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Stock-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2023
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 June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Lease and Well | $ | 11 |  |  | $ | 10 |  |  | $ | 23 |  |  | $ | 23 |
Gathering and Processing Costs | 1 |  |  | 1 |  |  | 2 |  |  | 2 |
Exploration Costs | 5 |  |  | 5 |  |  | 10 |  |  | 10 |
General and Administrative | 18 |  |  | 14 |  |  | 34 |  |  | 30 |
Total | $ | 35 |  |  | $ | 30 |  |  | $ | 69 |  |  | $ | 65 |
Schedule of Weighted Average Fair Values and Valuation Assumptions | Weighted average fair values and valuation assumptions used to value stock options and SARs granted during the six-month period ended June 30, 2022 and ESPP grants during the six-month periods ended June 30, 2023 and 2022 are as follows:
|  |  | Stock Options/SARs |  | ESPP
|  |  | Six Months Ended June 30, |  | Six Months Ended June 30,
|  |  | 2022 |  | 2023 |  | 2022
Weighted Average Fair Value of Grants |  |  | $ | 28.30 |  |  | $ | 32.31 |  |  | $ | 23.07 |
Expected Volatility |  |  | 42.20 | % |  | 42.97 | % |  | 39.72 | %
Risk-Free Interest Rate |  |  | 0.89 | % |  | 4.66 | % |  | 0.22 | %
Dividend Yield |  |  | 3.28 | % |  | 2.47 | % |  | 3.32 | %
Expected Life |  |  | 5.3 years |  | 0.5 years |  | 0.5 years
Schedule of Stock Options and SARs Transactions | The following table sets forth stock option and SAR transactions for the six-month periods ended June 30, 2023 and 2022 (stock options and SARs in thousands):
| Six Months Ended June 30, 2023 |  | Six Months Ended June 30, 2022
| Number of Stock Options/SARs |  | Weighted Average Exercise Price |  | Number of Stock Options/SARs |  | Weighted Average Exercise Price
Outstanding at January 1 | 4,225 |  |  | $ | 77.49 |  |  | 9,969 |  |  | $ | 84.37 |
Granted | — |  |  | — |  |  | 2 |  |  | 97.64 |
Exercised (1) | (300) |  |  | 77.26 |  |  | (3,928) |  |  | 93.12 |
Forfeited | (57) |  |  | 87.49 |  |  | (137) |  |  | 87.54 |
Outstanding at June 30 (2) | 3,868 |  |  | $ | 77.37 |  |  | 5,906 |  |  | $ | 78.49 |
Vested or Expected to Vest (3) | 3,727 |  |  | $ | 77.74 |  |  | 5,603 |  |  | $ | 79.15 |
Exercisable at June 30 (4) | 2,178 |  |  | $ | 84.87 |  |  | 2,305 |  |  | $ | 97.46 |
(1)The total intrinsic value of stock options/SARs exercised during the six months ended June 30, 2023 and 2022 was $13 million and $108 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 June 30, 2023 and 2022 was $150 million and $202 million, respectively. At June 30, 2023 and 2022, the weighted average remaining contractual life was 3.7 years and 4.5 years, respectively. (3)The total intrinsic value of stock options/SARs vested or expected to vest at June 30, 2023 and 2022 was $143 million and $189 million, respectively. At June 30, 2023 and 2022, the weighted average remaining contractual life was 3.6 years and 4.4 years, respectively. (4)The total intrinsic value of stock options/SARs exercisable at June 30, 2023 and 2022 was $71 million and $44 million, respectively. At both June 30, 2023 and 2022, the weighted average remaining contractual life was 2.7 years.
Schedule of Restricted Stock and Restricted Stock Unit Transactions | The following table sets forth restricted stock and restricted stock unit transactions for the six-month periods ended June 30, 2023 and 2022 (shares and units in thousands):
| Six Months Ended June 30, 2023 |  | Six Months Ended June 30, 2022
| 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 | 4,113 |  |  | $ | 80.77 |  |  | 4,680 |  |  | $ | 69.37 |
Granted | 81 |  |  | 117.05 |  |  | 48 |  |  | 115.48 |
Released (1) | (71) |  |  | 70.07 |  |  | (780) |  |  | 91.98 |
Forfeited | (67) |  |  | 83.26 |  |  | (85) |  |  | 66.23 |
Outstanding at June 30 (2) | 4,056 |  |  | $ | 81.63 |  |  | 3,863 |  |  | $ | 65.45 |
(1)The total intrinsic value of restricted stock and restricted stock units released during the six months ended June 30, 2023 and 2022, was $8 million and $91 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 June 30, 2023 and 2022, was $464 million and $427 million, respectively.
Schedule of Performance Award Transactions | The following table sets forth the Performance Unit transactions for the six-month periods ended June 30, 2023 and 2022 (units in thousands):
| Six Months Ended June 30, 2023 |  | Six Months Ended June 30, 2022
| Number of Units |  | Weighted Average Grant Date Fair Value |  | Number of Units |  | Weighted Average Grant Date Fair Value
Outstanding at January 1 | 688 |  |  | $ | 83.82 |  |  | 679 |  |  | $ | 84.97 |
Granted | — |  |  | — |  |  | — |  |  | — |
Released (1) | (86) |  |  | 79.98 |  |  | (57) |  |  | 136.74 |
Forfeited for Performance Multiple (2) | (86) |  |  | 79.98 |  |  | (56) |  |  | 136.74 |
Outstanding at June 30 (3) | 516 |  | (4) | $ | 85.10 |  |  | 566 |  |  | $ | 74.60 |
(1)The total intrinsic value of Performance Units released was $10 million and $7 million for the six months ended June 30, 2023 and 2022, respectively. The intrinsic value is based upon the closing price of EOG's common stock on the date the Performance Units are released. (2)Upon completion of the Performance Period for the Performance Units granted in 2019 and 2018, a performance multiple of 50% was applied to each of the grants resulting in a forfeiture of Performance Units in both February 2023 and February 2022. (3)The total intrinsic value of Performance Units outstanding at June 30, 2023 and 2022, was approximately $59 million and $62 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 1,031 Performance Units could be outstanding.

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