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Income Taxes | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The principal components of EOG's total net deferred income tax liabilities at December 31, 2023 and 2022 were as follows (in millions):
| 2023 |  | 2022
Deferred Income Tax Assets (Liabilities) |  |  |
Foreign Oil and Gas Exploration and Development Costs Deducted for Tax Under Book Depreciation, Depletion and Amortization | $ | (26) |  |  | $ | (18) |
Foreign Asset Retirement Obligations | 84 |  |  | 81 |
Foreign Accrued Expenses and Liabilities | 12 |  |  | 13 |
Foreign Net Operating Loss | 97 |  |  | 82 |
Foreign Valuation Allowances | (126) |  |  | (116) |
Foreign Other | 1 |  |  | (9) |
Total Net Deferred Income Tax Assets | $ | 42 |  |  | $ | 33 |
Deferred Income Tax (Assets) Liabilities |  |  |
Oil and Gas Exploration and Development Costs Deducted for Tax Over Book Depreciation, Depletion and Amortization | $ | 5,778 |  |  | $ | 5,291 |
Financial Commodity Derivative Contracts | — |  |  | (421) |
Deferred Compensation Plans | (61) |  |  | (58) |
Equity Awards | (59) |  |  | (60) |
Corporate Alternative Minimum Tax | (212) |  |  | — |
Other | (44) |  |  | (42) |
Total Net Deferred Income Tax Liabilities | $ | 5,402 |  |  | $ | 4,710 |
Total Net Deferred Income Tax Liabilities | $ | 5,360 |  |  | $ | 4,677 |
The components of Income Before Income Taxes for the years indicated below were as follows (in millions):
| 2023 |  | 2022 |  | 2021
United States | $ | 9,576 |  |  | $ | 9,752 |  |  | $ | 5,787 |
Foreign | 113 |  |  | 149 |  |  | 146 |
Total | $ | 9,689 |  |  | $ | 9,901 |  |  | $ | 5,933 |
The principal components of EOG's Income Tax Provision (Benefit) for the years indicated below were as follows (in millions):
| 2023 |  | 2022 |  | 2021
Current: |  |  |  |  |
Federal | $ | 1,334 |  |  | $ | 2,020 |  |  | $ | 1,203 |
State | 76 |  |  | 126 |  |  | 85 |
Foreign | 5 |  |  | 62 |  |  | 105 |
Total | 1,415 |  |  | 2,208 |  |  | 1,393 |
Deferred: |  |  |  |  |
Federal | 628 |  |  | (2) |  |  | (41) |
State | 55 |  |  | (37) |  |  | (62) |
Foreign | — |  |  | (22) |  |  | (19) |
Total | 683 |  |  | (61) |  |  | (122) |
Other Non-Current: |  |  |  |  |
Foreign | (3) |  |  | (5) |  |  | (2) |
Total | (3) |  |  | (5) |  |  | (2) |
Income Tax Provision | $ | 2,095 |  |  | $ | 2,142 |  |  | $ | 1,269 |
The differences between taxes computed at the U.S. federal statutory tax rate and EOG's effective rate for the years indicated below were as follows:
| 2023 |  | 2022 |  | 2021
Statutory Federal Income Tax Rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State Income Tax, Net of Federal Benefit | 1.0 |  |  | 0.7 |  |  | 0.3 |
Income Tax Provision Related to Foreign Operations | (0.2) |  |  | — |  |  | 0.9 |
Stock-Based Compensation | — |  |  | — |  |  | 0.2 |
Other | (0.2) |  |  | — |  |  | (1.0) |
Effective Income Tax Rate | 21.6 | % |  | 21.7 | % |  | 21.4 | %
Deferred tax assets are recorded for future deductible amounts and certain other tax benefits, such as tax net operating losses (NOLs) and tax credit carryforwards, provided that management assesses the utilization of such assets to be "more likely than not." Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. On the basis of this evaluation, EOG has recorded valuation allowances for the portion of certain foreign and state deferred tax assets that management does not believe are more likely than not to be realized. The principal components of EOG's rollforward of valuation allowances for deferred income tax assets for the years indicated below were as follows (in millions):
| 2023 |  | 2022 |  | 2021
Beginning Balance | $ | 207 |  |  | $ | 219 |  |  | $ | 219 |
Increase (1) | 8 |  |  | 27 |  |  | 15 |
Decrease (2) | — |  |  | (33) |  |  | (14) |
Other (3) | 1 |  |  | (6) |  |  | (1) |
Ending Balance | $ | 216 |  |  | $ | 207 |  |  | $ | 219 |
(1) Increase in valuation allowance related to the generation of tax NOLs and other deferred tax assets. (2) Decrease in valuation allowance associated with adjustments to certain deferred tax assets and their related allowances. (3) Represents dispositions, revisions and/or foreign exchange rate variances and the effect of statutory income tax rate changes. As of December 31, 2023, EOG has state income tax NOLs of approximately $1.9 billion. Certain state NOLs have an indefinite carryforward and all others expire between 2024 and 2040. EOG also has Canadian NOLs of $333 million, some of which can be carried forward up to 20 years. In 2023, EOG accrued corporate alternative minimum tax (CAMT) of $212 million which resulted in a credit that can be carried forward indefinitely to offset regular federal income taxes in subsequent years. As described previously, these NOLs and other tax benefits have been evaluated for the likelihood of utilization, and valuation allowances have been established for the portion of these deferred income tax assets that do not meet the "more likely than not" threshold. The ability of EOG to utilize CAMT credit carryforwards may be subject to various limitations under the Internal Revenue Code. Such limitations may arise if certain ownership changes (as defined for federal income tax purposes) were to occur. As of December 31, 2023, EOG does not have any unrecognized tax benefits. Consequently, no interest or penalties have been recognized in the Consolidated Statements of Income and Comprehensive Income. EOG does not expect its unrecognized tax benefits to change significantly in the next twelve months. EOG and its subsidiaries file income tax returns and are subject to tax audits in the U.S. and various state, local and foreign jurisdictions. EOG's earliest open tax years in its principal jurisdictions are as follows: U.S. federal (2020), Trinidad (2015), Canada (2019), Oman (2020) and Australia (2021). EOG's foreign subsidiaries' undistributed earnings are not considered to be permanently reinvested outside of the U.S. and, when appropriate, deferred income taxes have been accrued on any such outside basis differences. Additionally, EOG’s foreign earnings may be subject to the U.S. federal "global intangible low-taxed income" (GILTI) inclusion. EOG records any GILTI tax as a period expense.

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