Long-Term Debt

12 Months Ended

Dec. 31, 2023

Long-Term Debt at December 31, 2023 and 2022 consisted of the following (in millions):


	2023		2022

2.625% Senior Notes due 2023	$	—	$	1,250
3.15% Senior Notes due 2025	500		500
4.15% Senior Notes due 2026	750		750
6.65% Senior Notes due 2028	140		140
4.375% Senior Notes due 2030	750		750
3.90% Senior Notes due 2035	500		500
5.10% Senior Notes due 2036	250		250
4.950% Senior Notes due 2050	750		750
Long-Term Debt	3,640		4,890
Finance Leases (see Note 18)	183		215
Less: Current Portion of Long-Term Debt	34		1,283
Unamortized Debt Discount	21		23
Debt Issuance Costs	3		4
Total Long-Term Debt	$	3,765	$	3,795

The senior notes in the table above are senior, unsecured obligations that rank equally in right of payment with all of our other unsecured and unsubordinated outstanding debt. At December 31, 2023, the aggregate annual maturities of current and long-term debt (excluding finance lease obligations) were zero in 2024, $500 million in 2025, $750 million in 2026, zero in 2027 and $140 million in 2028.

At December 31, 2023 and 2022, EOG had no outstanding commercial paper borrowings and did not utilize any commercial paper borrowings during 2023 or 2022.

On March 15, 2023, EOG repaid upon maturity the $1,250 million aggregate principal amount of its 2.625% Senior Notes due 2023.

On June 7, 2023, EOG entered into a $1.9 billion senior unsecured Revolving Credit Agreement (New Facility) with domestic and foreign lenders (Banks). The New Facility replaced EOG's $2.0 billion senior unsecured Revolving Credit Agreement, dated as of June 27, 2019, with domestic and foreign lenders (2019 Facility), which had a scheduled maturity date of June 27, 2024 and was terminated by EOG (without penalty), effective as of June 7, 2023, in connection with the completion of the New Facility.

The New Facility has a scheduled maturity date of June 7, 2028 and includes an option for EOG to extend, on up to two occasions, the term for successive one-year periods, subject to, among certain other terms and conditions, the consent of the Banks holding greater than 50% of the commitments then outstanding under the New Facility. The New Facility commits the Banks to provide advances up to an aggregate principal amount of $1.9 billion outstanding at any given time, 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. The New Facility also includes a swingline subfacility and a letter of credit subfacility. Advances under the New Facility will accrue interest based, at EOG's option, on either the Secured Overnight Financing Rate (SOFR) plus 0.1% plus an applicable margin, or the Base Rate (as defined in the New Facility) plus an applicable margin. The applicable margin used in connection with interest rates and fees will be based on EOG's credit rating for its senior unsecured long-term debt at the applicable time.

Consistent with the terms of the 2019 Facility, the New Facility 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 Total Capitalization (as such terms are defined in the New Facility) of no greater than 65%. At December 31, 2023, EOG was in compliance with this financial covenant.

There were no borrowings or letters of credit outstanding under the 2019 Facility as of (i) December 31, 2022 or (ii) the June 7, 2023 effective date of the closing of the New Facility and termination of the 2019 Facility. Further, at December 31, 2023, there were no borrowings or letters of credit outstanding under the New Facility. The SOFR and Base Rate (inclusive of the applicable margins), had there been any amounts borrowed under the New Facility at December 31, 2023, would have been 6.35% and 8.50%, respectively.