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v3.22.1

Stock-Based Payments (Tables) | 3 Months Ended
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Mar. 31, 2022
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 and Comprehensive Income based upon the job function of the employees receiving the grants as follows (in millions):
| Three Months Ended March 31, |  |
| 2022 |  | 2021 |  |  |  |
Lease and Well | $ | 13 |  |  | $ | 14 |  |  |  |  |
Gathering and Processing Costs | 1 |  |  | — |  |  |  |  |
Exploration Costs | 5 |  |  | 6 |  |  |  |  |
General and Administrative | 16 |  |  | 15 |  |  |  |  |
Total | $ | 35 |  |  | $ | 35 |  |  |  |  |
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 three-month periods ended March 31, 2022 and 2021 are as follows:
| Stock Options/SARs |  | ESPP
| Three Months Ended March 31, |  | Three Months Ended March 31,
| 2022 |  | 2021 |  | 2022 |  | 2021
Weighted Average Fair Value of Grants | $ | 28.30 |  |  | $ | 17.03 |  |  | $ | 23.07 |  |  | $ | 14.69 |
Expected Volatility | 42.20 | % |  | 47.18 | % |  | 39.72 | % |  | 54.99 | %
Risk-Free Interest Rate | 0.89 | % |  | 0.28 | % |  | 0.22 | % |  | 0.09 | %
Dividend Yield | 3.28 | % |  | 3.25 | % |  | 3.32 | % |  | 3.41 | %
Expected Life | 5.3 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 three-month periods ended March 31, 2022 and 2021 (stock options and SARs in thousands):
| Three Months Ended March 31, 2022 |  | Three Months Ended March 31, 2021
| Number of Stock Options/SARs |  | Weighted Average Exercise Price |  | Number of Stock Options/SARs |  | Weighted Average Exercise Price
Outstanding at January 1 | 9,969 |  |  | $ | 84.37 |  |  | 10,186 |  |  | $ | 84.08 |
Granted | 2 |  |  | 97.64 |  |  | 7 |  |  | 53.98 |
Exercised (1) | (2,324) |  |  | 84.63 |  |  | (26) |  |  | 63.25 |
Forfeited | (81) |  |  | 85.86 |  |  | (103) |  |  | 89.21 |
Outstanding at March 31 (2) | 7,566 |  |  | $ | 84.28 |  |  | 10,064 |  |  | $ | 84.06 |
Vested or Expected to Vest (3) | 7,256 |  |  | $ | 85.05 |  |  | 9,749 |  |  | $ | 84.74 |
Exercisable at March 31 (4) | 3,886 |  |  | $ | 101.26 |  |  | 6,288 |  |  | $ | 96.47 |
(1)The total intrinsic value of stock options/SARs exercised during the three months ended March 31, 2022 and 2021 was $62 million and $0.2 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 March 31, 2022 and 2021 was $277 million and $71 million, respectively. At March 31, 2022 and 2021, the weighted average remaining contractual life was 4.3 years and 4.0 years, respectively. (3)The total intrinsic value of stock options/SARs vested or expected to vest at March 31, 2022 and 2021 was $260 million and $66 million, respectively. At March 31, 2022 and 2021, the weighted average remaining contractual life was 4.3 years and 4.0 years, respectively. (4)The total intrinsic value of stock options/SARs exercisable at March 31, 2022 and 2021 was $82 million and $3 million, respectively. At March 31, 2022 and 2021, the weighted average remaining contractual life was 2.9 years and 3.0 years, respectively.
Restricted Stock and Restricted Stock Unit Transactions | The following table sets forth restricted stock and restricted stock unit transactions for the three-month periods ended March 31, 2022 and 2021 (shares and units in thousands):
| Three Months Ended March 31, 2022 |  | Three Months Ended March 31, 2021
| 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 | 4,680 |  |  | $ | 69.37 |  |  | 4,742 |  |  | $ | 74.97 |
Granted | 14 |  |  | 110.66 |  |  | 12 |  |  | 60.27 |
Released (1) | (699) |  |  | 93.37 |  |  | (430) |  |  | 90.27 |
Forfeited | (51) |  |  | 66.77 |  |  | (25) |  |  | 71.16 |
Outstanding at March 31 (2) | 3,944 |  |  | $ | 65.30 |  |  | 4,299 |  |  | $ | 73.42 |
(1)The total intrinsic value of restricted stock and restricted stock units released during the three months ended March 31, 2022 and 2021 was $81 million and $31 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 March 31, 2022 and 2021 was $470 million and $312 million, respectively.
Performance Award Transactions | The following table sets forth the Performance Unit transactions for the three-month periods ended March 31, 2022 and 2021 (units in thousands):
| Three Months Ended March 31, 2022 |  | Three Months Ended March 31, 2021
| Number of Units |  | Weighted Average Grant Date Fair Value |  | Number of Units |  | Weighted Average Grant Date Fair Value
Outstanding at January 1 | 679 |  |  | $ | 84.97 |  |  | 613 |  |  | $ | 88.38 |
Granted | — |  |  | — |  |  | 8 |  |  | 49.86 |
Granted for Performance Multiple (1) | — |  |  | — |  |  | 19 |  |  | 96.29 |
Released (2) | (57) |  |  | 136.74 |  |  | (98) |  |  | 96.29 |
Forfeited for Performance Multiple (3) | (56) |  |  | 136.74 |  |  | — |  |  | — |
Outstanding at March 31 (4) | 566 |  | (5) | $ | 74.60 |  |  | 542 |  |  | $ | 76.18 |
(1)Upon completion of the Performance Period for the Performance Units granted in 2017, a performance multiple of 125% was applied to the grants resulting in an additional grant of Performance Units in February 2021. (2)The total intrinsic value of Performance Units released was $7 million and $6 million for the three months ended March 31, 2022 and 2021, respectively. The intrinsic value is based upon the closing price of EOG's common stock on the date the Performance Units are released. (3)Upon completion of the Performance Period for the Performance Units granted in 2018, a performance multiple of 50% was applied to the grants resulting in a forfeiture of Performance Units in February 2022. (4)The total intrinsic value of Performance Units outstanding at March 31, 2022 and 2021 was approximately $67 million and $39 million, respectively. (5)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 1,132 Performance Units could be outstanding.

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- Definition Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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