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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 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 Consolidated Statements of Income and Comprehensive Income based upon the job functions of the employees receiving the grants. Compensation expense related to EOG's stock-based compensation plans for the years ended December 31, 2023, 2022 and 2021 was as follows (in millions):
| 2023 |  | 2022 |  | 2021
Lease and Well | $ | 54 |  |  | $ | 40 |  |  | $ | 49 |
Gathering and Processing Costs | 4 |  |  | 4 |  |  | 3 |
Exploration Costs | 24 |  |  | 15 |  |  | 20 |
General and Administrative | 95 |  |  | 74 |  |  | 80 |
Total | $ | 177 |  |  | $ | 133 |  |  | $ | 152 |
Schedule of Vesting | The vesting schedules for grants of stock options, SARs, restricted stock and restricted stock units, and Performance Units are generally as follows:
Grant Type |  | Vesting Schedule
Stock Options/SARs |  | Vesting in increments of one-third on each of the first three anniversaries, respectively, of the date of grant
Restricted Stock/Restricted Stock Units |  | "Cliff" vesting three years from the date of grant
Performance Units |  | "Cliff" vesting on the February 28th following the three-year performance period and the Compensation and Human Resources Committee's certification of the applicable performance multiple
Schedule of Weighted Average Fair Values and Valuation Assumptions | Weighted average fair values and valuation assumptions used to value stock option, SAR and ESPP grants for the years ended December 31, 2023, 2022 and 2021 were as follows:
|  | Stock Options/SARs |  | ESPP
|  |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Weighted Average Fair Value of Grants |  |  | $ | 28.30 |  |  | $ | 24.92 |  |  | $ | 29.35 |  |  | $ | 26.62 |  |  | $ | 18.12 |
Expected Volatility |  |  | 42.20 | % |  | 42.24 | % |  | 38.01 | % |  | 43.00 | % |  | 51.27 | %
Risk-Free Interest Rate |  |  | 0.89 | % |  | 0.50 | % |  | 5.02 | % |  | 1.30 | % |  | 0.07 | %
Dividend Yield |  |  | 3.28 | % |  | 2.26 | % |  | 2.68 | % |  | 2.89 | % |  | 2.89 | %
Expected Life |  |  | 5.3 years |  | 5.2 years |  | 0.5 years |  | 0.5 years |  | 0.5 years
Schedule of Share Based Compensation Arrangement By Share Based Payment Award | The following table sets forth the stock option and SAR transactions for the years ended December 31, 2023, 2022 and 2021 (stock options and SARs in thousands):
| 2023 |  | 2022 |  | 2021
| Number of Stock Options/ SARs |  | Weighted Average Grant Price |  | Number of Stock Options/ SARs |  | Weighted Average Grant Price |  | Number of Stock Options/ SARs |  | Weighted Average Grant Price
Outstanding at January 1 | 4,225 |  |  | $ | 77.49 |  |  | 9,969 |  |  | $ | 84.37 |  |  | 10,186 |  |  | $ | 84.08 |
Granted | — |  |  | — |  |  | 2 |  |  | 97.64 |  |  | 1,982 |  |  | 81.68 |
Exercised (1) | (1,294) |  |  | 73.01 |  |  | (5,526) |  |  | 89.70 |  |  | (1,130) |  |  | 63.98 |
Forfeited | (88) |  |  | 87.74 |  |  | (220) |  |  | 82.74 |  |  | (1,069) |  |  | 98.15 |
Outstanding at December 31 | 2,843 |  |  | 79.22 |  |  | 4,225 |  |  | 77.49 |  |  | 9,969 |  |  | 84.37 |
Stock Options/SARs Exercisable at December 31 | 2,282 |  |  | 78.60 |  |  | 2,462 |  |  | 84.53 |  |  | 6,197 |  |  | 95.33 |
(1)The total intrinsic value of stock options/SARs exercised during the years 2023, 2022 and 2021 was $70 million, $190 million and $27 million, respectively. The intrinsic value is based upon the difference between the market price of the Common Stock on the date of exercise and the grant price of the stock options/SARs.
Schedule of Stock Options and SARs Outstanding and Exercisable | The following table summarizes certain information for the stock options and SARs outstanding and exercisable at December 31, 2023 (stock options and SARs in thousands):
Stock Options/SARs Outstanding |  | Stock Options/SARs Exercisable
Range of Grant Prices |  | Stock Options/ SARs |  | Weighted Average Remaining Life (Years) |  | Weighted Average Grant Price |  | Aggregate Intrinsic Value(1) |  | Stock Options/ SARs |  | Weighted Average Remaining Life (Years) |  | Weighted Average Grant Price |  | Aggregate Intrinsic Value (1)
$ 34.00 to $ 52.99 |  | 634 |  |  | 3 |  | $ | 37.49 |  |  |  |  | 633 |  |  | 3 |  | $ | 37.46 |  |  |
53.00 to 80.99 |  | 380 |  |  | 3 |  | 74.99 |  |  |  |  | 376 |  |  | 3 |  | 75.03 |  |  |
81.00 to 81.99 |  | 1,140 |  |  | 5 |  | 81.81 |  |  |  |  | 588 |  |  | 4 |  | 81.81 |  |  |
82.00 to 96.99 |  | 246 |  |  | 1 |  | 95.97 |  |  |  |  | 242 |  |  | 1 |  | 96.09 |  |  |
97.00 to 129.99 |  | 443 |  |  | 2 |  | 126.57 |  |  |  |  | 443 |  |  | 2 |  | 126.58 |  |  |
|  | 2,843 |  |  | 3 |  | 79.22 |  |  | $ | 121 |  |  | 2,282 |  |  | 3 |  | 78.60 |  |  | $ | 99 |
(1)Based upon the difference between the closing market price of the Common Stock on the last trading day of the year and the grant price of in-the-money stock options and SARs, in millions.
Schedule of ESPP Activity | The following table summarizes ESPP activity for the years ended December 31, 2023, 2022 and 2021 (in thousands, except number of participants):
| 2023 |  | 2022 |  | 2021
Approximate Number of Participants | 2,015 |  |  | 1,969 |  |  | 2,036 |
Shares Purchased | 193 |  |  | 201 |  |  | 316 |
Aggregate Purchase Price | $ | 18,759 |  |  | $ | 17,250 |  |  | $ | 17,224 |
Schedule of Restricted Stock and Restricted Stock Unit Transactions | The following table sets forth the restricted stock and restricted stock unit transactions for the years ended December 31, 2023, 2022 and 2021 (shares and units in thousands):
| 2023 |  | 2022 |  | 2021
| Number of Shares and Units |  | Weighted Average Grant Date Fair Value |  | 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 |  |  | 4,742 |  |  | $ | 74.97 |
Granted | 1,680 |  |  | 131.10 |  |  | 1,637 |  |  | 113.21 |  |  | 1,422 |  |  | 81.50 |
Released (1) | (1,295) |  |  | 42.03 |  |  | (2,019) |  |  | 81.76 |  |  | (1,388) |  |  | 101.00 |
Forfeited | (134) |  |  | 93.54 |  |  | (185) |  |  | 68.89 |  |  | (96) |  |  | 68.26 |
Outstanding at December 31 (2) | 4,364 |  |  | 111.24 |  |  | 4,113 |  |  | 80.77 |  |  | 4,680 |  |  | 69.37 |
(1) (1)The total intrinsic value of restricted stock and restricted stock units released during the years ended December 31, 2023, 2022 and 2021 was $166 million, $223 million and $110 million, respectively. The intrinsic value is based upon the closing price of EOG's common stock on the date restricted stock and restricted stock units are released. (2) (2)The total intrinsic value of restricted stock and restricted stock units outstanding at December 31, 2023, 2022 and 2021 was $528 million, $533 million and $416 million, respectively. The intrinsic value is based on the closing market price of the Common Stock on the last trading day of the year.
Schedule of Weighted Average Fair Values and Valuation Assumptions for Performance Units/Stocks | Weighted average fair values and valuation assumptions used to value Performance Units during the years ended December 31, 2023, 2022 and 2021 were as follows:
| 2023 |  | 2022 |  | 2021
Weighted Average Fair Value of Grants | $ | 142.20 |  |  | $ | 126.55 |  |  | $ | 95.16 |
Expected Volatility | 44.76 | % |  | 56.11 | % |  | 53.80 | %
Risk-Free Interest Rate | 4.53 | % |  | 4.01 | % |  | 0.59 | %
Schedule of Performance Unit and Performance Stock Transactions | The following table sets forth the Performance Unit transactions for the years ended December 31, 2023, 2022 and 2021 (units in thousands):
| 2023 |  | 2022 |  | 2021
| Number of Units |  |  | Weighted Average Grant Date Fair Value |  | 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 |  |  | 613 |  |  | $ | 88.38 |
Granted | 114 |  |  |  | 142.20 |  |  | 122 |  |  | 126.55 |  |  | 222 |  |  | 95.16 |
Granted for Performance Multiple (1) | — |  |  |  | — |  |  | — |  |  | — |  |  | 19 |  |  | 113.81 |
Released (2) | (86) |  |  |  | 79.98 |  |  | (57) |  |  | 136.74 |  |  | (175) |  |  | 113.06 |
Forfeited for Performance Multiple (3) | (86) |  |  |  | 79.98 |  |  | (56) |  |  | 136.74 |  |  | — |  |  | — |
Outstanding at December 31 (4) | 630 |  | (5) |  | 95.49 |  |  | 688 |  |  | 83.82 |  |  | 679 |  |  | 84.97 |
(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 additional grants of Performance Units in February 2021. (2)The total intrinsic value of Performance Units released during the years ended December 31, 2023, 2022 and 2021 was $10 million, $7 million and $13 million, respectively. The intrinsic value is based upon the closing price of EOG's common stock on the date Performance Units are released. (3)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. (4)The total intrinsic value of Performance Units outstanding at December 31, 2023, 2022 and 2021 was $76 million, $89 million and $60 million, respectively. The intrinsic value is based on the closing market price of the Common Stock on the last trading day of the year. (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 1,261 Performance Units could be outstanding.

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