loss) Before Income Taxes for the years indicated below were as follows (in millions):


	2022		2021		2020

United States	$	9,752	$	5,787	$	(756)
Foreign	149		146		17
Total	$	9,901	$	5,933	$	(739)

Schedule of Components of Income Tax Provision (Benefit)

The principal components of EOG's Income Tax Provision (Benefit) for the years indicated below were as follows (in millions):


	2022		2021		2020
Current:
Federal	$	2,020	$	1,203	$	(108)
State	126		85		7
Foreign	62		105		40
Total	2,208		1,393		(61)
Deferred:
Federal	(2)		(41)		(153)
State	(37)		(62)		(15)
Foreign	(22)		(19)		(18)
Total	(61)		(122)		(186)
Other Non-Current: (1)
Federal	—		—		113
Foreign	(5)		(2)		—
Total	(5)		(2)		113

Income Tax Provision (Benefit)	$	2,142	$	1,269	$	(134)

(1) Includes changes in certain amounts that are expected to be paid or received beyond the next twelve months. The primary component in 2020 is refundable alternative minimum tax (AMT) credits.

Schedule of Tax Rate Reconciliation

The differences between taxes computed at the U.S. federal statutory tax rate and EOG's effective rate for the years indicated below were as follows:


	2022		2021		2020
Statutory Federal Income Tax Rate	21.0	%	21.0	%	21.0	%
State Income Tax, Net of Federal Benefit	0.7		0.3		0.9
Income Tax Provision Related to Foreign Operations	—		0.9		(0.1)
Income Tax Provision Related to Canadian Operations	—		—		(2.4)
Stock-Based Compensation	—		0.2		(2.9)
Other	—		(1.0)		1.7
Effective Income Tax Rate	21.7	%	21.4	%	18.2	%

Schedule of Valuation Allowance

The principal components of EOG's rollforward of valuation allowances for deferred income tax assets for the years indicated below were as follows (in millions):


	2022		2021		2020

Beginning Balance	$	219	$	219	$	201
Increase (1)	27		15		25
Decrease (2)	(33)		(14)		(11)
Other (3)	(6)		(1)		4
Ending Balance	$	207	$	219	$	219

(1) Increase in valuation allowance related to the generation of tax NOLs and other deferred tax assets.

(2) Decrease in valuation allowance associated with adjustments to certain deferred tax assets and their related allowances.

(3) Represents dispositions, revisions and/or foreign exchange rate variances and the effect of statutory income tax rate changes.