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Income Taxes (Tables)
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12 Months Ended |
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Dec. 31, 2012
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| Notes To Financial Statements [Abstract] |
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| Deferred Income Tax Liabilities, Net Table |
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 |
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| Components Of Income Before Income Taxes Table |
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 |
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| Components of Income Tax Provision Table |
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 |
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| Tax Rate Reconciliation Table |
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% |
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