EOG Resources (EOG) 10-Q4 May 232023 Q1 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2023	Apr. 27, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	1-9743
Entity Registrant Name	EOG RESOURCES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-0684736
Entity Address, Address Line One	1111 Bagby
Entity Address, Address Line Two	Sky Lobby 2
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77002
City Area Code	713
Local Phone Number	651-7000
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	EOG
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		584,858,641
Entity Central Index Key	0000821189
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating Revenues and Other
Total	$ 6,044	$ 3,983
Operating Expenses
Lease and Well	359	318
Transportation Costs	236	228
Gathering and Processing Costs	159	144
Exploration Costs	50	45
Dry Hole Costs	1	3
Impairments	34	55
Marketing Costs	1,361	1,283
Depreciation, Depletion and Amortization	798	847
General and Administrative	145	124
Taxes Other Than Income	329	390
Total	3,472	3,437
Operating Income	2,572	546
Other Income (Expense), Net	65	(1)
Income Before Interest Expense and Income Taxes	2,637	545
Interest Expense, Net	42	48
Income Before Income Taxes	2,595	497
Income Tax Provision	572	107
Net Income	$ 2,023	$ 390
Net Income Per Share
Basic (in USD per share)	$ 3.46	$ 0.67
Diluted (in USD per share)	$ 3.45	$ 0.67
Average Number of Common Shares
Basic (in shares)	584	582
Diluted (in shares)	587	586
Comprehensive Income
Net Income	$ 2,023	$ 390
Other Comprehensive Loss
Foreign Currency Translation Adjustments	0	(1)
Other, Net of Tax	0	0
Other Comprehensive Loss	0	(1)
Comprehensive Income	2,023	389
Crude Oil and Condensate
Operating Revenues and Other
Revenue from contract with customer	3,182	3,889
Natural Gas Liquids
Operating Revenues and Other
Revenue from contract with customer	490	681
Natural Gas
Operating Revenues and Other
Revenue from contract with customer	517	716
Gains (Losses) on Mark-to-Market Financial Commodity Derivative Contracts
Operating Revenues and Other
Revenue not from contract with customer	376	(2,820)
Gathering, Processing and Marketing
Operating Revenues and Other
Revenue from contract with customer	1,390	1,469
Gains on Asset Dispositions, Net
Operating Revenues and Other
Revenue not from contract with customer	69	25
Other, Net
Operating Revenues and Other
Revenue not from contract with customer	$ 20	$ 23

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current Assets
Cash and Cash Equivalents	$ 5,018	$ 5,972
Accounts Receivable, Net	2,455	2,774
Inventories	1,131	1,058
Income Taxes Receivable	0	97
Other	580	574
Total	9,184	10,475
Property, Plant and Equipment
Oil and Gas Properties (Successful Efforts Method)	67,907	67,322
Other Property, Plant and Equipment	5,101	4,786
Total Property, Plant and Equipment	73,008	72,108
Less: Accumulated Depreciation, Depletion and Amortization	(42,785)	(42,679)
Total Property, Plant and Equipment, Net	30,223	29,429
Deferred Income Taxes	31	33
Other Assets	1,587	1,434
Total Assets	41,025	41,371
Current Liabilities
Accounts Payable	2,438	2,532
Accrued Taxes Payable	637	405
Dividends Payable	482	482
Liabilities from Price Risk Management Activities	31	169
Current Portion of Long-Term Debt	33	1,283
Current Portion of Operating Lease Liabilities	354	296
Other	253	346
Total	4,228	5,513
Long-Term Debt	3,787	3,795
Other Liabilities	2,620	2,574
Deferred Income Taxes	4,943	4,710
Commitments and Contingencies (Note 8)
Stockholders' Equity
Common Stock, $0.01 Par, 1,280,000,000 Shares Authorized and 588,534,131 Shares Issued at March 31, 2023 and 588,396,757 Shares Issued at December 31, 2022	206	206
Additional Paid in Capital	6,219	6,187
Accumulated Other Comprehensive Loss	(8)	(8)
Retained Earnings	19,423	18,472
Common Stock Held in Treasury, 3,694,718 Shares at March 31, 2023 and 700,281 Shares at December 31, 2022	(393)	(78)
Total Stockholders' Equity	25,447	24,779
Total Liabilities and Stockholders' Equity	$ 41,025	$ 41,371

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,280,000,000	1,280,000,000
Common stock, shares issued (in shares)	588,534,131	588,396,757
Common stock held in treasury (in shares)	3,694,718	700,281

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Millions	Total	Common Stock	Additional Paid In Capital	Accumulated Other Comprehensive Loss	Retained Earnings	Common Stock Held In Treasury
Beginning balance at Dec. 31, 2021	$ 22,180	$ 206	$ 6,087	$ (12)	$ 15,919	$ (20)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	390				390
Common stock dividends declared	(1,026)				(1,026)
Other Comprehensive Loss	(1)			(1)
Common Stock Issued Under Stock Plans	0		0
Restricted Stock and Restricted Stock Units, Net	0		(3)			3
Stock-Based Compensation Expenses	35		35
Change in Treasury Stock - Stock Compensation Plans, Net	(38)		(24)			(14)
Ending balance at Mar. 31, 2022	21,540	206	6,095	(13)	15,283	(31)
Beginning balance at Dec. 31, 2022	24,779	206	6,187	(8)	18,472	(78)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	2,023				2,023
Common stock dividends declared	(1,072)				(1,072)
Other Comprehensive Loss	0			0
Common Stock Issued Under Stock Plans	0		0
Restricted Stock and Restricted Stock Units, Net	0		1			(1)
Stock-Based Compensation Expenses	34		34
Treasury Stock Repurchased	(310)					(310)
Change in Treasury Stock - Stock Compensation Plans, Net	(7)		(3)			(4)
Ending balance at Mar. 31, 2023	$ 25,447	$ 206	$ 6,219	$ (8)	$ 19,423	$ (393)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares		3 Months Ended
	Feb. 23, 2023	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Common stock dividends declared (in USD per share)	$ 0.825	$ 1.825	$ 1.75

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash Flows from Operating Activities
Net Income	$ 2,023	$ 390
Items Not Requiring (Providing) Cash
Depreciation, Depletion and Amortization	798	847
Impairments	34	55
Stock-Based Compensation Expenses	34	35
Deferred Income Taxes	234	(465)
Gains on Asset Dispositions, Net	(69)	(25)
Other, Net	4	6
Dry Hole Costs	1	3
Mark-to-Market Financial Commodity Derivative Contracts
(Gains) Losses, Net	(376)	2,820
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts	(123)	(296)
Other, Net	(1)	2
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable	338	(878)
Inventories	(77)	(14)
Accounts Payable	(77)	130
Accrued Taxes Payable	232	613
Other Assets	52	(213)
Other Liabilities	193	(2,250)
Changes in Components of Working Capital Associated with Investing Activities	35	68
Net Cash Provided by Operating Activities	3,255	828
Investing Cash Flows
Additions to Oil and Gas Properties	(1,305)	(939)
Additions to Other Property, Plant and Equipment	(319)	(70)
Proceeds from Sales of Assets	92	121
Changes in Components of Working Capital Associated with Investing Activities	(35)	(68)
Net Cash Used in Investing Activities	(1,567)	(956)
Financing Cash Flows
Long-Term Debt Repayments	(1,250)	0
Dividends Paid	(1,067)	(1,023)
Treasury Stock Purchased	(317)	(43)
Proceeds from Stock Options Exercised and Employee Stock Purchase Plan	0	4
Repayment of Finance Lease Liabilities	(8)	(10)
Net Cash Used in Financing Activities	(2,642)	(1,072)
Effect of Exchange Rate Changes on Cash	0	0
Decrease in Cash and Cash Equivalents	(954)	(1,200)
Cash and Cash Equivalents at Beginning of Period	5,972	5,209
Cash and Cash Equivalents at End of Period	$ 5,018	$ 4,009

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies General. The condensed consolidated financial statements of EOG Resources, Inc., together with its subsidiaries (collectively, EOG), included herein have been prepared by management without audit pursuant to the rules and regulations of the United States Securities and Exchange Commission (SEC). Accordingly, they reflect all normal recurring adjustments which are, in the opinion of management, necessary for a fair presentation of the financial results for the interim periods presented. Certain information and notes normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) have been condensed or omitted pursuant to such rules and regulations. However, management believes that the disclosures included either on the face of the financial statements or in these notes are sufficient to make the interim information presented not misleading. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in EOG's Annual Report on Form 10-K for the year ended December 31, 2022, filed on February 23, 2023 (EOG's 2022 Annual Report). The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The operating results for the three months ended March 31, 2023, are not necessarily indicative of the results to be expected for the full year. Recently Issued Accounting Standards. In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-04, "Reference Rate Reform (Topic 848)" (ASU 2020-04), which provides optional expedients and exceptions for accounting treatment of contracts which are affected by the anticipated discontinuation of the London InterBank Offered Rate (LIBOR) and other rates resulting from rate reform. Contract terms that are modified due to the replacement of a reference rate are not required to be remeasured or reassessed under relevant accounting standards. Early adoption is permitted. ASU 2020-04 covers certain contracts which reference these rates and that were entered into on or before December 31, 2022. In December 2022, the FASB issued ASU 2022-06, "Reference Rate Reform (Topic 848)" (ASU 2022-06), which deferred the sunset date of Topic 848 until December 31, 2024. EOG has evaluated the provisions of ASU 2020-04 and ASU 2022-06 and has concluded that their application will not have a material impact on EOG's consolidated financial statements and related disclosures related to its $2.0 billion senior unsecured Revolving Credit Agreement.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
Stock-Based Compensation	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation As more fully discussed in Note 7 to the Consolidated Financial Statements included in EOG's 2022 Annual Report, EOG maintains various stock-based compensation plans. 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 2023 2022 Lease and Well $ 12 $ 13 Gathering and Processing Costs 1 1 Exploration Costs 5 5 General and Administrative 16 16 Total $ 34 $ 35 EOG's stockholders approved the EOG Resources, Inc. 2021 Omnibus Equity Compensation Plan (2021 Plan) at the 2021 Annual Meeting of Stockholders. Therefore, no further grants were made from the Amended and Restated EOG Resources, Inc. 2008 Omnibus Equity Compensation Plan (2008 Plan) from and after the April 29, 2021 effective date of the 2021 Plan. The 2021 Plan provides for grants of stock options, stock-settled stock appreciation rights (SARs), restricted stock and restricted stock units, restricted stock units with performance-based conditions (together with the performance units granted under the 2008 Plan, Performance Units) and other stock-based awards, up to an aggregate maximum of 20 million shares of common stock, plus any shares that were subject to outstanding awards under the 2008 Plan as of April 29, 2021, that are subsequently canceled, forfeited, expire or are otherwise not issued or are settled in cash. Under the 2021 Plan, grants may be made to employees and non-employee members of EOG's Board of Directors (Board). At March 31, 2023, approximately 16 million common shares remained available for grant under the 2021 Plan. EOG's policy is to issue shares related to the 2021 Plan grants from previously authorized unissued shares or treasury shares to the extent treasury shares are available. Stock Options and Stock-Settled Stock Appreciation Rights and Employee Stock Purchase Plan . The fair value of stock option grants and SAR grants is estimated using the Hull-White II binomial option pricing model. The fair value of Employee Stock Purchase Plan (ESPP) grants is estimated using the Black-Scholes-Merton model. Stock-based compensation expense related to stock option, SAR and ESPP grants totaled $6 million and $8 million during the three months ended March 31, 2023 and 2022, respectively. EOG did not grant any stock options or SARs during the three-month period ended March 31, 2023. Weighted average fair values and valuation assumptions used to value stock options and SARs granted during the three-month period ended March 31, 2022 and ESPP grants during the three-month periods ended March 31, 2023 and 2022 are as follows: Stock Options/SARs ESPP Three Months Ended Three Months Ended 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 Expected volatility is based on an equal weighting of historical volatility and implied volatility from traded options in EOG's common stock. The risk-free interest rate is based upon United States Treasury yields in effect at the time of grant. The expected life is based upon historical experience and contractual terms of stock option, SAR and ESPP grants. The following table sets forth stock option and SAR transactions for the three-month periods ended March 31, 2023 and 2022 (stock options and SARs in thousands): Three Months Ended Three Months Ended Number of Weighted Number of Weighted Outstanding at January 1 4,225 $ 77.49 9,969 $ 84.37 Granted — — 2 97.64 Exercised (1) (175) 77.08 (2,324) 84.63 Forfeited (31) 79.83 (81) 85.86 Outstanding at March 31 (2) 4,019 $ 77.49 7,566 $ 84.28 Vested or Expected to Vest (3) 3,875 $ 77.86 7,256 $ 85.05 Exercisable at March 31 (4) 2,294 $ 84.89 3,886 $ 101.26 (1) The total intrinsic value of stock options/SARs exercised during the three months ended March 31, 2023 and 2022 was $8 million and $62 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, 2023 and 2022 was $155 million and $277 million, respectively. At March 31, 2023 and 2022, the weighted average remaining contractual life was 3.9 years and 4.3 years, respectively. (3) The total intrinsic value of stock options/SARs vested or expected to vest at March 31, 2023 and 2022 was $149 million and $260 million, respectively. At March 31, 2023 and 2022, the weighted average remaining contractual life was 3.8 years and 4.3 years, respectively. (4) The total intrinsic value of stock options/SARs exercisable at March 31, 2023 and 2022 was $74 million and $82 million, respectively. At both March 31, 2023 and 2022, the weighted average remaining contractual life was 2.9 years. At March 31, 2023, unrecognized compensation expense related to non-vested stock option, SAR and ESPP grants totaled $28 million. Such unrecognized expense will be amortized on a straight-line basis over a weighted average period of 1.1 years. Restricted Stock and Restricted Stock Units. Employees may be granted restricted (non-vested) stock and/or restricted stock units without cost to them. Stock-based compensation expense related to restricted stock and restricted stock units totaled $25 million for each of the three months ended March 31, 2023 and 2022. The following table sets forth restricted stock and restricted stock unit transactions for the three-month periods ended March 31, 2023 and 2022 (shares and units in thousands): Three Months Ended Three Months Ended Number of Weighted Number of Weighted Outstanding at January 1 4,113 $ 80.77 4,680 $ 69.37 Granted 36 122.34 14 110.66 Released (1) (38) 55.23 (699) 93.37 Forfeited (42) 84.23 (51) 66.77 Outstanding at March 31 (2) 4,069 $ 81.33 3,944 $ 65.30 (1) The total intrinsic value of restricted stock and restricted stock units released during the three months ended March 31, 2023 and 2022 was $4 million and $81 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, 2023 and 2022 was $466 million and $470 million, respectively. At March 31, 2023, unrecognized compensation expense related to restricted stock and restricted stock units totaled $261 million. Such unrecognized expense will be amortized on a straight-line basis over a weighted average period of 1.6 years. Performance Units. EOG grants Performance Units annually to its executive officers without cost to them. For the grants made prior to September 2022, as more fully discussed in the grant agreements, the applicable performance metric is EOG's total shareholder return (TSR) over a three-year performance period relative to the TSR over the same period of a designated group of peer companies. Upon the application of the applicable performance multiple at the completion of the three-year performance period, a minimum of 0% and a maximum of 200% of the Performance Units granted could be outstanding. For the grants made beginning in September 2022, as more fully discussed in the grant agreements, the applicable performance metrics are 1) EOG's TSR over a three-year performance period relative to the TSR over the same period of a designated group of peer companies and 2) EOG's average return on capital employed (ROCE) over the three-year performance period. At the end of the three-year performance period, a performance multiple based on EOG's relative TSR ranking will be determined, with a minimum performance multiple of 0% and a maximum performance multiple of 200%. A specified modifier ranging from -70% to +70% will then be applied to the performance multiple based on EOG's average ROCE over the three-year performance period, provided that in no event shall the performance multiple, after applying the ROCE modifier, be less than 0% or exceed 200%. Furthermore, if EOG's TSR over the three-year performance period is negative (i.e., less than 0%), the performance multiple will be capped at 100%, regardless of EOG's relative TSR ranking or three-year average ROCE. The fair value of the Performance Units is estimated using a Monte Carlo simulation. Stock-based compensation expense related to the Performance Unit grants totaled $3 million and $2 million for the three months ended March 31, 2023 and 2022, respectively. The following table sets forth the Performance Unit transactions for the three-month periods ended March 31, 2023 and 2022 (units in thousands): Three Months Ended Three Months Ended Number of Weighted Number of Weighted 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 March 31 (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 three months ended March 31, 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 March 31, 2023 and 2022 was approximately $59 million and $67 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. At March 31, 2023, unrecognized compensation expense related to Performance Units totaled $15 million. Such unrecognized expense will be amortized on a straight-line basis over a weighted average period of 2.0 years.

Net Income Per Share

Net Income Per Share	3 Months Ended
Net Income Per Share	Mar. 31, 2023
Earnings Per Share [Abstract]
Net Income Per Share	Net Income Per Share The following table sets forth the computation of Net Income Per Share for the three-month periods ended March 31, 2023 and 2022 (in millions, except per share data): Three Months Ended 2023 2022 Numerator for Basic and Diluted Earnings Per Share - Net Income $ 2,023 $ 390 Denominator for Basic Earnings Per Share - Weighted Average Shares 584 582 Potential Dilutive Common Shares - Stock Options/SARs/ESPP 1 1 Restricted Stock/Units and Performance Units 2 3 Denominator for Diluted Earnings Per Share - Adjusted Diluted Weighted Average Shares 587 586 Net Income Per Share Basic $ 3.46 $ 0.67 Diluted $ 3.45 $ 0.67

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
Supplemental Cash Flow Information	Mar. 31, 2023
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information Net cash paid for interest and income taxes was as follows for the three-month periods ended March 31, 2023 and 2022 (in millions): Three Months Ended 2023 2022 Interest (1) $ 33 $ 32 Income Taxes, Net of Refunds Received $ 1 $ 46 (1) Net of capitalized interest of $8 million for both the three months ended March 31, 2023 and 2022, respectively. EOG's accrued capital expenditures at March 31, 2023 and 2022 were $751 million and $528 million, respectively. Non-cash investing activities for the three months ended March 31, 2023 and 2022, included additions of $33 million and $63 million, respectively, to EOG's oil and gas properties as a result of property exchanges. Operating activities for the three months ended March 31, 2023 and 2022, included net cash received of $324 million and net cash used of $2,275 million, respectively, related to the change in collateral posted for financial commodity derivative contracts. For related discussion, see Note 12. These amounts are reflected in Other Liabilities within the Changes in Components of Working Capital and Other Assets and Liabilities line item on the Condensed Consolidated Statements of Cash Flows.

Segment Information

Segment Information	3 Months Ended
Segment Information	Mar. 31, 2023
Segment Reporting [Abstract]
Segment Information	Segment Information Selected financial information by reportable segment is presented below for the three-month periods ended March 31, 2023 and 2022 (in millions): Three Months Ended 2023 2022 Operating Revenues and Other United States $ 5,941 $ 3,914 Trinidad 103 69 Other International (1) — — Total $ 6,044 $ 3,983 Operating Income (Loss) United States $ 2,512 $ 519 Trinidad 66 34 Other International (1) (6) (7) Total 2,572 546 Reconciling Items Other Income, Net 65 (1) Interest Expense, Net (42) (48) Income Before Income Taxes $ 2,595 $ 497 (1) Other International primarily consists of EOG's international exploration programs and Canada operations. EOG began exploration programs in Australia in the third quarter of 2021 and in Oman in the third quarter of 2020. The decision was reached in the fourth quarter of 2021 to exit Block 36 and Block 49 in Oman. Total assets by reportable segment are presented below at March 31, 2023 and December 31, 2022 (in millions): At March 31, 2023 At December 31, 2022 Total Assets United States $ 39,955 $ 40,349 Trinidad 945 879 Other International (1) 125 143 Total $ 41,025 $ 41,371 (1) Other International primarily consists of EOG's international exploration programs and Canada operations. EOG began exploration programs in Australia in the third quarter of 2021 and in Oman in the third quarter of 2020. The decision was reached in the fourth quarter of 2021 to exit Block 36 and Block 49 in Oman.

Asset Retirement Obligations

Asset Retirement Obligations	3 Months Ended
Asset Retirement Obligations	Mar. 31, 2023
Asset Retirement Obligation [Abstract]
Asset Retirement Obligations	Asset Retirement Obligations The following table presents the reconciliation of the beginning and ending aggregate carrying amounts of short-term and long-term legal obligations associated with the retirement of property, plant and equipment for the three-month periods ended March 31, 2023 and 2022 (in millions): Three Months Ended 2023 2022 Carrying Amount at January 1 $ 1,328 $ 1,231 Liabilities Incurred 6 20 Liabilities Settled (1) (30) (131) Accretion 13 11 Revisions 1 2 Carrying Amount at March 31 $ 1,318 $ 1,133 Current Portion $ 39 $ 41 Noncurrent Portion $ 1,279 $ 1,092 (1) Includes settlements related to asset sales. The current and noncurrent portions of EOG's asset retirement obligations are included in Current Liabilities - Other and Other Liabilities, respectively, on the Condensed Consolidated Balance Sheets.

Exploratory Well Costs

Exploratory Well Costs	3 Months Ended
Exploratory Well Costs	Mar. 31, 2023
Capitalized Exploratory Well Costs [Abstract]
Exploratory Well Costs	Exploratory Well Costs EOG's net changes in capitalized exploratory well costs for the three-month period ended March 31, 2023, are presented below (in millions): Three Months Ended Balance at January 1 $ 15 Additions Pending the Determination of Proved Reserves 4 Reclassifications to Proved Properties (5) Costs Charged to Expense — Balance at March 31 $ 14 Three Months Ended Capitalized exploratory well costs that have been capitalized for a period of one year or less $ 13 Capitalized exploratory well costs that have been capitalized for a period greater than one year (1) 1 Balance at March 31 $ 14 Number of exploratory wells that have been capitalized for a period greater than one year 1 (1) Consists of costs related to a project in the United States at March 31, 2023.

Commitment and Contingencies

Commitment and Contingencies	3 Months Ended
Commitment and Contingencies	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesThere are currently various suits and claims pending against EOG that have arisen in the ordinary course of EOG's business, including contract disputes, personal injury and property damage claims and title disputes. While the ultimate outcome and impact on EOG cannot be predicted, management believes that the resolution of these suits and claims will not, individually or in the aggregate, have a material adverse effect on EOG's consolidated financial position, results of operations or cash flow. EOG records reserves for contingencies when information available indicates that a loss is probable and the amount of the loss can be reasonably estimated.

Pension and Postretirement Bene

Pension and Postretirement Benefits	3 Months Ended
Pension and Postretirement Benefits	Mar. 31, 2023
Retirement Benefits [Abstract]
Pension and Postretirement Benefits	Pension and Postretirement Benefits Pension Plans. EOG has a defined contribution pension plan in place for most of its employees in the United States. EOG's contributions to the pension plan are based on various percentages of compensation and, in some instances, are based upon the amount of the employees' contributions. EOG's total costs recognized for the pension plan were $14 million and $12 million for the three months ended March 31, 2023 and 2022, respectively. In addition, EOG's Trinidadian subsidiary maintains a contributory defined benefit pension plan and a matched savings plan, both of which are available to most of the employees of the Trinidadian subsidiary, the costs of which are not material.

Long-Term Debt and Common Stock

Long-Term Debt and Common Stock	3 Months Ended
Long-Term Debt and Common Stock	Mar. 31, 2023
Debt Disclosure [Abstract]
Long-Term Debt and Common Stock	Long-Term Debt and Common Stock Long-Term Debt. EOG had no outstanding commercial paper borrowings at March 31, 2023 and December 31, 2022, and did not utilize any commercial paper borrowings during the three months ended March 31, 2023 and 2022. On March 15, 2023, EOG repaid upon maturity the $1,250 million aggregate principal amount of its 2.625% Senior Notes due 2023. EOG currently has a $2.0 billion senior unsecured Revolving Credit Agreement (Agreement) with domestic and foreign lenders (Banks). The Agreement has a scheduled maturity date of June 27, 2024, and includes an option for EOG to extend, on up to two occasions, the term for successive one-year periods subject to certain terms and conditions. The Agreement (i) commits the Banks to provide advances up to an aggregate principal amount of $2.0 billion at any one time outstanding, with an option for EOG to request increases in the aggregate commitments to an amount not to exceed $3.0 billion, subject to certain terms and conditions and (ii) includes a swingline subfacility and a letter of credit subfacility. Advances under the Agreement will accrue interest based, at EOG's option, on either LIBOR plus an applicable margin (Eurodollar rate) or the base rate (as defined in the Agreement) plus an applicable margin. The Agreement contains representations, warranties, covenants and events of default that EOG believes are customary for investment-grade, senior unsecured commercial bank credit agreements, including a financial covenant for the maintenance of a ratio of total debt-to-capitalization (as such terms are defined in the Agreement) of no greater than 65%. At March 31, 2023, EOG was in compliance with this financial covenant. At March 31, 2023 and December 31, 2022, there were no borrowings or letters of credit outstanding under the Agreement. The Eurodollar rate and base rate (inclusive of the applicable margin), had there been any amounts borrowed under the Agreement at March 31, 2023, would have been 5.76% and 8.0%, respectively. Common Stock. In November 2021, the Board established a new share repurchase authorization that allows for the repurchase by EOG of up to $5 billion of its common stock (November 2021 Authorization). Under the November 2021 Authorization, EOG may repurchase shares from time to time, at management's discretion, in accordance with applicable securities laws, including through open market transactions, privately negotiated transactions or any combination thereof. The timing and amount of repurchases is at the discretion of EOG's management and depends on a variety of factors, including the trading price of EOG's common stock, corporate and regulatory requirements, and other market and economic conditions. Repurchased shares are held as treasury shares and are available for general corporate purposes. The November 2021 Authorization has no time limit, does not require EOG to repurchase a specific number of shares and may be modified, suspended, or terminated by the Board at any time. During the three months ended March 31, 2023, EOG repurchased 2.9 million shares of common stock for approximately $310 million (inclusive of transaction fees and commissions) pursuant to the November 2021 Authorization. As of March 31, 2023, approximately $4.7 billion remained available for repurchases under the November 2021 Authorization. On February 23, 2023, the Board declared a quarterly cash dividend on the common stock of $0.825 per share, paid on April 28, 2023, to stockholders of record as of April 14, 2023. The Board also declared on such date a special cash dividend on the common stock of $1.00 per share, paid on March 30, 2023, to stockholders of record as of March 16, 2023. On May 4, 2023, the Board declared a quarterly cash dividend on the common stock of $0.825 per share to be paid on July 31, 2023, to stockholders of record as of July 17, 2023.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
Fair Value Measurements	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Recurring Fair Value Measurements. As more fully discussed in Note 13 to the Consolidated Financial Statements included in EOG's 2022 Annual Report, certain of EOG's financial and nonfinancial assets and liabilities are reported at fair value on the Condensed Consolidated Balance Sheets. The following table provides fair value measurement information within the fair value hierarchy for certain of EOG's financial assets and liabilities carried at fair value on a recurring basis at March 31, 2023 and December 31, 2022 (in millions): Fair Value Measurements Using: Quoted Significant Significant Total At March 31, 2023 Financial Assets: Natural Gas Swaps $ — $ 21 $ — $ 21 Natural Gas Basis Swaps — 12 — 12 Financial Liabilities: Crude Oil Swaps — 49 — 49 Natural Gas Swaps — 391 — 391 At December 31, 2022 Financial Assets: Natural Gas Basis Swaps $ — $ 29 $ — $ 29 Financial Liabilities: Natural Gas Swaps — 703 — 703 Crude Oil Swaps — 190 — 190 See Note 12 for the balance sheet amounts and classification of EOG's financial commodity derivative instruments at March 31, 2023 and December 31, 2022. The estimated fair value of financial commodity derivative contracts was based upon forward commodity price curves based on quoted market prices. Financial commodity derivative contracts were valued by utilizing an independent third-party derivative valuation provider who uses various types of valuation models, as applicable. Non-Recurring Fair Value Measurements. The initial measurement of asset retirement obligations at fair value is calculated using discounted cash flow techniques and is based on internal estimates of future retirement costs associated with property, plant and equipment. Significant Level 3 inputs used in the calculation of asset retirement obligations include plugging costs and reserve lives. A reconciliation of EOG's asset retirement obligations is presented in Note 6. When circumstances indicate that proved oil and gas properties may be impaired, EOG compares expected undiscounted future cash flows at a depreciation, depletion and amortization group level to the unamortized capitalized cost of the asset. If the expected undiscounted future cash flows, based on EOG's estimate of (and assumptions regarding) significant Level 3 inputs, including future crude oil, natural gas liquids (NGLs) and natural gas prices, operating costs, development expenditures, anticipated production from proved reserves and other relevant data, are lower than the unamortized capitalized cost, the capitalized cost is reduced to fair value. Fair value is generally calculated using the Income Approach described in the FASB's Fair Value Measurement Topic of the Accounting Standards Codification. In certain instances, EOG utilizes accepted offers from third-party purchasers as the basis for determining fair value. EOG utilized average prices per acre from comparable market transactions and estimated discounted cash flows as the basis for determining the fair value of unproved and proved properties, respectively, received in non-cash property exchanges. See Note 4. Fair Value Disclosures. EOG's financial instruments, other than financial commodity derivative contracts, consist of cash and cash equivalents, accounts receivable, accounts payable and current and long-term debt. The carrying values of cash and cash equivalents, accounts receivable and accounts payable approximate fair value. At March 31, 2023 and December 31, 2022, respectively, EOG had outstanding $3,640 million and $4,890 million aggregate principal amount of senior notes, which had estimated fair values at such dates of approximately $3,592 million and $4,740 million, respectively. The estimated fair value of debt was based upon quoted market prices and, where such prices were not available, other observable (Level 2) inputs regarding interest rates available to EOG at the end of each respective period.

Risk Management Activities

Risk Management Activities	3 Months Ended
Risk Management Activities	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Risk Management Activities	Risk Management Activities Commodity Price Risk . As more fully discussed in Note 12 to the Consolidated Financial Statements included in EOG's 2022 Annual Report, EOG engages in price risk management activities from time to time. These activities are intended to manage EOG's exposure to fluctuations in commodity prices for crude oil, NGLs and natural gas. EOG utilizes financial commodity derivative instruments, primarily price swap, option, swaption, collar and basis swap contracts, as a means to manage this price risk. EOG has not designated any of its financial commodity derivative contracts as accounting hedges and, accordingly, accounts for financial commodity derivative contracts using the mark-to-market accounting method. Financial Commodity Derivative Contracts. Presented below is a comprehensive summary of EOG's financial commodity derivative contracts settled during the three-month period ended March 31, 2023 (closed) and outstanding as of March 31, 2023. Crude oil volumes are presented in thousand barrels per day (MBbld) and prices are presented in dollars per barrel ($/Bbl). Natural gas volumes are presented in million British Thermal Units per day (MMBtud) and prices are presented in dollars per million British Thermal Units ($/MMBtu). Crude Oil Financial Price Swap Contracts Contracts Sold Contracts Purchased Period Settlement Index Volume Weighted Average Price Volume (MBbld) Weighted Average Price January - March 2023 (closed) New York Mercantile Exchange (NYMEX) West Texas Intermediate (WTI) 95 $ 67.90 6 $ 102.26 April - May 2023 NYMEX WTI 91 67.63 2 98.15 June 2023 NYMEX WTI 2 69.10 2 98.15 Natural Gas Financial Price Swap Contracts Contracts Sold Period Settlement Index Volume Weighted Average Price January - April 2023 (closed) NYMEX Henry Hub 300 $ 3.36 May - December 2023 NYMEX Henry Hub 300 3.36 January - December 2024 NYMEX Henry Hub 725 3.07 January - December 2025 NYMEX Henry Hub 725 3.07 Natural Gas Basis Swap Contracts Contracts Sold Period Settlement Index Volume Weighted Average Price Differential January - March 2023 (closed) NYMEX Henry Hub Houston Ship Channel (HSC) Differential (1) 135 $ 0.01 April - December 2023 NYMEX Henry Hub HSC Differential 135 0.01 January - December 2024 NYMEX Henry Hub HSC Differential 10 0.00 January - December 2025 NYMEX Henry Hub HSC Differential 10 0.00 (1) This settlement index is used to fix the differential between pricing at the Houston Ship Channel and NYMEX Henry Hub prices. Financial Commodity Derivatives Location on Balance Sheet. The following table sets forth the amounts and classification of EOG's outstanding financial commodity derivative instruments at March 31, 2023 and December 31, 2022. Certain amounts may be presented on a net basis on the Condensed Consolidated Financial Statements when such amounts are with the same counterparty and subject to a master netting arrangement (in millions): Fair Value at Description Location on Balance Sheet March 31, 2023 December 31, 2022 Liability Derivatives Crude oil, NGLs and natural gas derivative contracts - Current portion Liabilities from Price Risk Management Activities (1) $ 31 $ 169 Noncurrent portion Other Liabilities (2) 376 371 (1) The current portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $63 million, partially offset by gross assets of $32 million and no collateral posted at March 31, 2023. The current portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $287 million, partially offset by gross assets of $26 million and collateral posted with counterparties of $92 million, at December 31, 2022. (2) The noncurrent portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $377 million, partially offset by gross assets of $1 million and no collateral posted at March 31, 2023. The noncurrent portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $606 million, partially offset by gross assets of $3 million and collateral posted with counterparties of $232 million, at December 31, 2022. Credit Risk. Notional contract amounts are used to express the magnitude of a financial derivative. The amounts potentially subject to credit risk, in the event of nonperformance by the counterparties, are equal to the fair value of such contracts (see Note 11). EOG evaluates its exposures to significant counterparties on an ongoing basis, including those arising from physical and financial transactions. In some instances, EOG renegotiates payment terms and/or requires collateral, parent guarantees or letters of credit to minimize credit risk. All of EOG's derivative instruments are covered by International Swap Dealers Association Master Agreements (ISDAs) with counterparties. The ISDAs may contain provisions that require EOG, if it is the party in a net liability position, to post collateral when the amount of the net liability exceeds the threshold level specified for EOG's then-current credit ratings. In addition, the ISDAs may also provide that as a result of certain circumstances, including certain events that cause EOG's credit ratings to become materially weaker than its then-current ratings, the counterparty may require all outstanding derivatives under the ISDAs to be settled immediately. See Note 11 for the aggregate fair value of all derivative instruments that were in a net liability position at both March 31, 2023 and December 31, 2022. EOG had no collateral posted and no collateral held at March 31, 2023. EOG had $324 million of collateral posted and no collateral held at December 31, 2022. EOG had no collateral posted and no collateral held at May 3, 2023.

Acquisitions and Divestitures

Acquisitions and Divestitures	3 Months Ended
Acquisitions and Divestitures	Mar. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures During the three months ended March 31, 2023, EOG paid cash of $135 million, primarily to acquire a gathering and processing system in the Powder River Basin. Additionally, during the three months ended March 31, 2023, EOG recognized net gains on asset dispositions of $69 million and received proceeds of $92 million, primarily due to the sale of EOG's equity interest in ammonia plant investments in Trinidad, along with certain legacy assets in the Texas Panhandle. During the three months ended March 31, 2022, EOG recognized net gains on asset dispositions of $25 million and received proceeds of $121 million primarily due to the sale of certain legacy natural gas assets in the Rocky Mountain area.

Accounting Policies (Policies)

Accounting Policies (Policies)	3 Months Ended
Accounting Policies (Policies)	Mar. 31, 2023
Accounting Policies [Abstract]
Recently Issued Accounting Standards	Recently Issued Accounting Standards. In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-04, "Reference Rate Reform (Topic 848)" (ASU 2020-04), which provides optional expedients and exceptions for accounting treatment of contracts which are affected by the anticipated discontinuation of the London InterBank Offered Rate (LIBOR) and other rates resulting from rate reform. Contract terms that are modified due to the replacement of a reference rate are not required to be remeasured or reassessed under relevant accounting standards. Early adoption is permitted. ASU 2020-04 covers certain contracts which reference these rates and that were entered into on or before December 31, 2022. In December 2022, the FASB issued ASU 2022-06, "Reference Rate Reform (Topic 848)" (ASU 2022-06), which deferred the sunset date of Topic 848 until December 31, 2024. EOG has evaluated the provisions of ASU 2020-04 and ASU 2022-06 and has concluded that their application will not have a material impact on EOG's consolidated financial statements and related disclosures related to its $2.0 billion senior unsecured Revolving Credit Agreement.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
Stock-Based Compensation (Tables)	Mar. 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 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 2023 2022 Lease and Well $ 12 $ 13 Gathering and Processing Costs 1 1 Exploration Costs 5 5 General and Administrative 16 16 Total $ 34 $ 35
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 three-month period ended March 31, 2022 and ESPP grants during the three-month periods ended March 31, 2023 and 2022 are as follows: Stock Options/SARs ESPP Three Months Ended Three Months Ended 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 three-month periods ended March 31, 2023 and 2022 (stock options and SARs in thousands): Three Months Ended Three Months Ended Number of Weighted Number of Weighted Outstanding at January 1 4,225 $ 77.49 9,969 $ 84.37 Granted — — 2 97.64 Exercised (1) (175) 77.08 (2,324) 84.63 Forfeited (31) 79.83 (81) 85.86 Outstanding at March 31 (2) 4,019 $ 77.49 7,566 $ 84.28 Vested or Expected to Vest (3) 3,875 $ 77.86 7,256 $ 85.05 Exercisable at March 31 (4) 2,294 $ 84.89 3,886 $ 101.26 (1) The total intrinsic value of stock options/SARs exercised during the three months ended March 31, 2023 and 2022 was $8 million and $62 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, 2023 and 2022 was $155 million and $277 million, respectively. At March 31, 2023 and 2022, the weighted average remaining contractual life was 3.9 years and 4.3 years, respectively. (3) The total intrinsic value of stock options/SARs vested or expected to vest at March 31, 2023 and 2022 was $149 million and $260 million, respectively. At March 31, 2023 and 2022, the weighted average remaining contractual life was 3.8 years and 4.3 years, respectively. (4) The total intrinsic value of stock options/SARs exercisable at March 31, 2023 and 2022 was $74 million and $82 million, respectively. At both March 31, 2023 and 2022, the weighted average remaining contractual life was 2.9 years.
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, 2023 and 2022 (shares and units in thousands): Three Months Ended Three Months Ended Number of Weighted Number of Weighted Outstanding at January 1 4,113 $ 80.77 4,680 $ 69.37 Granted 36 122.34 14 110.66 Released (1) (38) 55.23 (699) 93.37 Forfeited (42) 84.23 (51) 66.77 Outstanding at March 31 (2) 4,069 $ 81.33 3,944 $ 65.30 (1) The total intrinsic value of restricted stock and restricted stock units released during the three months ended March 31, 2023 and 2022 was $4 million and $81 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, 2023 and 2022 was $466 million and $470 million, respectively.
Schedule of Performance Award Transactions	The following table sets forth the Performance Unit transactions for the three-month periods ended March 31, 2023 and 2022 (units in thousands): Three Months Ended Three Months Ended Number of Weighted Number of Weighted 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 March 31 (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 three months ended March 31, 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 March 31, 2023 and 2022 was approximately $59 million and $67 million, respectively.

Net Income Per Share (Tables)

Net Income Per Share (Tables)	3 Months Ended
Net Income Per Share (Tables)	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Computation of Net Income Per Share	The following table sets forth the computation of Net Income Per Share for the three-month periods ended March 31, 2023 and 2022 (in millions, except per share data): Three Months Ended 2023 2022 Numerator for Basic and Diluted Earnings Per Share - Net Income $ 2,023 $ 390 Denominator for Basic Earnings Per Share - Weighted Average Shares 584 582 Potential Dilutive Common Shares - Stock Options/SARs/ESPP 1 1 Restricted Stock/Units and Performance Units 2 3 Denominator for Diluted Earnings Per Share - Adjusted Diluted Weighted Average Shares 587 586 Net Income Per Share Basic $ 3.46 $ 0.67 Diluted $ 3.45 $ 0.67

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	3 Months Ended
Supplemental Cash Flow Information (Tables)	Mar. 31, 2023
Supplemental Cash Flow Information [Abstract]
Schedule of Net Cash Paid For Interest and Income Taxes	Net cash paid for interest and income taxes was as follows for the three-month periods ended March 31, 2023 and 2022 (in millions): Three Months Ended 2023 2022 Interest (1) $ 33 $ 32 Income Taxes, Net of Refunds Received $ 1 $ 46 (1) Net of capitalized interest of $8 million for both the three months ended March 31, 2023 and 2022, respectively.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
Segment Information (Tables)	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule of Selected Financial Information by Reportable Segment	Selected financial information by reportable segment is presented below for the three-month periods ended March 31, 2023 and 2022 (in millions): Three Months Ended 2023 2022 Operating Revenues and Other United States $ 5,941 $ 3,914 Trinidad 103 69 Other International (1) — — Total $ 6,044 $ 3,983 Operating Income (Loss) United States $ 2,512 $ 519 Trinidad 66 34 Other International (1) (6) (7) Total 2,572 546 Reconciling Items Other Income, Net 65 (1) Interest Expense, Net (42) (48) Income Before Income Taxes $ 2,595 $ 497 (1) Other International primarily consists of EOG's international exploration programs and Canada operations. EOG began exploration programs in Australia in the third quarter of 2021 and in Oman in the third quarter of 2020. The decision was reached in the fourth quarter of 2021 to exit Block 36 and Block 49 in Oman.
Schedule of Assets by Reportable Segment	Total assets by reportable segment are presented below at March 31, 2023 and December 31, 2022 (in millions): At March 31, 2023 At December 31, 2022 Total Assets United States $ 39,955 $ 40,349 Trinidad 945 879 Other International (1) 125 143 Total $ 41,025 $ 41,371 (1) Other International primarily consists of EOG's international exploration programs and Canada operations. EOG began exploration programs in Australia in the third quarter of 2021 and in Oman in the third quarter of 2020. The decision was reached in the fourth quarter of 2021 to exit Block 36 and Block 49 in Oman.

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	3 Months Ended
Asset Retirement Obligations (Tables)	Mar. 31, 2023
Asset Retirement Obligation [Abstract]
Schedule of Asset Retirement Obligation Rollforward Analysis	The following table presents the reconciliation of the beginning and ending aggregate carrying amounts of short-term and long-term legal obligations associated with the retirement of property, plant and equipment for the three-month periods ended March 31, 2023 and 2022 (in millions): Three Months Ended 2023 2022 Carrying Amount at January 1 $ 1,328 $ 1,231 Liabilities Incurred 6 20 Liabilities Settled (1) (30) (131) Accretion 13 11 Revisions 1 2 Carrying Amount at March 31 $ 1,318 $ 1,133 Current Portion $ 39 $ 41 Noncurrent Portion $ 1,279 $ 1,092 (1) Includes settlements related to asset sales.

Exploratory Well Costs (Tables)

Exploratory Well Costs (Tables)	3 Months Ended
Exploratory Well Costs (Tables)	Mar. 31, 2023
Capitalized Exploratory Well Costs [Abstract]
Schedule of Net Changes in Capitalized Exploratory Well Costs	EOG's net changes in capitalized exploratory well costs for the three-month period ended March 31, 2023, are presented below (in millions): Three Months Ended Balance at January 1 $ 15 Additions Pending the Determination of Proved Reserves 4 Reclassifications to Proved Properties (5) Costs Charged to Expense — Balance at March 31 $ 14
Schedule of Aging of Capitalized Exploratory Well Costs	Three Months Ended Capitalized exploratory well costs that have been capitalized for a period of one year or less $ 13 Capitalized exploratory well costs that have been capitalized for a period greater than one year (1) 1 Balance at March 31 $ 14 Number of exploratory wells that have been capitalized for a period greater than one year 1 (1) Consists of costs related to a project in the United States at March 31, 2023.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
Fair Value Measurements (Tables)	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis	The following table provides fair value measurement information within the fair value hierarchy for certain of EOG's financial assets and liabilities carried at fair value on a recurring basis at March 31, 2023 and December 31, 2022 (in millions): Fair Value Measurements Using: Quoted Significant Significant Total At March 31, 2023 Financial Assets: Natural Gas Swaps $ — $ 21 $ — $ 21 Natural Gas Basis Swaps — 12 — 12 Financial Liabilities: Crude Oil Swaps — 49 — 49 Natural Gas Swaps — 391 — 391 At December 31, 2022 Financial Assets: Natural Gas Basis Swaps $ — $ 29 $ — $ 29 Financial Liabilities: Natural Gas Swaps — 703 — 703 Crude Oil Swaps — 190 — 190

Risk Management Activities (Tab

Risk Management Activities (Tables)	3 Months Ended
Risk Management Activities (Tables)	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	Presented below is a comprehensive summary of EOG's financial commodity derivative contracts settled during the three-month period ended March 31, 2023 (closed) and outstanding as of March 31, 2023. Crude oil volumes are presented in thousand barrels per day (MBbld) and prices are presented in dollars per barrel ($/Bbl). Natural gas volumes are presented in million British Thermal Units per day (MMBtud) and prices are presented in dollars per million British Thermal Units ($/MMBtu). Crude Oil Financial Price Swap Contracts Contracts Sold Contracts Purchased Period Settlement Index Volume Weighted Average Price Volume (MBbld) Weighted Average Price January - March 2023 (closed) New York Mercantile Exchange (NYMEX) West Texas Intermediate (WTI) 95 $ 67.90 6 $ 102.26 April - May 2023 NYMEX WTI 91 67.63 2 98.15 June 2023 NYMEX WTI 2 69.10 2 98.15 Natural Gas Financial Price Swap Contracts Contracts Sold Period Settlement Index Volume Weighted Average Price January - April 2023 (closed) NYMEX Henry Hub 300 $ 3.36 May - December 2023 NYMEX Henry Hub 300 3.36 January - December 2024 NYMEX Henry Hub 725 3.07 January - December 2025 NYMEX Henry Hub 725 3.07 Natural Gas Basis Swap Contracts Contracts Sold Period Settlement Index Volume Weighted Average Price Differential January - March 2023 (closed) NYMEX Henry Hub Houston Ship Channel (HSC) Differential (1) 135 $ 0.01 April - December 2023 NYMEX Henry Hub HSC Differential 135 0.01 January - December 2024 NYMEX Henry Hub HSC Differential 10 0.00 January - December 2025 NYMEX Henry Hub HSC Differential 10 0.00 (1) This settlement index is used to fix the differential between pricing at the Houston Ship Channel and NYMEX Henry Hub prices.
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The following table sets forth the amounts and classification of EOG's outstanding financial commodity derivative instruments at March 31, 2023 and December 31, 2022. Certain amounts may be presented on a net basis on the Condensed Consolidated Financial Statements when such amounts are with the same counterparty and subject to a master netting arrangement (in millions): Fair Value at Description Location on Balance Sheet March 31, 2023 December 31, 2022 Liability Derivatives Crude oil, NGLs and natural gas derivative contracts - Current portion Liabilities from Price Risk Management Activities (1) $ 31 $ 169 Noncurrent portion Other Liabilities (2) 376 371 (1) The current portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $63 million, partially offset by gross assets of $32 million and no collateral posted at March 31, 2023. The current portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $287 million, partially offset by gross assets of $26 million and collateral posted with counterparties of $92 million, at December 31, 2022. (2) The noncurrent portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $377 million, partially offset by gross assets of $1 million and no collateral posted at March 31, 2023. The noncurrent portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $606 million, partially offset by gross assets of $3 million and collateral posted with counterparties of $232 million, at December 31, 2022.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Details)	Mar. 31, 2023 USD ($)
Revolving Credit Agreement \| Revolving Credit Facility
Line of credit facility, maximum borrowing capacity	$ 2,000,000,000

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 34	$ 35
Lease and Well
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	12	13
Gathering and Processing Costs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	1	1
Exploration Costs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	5	5
General and Administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 16	$ 16

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate maximum of common shares (in shares)	20
Common shares available for grant (in shares)	16
Stock-based compensation expense	$ 34	$ 35
Stock Options, SARs and ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense related to stock options, SAR and ESPP grants	6	8
Unrecognized compensation expense	$ 28
Weighted average period over which unrecognized compensation expense will be recognized (in years)	1 year 1 month 6 days
Restricted Stock And Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 261
Weighted average period over which unrecognized compensation expense will be recognized (in years)	1 year 7 months 6 days
Share-based compensation arrangement by restricted stock and restricted stock units compensation cost	$ 25	25
Performance Unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 15
Weighted average period over which unrecognized compensation expense will be recognized (in years)	2 years
Performance period for performance units and shares (in years)	3 years
Minimum performance multiple at the completion of the performance period (as a percent)	0%
Maximum performance multiple at the completion of the performance period (as a percent)	200%
Average return on capital employed (in years)	3 years
Maximum performance multiple at the completion of the performance period if TSR is negative (as a percent)	100%
Stock-based compensation expense	$ 3	$ 2
Performance Unit \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Modifier applied to performance based multiple	(70.00%)
Performance Unit \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Modifier applied to performance based multiple	70%

Stock Based Compensation - Sche

Stock Based Compensation - Schedule of Weighted Average Fair Values and Valuation Assumptions (Details) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Stock Options/SARs
Weighted Average Fair Values And Valuation Assumptions Used To Value Stock Option/SARs, ESPP, and Performance Units/Stock Stock-Based Compensation [Abstract]
Weighted average fair value of grants (in USD per shares)		$ 28.30
Expected volatility (as a percent)		42.20%
Risk-free interest rate (as a percent)		0.89%
Dividend yield (as a percent)		3.28%
Expected life (in years)		5 years 3 months 18 days
ESPP
Weighted Average Fair Values And Valuation Assumptions Used To Value Stock Option/SARs, ESPP, and Performance Units/Stock Stock-Based Compensation [Abstract]
Weighted average fair value of grants (in USD per shares)	$ 32.31	$ 23.07
Expected volatility (as a percent)	42.97%	39.72%
Risk-free interest rate (as a percent)	4.66%	0.22%
Dividend yield (as a percent)	2.47%	3.32%
Expected life (in years)	6 months	6 months

Stock Based Compensation - Sc_2

Stock Based Compensation - Schedule of Stock Options and SARs Transactions (Details) - Stock Options/SARs - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Number of Stock Options/SARs
Beginning balance (in shares)	4,225	9,969
Granted (in shares)	0	2
Exercised (in shares)	(175)	(2,324)
Forfeited (in shares)	(31)	(81)
Ending balance (in shares)	4,019	7,566
Vested or Expected to Vest (in shares)	3,875	7,256
Exercisable (in shares)	2,294	3,886
Weighted Average Exercise Price
Beginning balance (in USD per share)	$ 77.49	$ 84.37
Granted (in USD per share)	0	97.64
Exercised (in USD per share)	77.08	84.63
Forfeited (in USD per share)	79.83	85.86
Ending balance (in USD per share)	77.49	84.28
Vested or Expected to Vest (in USD per share)	77.86	85.05
Exercisable (in USD per share)	$ 84.89	$ 101.26
Additional Disclosures
Intrinsic value of stock options/SARs exercised	$ 8	$ 62
Intrinsic value of stock options/SARs outstanding	$ 155	$ 277
Weighted average remaining contractual life for stock options/SARs outstanding (in years)	3 years 10 months 24 days	4 years 3 months 18 days
Intrinsic value of stock options/SARs vested or expected to vest	$ 149	$ 260
Weighted average remaining contractual life for stock options/SARs vested or expected to vest (in years)	3 years 9 months 18 days	4 years 3 months 18 days
Aggregate intrinsic value for exercisable units	$ 74	$ 82
Weighted average remaining contractual life for exercisable options/SARs (in years)	2 years 10 months 24 days	2 years 10 months 24 days

Stock Based Compensation - Sc_3

Stock Based Compensation - Schedule of Restricted Stock and Restricted Stock Unit Transactions (Details) - Restricted Stock And Restricted Stock Units - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Number of Shares and Units
Beginning balance (in shares)	4,113	4,680
Granted (in shares)	36	14
Released (in shares)	(38)	(699)
Forfeited (in shares)	(42)	(51)
Ending balance (in shares)	4,069	3,944
Weighted Average Grant Date Fair Value
Beginning balance (in USD per share)	$ 80.77	$ 69.37
Granted (in USD per share)	122.34	110.66
Released (in USD per share)	55.23	93.37
Forfeited (in USD per share)	84.23	66.77
Ending balance (in USD per share)	$ 81.33	$ 65.30
Additional Disclosures
Intrinsic value released	$ 4	$ 81
Aggregate intrinsic value of stock and units outstanding	$ 466	$ 470

Stock Based Compensation - Sc_4

Stock Based Compensation - Schedule of Performance Award Transactions (Details) - Performance Unit - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Number of Shares and Units
Beginning balance (in shares)	688	679
Granted (in shares)	0	0
Released (in shares)	(86)	(57)
Forfeited for Performance Multiple (in shares)	(86)	(56)
Ending balance (in shares)	516	566
Weighted Average Grant Date Fair Value
Beginning balance (in USD per share)	$ 83.82	$ 84.97
Granted (in USD per share)	0	0
Released (in USD per share)	79.98	136.74
Forfeited for Performance Multiple (in USD per share)	79.98	136.74
Ending balance (in USD per share)	$ 85.10	$ 74.60
Additional Disclosures
Performance multiple applied at the completion period (as a percent)	50%	50%
Intrinsic value released	$ 10	$ 7
Aggregate intrinsic value of stock and units outstanding	$ 59	$ 67
Minimum performance units and stock allowed to be outstanding (in shares)	0
Maximum performance units allowed to be outstanding (in shares)	1,031

Net Income Per Share - Schedule

Net Income Per Share - Schedule of Computation of Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator for Basic and Diluted Earnings Per Share -
Net income -basic	$ 2,023	$ 390
Net income - diluted	$ 2,023	$ 390
Denominator for Basic Earnings Per Share -
Weighted average shares (in shares)	584	582
Denominator for Diluted Earnings Per Share -
Adjusted diluted weighted average shares (in shares)	587	586
Net Income Per Share
Basic (in USD per share)	$ 3.46	$ 0.67
Diluted ( in USD per share)	$ 3.45	$ 0.67
Stock Options/SARs/ESPP
Potential Dilutive Common Shares -
Common shares attributable to dilutive effect of share-based payment arrangements (in shares)	1	1
Restricted Stock/Units and Performance Units
Potential Dilutive Common Shares -
Common shares attributable to dilutive effect of share-based payment arrangements (in shares)	2	3

Net Income Per Share - Narrativ

Net Income Per Share - Narratives (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Stock Options/SARs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount ( in shares)	1	2

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information - Schedule of Net Cash Paid For Interest and Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Supplemental Cash Flow Information [Abstract]
Interest	$ 33	$ 32
Income Taxes, Net of Refunds Received	1	46
Interest costs capitalized	$ 8	$ 8

Supplemental Cash Flow Inform_4

Supplemental Cash Flow Information - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Supplemental Cash Flow Information [Abstract]
Accrued capital expenditures	$ 751	$ 528
Non-cash property exchanges	33	63
Cash received (used) related to collateral posted for financial commodity derivative contracts	$ 324	$ 2,275

Segment Information - Schedule

Segment Information - Schedule of Selected Financial Information by Reportable Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Selected Information [Line Items]
Operating Revenues and Other	$ 6,044	$ 3,983
Operating Income (Loss)	2,572	546
Other Income, Net	65	(1)
Interest Expense, Net	(42)	(48)
Income Before Income Taxes	2,595	497
Operating Segments
Selected Information [Line Items]
Operating Revenues and Other	6,044	3,983
Operating Income (Loss)	2,572	546
Segment Reconciling Items
Selected Information [Line Items]
Other Income, Net	65	(1)
Interest Expense, Net	(42)	(48)
United States \| Operating Segments
Selected Information [Line Items]
Operating Revenues and Other	5,941	3,914
Operating Income (Loss)	2,512	519
Trinidad \| Operating Segments
Selected Information [Line Items]
Operating Revenues and Other	103	69
Operating Income (Loss)	66	34
Other International \| Operating Segments
Selected Information [Line Items]
Operating Revenues and Other	0	0
Operating Income (Loss)	$ (6)	$ (7)

Segment Information - Schedul_2

Segment Information - Schedule of Assets by Reportable Segment (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Selected Information [Line Items]
Assets	$ 41,025	$ 41,371
United States
Selected Information [Line Items]
Assets	39,955	40,349
Trinidad
Selected Information [Line Items]
Assets	945	879
Other International
Selected Information [Line Items]
Assets	$ 125	$ 143

Asset Retirement Obligations -

Asset Retirement Obligations - Schedule of Asset Retirement Obligation Rollforward Analysis (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Carrying Amount at January 1	$ 1,328	$ 1,231
Liabilities Incurred	6	20
Liabilities Settled	(30)	(131)
Accretion	13	11
Revisions	1	2
Carrying Amount at March 31	1,318	1,133
Current Portion	39	41
Noncurrent Portion	$ 1,279	$ 1,092

Exploratory Well Costs - Schedu

Exploratory Well Costs - Schedule of Net Changes In Capitalized Exploratory Well Costs (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) well
Capitalized Exploratory Well Costs that are Pending Determination of Proved Reserves [Roll Forward]
Balance at January 1	$ 15
Additions Pending the Determination of Proved Reserves	4
Reclassifications to Proved Properties	(5)
Costs charged to expense	0
Balance at March 31	14
Capitalized exploratory well costs that have been capitalized for a period of one year or less	13
Capitalized Exploratory Well Costs that Have Been Capitalized for Period Greater than One Year	$ 1	[1]
Number of exploratory wells that have been capitalized for a period greater than one year \| well	1

[1]Consists of costs related to a project in the United States at March 31, 2023.

Pension and Postretirement Be_2

Pension and Postretirement Benefits (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Retirement Benefits [Abstract]
Pension plan total costs	$ 14	$ 12

Long-Term Debt and Common Sto_2

Long-Term Debt and Common Stock (Details) $ / shares in Units, shares in Millions			3 Months Ended
	May 04, 2023 $ / shares	Feb. 23, 2023 $ / shares	Mar. 31, 2023 USD ($) extension $ / shares shares	Mar. 31, 2022 $ / shares	Dec. 31, 2022 USD ($)	Nov. 30, 2021 USD ($)
Debt Instrument Table [Line Items]
Stock repurchase program, authorized amount						$ 5,000,000,000
Stock repurchased during period, shares \| shares			2.9
Stock repurchased during period, value			$ 310,000,000
Stock repurchase program, remaining authorized repurchase amount			$ 4,700,000,000
Common stock dividends declared (in USD per share) \| $ / shares		$ 0.825	$ 1.825	$ 1.75
Special cash dividend declared (in USD per share) \| $ / shares		$ 1
Subsequent Event
Debt Instrument Table [Line Items]
Common stock dividends declared (in USD per share) \| $ / shares	$ 0.825
Revolving Credit Agreement \| Revolving Credit Facility
Debt Instrument Table [Line Items]
Line of credit facility, maximum borrowing capacity			$ 2,000,000,000
Line of credit facility, maturity term extensions \| extension			2
Line of credit facility, extension period			1 year
Line of credit facility increase additional borrowings (not to exceed)			$ 3,000,000,000
Maximum total debt to total capitalization ratio allowed under financial covenant			65%
Borrowings outstanding			$ 0		$ 0
Revolving Credit Agreement \| Revolving Credit Facility \| Eurodollar
Debt Instrument Table [Line Items]
Weighted average interest rate (in hundredths)			5.76%
Revolving Credit Agreement \| Revolving Credit Facility \| Base Rate
Debt Instrument Table [Line Items]
Weighted average interest rate (in hundredths)			8%
Commercial Paper
Debt Instrument Table [Line Items]
Line of credit facility, current borrowing capacity			$ 0		$ 0
Senior Notes \| 2.625% Senior Notes due 2023
Debt Instrument Table [Line Items]
Debt instrument, face amount			$ 1,250,000,000
Debt instrument, interest rate (as a percent)			2.625%

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Details) - Commodity Contract - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Natural Gas \| Basis Swaps
Financial Assets:
Assets, fair value disclosure	$ 12	$ 29
Natural Gas \| Basis Swaps \| Quoted Prices in Active Markets (Level 1)
Financial Assets:
Assets, fair value disclosure	0	0
Natural Gas \| Basis Swaps \| Significant Other Observable Inputs (Level 2)
Financial Assets:
Assets, fair value disclosure	12	29
Natural Gas \| Basis Swaps \| Significant Unobservable Inputs (Level 3)
Financial Assets:
Assets, fair value disclosure	0	0
Natural Gas \| Price Swaps
Financial Assets:
Assets, fair value disclosure	21
Financial Liabilities:
Liabilities, fair value disclosure	391	703
Natural Gas \| Price Swaps \| Quoted Prices in Active Markets (Level 1)
Financial Assets:
Assets, fair value disclosure	0
Financial Liabilities:
Liabilities, fair value disclosure	0	0
Natural Gas \| Price Swaps \| Significant Other Observable Inputs (Level 2)
Financial Assets:
Assets, fair value disclosure	21
Financial Liabilities:
Liabilities, fair value disclosure	391	703
Natural Gas \| Price Swaps \| Significant Unobservable Inputs (Level 3)
Financial Assets:
Assets, fair value disclosure	0
Financial Liabilities:
Liabilities, fair value disclosure	0	0
Crude Oil \| Price Swaps
Financial Liabilities:
Liabilities, fair value disclosure	49	190
Crude Oil \| Price Swaps \| Quoted Prices in Active Markets (Level 1)
Financial Liabilities:
Liabilities, fair value disclosure	0	0
Crude Oil \| Price Swaps \| Significant Other Observable Inputs (Level 2)
Financial Liabilities:
Liabilities, fair value disclosure	49	190
Crude Oil \| Price Swaps \| Significant Unobservable Inputs (Level 3)
Financial Liabilities:
Liabilities, fair value disclosure	$ 0	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narratives (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Aggregate principal amount of current and long-term debt	$ 3,640	$ 4,890
Estimated fair value of debt	$ 3,592	$ 4,740

Risk Management Activities - Sc

Risk Management Activities - Schedule of Derivative Instruments (Details)	3 Months Ended
	Mar. 31, 2023 BTU MMBTU $ / bbl MBbls
Crude Oil \| Derivative Contracts - January through March \| Price Swaps
Derivatives, Fair Value [Line Items]
Volume (MBbld) \| MBbls	95
Weighted Average Price	67.90
Crude Oil \| OffSetting Derivative Contracts - January through March \| Price Swaps
Derivatives, Fair Value [Line Items]
Volume (MBbld) \| MBbls	6
Weighted Average Price	102.26
Crude Oil \| Derivative Contracts - April through May \| Price Swaps
Derivatives, Fair Value [Line Items]
Volume (MBbld) \| MBbls	91
Weighted Average Price	67.63
Crude Oil \| Offsetting Derivative Contracts - April through May \| Price Swaps
Derivatives, Fair Value [Line Items]
Volume (MBbld) \| MBbls	2
Weighted Average Price	98.15
Crude Oil \| Derivative Contracts - June \| Price Swaps
Derivatives, Fair Value [Line Items]
Volume (MBbld) \| MBbls	2
Weighted Average Price	69.10
Crude Oil \| OffSetting Derivative Contracts - June \| Price Swaps
Derivatives, Fair Value [Line Items]
Volume (MBbld) \| MBbls	2
Weighted Average Price	98.15
Natural Gas \| Derivative Contracts - January through April (closed) \| Price Swaps
Derivatives, Fair Value [Line Items]
Weighted Average Price	3.36
Volume (MMBtud in thousands) \| MMBTU	300
Natural Gas \| Derivative Contracts - May through December Year one \| Price Swaps
Derivatives, Fair Value [Line Items]
Weighted Average Price	3.36
Volume (MMBtud in thousands) \| BTU	300
Natural Gas \| Derivative Contracts - January through December Year Two \| Price Swaps
Derivatives, Fair Value [Line Items]
Weighted Average Price	3.07
Volume (MMBtud in thousands) \| MMBTU	725
Natural Gas \| Derivative Contracts - January through December Year Two \| Basis Swaps
Derivatives, Fair Value [Line Items]
Weighted Average Price	0
Volume (MMBtud in thousands) \| MMBTU	10
Natural Gas \| Derivative Contracts - January through December Year Three \| Price Swaps
Derivatives, Fair Value [Line Items]
Weighted Average Price	3.07
Volume (MMBtud in thousands) \| MMBTU	725
Natural Gas \| Derivative Contracts - January through December Year Three \| Basis Swaps
Derivatives, Fair Value [Line Items]
Weighted Average Price	0
Volume (MMBtud in thousands) \| MMBTU	10
Natural Gas \| Offsetting Derivative Contracts - January through March (closed) \| Basis Swaps
Derivatives, Fair Value [Line Items]
Weighted Average Price	0.01
Volume (MMBtud in thousands) \| MMBTU	135
Natural Gas \| Derivative Contracts - April through December \| Price Swaps
Derivatives, Fair Value [Line Items]
Weighted Average Price	0.01
Volume (MMBtud in thousands) \| BTU	135

Risk Management Activities - _2

Risk Management Activities - Schedule of Derivative Instruments in Statement of Financial Position, Fair Value (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Derivative liability, current	$ 31,000,000	$ 169,000,000
Liabilities From Price Risk Management Activities
Derivatives, Fair Value [Line Items]
Collateral posted on derivative		92,000,000
Other Liabilities
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	1,000,000	3,000,000
Derivative liability, fair value, gross liability	377,000,000	606,000,000
Collateral posted on derivative		232,000,000
Price Risk Derivative
Derivatives, Fair Value [Line Items]
Derivative liability, current	31,000,000	169,000,000
Derivative liability, noncurrent	376,000,000	371,000,000
Price Risk Derivative \| Other Assets
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset		26,000,000
Derivative liability, fair value, gross liability		$ 287,000,000
Price Risk Derivative \| Liabilities From Price Risk Management Activities
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	32,000,000
Derivative liability, fair value, gross liability	$ 63,000,000

Risk Management Activities - Na

Risk Management Activities - Narrative (Details) - USD ($) $ in Millions	May 03, 2023	Mar. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Collateral already posted on derivative		$ 0	$ 324
Collateral held on derivative		$ 0	$ 0
Subsequent Event
Derivative [Line Items]
Collateral already posted on derivative	$ 0
Collateral held on derivative	$ 0

Acquisitions and Divestitures (

Acquisitions and Divestitures (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Payments primarily to acquire powder river basin	$ 135
Proceeds on asset dispositions	92	$ 121
Gains (losses) on asset dispositions, net	69	25
Gains on Asset Dispositions, Net
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue not from contract with customer	$ 69	$ 25