v2.4.0.6

Income Taxes | 12 Months Ended
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Dec. 31, 2012
Notes To Financial Statements [Abstract] |
Income Taxes [Text Block] | 5. Income Taxes The principal components of EOG's net deferred income tax liabilities at December 31, 2012 and 2011 were as follows (in thousands):
|  | 2012 |  | 2011
Noncurrent Deferred Income Tax Assets (Liabilities) |  |  |  |
| Foreign Oil and Gas Exploration and Development Costs Deducted for Tax Over Book Depreciation, Depletion and Amortization | $ | 25,592 | $ | (57,850)
| Foreign Net Operating Loss |  | 164,829 |  | 62,477
| Foreign Other |  | 1,607 |  | 314
| Foreign Valuation Allowances |  | (134,792) |  | -
|  | Total Net Noncurrent Deferred Income Tax Assets | $ | 57,236 | $ | 4,941
Current Deferred Income Tax (Assets) Liabilities |  |  |  |
| Commodity Hedging Contracts | $ | 57,754 | $ | 158,302
| Deferred Compensation Plans |  | (35,715) |  | (28,346)
| Timing Differences Associated with Different Year-ends in Foreign Jurisdictions |  | 2,762 |  | 6,251
| Other |  | (1,963) |  | (218)
|  | Total Net Current Deferred Income Tax Liabilities | $ | 22,838 | $ | 135,989
Noncurrent Deferred Income Tax (Assets) Liabilities |  |  |  |
| Oil and Gas Exploration and Development Costs Deducted for Tax Over Book Depreciation, Depletion and Amortization | $ | 5,300,115 | $ | 5,485,436
| Non-Producing Leasehold Costs |  | (61,512) |  | (66,926)
| Seismic Costs Capitalized for Tax |  | (125,026) |  | (111,862)
| Equity Awards |  | (116,666) |  | (120,852)
| Capitalized Interest |  | 102,677 |  | 106,265
| Net Operating Loss |  | (308,154) |  | (1,152,386)
| Alternative Minimum Tax Credit Carryforward |  | (476,505) |  | (298,350)
| Other |  | 12,467 |  | 25,894
|  | Total Net Noncurrent Deferred Income Tax Liabilities | $ | 4,327,396 | $ | 3,867,219
Total Net Deferred Income Tax Liabilities | $ | 4,292,998 | $ | 3,998,267
The components of Income Before Income Taxes for the years indicated below were as follows (in thousands):
|  | 2012 |  | 2011 |  | 2010
United States | $ | 1,988,105 | $ | 2,156,147 | $ | 646,495
Foreign |  | (707,365) |  | (246,348) |  | (238,519)
| Total | $ | 1,280,740 | $ | 1,909,799 | $ | 407,976
The principal components of EOG's Income Tax Provision for the years indicated below were as follows (in thousands):
|  | 2012 |  | 2011 |  | 2010
Current: |  |  |  |  |  |
| Federal | $ | 242,674 | $ | 94,244 | $ | 17,154
| State |  | 22,573 |  | 1,083 |  | (1,642)
| Foreign |  | 152,276 |  | 224,049 |  | 155,565
|  | Total |  | 417,523 |  | 319,376 |  | 171,077
Deferred: |  |  |  |  |  |
| Federal |  | 454,173 |  | 608,181 |  | 190,602
| State |  | 632 |  | 40,321 |  | 60,619
| Foreign |  | (161,867) |  | (149,202) |  | (174,976)
|  | Total |  | 292,938 |  | 499,300 |  | 76,245
Income Tax Provision | $ | 710,461 | $ | 818,676 | $ | 247,322
The differences between taxes computed at the United States federal statutory tax rate and EOG's effective rate were as follows:
|  | 2012 |  | 2011 |  | 2010
Statutory Federal Income Tax Rate |  | 35.00% |  | 35.00% |  | 35.00%
State Income Tax, Net of Federal Benefit |  | 1.18 |  | 1.41 |  | 9.39
Income Tax Provision Related to Foreign Operations |  | 1.38 |  | 0.88 |  | (0.03)
Income Tax Provision Related to Trinidad Operations |  | (0.27) |  | 3.37 |  | 6.26
Canadian Valuation Allowances |  | 10.57 |  | - |  | -
Canadian Natural Gas Impairments |  | 6.90 |  | 1.85 |  | 9.49
Other |  | 0.71 |  | 0.36 |  | 0.51
| Effective Income Tax Rate |  | 55.47% |  | 42.87% |  | 60.62%
The difference in the effective tax rate and the United States federal statutory rate of 35% is attributed principally to state and foreign income taxes. The impact of foreign taxes on EOG's worldwide tax rate was mostly due to Canadian impairments, which are tax-effected at a statutory rate of 26%, and Canadian valuation allowances. Deferred tax assets are recorded for certain tax benefits, including tax net operating losses (NOLs) and tax credit carryforwards, provided that management assesses the utilization of such assets to be "more likely than not." Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. On the basis of this evaluation, as of December 31, 2012, valuation allowances of $135 million have been recorded as EOG no longer believes that certain Canadian deferred tax assets are more likely than not to be realized. The balance of unrecognized tax benefits at December 31, 2012, was $33 million, all of which, if recognized, would affect the effective tax rate. EOG records interest and penalties related to unrecognized tax benefits to its income tax provision. Currently, there are no amounts of interest or penalties recognized in the Consolidated Statements of Income and Comprehensive Income or in the Consolidated Balance Sheets. EOG does not anticipate that the amount of the unrecognized tax benefits will significantly change during the next twelve months. EOG and its subsidiaries file income tax returns in the United States and various state, local and foreign jurisdictions. EOG is generally no longer subject to income tax examinations by tax authorities in the United States (federal), Canada, the United Kingdom, Trinidad and China for taxable years before 2009, 2008, 2011, 2005 and 2008, respectively. EOG's foreign subsidiaries' undistributed earnings of approximately $2.5 billion at December 31, 2012, are considered to be indefinitely invested outside the United States and, accordingly, no United States federal or state income taxes have been provided thereon. Upon distribution of those earnings, EOG may be subject to both foreign withholding taxes and United States income taxes, net of allowable foreign tax credits. The amount of such additional taxes would be dependent on several factors, including the size and timing of the distribution, the particular foreign jurisdiction from which the distribution is made, and the availability of foreign tax credits. As a result, the determination of the potential amount of unrecognized withholding and deferred income taxes is not practicable, although additional taxes resulting from a repatriation of foreign earnings could be significant. In 2012, EOG utilized a regular tax net operating loss (NOL) of $939 million. Remaining NOLs of $932 million ($444 million and $488 million from 2011 and 2010, respectively) are expected to be carried forward and applied against regular taxable income in future periods. To the extent not utilized, these NOL carryforwards will expire in 2030 and 2031, respectively. Additionally, as of December 31, 2012, EOG had state income tax NOLs of approximately $800 million, which, if unused, expire between 2015 and 2032. The Stock Compensation Topic of the ASC provides that when settlement of a stock award contributes to a NOL carryforward, neither the associated excess tax benefit nor the credit to additional paid in capital (APIC) should be recorded until the stock award deduction reduces income taxes payable. Due to the current year utilization of a portion of the available NOLs, a benefit of $11 million will be reflected in APIC. Future utilization of the remaining NOLs will result in an additional benefit of $29 million being reflected in APIC (including $23 million and $6 million related to 2011 and 2010, respectively). In 2012, EOG paid alternative minimum tax (AMT) of $187 million. The AMT paid in 2012, along with AMT of $289 million paid in prior years, will be carried forward indefinitely as a credit available to offset regular income taxes in future periods. The ability of EOG to utilize both the regular tax NOL carryforwards and the AMT credit carryforwards to reduce federal income taxes may become subject to various limitations under the Internal Revenue Code. Such limitations may arise if certain ownership changes (as defined for income tax purposes) were to occur. As of December 31, 2012, management does not believe that an ownership change has occurred which would limit either carryforward. During 2012, EOG's United Kingdom subsidiary incurred a tax NOL of approximately $159 million which, along with prior years' NOLs of $104 million, will be carried forward indefinitely. In July 2012, the United Kingdom enacted the Finance Act of 2012, which introduced certain tax law changes beneficial to EOG, related to the Small Field Allowance and decommissioning costs. These two changes did not have a material impact on EOG's 2012 earnings or cash flow. The American Taxpayer Relief Act of 2012 (ATRA) was enacted on January 2, 2013. Although ATRA principally affected individual taxpayers, the legislation included certain corporate tax incentives, notably the extension of bonus depreciation (additional depreciation expense of 50% for qualified domestic property additions), which is expected to have a favorable impact on EOG's tax position in 2013.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
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