v3.6.0.2

Risk Management Activities | 12 Months Ended
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Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Risk Management Activities | Risk Management Activities Commodity Price Risks. EOG engages in price risk management activities from time to time. These activities are intended to manage EOG's exposure to fluctuations in commodity prices for crude oil and natural gas. EOG utilizes financial commodity derivative instruments, primarily price swap, option, swaption, collar and basis swap contracts, as a means to manage this price risk. During 2016, 2015 and 2014, EOG elected not to designate any of its financial commodity derivative contracts as accounting hedges and, accordingly, accounted for these financial commodity derivative contracts using the mark-to-market accounting method. Under this accounting method, changes in the fair value of outstanding financial instruments are recognized as gains or losses in the period of change and are recorded as Gains (Losses) on Mark-to-Market Commodity Derivative Contracts on the Consolidated Statements of Income and Comprehensive Income. The related cash flow impact is reflected in Cash Flows from Operating Activities. During 2016, 2015 and 2014, EOG recognized net gains (losses) on the mark-to-market of financial commodity derivative contracts of $(100) million, $62 million and $834 million, respectively, which included cash received from (payments for) settlements of crude oil and natural gas derivative contracts of $(22) million, $730 million and $34 million, respectively. Commodity Derivative Contracts. Presented below is a comprehensive summary of EOG's crude oil price swap contracts for the year ended December 31, 2016, with notional volumes expressed in barrels per day (Bbld) and prices expressed in dollars per barrel ($/Bbl).
| Crude Oil Price Swap Contracts
|  |  | Volume (Bbld) |  | Weighted Average Price ($/Bbl)
| 2016 |  |  |  |
| April 12, 2016 through April 30, 2016 (closed) |  | 90,000 |  |  | $ | 42.30 |
| May 1, 2016 through June 30, 2016 (closed) |  | 128,000 |  |  | 42.56 |
| 2017 |  |  |  |
| January 1, 2017 through June 30, 2017 |  | 35,000 |  |  | $ | 50.04 |
EOG has entered into crude oil collar contracts, which establish ceiling and floor prices for the sale of notional volumes of crude oil as specified in the collar contracts. The collars require that EOG pay the difference between the ceiling price and the average NYMEX West Texas Intermediate crude oil price for the contract month (Index Price) in the event the Index Price is above the ceiling price. The collars grant EOG the right to receive the difference between the floor price and the Index Price in the event the Index Price is below the floor price. Presented below is a comprehensive summary of EOG's crude oil collar contracts for the year ended December 31, 2016, with notional volumes expressed in Bbld and prices expressed in $/Bbl.
Crude Oil Collar Contracts
|  |  | Weighted Average Price ($/Bbl)
| Volume (Bbld) |  | Ceiling Price |  | Floor Price
2016 |  |  |  |  |
September 1, 2016 through December 31, 2016 (closed) | 70,000 |  |  | $ | 54.25 |  |  | $ | 45.00 |
Presented below is a comprehensive summary of EOG's natural gas price swap contracts for the year ended December 31, 2016, with notional volumes expressed in million British thermal units (MMBtu) per day (MMBtud) and prices expressed in dollars per MMBtu ($/MMBtu).
| Natural Gas Price Swap Contracts
|  |  | Volume (MMBtud) |  | Weighted Average Price ($/MMBtu)
| 2016 |  |  |  |
| March 1, 2016 through August 31, 2016 (closed) |  | 60,000 |  |  | $ | 2.49 |
| 2017 |  |  |  |
| March 1, 2017 through November 30, 2017 |  | 30,000 |  |  | $ | 3.10 |
EOG has sold call options which establish a ceiling price for the sale of notional volumes of natural gas as specified in the call option contracts. The call options require that EOG pay the difference between the call option strike price and either the average or last business day NYMEX Henry Hub natural gas price for the contract month (Henry Hub Index Price) in the event the Henry Hub Index Price is above the call option strike price. In addition, EOG has purchased put options which establish a floor price for the sale of notional volumes of natural gas as specified in the put option contracts. The put options grant EOG the right to receive the difference between the put option strike price and the Henry Hub Index Price in the event the Henry Hub Index Price is below the put option strike price. Presented below is a comprehensive summary of EOG's natural gas call and put option contracts for the year ended December 31, 2016, with notional volumes expressed in MMBtud and prices expressed in $/MMBtu.
Natural Gas Option Contracts
| Call Options Sold |  | Put Options Purchased
| Volume (MMBtud) |  | Weighted Average Price ($/MMBtu) |  | Volume (MMBtud) |  | Weighted Average Price ($/MMBtu)
2016 |  |  |  |  |  |  |
September 2016 (closed) | 56,250 |  |  | $ | 3.46 |  |  | — |  |  | $ | — |
October 1, 2016 through November 30, 2016 (closed) | 106,250 |  |  | 3.48 |  |  | — |  |  | — |
2017 |  |  |  |  |  |  |
March 1, 2017 through November 30, 2017 | 213,750 |  |  | $ | 3.44 |  |  | 171,000 |  |  | $ | 2.92 |
2018 |  |  |  |  |  |  |
March 1, 2018 through November 30, 2018 | 120,000 |  |  | $ | 3.38 |  |  | 96,000 |  |  | $ | 2.94 |
EOG has also entered into natural gas collar contracts, which establish ceiling and floor prices for the sale of notional volumes of natural gas as specified in the collar contracts. The collars require that EOG pay the difference between the ceiling price and the Henry Hub Index Price in the event the Henry Hub Index Price is above the ceiling price. The collars grant EOG the right to receive the difference between the floor price and the Henry Hub Index Price in the event the Henry Hub Index Price is below the floor price. Presented below is a comprehensive summary of EOG's natural gas collar contracts for the year ended December 31, 2016, with notional volumes expressed in MMBtud and prices expressed in $/MMbtu.
Natural Gas Collar Contracts
|  |  | Weighted Average Price ($/MMbtu)
| Volume (MMBtud) |  | Ceiling Price |  | Floor Price
2017 |  |  |  |  |
March 1, 2017 through November 30, 2017 | 80,000 |  |  | $ | 3.69 |  |  | $ | 3.20 |
The following table sets forth the amounts and classification of EOG's outstanding derivative financial instruments at December 31, 2016 and 2015, respectively. 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 December 31,
Description |  | Location on Balance Sheet |  | 2016 |  | 2015
Asset Derivatives |  |  |  |  |  |
Crude oil and natural gas derivative contracts - |  |  |  |  |  |
Noncurrent portion |  | Other Assets |  | $ | 1 |  |  | $ | — |
Liability Derivatives |  |  |  |  |  |  |  |
Crude oil and natural gas derivative contracts - |  |  |  |  |  |  |  |
Current portion |  | Liabilities from Price Risk Management Activities |  | $ | 62 |  |  | $ | — |
Credit Risk. Notional contract amounts are used to express the magnitude of a financial derivative. The amounts potentially subject to credit risk, in the event of nonperformance by the counterparties, are equal to the fair value of such contracts (see Note 13). EOG evaluates its exposure to significant counterparties on an ongoing basis, including those arising from physical and financial transactions. In some instances, EOG renegotiates payment terms and/or requires collateral, parent guarantees or letters of credit to minimize credit risk. At December 31, 2016, EOG's net accounts receivable balance related to United States, Canada and United Kingdom hydrocarbon sales included three receivable balances, each of which accounted for more than 10% of the total balance. The receivables were due from two petroleum refinery companies and one multinational oil and gas company. The related amounts were collected during early 2017. At December 31, 2015, EOG's net accounts receivable balance related to United States, Canada and United Kingdom hydrocarbon sales included three receivable balances, each of which accounted for more than 10% of the total balance. The receivables were due from two petroleum refinery companies and one multinational oil and gas company. The related amounts were collected during early 2016. In 2016 and 2015, all natural gas from EOG's Trinidad operations was sold to the National Gas Company of Trinidad and Tobago Limited and its subsidiary, and all natural gas from EOG's China operations was sold to Petrochina Company Limited. All of EOG's derivative instruments are covered by International Swap Dealers Association Master Agreements (ISDAs) with counterparties. The ISDAs may contain provisions that require EOG, if it is the party in a net liability position, to post collateral when the amount of the net liability exceeds the threshold level specified for EOG's then-current credit ratings. In addition, the ISDAs may also provide that as a result of certain circumstances, including certain events that cause EOG's credit ratings to become materially weaker than its then-current ratings, the counterparty may require all outstanding derivatives under the ISDA to be settled immediately. See Note 13 for the aggregate fair value of all derivative instruments that were in a net liability position at December 31, 2016. EOG had no collateral posted and held no collateral at December 31, 2016 and 2015. Substantially all of EOG's accounts receivable at December 31, 2016 and 2015 resulted from hydrocarbon sales and/or joint interest billings to third-party companies, including foreign state-owned entities in the oil and gas industry. This concentration of customers and joint interest owners may impact EOG's overall credit risk, either positively or negatively, in that these entities may be similarly affected by changes in economic or other conditions. In determining whether or not to require collateral or other credit enhancements from a customer or joint interest owner, EOG typically analyzes the entity's net worth, cash flows, earnings and credit ratings. Receivables are generally not collateralized. During the three-year period ended December 31, 2016, credit losses incurred on receivables by EOG have been immaterial.

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