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Acquisitions and Divestitures | 12 Months Ended
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Dec. 31, 2016
Business Combinations [Abstract] |
Acquisitions and Divestitures | Acquisitions and Divestitures Yates Entities. On October 4, 2016, EOG completed its previously announced mergers and related asset purchase transactions with Yates Petroleum Corporation (YPC), Abo Petroleum Corporation (ABO), MYCO Industries, Inc. (MYCO) and certain affiliated entities (collectively with YPC, ABO and MYCO, the Yates Entities). Subject to the terms of the agreements, EOG issued to the shareholders of YPC, ABO and MYCO and to certain of the sellers under the related asset purchase transactions an aggregate of approximately 25 million shares of EOG common stock and paid to certain of the sellers under the asset purchase transactions an aggregate of approximately $16 million in cash for total consideration transferred of approximately $2.4 billion. In addition, under the terms of the transactions, EOG assumed and repaid approximately $164 million of debt owed by the Yates Entities, which was offset by approximately $70 million of cash of the Yates Entities. The assets of the Yates Entities include producing wells in addition to acreage in the Delaware Basin Core, the Powder River Basin, the Permian Basin Northwest Shelf and other Western basins. Revenues and Operating Income of $71 million and $8 million, respectively, of the Yates Entities were included in EOG's Consolidated Statements of Income and Comprehensive Income beginning October 4, 2016. In connection with these mergers and related asset purchase transactions, EOG incurred acquisition-related costs in 2016 of approximately $5 million, all of which were expensed and recorded as General and Administrative on the Consolidated Statements of Income and Comprehensive Income. EOG accounted for the mergers with YPC, ABO and MYCO and the related asset purchase transactions as a business combination under the acquisition method with EOG as the acquirer. Under the acquisition method, the consideration transferred is allocated to the assets acquired and liabilities assumed based on their estimated fair values, with any excess of the consideration transferred over the estimated fair value of the identifiable net assets acquired recorded as goodwill. EOG did not record goodwill in connection with these transactions. Certain data necessary to complete the purchase price allocation is preliminary, and includes, but is not limited to, the final valuations of oil and gas properties, the valuation of off-market transportation contracts and the calculation of deferred taxes based upon the underlying tax basis of assets acquired and liabilities assumed. EOG believes the estimates used are reasonable but are subject to change as additional information becomes available. The following table represents the preliminary allocation of the total purchase price of the Yates Entities (in thousands).
Current Assets |
Cash and Cash Equivalents | $ | 70,411 |
Accounts Receivable, Net | 83,540 |
Inventories | 10,955 |
Other | 10,640 |
Total | 175,546 |
Property, Plant and Equipment |
Oil and Gas Properties (Successful Efforts Method) | 3,850,100 |
Other Property, Plant and Equipment | 16,586 |
Total Property, Plant and Equipment, Net | 3,866,686 |
Other Assets | 22,706 |
Total Assets | $ | 4,064,938 |
Current Liabilities |
Accounts Payable | $ | 126,988 |
Accrued Taxes Payable | 23,520 |
Other | 743 |
Total | 151,251 |
Long-Term Debt | 163,829 |
Asset Retirement Obligations | 163,144 |
Off-Market Transportation Contracts | 39,720 |
Other Liabilities | 28,645 |
Deferred Income Taxes | 1,104,581 |
Total Liabilities | $ | 1,651,170 |
Total Consideration Transferred | $ | 2,413,768 |
The fair value measurements of Oil and Gas Properties and Asset Retirement Obligations are based on inputs that are not observable in the market and therefore represent Level 3 inputs. The fair values of Proved Oil and Gas Properties were measured using the income approach. Significant inputs to the valuation of Proved Oil and Gas Properties included 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. Significant inputs to the valuation of Unproved Oil and Gas Properties included average prices per acre of comparable market transactions. These inputs required significant judgments, assumptions and estimates by management at the time of the valuation and are the most sensitive and may be subject to change. Other. During 2016, EOG recognized a net gain on asset dispositions of $206 million and received proceeds of approximately $1,119 million primarily from sales of producing properties and acreage in Texas, Louisiana, the Rocky Mountain area and Oklahoma. Additionally during the third quarter of 2016, EOG completed the sale of all its Argentina assets. During 2015, EOG completed acquisitions of approximately $481 million primarily to acquire proved crude oil properties and related assets in the Delaware Basin and gathering assets in the North Dakota Bakken. During 2015, EOG recognized a net loss on asset dispositions of $(9) million and received proceeds of approximately $193 million primarily from sales of gathering and processing assets and other assets. During 2014, EOG recognized a net gain on asset dispositions of $508 million and received proceeds of approximately $569 million primarily from the divestiture of all its assets in Manitoba and the majority of its assets in Alberta (collectively, the Canadian Sales) and from sales of producing properties and acreage in the Upper Gulf Coast region, the Rocky Mountain area and the Mid-Continent area. The Canadian Sales that closed on or about December 1, 2014, occurred in two separate transactions, an asset sale and the sale of the stock of certain of EOG's Canadian subsidiaries. As these two transactions represented a substantially complete liquidation of EOG's Canadian operations, approximately $383 million of cumulative translation adjustments previously recorded on the Consolidated Balance Sheets was reclassified to the Consolidated Statements of Income and Comprehensive Income. The Canadian Sales also resulted in the release of approximately $150 million of restricted cash related to future abandonment liabilities.

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References No definition available. + Details
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