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Leases | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Leases | Leases Lease costs are classified by the function of the ROU asset. The lease costs related to exploration and development activities are initially included in the Oil and Gas Properties line on the Consolidated Balance Sheets and subsequently accounted for in accordance with the Extractive Industries - Oil and Gas Topic of the ASC. Variable lease cost represents costs incurred above the contractual minimum payments and other charges associated with leased equipment, primarily for drilling and fracturing contracts classified as operating leases. The components of lease cost for the years ended December 31, 2023, 2022 and 2021 were as follows (in millions):
| 2023 |  | 2022 |  | 2021
Operating Lease Cost | $ | 387 |  |  | $ | 282 |  |  | $ | 295 |
Finance Lease Cost: |  |  |  |  |
Amortization of Lease Assets | 33 |  |  | 36 |  |  | 39 |
Interest on Lease Liabilities | 5 |  |  | 6 |  |  | 7 |
Variable Lease Cost | 91 |  |  | 71 |  |  | 63 |
Short-Term Lease Cost | 567 |  |  | 425 |  |  | 257 |
Total Lease Cost | $ | 1,083 |  |  | $ | 820 |  |  | $ | 661 |
The following table sets forth the amounts and classification of EOG's outstanding ROU assets and related lease liabilities at December 31, 2023 and 2022 and supplemental information for the years ended December 31, 2023 and 2022 (in millions, except lease terms and discount rates):
Description |  | Location on Balance Sheet |  | 2023 |  | 2022
Assets |  |  |  |  |  |
Operating Leases |  | Other Assets |  | $ | 974 |  |  | $ | 846 |
Finance Leases |  | Property, Plant and Equipment, Net (1) |  | 170 |  |  | 203 |
Total |  |  |  | $ | 1,144 |  |  | $ | 1,049 |
Liabilities |  |  |  |  |  |
Current |  |  |  |  |  |
Operating Leases |  | Current Portion of Operating Lease Liabilities |  | $ | 325 |  |  | $ | 296 |
Finance Leases |  | Current Portion of Long-Term Debt |  | 34 |  |  | 33 |
Long-Term |  |  |  |  |  |
Operating Leases |  | Other Liabilities |  | 676 |  |  | 584 |
Finance Leases |  | Long-Term Debt |  | 149 |  |  | 182 |
Total |  |  |  | $ | 1,184 |  |  | $ | 1,095 |
(1) Finance lease assets are recorded net of accumulated amortization of $190 million and $157 million at December 31, 2023 and 2022, respectively.
| 2023 |  | 2022
Weighted Average Remaining Lease Term (in years): |  |  |
Operating Leases | 5.3 |  | 4.9
Finance Leases | 5.5 |  | 6.5
Weighted Average Discount Rate: |  |  |
Operating Leases | 4.3 | % |  | 3.4 | %
Finance Leases | 2.6 | % |  | 2.6 | %
Cash paid for leases for the years ended December 31, 2023, 2022 and 2021 was as follows (in millions):
| 2023 |  | 2022 |  | 2021
Repayment of Operating Lease Liabilities Associated with Operating Activities | $ | 226 |  |  | $ | 199 |  |  | $ | 207 |
Repayment of Operating Lease Liabilities Associated with Investing Activities | 172 |  |  | 95 |  |  | 98 |
Repayment of Finance Lease Liabilities | 32 |  |  | 35 |  |  | 37 |
Non-cash leasing activities for the year ended December 31, 2023, included the additions of $727 million of operating leases and no finance leases. Non-cash leasing activities for the year ended December 31, 2022, included the additions of $511 million of operating leases and no finance leases. Non-cash leasing activities for the year ended December 31, 2021, included the additions of $333 million of operating leases and $74 million of finance leases. At December 31, 2023, the future minimum lease payments under non-cancellable leases were as follows (in millions):
| Operating Leases |  | Finance Leases
2024 | $ | 363 |  |  | $ | 37 |
2025 | 213 |  |  | 35 |
2026 | 129 |  |  | 30 |
2027 | 100 |  |  | 30 |
2028 | 99 |  |  | 30 |
2029 and beyond | 222 |  |  | 35 |
Total Lease Payments | 1,126 |  |  | 197 |
Less: Discount to Present Value | 125 |  |  | 14 |
Total Lease Liabilities | 1,001 |  |  | 183 |
Less: Current Portion of Lease Liabilities | 325 |  |  | 34 |
Long-Term Lease Liabilities | $ | 676 |  |  | $ | 149 |
At December 31, 2023, EOG had additional minimum lease payments of $350 million, which are expected to commence beginning in 2024 with lease terms of two to ten years.
Leases | Leases Lease costs are classified by the function of the ROU asset. The lease costs related to exploration and development activities are initially included in the Oil and Gas Properties line on the Consolidated Balance Sheets and subsequently accounted for in accordance with the Extractive Industries - Oil and Gas Topic of the ASC. Variable lease cost represents costs incurred above the contractual minimum payments and other charges associated with leased equipment, primarily for drilling and fracturing contracts classified as operating leases. The components of lease cost for the years ended December 31, 2023, 2022 and 2021 were as follows (in millions):
| 2023 |  | 2022 |  | 2021
Operating Lease Cost | $ | 387 |  |  | $ | 282 |  |  | $ | 295 |
Finance Lease Cost: |  |  |  |  |
Amortization of Lease Assets | 33 |  |  | 36 |  |  | 39 |
Interest on Lease Liabilities | 5 |  |  | 6 |  |  | 7 |
Variable Lease Cost | 91 |  |  | 71 |  |  | 63 |
Short-Term Lease Cost | 567 |  |  | 425 |  |  | 257 |
Total Lease Cost | $ | 1,083 |  |  | $ | 820 |  |  | $ | 661 |
The following table sets forth the amounts and classification of EOG's outstanding ROU assets and related lease liabilities at December 31, 2023 and 2022 and supplemental information for the years ended December 31, 2023 and 2022 (in millions, except lease terms and discount rates):
Description |  | Location on Balance Sheet |  | 2023 |  | 2022
Assets |  |  |  |  |  |
Operating Leases |  | Other Assets |  | $ | 974 |  |  | $ | 846 |
Finance Leases |  | Property, Plant and Equipment, Net (1) |  | 170 |  |  | 203 |
Total |  |  |  | $ | 1,144 |  |  | $ | 1,049 |
Liabilities |  |  |  |  |  |
Current |  |  |  |  |  |
Operating Leases |  | Current Portion of Operating Lease Liabilities |  | $ | 325 |  |  | $ | 296 |
Finance Leases |  | Current Portion of Long-Term Debt |  | 34 |  |  | 33 |
Long-Term |  |  |  |  |  |
Operating Leases |  | Other Liabilities |  | 676 |  |  | 584 |
Finance Leases |  | Long-Term Debt |  | 149 |  |  | 182 |
Total |  |  |  | $ | 1,184 |  |  | $ | 1,095 |
(1) Finance lease assets are recorded net of accumulated amortization of $190 million and $157 million at December 31, 2023 and 2022, respectively.
| 2023 |  | 2022
Weighted Average Remaining Lease Term (in years): |  |  |
Operating Leases | 5.3 |  | 4.9
Finance Leases | 5.5 |  | 6.5
Weighted Average Discount Rate: |  |  |
Operating Leases | 4.3 | % |  | 3.4 | %
Finance Leases | 2.6 | % |  | 2.6 | %
Cash paid for leases for the years ended December 31, 2023, 2022 and 2021 was as follows (in millions):
| 2023 |  | 2022 |  | 2021
Repayment of Operating Lease Liabilities Associated with Operating Activities | $ | 226 |  |  | $ | 199 |  |  | $ | 207 |
Repayment of Operating Lease Liabilities Associated with Investing Activities | 172 |  |  | 95 |  |  | 98 |
Repayment of Finance Lease Liabilities | 32 |  |  | 35 |  |  | 37 |
Non-cash leasing activities for the year ended December 31, 2023, included the additions of $727 million of operating leases and no finance leases. Non-cash leasing activities for the year ended December 31, 2022, included the additions of $511 million of operating leases and no finance leases. Non-cash leasing activities for the year ended December 31, 2021, included the additions of $333 million of operating leases and $74 million of finance leases. At December 31, 2023, the future minimum lease payments under non-cancellable leases were as follows (in millions):
| Operating Leases |  | Finance Leases
2024 | $ | 363 |  |  | $ | 37 |
2025 | 213 |  |  | 35 |
2026 | 129 |  |  | 30 |
2027 | 100 |  |  | 30 |
2028 | 99 |  |  | 30 |
2029 and beyond | 222 |  |  | 35 |
Total Lease Payments | 1,126 |  |  | 197 |
Less: Discount to Present Value | 125 |  |  | 14 |
Total Lease Liabilities | 1,001 |  |  | 183 |
Less: Current Portion of Lease Liabilities | 325 |  |  | 34 |
Long-Term Lease Liabilities | $ | 676 |  |  | $ | 149 |
At December 31, 2023, EOG had additional minimum lease payments of $350 million, which are expected to commence beginning in 2024 with lease terms of two to ten years.

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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