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Risk Management Activities (Tables) | 12 Months Ended
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Dec. 31, 2021
Price Risk Derivative [Member] |
Derivatives, Fair Value [Line Items] |
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, 2021 and 2020, 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 |  | 2021 |  | 2020
Asset Derivatives |  |  |  |  |  |
Crude oil, NGLs and natural gas derivative contracts - |  |  |  |  |  |
Current portion |  | Assets from Price Risk Management Activities |  | $ | — |  |  | $ | 65 |
Noncurrent portion |  | Other Assets (1) |  | 6 |  |  | 1 |
Liability Derivatives |  |  |  |  |  |
Crude oil, NGLs and natural gas derivative contracts - |  |  |  |  |  |
Current portion |  | Liabilities from Price Risk Management Activities (2) |  | $ | 269 |  |  | $ | — |
Noncurrent Portion |  | Other Liabilities (3) |  | 37 |  |  | 1 |
(1) The noncurrent portion of Assets from Price Risk Management Activities consists of gross assets of $7 million, partially offset by gross liabilities of $1 million, at December 31, 2021. (2) The current portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $421 million, partially offset by gross assets of $29 million and collateral posted with counterparties of $123 million, at December 31, 2021. (3) The noncurrent portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $64 million, partially offset by gross assets of $10 million and collateral posted with counterparties of $17 million, at December 31, 2021.
Crude Oil | Price Swaps |
Derivatives, Fair Value [Line Items] |
Schedule of Derivative Instruments | Presented below is a comprehensive summary of EOG's financial commodity derivative contracts settled during the year ended December 31, 2021 (closed) and remaining for 2022 and thereafter, as of December 31, 2021. Crude oil and NGL volumes are presented in MBbld and prices are presented in $/Bbl. Natural gas volumes are presented in MMBtu per day (MMBtud) and prices are presented in dollars per MMBtu ($/MMBtu).
Crude Oil Financial Price Swap Contracts
|  |  |  | Contracts Sold
Period |  | Settlement Index |  | Volume (MBbld) |  | Weighted Average Price ($/Bbl)
January 2021 (closed) |  | NYMEX West Texas Intermediate (WTI) |  | 151 |  |  | $ | 50.06 |
February - March 2021 (closed) |  | NYMEX WTI |  | 201 |  |  | 51.29 |
April - June 2021 (closed) |  | NYMEX WTI |  | 150 |  |  | 51.68 |
July - September 2021 (closed) |  | NYMEX WTI |  | 150 |  |  | 52.71 |
January - March 2022 |  | NYMEX WTI |  | 140 |  |  | 65.58 |
April - June 2022 |  | NYMEX WTI |  | 140 |  |  | 65.62 |
July - September 2022 |  | NYMEX WTI |  | 140 |  |  | 65.59 |
October - December 2022 |  | NYMEX WTI |  | 140 |  |  | 65.68 |
January - March 2023 |  | NYMEX WTI |  | 150 |  |  | 67.92 |
April - June 2023 |  | NYMEX WTI |  | 120 |  |  | 67.79 |
July - September 2023 |  | NYMEX WTI |  | 20 |  |  | 68.04 |
Crude Oil | Basis Swaps | Roll Differential Swap |
Derivatives, Fair Value [Line Items] |
Schedule of Derivative Instruments |
Crude Oil Basis Swap Contracts
|  |  |  | Contracts Sold
Period |  | Settlement Index |  | Volume (MBbld) |  | Weighted Average Price Differential ($/Bbl)
February 2021 (closed) |  | NYMEX WTI Roll Differential (1) |  | 30 |  |  | $ | 0.11 |
March - December 2021 (closed) |  | NYMEX WTI Roll Differential (1) |  | 125 |  |  | 0.17 |
January 2022 (closed) |  | NYMEX WTI Roll Differential (1) |  | 125 |  |  | 0.15 |
February - December 2022 |  | NYMEX WTI Roll Differential (1) |  | 125 |  |  | 0.15 |
(1) This settlement index is used to fix the differential in pricing between the NYMEX calendar month average and the physical crude oil delivery month.
Natural Gas Liquids | Price Swaps |
Derivatives, Fair Value [Line Items] |
Schedule of Derivative Instruments |
NGL Financial Price Swap Contracts
|  |  |  | Contracts Sold
Period |  | Settlement Index |  | Volume (MBbld) |  | Weighted Average Price ($/Bbl)
January - December 2021 (closed) |  | Mont Belvieu Propane (non-Tet) |  | 15 |  |  | $ | 29.44 |
Natural Gas | Price Swaps |
Derivatives, Fair Value [Line Items] |
Schedule of Derivative Instruments |
Natural Gas Financial Price Swap Contracts
|  |  |  | Contracts Sold |  | Contracts Purchased
Period |  | Settlement Index |  | Volume (MMBtud in thousands) |  | Weighted Average Price ($/MMBtu) |  | Volume (MMBtud in thousands) |  | Weighted Average Price ($/MMBtu)
January - March 2021 (closed) |  | NYMEX Henry Hub |  | 500 |  |  | $ | 2.99 |  |  | 500 |  |  | $ | 2.43 |
April - September 2021 (closed) |  | NYMEX Henry Hub |  | 500 |  |  | 2.99 |  |  | 570 |  |  | 2.81 |
October - December 2021 (closed) |  | NYMEX Henry Hub |  | 500 |  |  | 2.99 |  |  | 500 |  |  | 2.83 |
January - December 2022 (closed) (1) |  | NYMEX Henry Hub |  | 20 |  |  | 2.75 |  |  | — |  |  | — |
January - December 2022 |  | NYMEX Henry Hub |  | 725 |  |  | 3.57 |  |  | — |  |  | — |
January - December 2023 |  | NYMEX Henry Hub |  | 725 |  |  | 3.18 |  |  | — |  |  | — |
January - December 2024 |  | NYMEX Henry Hub |  | 725 |  |  | 3.07 |  |  | — |  |  | — |
January - December 2025 |  | NYMEX Henry Hub |  | 725 |  |  | 3.07 |  |  | — |  |  | — |
April - September 2021 (closed) |  | Japan Korea Marker (JKM) |  | 70 |  |  | 6.65 |  |  | — |  |  | — |
(1) In January 2021, EOG executed the early termination provision granting EOG the right to terminate all of its 2022 natural gas price swap contracts which were open at that time. EOG received net cash of $0.6 million for the settlement of these contracts.
Natural Gas | Basis Swaps |
Derivatives, Fair Value [Line Items] |
Schedule of Derivative Instruments |
Natural Gas Basis Swap Contracts
|  |  |  | Contracts Sold
Period |  | Settlement Index |  | Volume (MMBtud in thousands) |  | Weighted Average Price ($/MMBtu)
January - December 2022 |  | NYMEX Henry Hub Houston Ship Channel (HSC) Differential (1) |  | 210 |  |  | $ | (0.01) |
January - December 2023 |  | NYMEX Henry Hub HSC Differential (1) |  | 135 |  |  | (0.01) |
January - December 2024 |  | NYMEX Henry Hub HSC Differential (1) |  | 10 |  |  | 0.00 |
January - December 2025 |  | NYMEX Henry Hub HSC Differential (1) |  | 10 |  |  | 0.00 |
(1) This settlement index is used to fix the differential between pricing at the Houston Ship Channel and NYMEX Henry Hub prices.

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