v2.4.0.6
Risk Management Activities (Tables)
 3 Months Ended
Mar. 31, 2013
Risk Management Activities [Abstract]  
Commodity Derivative Contracts - Crude Oil
Commodity Derivative Contracts.  Presented below is a comprehensive summary of EOG's crude oil derivative contracts at March 31, 2013, with notional volumes expressed in barrels per day (Bbld) and prices expressed in dollars per barrel ($/Bbl).

Crude Oil Derivative Contracts
 
 
 
  
Weighted
 
 
 
Volume
  
Average Price
 
 
 
(Bbld)
  
($/Bbl)
 
2013 (1)
 
  
 
January 2013 (closed)
  
101,000
  
$
99.29
 
February 1, 2013 through March 31, 2013 (closed)
  
109,000
   
99.17
 
April 2013
  
109,000
   
99.17
 
May 1, 2013 through June 30, 2013
  
101,000
   
99.29
 
July 1, 2013 through December 31, 2013
  
93,000
   
98.44
 
 
        
2014 (2)
        
January 1, 2014 through June 30, 2014
  
40,000
  
$
95.77
 

(1)
EOG has entered into crude oil derivative contracts which give counterparties the option to extend certain current derivative contracts for additional three-month or six-month periods.  Options covering a notional volume of 8,000 Bbld are exercisable on April 30, 2013.  If the counterparties exercise all such options, the notional volume of EOG's existing crude oil derivative contracts will increase by 8,000 Bbld at an average price of $97.66 per barrel for each month during the period May 1, 2013 through July 31, 2013.  Options covering a notional volume of 62,000 Bbld are exercisable on June 28, 2013.  If the counterparties exercise all such options, the notional volume of EOG's existing crude oil derivative contracts will increase by 62,000 Bbld at an average price of $100.24 per barrel for each month during the period July 1, 2013 through December 31, 2013.  Options covering a notional volume of 54,000 Bbld are exercisable on December 31, 2013.  If the counterparties exercise all such options, the notional volume of EOG's existing crude oil derivative contracts will increase by 54,000 Bbld at an average price of $98.91 per barrel for each month during the period January 1, 2014 through June 30, 2014.
(2)
EOG has entered into crude oil derivative contracts which give counterparties the option to extend certain current derivative contracts for an additional six-month period.  Options covering a notional volume of 10,000 Bbld are exercisable on June 27, 2014 and options covering a notional volume of 30,000 Bbld are exercisable on June 30, 2014.   If the counterparties exercise all such options, the notional volume of EOG's existing crude oil derivative contracts will increase by 40,000 Bbld at an average price of $95.77 per barrel for each month during the period July 1, 2014 through December 31, 2014.
Commodity Derivative Contracts - Natural Gas
Presented below is a comprehensive summary of EOG's natural gas derivative contracts at March 31, 2013, with notional volumes expressed in million British thermal units (MMBtu) per day (MMBtud) and prices expressed in dollars per MMBtu ($/MMBtu).

Natural Gas Derivative Contracts
 
 
 
Volume (MMBtud)
  
Weighted Average Price ($/MMBtu)
 
2013 (1)
 
  
 
January 1, 2013 through April 30, 2013 (closed)
  
150,000
  
$
4.79
 
May 1, 2013 through December 31, 2013
  
150,000
  
$
4.79
 
 
        
2014 (2)
        
January 1, 2014 through December 31, 2014
  
100,000
  
$
4.48
 

(1)EOG has entered into natural gas derivative contracts which give counterparties the option of entering into derivative contracts at future dates.  Such options are exercisable monthly up until the settlement date of each monthly contract.  If the counterparties exercise all such options, the notional volume of EOG's existing natural gas derivative contracts will increase by 150,000 MMBtud at an average price of $4.79 per MMBtu for each month during the period May 1, 2013 through December 31, 2013.
(2)EOG has entered into natural gas derivative contracts which give counterparties the option of entering into derivative contracts at future dates.  Additionally, in connection with certain natural gas derivative contracts settled in July 2012, counterparties retain an option of entering into derivative contracts at future dates.  All such options are exercisable monthly up until the settlement date of each monthly contract.  If the counterparties exercise all such options, the notional volume of EOG's existing natural gas derivative contracts will increase by 250,000 MMBtud at an average price of $4.66 per MMBtu for each month during the period January 1, 2014 through December 31, 2014.
Schedule of Derivative Instruments In Statement Of Financial Position, Fair Value
The following table sets forth the amounts, on a gross basis, and classification of EOG's outstanding derivative financial instruments at March 31, 2013 and December 31, 2012.  Certain amounts may be presented on a net basis on the consolidated financial statements when such amounts are with the same counterparty and subject to a master netting arrangement (in millions):

 
 
 
Fair Value at
 
 
 
 
March 31,
 
 
December 31,
 
Description
Location on Balance Sheet
 
2013
 
 
2012
 
 
 
 
 
 
 
Asset Derivatives
 
 
 
 
 
Crude oil and natural gas derivative contracts -
 
 
 
 
 
Current portion
Assets from Price Risk Management Activities (1)
 
$
33
 
 
$
166
 
 
  
 
 
 
 
 
 
 
 
 
 
Liability Derivatives
 
 
 
 
 
 
 
 
 
Crude oil and natural gas derivative contracts -
 
 
 
 
 
 
 
 
 
Current portion
Liabilities from Price Risk Management Activities (2)
 
$
14
 
 
$
8
 
Noncurrent portion
Other Liabilities (3)
 
$
45
 
 
$
13
 
 
 
 
 
 
 
 
 
 
 
Foreign currency swap
 
 
 
 
 
 
 
 
 
Current portion
Current Liabilities - Other
 
$
49
 
 
$
-
 
Noncurrent portion
Other Liabilities
 
$
-
 
 
$
55
 
 
 
 
 
 
 
 
 
 
 
Interest rate swap -
 
 
 
 
 
 
 
 
 
Current portion
Current Liabilities - Other
 
$
3
 
 
$
-
 
Noncurrent portion
Other Liabilities
 
$
-
 
 
$
4
 

(1)
The current portion of Assets from Price Risk Management Activities consists of gross assets of $72 million partially offset by gross liabilities of $39 million at March 31, 2013 and gross assets of $257 million partially offset by gross liabilities of $91 million at December 31, 2012.
(2)
The current portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $28 million partially offset by gross assets of $14 million at March 31, 2013 and gross liabilities of $17 million partially offset by gross assets of $9 million at December 31, 2012.
(3)
The noncurrent portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $56 million partially offset by gross assets of $11 million at March 31, 2013 and gross liabilities of $13 million at December 31, 2012.