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Stock-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2024
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, |  |
| 2024 |  | 2023 |  |  |  |
Lease and Well | $ | 13 |  |  | $ | 12 |  |  |  |  |
Gathering, Processing and Transportation Costs | 2 |  |  | 1 |  |  |  |  |
Exploration Costs | 6 |  |  | 5 |  |  |  |  |
General and Administrative | 24 |  |  | 16 |  |  |  |  |
Total | $ | 45 |  |  | $ | 34 |  |  |  |  |
Schedule of Weighted Average Fair Values and Valuation Assumptions | Weighted average fair values and valuation assumptions used to value ESPP grants during the three-month periods ended March 31, 2024 and 2023 are as follows:
|  |  | ESPP
|  |  | Three Months Ended March 31,
|  |  | 2024 |  | 2023
Weighted Average Fair Value of Grants |  |  | $ | 26.10 |  |  | $ | 32.31 |
Expected Volatility |  |  | 27.58 | % |  | 42.97 | %
Risk-Free Interest Rate |  |  | 5.11 | % |  | 4.66 | %
Dividend Yield |  |  | 2.91 | % |  | 2.47 | %
Expected Life |  |  | 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 three-month periods ended March 31, 2024 and 2023 (stock options and SARs in thousands):
| Three Months Ended March 31, 2024 |  | Three Months Ended March 31, 2023
| Number of Stock Options/SARs |  | Weighted Average Exercise Price |  | Number of Stock Options/SARs |  | Weighted Average Exercise Price
Outstanding at January 1 | 2,843 |  |  | $ | 79.22 |  |  | 4,225 |  |  | $ | 77.49 |
Exercised (1) | (208) |  |  | 59.16 |  |  | (175) |  |  | 77.08 |
Forfeited | (16) |  |  | 79.54 |  |  | (31) |  |  | 79.83 |
Outstanding at March 31 (2) | 2,619 |  |  | $ | 80.80 |  |  | 4,019 |  |  | $ | 77.49 |
Vested or Expected to Vest (3) | 2,574 |  |  | $ | 80.79 |  |  | 3,875 |  |  | $ | 77.86 |
Exercisable at March 31 (4) | 2,074 |  |  | $ | 80.54 |  |  | 2,294 |  |  | $ | 84.89 |
(1)The total intrinsic value of stock options/SARs exercised during the three months ended March 31, 2024 and 2023 was $13 million and $8 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, 2024 and 2023 was $123 million and $155 million, respectively. At March 31, 2024 and 2023, the weighted average remaining contractual life was 3.1 years and 3.9 years, respectively. (3)The total intrinsic value of stock options/SARs vested or expected to vest at March 31, 2024 and 2023 was $121 million and $149 million, respectively. At March 31, 2024 and 2023, the weighted average remaining contractual life was 3.0 years and 3.8 years, respectively. (4)The total intrinsic value of stock options/SARs exercisable at March 31, 2024 and 2023 was $98 million and $74 million, respectively. At March 31, 2024 and 2023, the weighted average remaining contractual life was 2.7 years and 2.9 years, respectively.
Schedule of 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, 2024 and 2023 (shares and units in thousands):
| Three Months Ended March 31, 2024 |  | Three Months Ended March 31, 2023
| 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 | 4,364 |  |  | $ | 111.24 |  |  | 4,113 |  |  | $ | 80.77 |
Granted | 60 |  |  | 116.42 |  |  | 36 |  |  | 122.34 |
Released (1) | (91) |  |  | 96.26 |  |  | (38) |  |  | 55.23 |
Forfeited | (78) |  |  | 113.86 |  |  | (42) |  |  | 84.23 |
Outstanding at March 31 (2) | 4,255 |  |  | $ | 111.58 |  |  | 4,069 |  |  | $ | 81.33 |
(1)The total intrinsic value of restricted stock and restricted stock units released during the three months ended March 31, 2024 and 2023, was $11 million and $4 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, 2024 and 2023, was $544 million and $466 million, respectively.
Schedule of Performance Award Transactions | The following table sets forth the Performance Unit transactions for the three-month periods ended March 31, 2024 and 2023 (units in thousands):
| Three Months Ended March 31, 2024 |  | Three Months Ended March 31, 2023
| Number of Units |  | Weighted Average Grant Date Fair Value |  | Number of Units |  | Weighted Average Grant Date Fair Value
Outstanding at January 1 | 630 |  |  | $ | 95.49 |  |  | 688 |  |  | $ | 83.82 |
Granted | 6 |  |  | 125.28 |  |  | — |  |  | — |
Released (1) | (45) |  |  | 43.33 |  |  | (86) |  |  | 79.98 |
Forfeited for Performance Multiple (2) | (135) |  |  | 43.33 |  |  | (86) |  |  | 79.98 |
Outstanding at March 31 (3) | 456 |  | (4) | $ | 116.45 |  |  | 516 |  |  | $ | 85.10 |
(1)The total intrinsic value of Performance Units released was $5 million and $10 million for the three months ended March 31, 2024 and 2023, 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 2020 and 2019, a performance multiple of 25% and 50% was applied to each of the grants resulting in a forfeiture of Performance Units in February 2024 and February 2023, respectively. (3)The total intrinsic value of Performance Units outstanding at March 31, 2024 and 2023, was approximately $58 million and $59 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 913 Performance Units could be outstanding.

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