v3.6.0.2
Risk Management Activities (Tables)
 12 Months Ended
Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Commodity Derivative Contracts - Crude Oil Price Swaps
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
Commodity Derivative Contracts - Crude Oil Collars
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
Commodity Derivative Contracts - Natural Gas Price Swaps
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
Commodity Derivative Contracts - Natural Gas Options
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
Commodity Derivative Contracts - Natural Gas Collars
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
Schedule of Derivative Instruments In Statement Of Financial Position, Fair Value
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

 
$
—