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Fair Value Measurements | 6 Months Ended
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Jun. 30, 2013
Fair Value Measurements [Abstract] |
Fair Value Measurements [Text Block] | 11. Fair Value Measurements As more fully discussed in Note 12 to the Consolidated Financial Statements included in EOG's 2012 Annual Report, certain of EOG's financial and nonfinancial assets and liabilities are reported at fair value on the Consolidated Balance Sheets. The following table provides fair value measurement information within the fair value hierarchy for certain of EOG's financial assets and liabilities carried at fair value on a recurring basis at June 30, 2013 and December 31, 2012 (in millions):
|  | Fair Value Measurements Using: |
|  | Quoted |  |  | Significant |  |  |  |  |  |  |
|  | Prices in |  |  | Other |  |  | Significant |  |  |  |
|  | Active |  |  | Observable |  |  | Unobservable |  |  |  |
|  | Markets |  |  | Inputs |  |  | Inputs |  |  |  |
|  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | Total |
At June 30, 2013 |  |  |  |  |  |  |  |  |  |  |  |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |
Crude Oil Swaps |  | $ | - |  |  | $ | 19 |  |  | $ | - |  |  | $ | 19 |
Crude Oil Options/Swaptions |  |  | - |  |  |  | 35 |  |  |  | - |  |  |  | 35 |
Natural Gas Options/Swaptions |  |  | - |  |  |  | 59 |  |  |  | - |  |  |  | 59 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Crude Oil Options/Swaptions |  | $ | - |  |  | $ | 5 |  |  | $ | - |  |  | $ | 5 |
Natural Gas Options/Swaptions |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | 1 |
Foreign Currency Rate Swap |  |  | - |  |  |  | 43 |  |  |  | - |  |  |  | 43 |
Interest Rate Swap |  |  | - |  |  |  | 2 |  |  |  | - |  |  |  | 2 |
At December 31, 2012 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Crude Oil Swaps |  | $ | - |  |  | $ | 65 |  |  | $ | - |  |  | $ | 65 |
Crude Oil Options/Swaptions |  |  | - |  |  |  | 36 |  |  |  | - |  |  |  | 36 |
Natural Gas Options/Swaptions |  |  | - |  |  |  | 65 |  |  |  | - |  |  |  | 65 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Crude Oil Options/Swaptions |  | $ | - |  |  | $ | 8 |  |  | $ | - |  |  | $ | 8 |
Natural Gas Options/Swaptions |  |  | - |  |  |  | 13 |  |  |  | - |  |  |  | 13 |
Foreign Currency Rate Swap |  |  | - |  |  |  | 55 |  |  |  | - |  |  |  | 55 |
Interest Rate Swap |  |  | - |  |  |  | 4 |  |  |  | - |  |  |  | 4 |
EOG RESOURCES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued) (Unaudited) The estimated fair value of crude oil and natural gas derivative contracts (including options/swaptions) and the interest rate swap contract was based upon forward commodity price and interest rate curves based on quoted market prices. The estimated fair value of the foreign currency rate swap was based upon forward currency rates. Commodity derivative contracts were valued by utilizing an independent third-party derivative valuation provider who uses various types of valuation models, as applicable. The initial measurement of asset retirement obligations at fair value is calculated using discounted cash flow techniques and based on internal estimates of future retirement costs associated with property, plant and equipment. Significant Level 3 inputs used in the calculation of asset retirement obligations include plugging costs and reserve lives. A reconciliation of EOG's asset retirement obligations is presented in Note 6. Proved oil and gas properties and other assets with a carrying amount of $131 million were written down to their fair value of $93 million, resulting in pretax impairment charges of $38 million for the six months ended June 30, 2013. Included in the $38 million pretax impairment charges is a $3 million impairment of proved oil and gas properties for which EOG utilized an accepted offer from a third-party purchaser as the basis for determining fair value. Significant Level 3 assumptions associated with the calculation of discounted cash flows used in the impairment analysis include EOG's estimate of future crude oil and natural gas prices, production costs, development expenditures, anticipated production of proved reserves, appropriate risk-adjusted discount rates and other relevant data. Fair Value of Debt. At both June 30, 2013 and December 31, 2012, EOG had outstanding $6,290 million aggregate principal amount of debt, which had estimated fair values of approximately $6,729 million and $7,032 million, respectively. The estimated fair value of debt was based upon quoted market prices and, where such prices were not available, other observable (Level 2) inputs regarding interest rates available to EOG at the end of each respective period.

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- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 33 -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 Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32 -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 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 10 -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 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19279-110258 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19190-110258 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 6 -Footnote 4 -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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