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Stock-Based Payments (Tables) | 9 Months Ended
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Sep. 30, 2021
Share-based Payment Arrangement [Abstract] |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | Stock-based compensation expense is included on the Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) based upon the job function of the employees receiving the grants as follows (in millions):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Lease and Well | $ | 11 |  |  | $ | 9 |  |  | $ | 36 |  |  | $ | 39 |
Gathering and Processing Costs | 1 |  |  | — |  |  | 2 |  |  | 1 |
Exploration Costs | 4 |  |  | 1 |  |  | 15 |  |  | 15 |
General and Administrative | 35 |  |  | 23 |  |  | 64 |  |  | 58 |
Total | $ | 51 |  |  | $ | 33 |  |  | $ | 117 |  |  | $ | 113 |
Weighted Average Fair Values and Valuation Assumptions | Weighted average fair values and valuation assumptions used to value stock option, SAR and ESPP grants during the nine-month periods ended September 30, 2021 and 2020 are as follows:
| Stock Options/SARs |  | ESPP
| Nine Months Ended September 30, |  | Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Weighted Average Fair Value of Grants | $ | 24.92 |  |  | $ | 11.06 |  |  | $ | 18.15 |  |  | $ | 18.96 |
Expected Volatility | 42.24 | % |  | 44.46 | % |  | 51.23 | % |  | 55.53 | %
Risk-Free Interest Rate | 0.50 | % |  | 0.21 | % |  | 0.07 | % |  | 0.83 | %
Dividend Yield | 2.25 | % |  | 3.27 | % |  | 2.88 | % |  | 2.35 | %
Expected Life | 5.2 years |  | 5.2 years |  | 0.5 years |  | 0.5 years
Stock Options and SARs Transactions | The following table sets forth stock option and SAR transactions for the nine-month periods ended September 30, 2021 and 2020 (stock options and SARs in thousands):
| Nine Months Ended September 30, 2021 |  | Nine Months Ended September 30, 2020
| Number of Stock Options/SARs |  | Weighted Average Exercise Price |  | Number of Stock Options/SARs |  | Weighted Average Exercise Price
Outstanding at January 1 | 10,186 |  |  | $ | 84.08 |  |  | 9,395 |  |  | $ | 94.53 |
Granted | 1,976 |  |  | 81.66 |  |  | 1,993 |  |  | 37.62 |
Exercised (1) | (448) |  |  | 64.18 |  |  | (23) |  |  | 69.59 |
Forfeited | (984) |  |  | 98.64 |  |  | (1,077) |  |  | 88.54 |
Outstanding at September 30 (2) | 10,730 |  |  | $ | 83.13 |  |  | 10,288 |  |  | $ | 84.19 |
Vested or Expected to Vest (3) | 10,407 |  |  | $ | 83.65 |  |  | 9,963 |  |  | $ | 84.86 |
Exercisable at September 30 (4) | 6,906 |  |  | $ | 92.39 |  |  | 6,389 |  |  | $ | 96.53 |
(1)The total intrinsic value of stock options/SARs exercised during the nine months ended September 30, 2021 and 2020 was $8 million and $0.4 million, respectively. The intrinsic value is based upon the difference between the market price of EOG's common stock on the date of exercise and the exercise price of the stock options/SARs. (2)The total intrinsic value of stock options/SARs outstanding at September 30, 2021 and 2020 was $95 million and $0.01 million, respectively. At September 30, 2021 and 2020, the weighted average remaining contractual life was 4.3 years and 4.5 years, respectively. (3)The total intrinsic value of stock options/SARs vested or expected to vest at September 30, 2021 and 2020 was $90 million and $0.01 million, respectively. At September 30, 2021 and 2020, the weighted average remaining contractual life was 4.3 years and 4.5 years, respectively. (4)The total intrinsic value of stock options/SARs exercisable at September 30, 2021 and 2020 was $38 million and zero, respectively. At September 30, 2021 and 2020, the weighted average remaining contractual life was 3.2 years and 3.4 years, respectively.
Restricted Stock and Restricted Stock Unit Transactions | The following table sets forth restricted stock and restricted stock unit transactions for the nine-month periods ended September 30, 2021 and 2020 (shares and units in thousands):
| Nine Months Ended September 30, 2021 |  | Nine Months Ended September 30, 2020
| Number of Shares and Units |  | Weighted Average Grant Date Fair Value |  | Number of Shares and Units |  | Weighted Average Grant Date Fair Value
Outstanding at January 1 | 4,742 |  |  | $ | 74.97 |  |  | 4,546 |  |  | $ | 90.16 |
Granted | 1,409 |  |  | 81.44 |  |  | 1,440 |  |  | 38.16 |
Released (1) | (1,321) |  |  | 101.63 |  |  | (1,139) |  |  | 85.94 |
Forfeited | (65) |  |  | 68.49 |  |  | (63) |  |  | 90.00 |
Outstanding at September 30 (2) | 4,765 |  |  | $ | 69.58 |  |  | 4,784 |  |  | $ | 75.51 |
(1)The total intrinsic value of restricted stock and restricted stock units released during the nine months ended September 30, 2021 and 2020 was $104 million and $45 million, respectively. The intrinsic value is based upon the closing price of EOG's common stock on the date the restricted stock and restricted stock units are released. (2)The total intrinsic value of restricted stock and restricted stock units outstanding at September 30, 2021 and 2020 was $383 million and $172 million, respectively.
Performance Award Transactions | The following table sets forth the Performance Unit transactions for the nine-month periods ended September 30, 2021 and 2020 (units in thousands):
| Nine Months Ended September 30, 2021 |  | Nine Months Ended September 30, 2020
| Number of Units |  | Weighted Average Grant Date Fair Value |  | Number of Units |  | Weighted Average Grant Date Fair Value
Outstanding at January 1 | 613 |  |  | $ | 88.38 |  |  | 598 |  |  | $ | 103.91 |
Granted | 222 |  |  | 90.94 |  |  | 172 |  |  | 42.77 |
Granted for Performance Multiple (1) | 19 |  |  | 113.81 |  |  | 66 |  |  | 119.10 |
Released (2) | (175) |  |  | 113.06 |  |  | (223) |  |  | 103.87 |
Forfeited | — |  |  | — |  |  | — |  |  | — |
Outstanding at September 30 (3) | 679 |  | (4) | $ | 83.59 |  |  | 613 |  |  | $ | 88.38 |
(1)Upon completion of the Performance Period for the Performance Units granted in 2017 and 2016, a performance multiple of 125% and 150%, respectively, was applied to each of the grants resulting in additional grants of Performance Units in February 2021 and February 2020, respectively. (2)The total intrinsic value of Performance Units released was $13 million for both the nine months ended September 30, 2021 and 2020. The intrinsic value is based upon the closing price of EOG's common stock on the date the Performance Units are released. (3)The total intrinsic value of Performance Units outstanding at September 30, 2021 and 2020 was approximately $55 million and $22 million, respectively. (4)Upon the application of the relevant performance multiple at the completion of each of the remaining Performance Periods, a minimum of zero and a maximum of 1,358 Performance Units could be outstanding.

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