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Risk Management Activities (Tables) | 3 Months Ended
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Mar. 31, 2022
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 financial commodity derivative instruments at March 31, 2022 and December 31, 2021. Certain amounts may be presented on a net basis on the Condensed Consolidated Financial Statements when such amounts are with the same counterparty and subject to a master netting arrangement (in millions):
|  |  |  | Fair Value at
Description |  | Location on Balance Sheet |  | March 31, 2022 |  | December 31, 2021
Asset Derivatives |  |  |  |  |  |
Crude oil and natural gas derivative contracts - |  |  |  |  |  |
Noncurrent Portion |  | Other Assets (1) |  | $ | — |  |  | $ | 6 |
Liability Derivatives |  |  |  |  |  |
Crude oil and natural gas derivative contracts - |  |  |  |  |  |
Current portion |  | Liabilities from Price Risk Management Activities (2) |  | 260 |  |  | 269 |
Noncurrent portion |  | Other Liabilities (3) |  | 110 |  |  | 37 |
(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 $1,948 million, partially offset by gross assets of $13 million and collateral posted with counterparties of $1,675 million at March 31, 2022. 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 $860 million, partially offset by gross assets of $10 million and collateral posted with counterparties of $740 million at March 31, 2022. 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 $17 million, at December 31, 2021.
Crude Oil | Price Swaps |
Derivatives, Fair Value [Line Items] |
Schedule of Derivative Instruments | Presented below is a comprehensive summary of EOG's financial commodity derivative contracts settled during the three-month period ended March 31, 2022 (closed) and outstanding as of March 31, 2022. Crude oil volumes are presented in thousand barrels per day (MBbld) and prices are presented in dollars per barrel ($/Bbl). Natural gas volumes are presented in million British Thermal Units per day (MMBtud) and prices are presented in dollars per million British Thermal Units ($/MMBtu).
Crude Oil Financial Price Swap Contracts
|  |  |  | Contracts Sold |  | Contracts Purchased
Period |  | Settlement Index |  | Volume (MBbld) |  | Weighted Average Price ($/Bbl) |  | Volume (MBbld) |  | Weighted Average Price ($/Bbl)
January - March 2022 (closed) |  | New York Mercantile Exchange (NYMEX) West Texas Intermediate (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 |  |  | 78 |  |  | 88.73 |
January - March 2023 |  | NYMEX WTI |  | 150 |  |  | 67.92 |  |  | — |  |  | — |
April - June 2023 |  | NYMEX WTI |  | 120 |  |  | 67.79 |  |  | — |  |  | — |
July - September 2023 |  | NYMEX WTI |  | 100 |  |  | 70.15 |  |  | — |  |  | — |
October - December 2023 |  | NYMEX WTI |  | 69 |  |  | 69.41 |  |  | — |  |  | — |
Crude Oil | 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)
January - April 2022 (closed) |  | NYMEX WTI Roll Differential (1) |  | 125 |  |  | $ | 0.15 |
May - 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 |
Derivatives, Fair Value [Line Items] |
Schedule of Derivative Instruments |
Natural Gas Financial Price Swap Contracts
|  |  |  | Contracts Sold
Period |  | Settlement Index |  | Volume (MMBtud in thousands) |  | Weighted Average Price ($/MMBtu)
January - April 2022 (closed) |  | NYMEX Henry Hub |  | 725 |  |  | $ | 3.57 |
May - 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 |
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 Differential ($/MMBtu)
January - March 2022 (closed) |  | NYMEX Henry Hub Houston Ship Channel (HSC) Differential (1) |  | 210 |  |  | $ | (0.01) |
April - December 2022 |  | NYMEX Henry Hub 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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