v2.4.0.8

Risk Management Activities (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 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 April 30, 2013 (closed) |  |  | 109,000 |  |  |  | 99.17 |
May 1, 2013 through June 30, 2013 (closed) |  |  | 101,000 |  |  |  | 99.29 |
July 1, 2013 through September 30, 2013 |  |  | 111,000 |  |  |  | 98.25 |
October 1, 2013 through December 31, 2013 |  |  | 103,000 |  |  |  | 98.26 |
2014 (2) |  |  |  |  |  |  |  |
January 1, 2014 through March 31, 2014 |  |  | 85,000 |  |  | $ | 96.24 |
April 1, 2014 through June 30, 2014 |  |  | 75,000 |  |  | $ | 96.20 |
(1) | EOG has entered into crude oil derivative contracts which give counterparties the option to extend certain current derivative contracts for additional three-month and six-month periods. Options covering a notional volume of 8,000 Bbld are exercisable on September 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 $98.11 per barrel for each month during the period October 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 additional six-month and nine-month periods. Options covering a notional volume of 10,000 Bbld are exercisable on or about March 31, 2014. If the counterparties exercise all such options, the notional volume of EOG's existing crude oil derivative contracts will increase by 10,000 Bbld at an average price of $96.60 per barrel for each month during the period April 1, 2014 through December 31, 2014. Options covering a notional volume of 75,000 Bbld are exercisable on or about June 30, 2014. If the counterparties exercise all such options, the notional volume of EOG's existing crude oil derivative contracts will increase by 75,000 Bbld at an average price of $96.20 per barrel for each month during the period July 1, 2014 through December 31, 2014.
Commodity Derivative Contracts - Natural Gas | Presented below is a comprehensive summary of EOG's natural gas derivative contracts at June 30, 2013, with notional volumes expressed in million British thermal units (MMBtu) per day (MMBtud) and prices expressed in dollars per MMBtu ($/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 July 31, 2013 (closed) |  |  | 200,000 |  |  |  | 4.72 |
August 1, 2013 through October 31, 2013 |  |  | 200,000 |  |  |  | 4.72 |
November 1, 2013 through December 31, 2013 |  |  | 150,000 |  |  |  | 4.79 |
2014 (2) |  |  |  |  |  |  |  |
January 1, 2014 through December 31, 2014 |  |  | 170,000 |  |  | $ | 4.54 |
| (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. For the period August 1, 2013 through October 31, 2013, if the counterparties exercise all such options, the notional volume of EOG's existing natural gas derivative contracts will increase by 200,000 MMBtud at an average price of $4.72 per MMBtu for each month during that period. For the period November 1, 2013 through December 31, 2013, 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 that period.
| (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 320,000 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 June 30, 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 |
|  |  | June 30, |  |  | 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) |  | $ | 106 |  |  | $ | 166 |
Noncurrent portion | Other Assets (2) |  | $ | 7 |  |  | $ | - |
Liability Derivatives |  |  |  |  |  |  |  |  |
Crude oil and natural gas derivative contracts - |  |  |  |  |  |  |  |  |
Current portion | Liabilities from Price Risk Management Activities (3) |  | $ | 5 |  |  | $ | 8 |
Noncurrent portion | Other Liabilities (4) |  | $ | 1 |  |  | $ | 13 |
Foreign currency swap - |  |  |  |  |  |  |  |  |
Current portion | Current Liabilities - Other |  | $ | 43 |  |  | $ | - |
Noncurrent portion | Other Liabilities |  | $ | - |  |  | $ | 55 |
Interest rate swap - |  |  |  |  |  |  |  |  |
Current portion | Current Liabilities - Other |  | $ | 2 |  |  | $ | - |
Noncurrent portion | Other Liabilities |  | $ | - |  |  | $ | 4 |
| (1) | The current portion of Assets from Price Risk Management Activities consists of gross assets of $163 million, partially offset by gross liabilities of $57 million at June 30, 2013 and gross assets of $271 million, partially offset by gross liabilities of $105 million at December 31, 2012.
| (2) | The noncurrent portion of Assets from Price Risk Management Activities consists of gross assets of $10 million, partially offset by gross liabilities of $3 million at June 30, 2013.
| (3) | The current portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $62 million, partially offset by gross assets of $57 million at June 30, 2013 and gross liabilities of $113 million, partially offset by gross assets of $105 million at December 31, 2012.
| (4) | The noncurrent portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $4 million, partially offset by gross assets of $3 million at June 30, 2013 and gross liabilities of $13 million at December 31, 2012.

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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 205G -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 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624163-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44C -Subparagraph a -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. + Details
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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: 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.(n)(2)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41678-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41620-113959 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5580258-113959 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579245-113959 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579240-113959 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41641-113959 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624171-113959 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41638-113959 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624163-113959 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 25 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986 + Details
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