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Leases (Notes) | 6 Months Ended
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Jun. 30, 2019
Leases [Abstract] |
Lessee Operating and Finance Leases | Leases In the ordinary course of business, EOG enters into contracts for drilling, fracturing, compression, real estate and other services which contain equipment and other assets that meet the definition of a lease under ASU 2016-02. The lease term for these contracts, which includes any renewals at EOG's option that are reasonably certain to be exercised, ranges from one month to 30 years. ROU assets and related liabilities are recognized on commencement date on the Condensed Consolidated Balance Sheets based on future lease payments, discounted based on the rate implicit in the contract, if readily determinable, or EOG's incremental borrowing rate commensurate with the lease term of the contract. Contracts with lease terms less than 12 months are not recorded on the Condensed Consolidated Balance Sheets, but instead are disclosed as short-term lease cost. EOG has elected not to separate non-lease components from all leases, excluding those for fracturing services, real estate and salt water disposal, as lease payments for these contracts contain significant non-lease components, such as labor and operating costs. Lease costs are classified by the function of the ROU asset. The lease costs related to exploration and development activities are initially included in the Oil and Gas Properties line on the Condensed Consolidated Balance Sheets and subsequently accounted for in accordance with the Extractive Industries - Oil and Gas Topic of the Accounting Standards Codification. Variable lease cost represents costs incurred above the contractual minimum payments for operating and finance leases. The components of lease cost for the three month and six month periods ended June 30, 2019, were as follows (in millions):
| Three Months Ended June 30, 2019 |  | Six Months Ended June 30, 2019
Operating Lease Cost | $ | 134 |  |  | $ | 253 |
Finance Lease Cost: |  |  |
Amortization of Lease Assets | 4 |  |  | 7 |
Interest on Lease Liabilities | — |  |  | 1 |
Variable Lease Cost | 97 |  |  | 128 |
Short-Term Lease Cost | 157 |  |  | 228 |
Total Lease Cost | $ | 392 |  |  | $ | 617 |
The following table sets forth the amounts and classification of EOG's outstanding ROU assets and related lease liabilities and supplemental information at June 30, 2019 (in millions, except lease terms and discount rates):
Description |  | Location on Balance Sheet |  | Amount
Assets |  |  |  |
Operating Leases |  | Other Assets |  | $ | 895 |
Finance Leases |  | Property, Plant and Equipment, Net (1) |  | 59 |
Total |  |  |  | $ | 954 |
Liabilities |  |  |  |
Current |  |  |  |
Operating Leases |  | Current Portion of Operating Lease Liabilities |  | $ | 397 |
Finance Leases |  | Current Portion of Long-Term Debt |  | 15 |
Long-Term |  |  |  |
Operating Leases |  | Other Liabilities |  | 527 |
Finance Leases |  | Long-Term Debt |  | 49 |
Total |  |  |  | $ | 988 |
(1) Finance lease assets are recorded net of accumulated amortization of $53 million at June 30, 2019.
| Six Months Ended June 30, 2019
Weighted Average Remaining Lease Term (in years): |
Operating Leases | 3.3 |
Finance Leases | 5.3 |
Weighted Average Discount Rate: |
Operating Leases | 3.5 | %
Finance Leases | 3.0 | %
Cash paid for leases was as follows for the six months ended June 30, 2019 (in millions):
| Six Months Ended June 30, 2019
Repayment of Operating Lease Liabilities Associated with Operating Activities | $ | 104 |
Repayment of Operating Lease Liabilities Associated with Investing Activities | 146 |
Repayment of Finance Lease Liabilities | 8 |
Upon adoption of ASU 2016-02 effective January 1, 2019, EOG recognized operating lease ROU assets of $566 million. Non-cash leasing activities for the six months ended June 30, 2019, included the addition of $606 million of operating leases. At June 30, 2019, the future minimum lease payments under non-cancellable leases were as follows (in millions):
| Operating Leases |  | Finance Leases
July 1, 2019 to December 31, 2019 | $ | 230 |  |  | $ | 8 |
2020 | 362 |  |  | 15 |
2021 | 177 |  |  | 15 |
2022 | 104 |  |  | 12 |
2023 | 45 |  |  | 8 |
2024 and Beyond | 63 |  |  | 14 |
Total Lease Payments | 981 |  |  | 72 |
Less: Discount to Present Value | 57 |  |  | 8 |
Total Lease Liabilities | 924 |  |  | 64 |
Less: Current Portion of Lease Liabilities | 397 |  |  | 15 |
Long-Term Lease Liabilities | $ | 527 |  |  | $ | 49 |
At June 30, 2019, EOG had additional leases of $823 million, of which $97 million, $521 million and $205 million were expected to commence in the remainder of 2019, 2020 and 2021, respectively, with lease terms of 1 month to 10 years. At December 31, 2018 and prior to the adoption of ASU 2016-02 and other related ASUs, the future minimum commitments under non-cancellable leases, including non-lease components and excluding contracts with lease terms less than 12 months, were as follows (in millions):
| Operating Leases |  | Finance Leases
2019 | $ | 380 |  |  | $ | 15 |
2020 | 213 |  |  | 15 |
2021 | 86 |  |  | 15 |
2022 | 39 |  |  | 12 |
2023 | 30 |  |  | 8 |
2024 and Beyond | 62 |  |  | 14 |
Total Lease Payments | $ | 810 |  |  | $ | 79 |

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- Definition Lessee Operating and Finance Leases [Text Block] + References No definition available. + Details
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- References No definition available. + Details
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