v3.6.0.2

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Deferred Income Tax Liabilities, Net

The principal components of EOG's net deferred income tax liabilities at December 31, 2016 and 2015 were as follows (in thousands):

	2016				2015
Current Deferred Income Tax Assets (Liabilities)
Commodity Hedging Contracts	$	22,206			$	—
Deferred Compensation Plans	43,984				38,559
Alternative Minimum Tax Credit Carryforward	84,426				93,316
Foreign Net Operating Loss	37,251				47,786
Foreign Valuation Allowance	(28,097		)		(35,536		)
Accrued Expenses and Liabilities	13,754				—
Other	(4,137		)		3,687
Total Net Current Deferred Income Tax Assets	$	169,387			$	147,812
Noncurrent Deferred Income Tax Assets (Liabilities)
Foreign Oil and Gas Exploration and Development Costs Deducted for Tax Under Book Depreciation, Depletion and Amortization	$	(39,852	)		$	(57,569	)
Foreign Net Operating Loss	314,899				443,010
Foreign Valuation Allowances	(268,499		)		(380,104		)
Foreign Other	438				1,506
Total Net Noncurrent Deferred Income Tax Assets	$	6,986			$	6,843
Noncurrent Deferred Income Tax (Assets) Liabilities
Oil and Gas Exploration and Development Costs Deducted for Tax Over Book Depreciation, Depletion and Amortization	$	5,899,533			$	5,299,817
Non-Producing Leasehold Costs	(64,898		)		(53,026		)
Seismic Costs Capitalized for Tax	(161,920		)		(162,240		)
Equity Awards	(139,787		)		(140,663		)
Capitalized Interest	86,504				98,242
Alternative Minimum Tax Credit Carryforward	(673,205		)		(685,189		)
Undistributed Foreign Earnings	280,099				258,403
Other	(37,686		)		(27,442		)
Total Net Noncurrent Deferred Income Tax Liabilities	$	5,188,640			$	4,587,902
Total Net Deferred Income Tax Liabilities	$	5,012,267			$	4,433,247

Components of Income (Loss) Before Income Taxes

The components of Income (Loss) Before Income Taxes for the years indicated below were as follows (in thousands):

	2016				2015				2014
United States	$	(1,520,573	)		$	(6,840,119	)		$	5,161,232
Foreign	(36,932		)		(81,437		)		(165,917		)
Total	$	(1,557,505	)		$	(6,921,556	)		$	4,995,315

Components of Income Tax Provision (Benefit)

The principal components of EOG's Income Tax Provision (Benefit) for the years indicated below were as follows (in thousands):

	2016				2015				2014
Current:
Federal	$	11,567			$	21,719			$	269,326
State	(8,369		)		9,404				22,835
Foreign	51,189				54,143				82,721
Total	54,387				85,266				374,882
Deferred:
Federal	(532,979		)		(2,362,926		)		1,608,706
State	4,876				(127,444		)		29,056
Foreign	12,897				8,063				67,184
Total	(515,206		)		(2,482,307		)		1,704,946
Income Tax Provision (Benefit)	$	(460,819	)		$	(2,397,041	)		$	2,079,828

Tax Rate Reconciliation

The differences between taxes computed at the United States federal statutory tax rate and EOG's effective rate were as follows:

	2016			2015			2014
Statutory Federal Income Tax Rate	35.00	%		35.00	%		35.00	%
State Income Tax, Net of Federal Benefit	0.15			1.11			0.68
Income Tax Provision Related to Foreign Operations	(1.23	)		(1.31	)		(0.12	)
Income Tax Provision Related to Trinidad Operations	(3.71	)		—			—
Canadian Divestiture	—			—			(3.46	)
Undistributed Foreign Earnings	—			—			4.94
Foreign Valuation Allowances	—			—			6.47
Foreign Oil and Gas Impairments	—			—			(1.90	)
Other	(0.62	)		(0.17	)		0.03
Effective Income Tax Rate	29.59	%		34.63	%		41.64	%

Summary of Valuation Allowance

The principal components of EOG's rollforward of valuation allowances for deferred tax assets were as follows (in thousands):

	2016				2015				2014
Beginning Balance	$	506,127			$	463,018			$	223,599
Increase (1)	37,221				146,602				392,729
Decrease (2)	(12,667		)		(4,315		)		(1,424		)
Other (3)	(147,460		)		(99,178		)		(151,886		)
Ending Balance	$	383,221			$	506,127			$	463,018

(1) Increase in valuation allowance related to the generation of tax net operating losses and other deferred tax assets.

(2) Decrease in valuation allowance associated with adjustments to certain deferred tax assets and their related allowance.

(3) Represents dispositions/revisions/foreign exchange rate variances and the effect of statutory income tax rate changes.

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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