EOG Resources (EOG) 10-Q7 Nov 242024 Q3 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Oct. 30, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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		562,450,411
Entity Central Index Key	0000821189
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating Revenues and Other
Gains (Losses) on Asset Dispositions, Net	$ (7)	$ 35	$ 39	$ 95
Total	5,965	6,212	18,113	17,829
Operating Expenses
Lease and Well	392	369	1,178	1,076
Gathering, Processing and Transportation Costs	445	406	1,281	1,197
Exploration Costs	43	43	122	140
Dry Hole Costs	0	0	6	1
Impairments	15	54	115	123
Marketing Costs	1,500	1,383	4,394	4,200
Depreciation, Depletion and Amortization	1,031	898	3,089	2,562
General and Administrative	167	161	480	448
Taxes Other Than Income	283	341	958	983
Total	3,876	3,655	11,623	10,730
Operating Income	2,089	2,557	6,490	7,099
Other Income, Net	76	52	204	168
Income Before Interest Expense and Income Taxes	2,165	2,609	6,694	7,267
Interest Expense, Net	31	36	100	113
Income Before Income Taxes	2,134	2,573	6,594	7,154
Income Tax Provision	461	543	1,442	1,548
Net Income	$ 1,673	$ 2,030	$ 5,152	$ 5,606
Net Income Per Share
Basic (in USD per share)	$ 2.97	$ 3.51	$ 9.05	$ 9.65
Diluted (in USD per share)	$ 2.95	$ 3.48	$ 8.99	$ 9.60
Average Number of Common Shares
Basic (in shares)	564	579	569	581
Diluted (in shares)	568	583	573	584
Comprehensive Income
Net Income	$ 1,673	$ 2,030	$ 5,152	$ 5,606
Other Comprehensive Income (Loss)
Foreign Currency Translation Adjustments	(1)	2	0	1
Other Comprehensive Income (Loss)	(1)	2	0	1
Comprehensive Income	1,672	2,032	5,152	5,607
Crude Oil and Condensate
Operating Revenues and Other
Revenue from contract with customer	3,488	3,717	10,660	10,151
Natural Gas Liquids
Operating Revenues and Other
Revenue from contract with customer	524	501	1,552	1,400
Natural Gas
Operating Revenues and Other
Revenue from contract with customer	372	417	1,057	1,268
Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts
Operating Revenues and Other
Revenue not from contract with customer	79	43	269	520
Gathering, Processing and Marketing
Operating Revenues and Other
Revenue from contract with customer	1,481	1,478	4,459	4,333
Other, Net
Operating Revenues and Other
Revenue not from contract with customer	$ 28	$ 21	$ 77	$ 62

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current Assets
Cash and Cash Equivalents	$ 6,122	$ 5,278
Accounts Receivable, Net	2,545	2,716
Inventories	1,038	1,275
Assets from Price Risk Management Activities	0	106
Income Taxes Receivable	2	0
Other	458	560
Total	10,165	9,935
Property, Plant and Equipment
Oil and Gas Properties (Successful Efforts Method)	75,887	72,090
Other Property, Plant and Equipment	6,314	5,497
Total Property, Plant and Equipment	82,201	77,587
Less: Accumulated Depreciation, Depletion and Amortization	(48,075)	(45,290)
Total Property, Plant and Equipment, Net	34,126	32,297
Deferred Income Taxes	42	42
Other Assets	1,818	1,583
Total Assets	46,151	43,857
Current Liabilities
Accounts Payable	2,290	2,437
Accrued Taxes Payable	855	466
Dividends Payable	513	526
Liabilities from Price Risk Management Activities	32	0
Current Portion of Long-Term Debt	34	34
Current Portion of Operating Lease Liabilities	338	325
Other	344	286
Total	4,406	4,074
Long-Term Debt	3,742	3,765
Other Liabilities	2,480	2,526
Deferred Income Taxes	5,949	5,402
Commitments and Contingencies (Note 8)
Stockholders' Equity
Common Stock, $0.01 Par, 1,280,000,000 Shares Authorized and 588,843,718 Shares Issued at September 30, 2024 and 588,748,473 Shares Issued at December 31, 2023	206	206
Additional Paid in Capital	6,058	6,166
Accumulated Other Comprehensive Loss	(9)	(9)
Retained Earnings	26,231	22,634
Common Stock Held in Treasury, 24,125,378 Shares at September 30, 2024 and 7,888,105 Shares at December 31, 2023	(2,912)	(907)
Total Stockholders' Equity	29,574	28,090
Total Liabilities and Stockholders' Equity	$ 46,151	$ 43,857

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
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)	588,843,718	588,748,473
Common stock held in treasury (in shares)	24,125,378	7,888,105

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, 2022	$ 24,779	$ 206	$ 6,187	$ (8)	$ 18,472	$ (78)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	5,606				5,606
Common Stock Dividends Declared	(2,031)				(2,031)
Other Comprehensive Income (Loss)	1			1
Restricted Stock and Restricted Stock Units, Net	0		(156)			156
Stock-Based Compensation Expenses	126		126			0
Treasury Stock Repurchased	(676)		0			(676)
Change in Treasury Stock - Stock Compensation Plans, Net	(47)		(24)			(23)
Ending balance at Sep. 30, 2023	27,758	206	6,133	(7)	22,047	(621)
Beginning balance at Jun. 30, 2023	26,257	206	6,257	(9)	20,497	(694)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	2,030				2,030
Common Stock Dividends Declared	(480)				(480)
Other Comprehensive Income (Loss)	2			2
Restricted Stock and Restricted Stock Units, Net	0		(154)			154
Stock-Based Compensation Expenses	57		57			0
Treasury Stock Repurchased	(61)					(61)
Change in Treasury Stock - Stock Compensation Plans, Net	(47)		(27)			(20)
Ending balance at Sep. 30, 2023	27,758	206	6,133	(7)	22,047	(621)
Beginning balance at Dec. 31, 2023	28,090	206	6,166	(9)	22,634	(907)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	5,152				5,152
Common Stock Dividends Declared	(1,555)				(1,555)
Other Comprehensive Income (Loss)	0			0
Restricted Stock and Restricted Stock Units, Net	0		(224)			224
Stock-Based Compensation Expenses	148		148
Treasury Stock Repurchased	(2,218)					(2,218)
Change in Treasury Stock - Stock Compensation Plans, Net	(43)		(32)			(11)
Ending balance at Sep. 30, 2024	29,574	206	6,058	(9)	26,231	(2,912)
Beginning balance at Jun. 30, 2024	29,159	206	6,219	(8)	25,071	(2,329)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	1,673				1,673
Common Stock Dividends Declared	(513)				(513)
Other Comprehensive Income (Loss)	(1)			(1)
Restricted Stock and Restricted Stock Units, Net	0		(208)			208
Stock-Based Compensation Expenses	58		58
Treasury Stock Repurchased	(765)					(765)
Change in Treasury Stock - Stock Compensation Plans, Net	(37)		(11)			(26)
Ending balance at Sep. 30, 2024	$ 29,574	$ 206	$ 6,058	$ (9)	$ 26,231	$ (2,912)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended				9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Common stock dividends declared (in USD per share)	$ 0.91	$ 0.91	$ 0.91	$ 0.825	$ 2.73	$ 3.475

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash Flows from Operating Activities
Net Income	$ 5,152	$ 5,606
Items Not Requiring (Providing) Cash
Depreciation, Depletion and Amortization	3,089	2,562
Impairments	115	123
Stock-Based Compensation Expenses	148	126
Deferred Income Taxes	547	484
Gains on Asset Dispositions, Net	(39)	(95)
Other, Net	14	5
Dry Hole Costs	6	1
Mark-to-Market Financial Commodity and Other Derivative Contracts
Gains, Net	(269)	(520)
Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts	195	(130)
Other, Net	0	(2)
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable	200	(239)
Inventories	222	(331)
Accounts Payable	(188)	(70)
Accrued Taxes Payable	390	200
Other Assets	78	3
Other Liabilities	17	200
Changes in Components of Working Capital Associated with Investing Activities	(297)	313
Net Cash Provided by Operating Activities	9,380	8,236
Investing Cash Flows
Additions to Oil and Gas Properties	(4,105)	(4,025)
Additions to Other Property, Plant and Equipment	(902)	(638)
Proceeds from Sales of Assets	19	135
Changes in Components of Working Capital Associated with Investing Activities	297	(313)
Net Cash Used in Investing Activities	(4,691)	(4,841)
Financing Cash Flows
Long-Term Debt Repayments	0	(1,250)
Dividends Paid	(1,578)	(2,041)
Treasury Stock Purchased	(2,253)	(728)
Proceeds from Stock Options Exercised and Employee Stock Purchase Plan	11	10
Debt Issuance Costs	0	(8)
Repayment of Finance Lease Liabilities	(25)	(24)
Net Cash Used in Financing Activities	(3,845)	(4,041)
Effect of Exchange Rate Changes on Cash	0	0
Increase (Decrease) in Cash and Cash Equivalents	844	(646)
Cash and Cash Equivalents at Beginning of Period	5,278	5,972
Cash and Cash Equivalents at End of Period	$ 6,122	$ 5,326

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2024
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, 2023, filed on February 22, 2024 (EOG's 2023 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 and nine months ended September 30, 2024, are not necessarily indicative of the results to be expected for the full year. Change in Presentation. Effective January 1, 2024, EOG combined Transportation Costs and Gathering and Processing Costs into one line item titled Gathering, Processing and Transportation Costs within the Condensed Consolidated Statements of Income and Comprehensive Income. This presentation has been conformed for all periods presented and had no impact on previously reported Net Income. Recently Issued Accounting Standards. In March 2024, the SEC adopted final rules under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors. The rules amending Regulation S-X will require public entities to provide certain climate-related information in their annual reports and registration statements. The rules will be effective for large accelerated filers commencing with the fiscal period beginning January 1, 2025. In April 2024, the SEC voluntarily issued an administrative stay of the implementation of the rules, pending judicial review. EOG is evaluating the impact of the final rules on its consolidated financial statements and disclosures.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
Stock-Based Compensation	Sep. 30, 2024
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 2023 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 Nine Months Ended 2024 2023 2024 2023 Lease and Well $ 22 $ 16 $ 50 $ 39 Gathering, Processing and Transportation Costs 2 1 5 3 Exploration Costs 8 8 20 18 General and Administrative 26 32 73 66 Total $ 58 $ 57 $ 148 $ 126 At September 30, 2024, approximately 13 million common shares remained available for grant under the EOG Resources, Inc. 2021 Omnibus Equity Compensation Plan (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 of stock-settled stock appreciation rights (SARs) 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 $8 million for both the three months ended September 30, 2024 and 2023, and $17 million and $20 million for the nine months ended September 30, 2024 and 2023, respectively. EOG did not grant any stock options or SARs during the nine-month periods ended September 30, 2024 and 2023. Weighted average fair values and valuation assumptions used to value ESPP grants during the nine-month periods ended September 30, 2024 and 2023 are as follows: ESPP Nine Months Ended 2024 2023 Weighted Average Fair Value of Grants $ 26.03 $ 29.39 Expected Volatility 25.78 % 38.07 % Risk-Free Interest Rate 5.17 % 5.02 % Dividend Yield 2.87 % 2.67 % Expected Life 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 ESPP grants. The following table sets forth stock option and SAR transactions for the nine-month periods ended September 30, 2024 and 2023 (stock options and SARs in thousands): Nine Months Ended Nine Months Ended Number of Weighted Number of Weighted Outstanding at January 1 2,843 $ 79.22 4,225 $ 77.49 Exercised (1) (882) 75.46 (924) 76.88 Forfeited (33) 86.69 (78) 86.69 Outstanding at September 30 (2) 1,928 $ 80.81 3,223 $ 77.45 Vested or Expected to Vest (3) 1,928 $ 80.81 3,175 $ 77.38 Exercisable at September 30 (4) 1,926 $ 80.80 2,646 $ 76.53 (1) The total intrinsic value of stock options/SARs exercised during the nine months ended September 30, 2024 and 2023 was $46 million in both periods. 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 September 30, 2024 and 2023 was $83 million and $159 million, respectively. At September 30, 2024 and 2023, the weighted average remaining contractual life was 2.7 years and 3.6 years, respectively. (3) The total intrinsic value of stock options/SARs vested or expected to vest at September 30, 2024 and 2023 was $83 million and $157 million, respectively. At September 30, 2024 and 2023, the weighted average remaining contractual life was 2.7 years and 3.6 years, respectively. (4) The total intrinsic value of stock options/SARs exercisable at September 30, 2024 and 2023 was $83 million and $133 million, respectively. At September 30, 2024 and 2023, the weighted average remaining contractual life was 2.7 years and 3.3 years, respectively. At September 30, 2024, unrecognized compensation expense related to non-vested stock option, SAR and ESPP grants totaled $1 million. Such unrecognized expense will be amortized on a straight-line basis over a weighted average period of 0.2 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 $39 million and $43 million for the three months ended September 30, 2024 and 2023, respectively, and $113 million and $95 million for the nine months ended September 30, 2024 and 2023, respectively. The following table sets forth restricted stock and restricted stock unit transactions for the nine-month periods ended September 30, 2024 and 2023 (shares and units in thousands): Nine Months Ended Nine Months Ended Number of Weighted Number of Weighted Outstanding at January 1 4,364 $ 111.24 4,113 $ 80.77 Granted 1,822 122.35 1,629 131.33 Released (1) (1,264) 85.21 (1,208) 40.27 Forfeited (143) 113.78 (85) 84.25 Outstanding at September 30 (2) 4,779 $ 122.28 4,449 $ 110.21 (1) The total intrinsic value of restricted stock and restricted stock units released during the nine months ended September 30, 2024 and 2023, was $155 million and $156 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 September 30, 2024 and 2023, was $588 million and $564 million, respectively. At September 30, 2024, unrecognized compensation expense related to restricted stock and restricted stock units totaled $396 million. Such unrecognized expense will be amortized on a straight-line basis over a weighted average period of 2.0 years. Performance Units. EOG grants restricted stock units with performance-based conditions (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 (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 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 the 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 Performance Period. At the end of the 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 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 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 average ROCE over the Performance Period. 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 $2 million and $6 million for the three months ended September 30, 2024 and 2023, respectively, and $9 million and $11 million for the nine months ended September 30, 2024 and 2023, respectively. The following table sets forth the Performance Unit transactions for the nine-month periods ended September 30, 2024 and 2023 (units in thousands): Nine Months Ended Nine Months Ended Number of Weighted Number of Weighted Outstanding at January 1 630 $ 95.49 688 $ 83.82 Granted 109 130.31 109 141.59 Released (1) (45) 43.33 (86) 79.98 Forfeited for Performance Multiple (2) (135) 43.33 (86) 79.98 Outstanding at September 30 (3) 559 (4) $ 119.05 625 $ 94.94 (1) The total intrinsic value of Performance Units released was $5 million and $10 million for the nine months ended September 30, 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%, respectively, was applied to each of the grants resulting in a forfeiture of Performance Units in February 2024 and February 2023. (3) The total intrinsic value of Performance Units outstanding at September 30, 2024 and 2023, was $69 million and $79 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 1,118 Performance Units could be outstanding. At September 30, 2024, unrecognized compensation expense related to Performance Units totaled $24 million. Such unrecognized expense will be amortized on a straight-line basis over a weighted average period of 1.6 years. Other Stock Awards. In August 2024, and in recognition of EOG's 25th anniversary as an independent public company, EOG awarded 25 shares of EOG common stock to each of its non-executive officer employees. Stock-based compensation expense related to the awards totaled $9 million for both the three months and nine months ended September 30, 2024, and the intrinsic value of the awards was $9 million (based upon the closing price of EOG's common stock on the August 16, 2024 award date). A gross-up to account for income taxes was also recognized.

Net Income Per Share

Net Income Per Share	9 Months Ended
Net Income Per Share	Sep. 30, 2024
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 and nine-month periods ended September 30, 2024 and 2023 (in millions, except per share data): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Numerator for Basic and Diluted Earnings Per Share - Net Income $ 1,673 $ 2,030 $ 5,152 $ 5,606 Denominator for Basic Earnings Per Share - Weighted Average Shares 564 579 569 581 Potential Dilutive Common Shares - Stock Options/SARs/ESPP 1 1 1 1 Restricted Stock/Units and Performance Units 3 3 3 2 Denominator for Diluted Earnings Per Share - Adjusted Diluted Weighted Average Shares 568 583 573 584 Net Income Per Share Basic $ 2.97 $ 3.51 $ 9.05 $ 9.65 Diluted $ 2.95 $ 3.48 $ 8.99 $ 9.60 The diluted earnings per share calculation excludes stock option, SAR and ESPP grants that were anti-dilutive. Shares underlying the excluded stock option, SAR and ESPP grants were zero for both the three-month periods ended September 30, 2024 and 2023, and zero and 1 million for the nine-month periods ended September 30, 2024 and 2023, respectively.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	9 Months Ended
Supplemental Cash Flow Information	Sep. 30, 2024
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 nine-month periods ended September 30, 2024 and 2023 (in millions): Nine Months Ended 2024 2023 Interest (1) $ 75 $ 110 Income Taxes, Net of Refunds Received $ 587 $ 876 (1) Net of capitalized interest of $32 million and $24 million for the nine months ended September 30, 2024 and 2023, respectively. EOG's accrued capital expenditures and amounts recorded within accounts payable at September 30, 2024 and 2023 were $690 million and $716 million, respectively. Non-cash investing activities for the nine months ended September 30, 2024 and 2023, included additions of $106 million and $154 million, respectively, to EOG's oil and gas properties as a result of property exchanges. Operating activities for the nine months ended September 30, 2023, included net cash received of $324 million related to the change in collateral posted for financial commodity derivative contracts. EOG had no collateral posted or held during the nine months ended September 30, 2024. For related discussion, see Note 12. This amount is 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	9 Months Ended
Segment Information	Sep. 30, 2024
Segment Reporting [Abstract]
Segment Information	Segment Information Selected financial information by reportable segment is presented below for the three-month and nine-month periods ended September 30, 2024 and 2023 (in millions): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Operating Revenues and Other United States $ 5,881 $ 6,164 $ 17,897 $ 17,625 Trinidad 84 48 216 203 Other International (1) — — — 1 Total $ 5,965 $ 6,212 $ 18,113 $ 17,829 Operating Income (Loss) United States $ 2,063 $ 2,559 $ 6,474 $ 7,032 Trinidad 30 17 62 99 Other International (1) (4) (19) (46) (32) Total 2,089 2,557 6,490 7,099 Reconciling Items Other Income, Net 76 52 204 168 Interest Expense, Net (31) (36) (100) (113) Income Before Income Taxes $ 2,134 $ 2,573 $ 6,594 $ 7,154 (1) Other International primarily consists of EOG's international exploration programs and Canada operations. EOG is continuing the process of exiting its Canada operations. EOG began an exploration program in Australia in the third quarter of 2021. Total assets by reportable segment are presented below at September 30, 2024 and December 31, 2023 (in millions): At September 30, 2024 At December 31, 2023 Total Assets United States $ 44,867 $ 42,674 Trinidad 1,094 1,063 Other International (1) 190 120 Total $ 46,151 $ 43,857 (1) Other International primarily consists of EOG's international exploration programs and Canada operations. EOG is continuing the process of exiting its Canada operations. EOG began an exploration program in Australia in the third quarter of 2021.

Asset Retirement Obligations

Asset Retirement Obligations	9 Months Ended
Asset Retirement Obligations	Sep. 30, 2024
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 nine-month periods ended September 30, 2024 and 2023 (in millions): Nine Months Ended 2024 2023 Carrying Amount at January 1 $ 1,506 $ 1,328 Liabilities Incurred 39 49 Liabilities Settled (1) (50) (80) Accretion 43 37 Revisions (84) 166 Foreign Currency Translations (1) — Carrying Amount at September 30 $ 1,453 $ 1,500 Current Portion $ 44 $ 42 Noncurrent Portion $ 1,409 $ 1,458 (1) Includes settlements related to asset sales and property exchanges. 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	9 Months Ended
Exploratory Well Costs	Sep. 30, 2024
Oil and Gas, Capitalized Exploratory Well Cost [Abstract]
Exploratory Well Costs	Exploratory Well Costs EOG's net changes in capitalized exploratory well costs for the nine-month period ended September 30, 2024, are presented below (in millions): Nine Months Ended Balance at January 1 $ 76 Additions Pending the Determination of Proved Reserves 46 Reclassifications to Proved Properties (58) Costs Charged to Expense (1) (1) Balance at September 30 $ 63 (1) Includes capitalized exploratory well costs charged to dry hole costs. At September 30, 2024, EOG had no exploratory wells capitalized for a period of greater than one year.

Commitment and Contingencies

Commitment and Contingencies	9 Months Ended
Commitment and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies There 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	9 Months Ended
Pension and Postretirement Benefits	Sep. 30, 2024
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 $46 million and $42 million for the nine months ended September 30, 2024 and 2023, 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. Postretirement Health Care.

Long-Term Debt and Common Stock

Long-Term Debt and Common Stock	9 Months Ended
Long-Term Debt and Common Stock	Sep. 30, 2024
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 September 30, 2024 and December 31, 2023, and did not utilize any commercial paper borrowings during the nine months ended September 30, 2024 and 2023. At September 30, 2024, the $500 million aggregate principal amount of EOG's 3.15% Senior Notes due 2025 was classified as long-term debt based upon EOG's intent and ability to ultimately replace such amount with other long-term debt. EOG currently has a $1.9 billion senior unsecured Revolving Credit Agreement (Agreement) with domestic and foreign lenders (Banks). The Agreement has a scheduled maturity date of June 7, 2028, 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 $1.9 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 the Secured Overnight Financing Rate (SOFR) plus 0.1% plus an applicable margin or the base rate (as defined in the Agreement) plus an applicable margin. The applicable margin used in connection with interest rates and fees will be based on EOG's credit rating for its senior unsecured long-term debt at the applicable time. 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 September 30, 2024, EOG was in compliance with this financial covenant. At September 30, 2024, and December 31, 2023, there were no borrowings or letters of credit outstanding under the Agreement. The SOFR and base rate (inclusive of the applicable margins), had there been any amounts borrowed under the Agreement at September 30, 2024, would have been 5.85% and 8.00%, respectively. Common Stock. In November 2021, the Board of Directors (Board) established a new share repurchase authorization that allows for the repurchase by EOG of up to $5 billion of its common stock (Share Repurchase Authorization). During the nine months ended September 30, 2024, EOG repurchased 18.0 million shares of common stock for approximately $2,198 million (inclusive of transaction fees and commissions) pursuant to the Share Repurchase Authorization. As of September 30, 2024, approximately $1.8 billion remained available for repurchases under the Share Repurchase Authorization. Included in the Treasury Stock Repurchased amounts on the Condensed Consolidated Statements of Stockholders' Equity for the nine months ended September 30, 2024, is $20 million of estimated federal excise taxes. Subsequent to September 30, 2024, the Board increased the Share Repurchase Authorization from $5 billion to $10 billion, effective November 7, 2024. Under the Share Repurchase 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 Share Repurchase 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. On February 22, 2024, the Board declared a quarterly cash dividend on the common stock of $0.91 per share paid on April 30, 2024, to stockholders of record as of April 16, 2024. On May 2, 2024, the Board declared a quarterly cash dividend on the common stock of $0.91 per share paid on July 31, 2024, to stockholders of record as of July 17, 2024. On August 1, 2024, the Board declared a quarterly cash dividend on the common stock of $0.91 per share paid on October 31, 2024, to stockholders of record as of October 17, 2024. On November 7, 2024, the Board increased the quarterly cash dividend on the common stock from the previous $0.91 per share to $0.975 per share, effective beginning with the dividend payable on January 31, 2025, to stockholders of record as of January 17, 2025.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
Fair Value Measurements	Sep. 30, 2024
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 2023 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 September 30, 2024 and December 31, 2023 (in millions): Fair Value Measurements Using: Quoted Significant Significant Total At September 30, 2024 Financial Assets: Natural Gas Basis Swaps $ — $ 2 $ — $ 2 Brent Crude Oil (Brent) Linked Gas Sales Contract — — 148 148 Financial Liabilities: Natural Gas Swaps — 73 — 73 At December 31, 2023 Financial Assets: Natural Gas Swaps $ — $ 105 $ — $ 105 Natural Gas Basis Swaps — 2 — 2 Financial Liabilities: Natural Gas Swaps — 104 — 104 See Note 12 for the balance sheet amounts and classification of EOG's financial commodity and other derivative instruments at September 30, 2024 and December 31, 2023. The estimated fair value of financial commodity and other derivative contracts was based upon forward commodity price curves based on quoted market prices. For the Brent Linked Gas Sales Contract, the estimated fair value was based on EOG's estimates of (and assumptions regarding) significant Level 3 inputs, including future crude oil and natural gas prices. These Level 3 inputs are immaterial to the financial statements. Financial commodity and other derivative contracts were valued 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 group. If the expected undiscounted future cash flows, based on EOG's estimates 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 Financial Accounting Standards Board's Fair Value Measurement Topic of the Accounting Standards Codification (ASC). 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 and other 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 both September 30, 2024 and December 31, 2023, EOG had outstanding $3,640 million aggregate principal amount of senior notes, which had estimated fair values at such dates of approximately $3,593 million and $3,574 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. Natural Gas Sales Linked to Brent Crude Oil. In February 2024, EOG entered into a 10-year agreement, commencing in 2027, to sell 180,000 million British Thermal Units per day (MMBtud) of its domestic natural gas production, with 140,000 MMBtud to be sold at a price indexed to Brent and the remaining volumes to be sold at a price indexed to Brent or a U.S. Gulf Coast gas index. It was determined that this agreement meets the definition of a derivative under the Derivatives and Hedging Topic of the ASC and does not qualify for the normal purchases and normal sales scope exception. As such, this agreement is accounted for as a derivative using the mark-to-market accounting method. Changes in the fair value are recognized as gains or losses in the period of change on the Condensed Consolidated Statements of Income and Comprehensive Income.

Risk Management Activities

Risk Management Activities	9 Months Ended
Risk Management Activities	Sep. 30, 2024
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 2023 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 and other derivative contracts as accounting hedges and, accordingly, accounts for financial commodity and other 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 nine-month period ended September 30, 2024 (closed) and outstanding as of September 30, 2024. Natural gas volumes are presented in MMBtud and prices are presented in dollars per million British Thermal Units ($/MMBtu). Natural Gas Financial Price Swap Contracts Contracts Sold Period Settlement Index Volume Weighted Average Price January - October 2024 (closed) New York Mercantile Exchange (NYMEX) Henry Hub 725 $ 3.07 November - 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 - September 2024 (closed) NYMEX Henry Hub Houston Ship Channel (HSC) Differential (1) 10 $ 0.00 October - 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 and Other Derivative Instruments Location on Balance Sheet. The following table sets forth the amounts and classification of EOG's outstanding financial commodity and other derivative instruments at September 30, 2024 and December 31, 2023. 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 September 30, 2024 December 31, 2023 Asset Derivatives Crude oil, NGLs and natural gas financial derivative contracts - Current portion Assets from Price Risk Management Activities (1) $ — $ 106 Brent Linked Gas Sales Contract - Noncurrent Portion Other Assets (2) 148 — Liability Derivatives Crude oil, NGLs and natural gas financial derivative contracts - Current Portion Liabilities from Price Risk Management Activities (3) $ 32 $ — Noncurrent portion Other Liabilities (4) 39 103 (1) The current portion of Assets from Price Risk Management Activities consists of gross assets of $106 million at December 31, 2023. (2) The noncurrent portion related to the Brent Linked Gas Sales Contract consists of gross assets of $148 million at September 30, 2024. (3) The current portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $33 million, partially offset by gross assets of $1 million at September 30, 2024. (4) The noncurrent portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $39 million at September 30, 2024. The noncurrent portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $104 million, partially offset by gross assets of $1 million at December 31, 2023. Credit Risk. Notional contract amounts are used to express the magnitude of a 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 financial commodity 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 September 30, 2024 and December 31, 2023. EOG had no collateral posted and no collateral held at September 30, 2024 and December 31, 2023. EOG had no collateral posted and no collateral held at November 6, 2024.

Acquisitions and Divestitures

Acquisitions and Divestitures	9 Months Ended
Acquisitions and Divestitures	Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures During the nine months ended September 30, 2024, EOG paid cash of $139 million, primarily to acquire a gathering system in South Texas. Additionally, during the nine months ended September 30, 2024, EOG recognized net gains on asset dispositions of $39 million and received proceeds of $19 million, primarily due to lease exchanges and dispositions in the Delaware Basin and the Eagle Ford as well as the sale of certain other assets.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income	$ 1,673	$ 2,030	$ 5,152	$ 5,606

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	9 Months Ended
Insider Trading Arrangements	Sep. 30, 2024 shares	Sep. 30, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Jeffrey R. Leitzel [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On August 30, 2024, Jeffrey R. Leitzell, EOG's Executive Vice President and Chief Operating Officer, adopted a written Rule 10b5-1 trading arrangement in respect of EOG's common stock that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) promulgated under the Securities Exchange Act of 1934 (as amended). The arrangement, which was adopted at a time when Mr. Leitzell was not in possession of material, non-public information regarding EOG, provides for the sale by Mr. Leitzell of: (1) up to 15,704 shares currently held by Mr. Leitzell; (2) 55% of the net shares to be received by Mr. Leitzell upon the vesting of 5,665 shares of restricted stock previously granted to him; (3) 65% of the net shares to be received by Mr. Leitzell upon the vesting of 4,841 shares of restricted stock previously granted to him; and (4) the net shares to be received by Mr. Leitzell in connection with the exercise of 8,190 stock-settled stock appreciation rights (SARs) previously granted to him; in each case, during the specific time periods and subject to the limit price (i.e., trigger price) conditions set forth in the arrangement (and, in the case of the grants of restricted stock and SARs, subject to EOG's withholding of shares in satisfaction of the tax withholding obligations arising upon such vestings and exercise). Mr. Leitzell's Rule 10b5-1 trading arrangement will commence following the applicable cooling-off period and will terminate upon the earlier of (i) the completion of all sales specified in the trading arrangement and (ii) December 31, 2026.
Name	Jeffrey R. Leitzell
Title	Executive Vice President and Chief Operating Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 30, 2024
Arrangement Duration	853 days
Aggregate Available	15,704	15,704

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Recently Issued Accounting Standards	Recently Issued Accounting Standards. In March 2024, the SEC adopted final rules under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors. The rules amending Regulation S-X will require public entities to provide certain climate-related information in their annual reports and registration statements. The rules will be effective for large accelerated filers commencing with the fiscal period beginning January 1, 2025. In April 2024, the SEC voluntarily issued an administrative stay of the implementation of the rules, pending judicial review. EOG is evaluating the impact of the final rules on its consolidated financial statements and disclosures.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
Stock-Based Compensation (Tables)	Sep. 30, 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 Nine Months Ended 2024 2023 2024 2023 Lease and Well $ 22 $ 16 $ 50 $ 39 Gathering, Processing and Transportation Costs 2 1 5 3 Exploration Costs 8 8 20 18 General and Administrative 26 32 73 66 Total $ 58 $ 57 $ 148 $ 126
Schedule of Weighted Average Fair Values and Valuation Assumptions	Weighted average fair values and valuation assumptions used to value ESPP grants during the nine-month periods ended September 30, 2024 and 2023 are as follows: ESPP Nine Months Ended 2024 2023 Weighted Average Fair Value of Grants $ 26.03 $ 29.39 Expected Volatility 25.78 % 38.07 % Risk-Free Interest Rate 5.17 % 5.02 % Dividend Yield 2.87 % 2.67 % 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 nine-month periods ended September 30, 2024 and 2023 (stock options and SARs in thousands): Nine Months Ended Nine Months Ended Number of Weighted Number of Weighted Outstanding at January 1 2,843 $ 79.22 4,225 $ 77.49 Exercised (1) (882) 75.46 (924) 76.88 Forfeited (33) 86.69 (78) 86.69 Outstanding at September 30 (2) 1,928 $ 80.81 3,223 $ 77.45 Vested or Expected to Vest (3) 1,928 $ 80.81 3,175 $ 77.38 Exercisable at September 30 (4) 1,926 $ 80.80 2,646 $ 76.53 (1) The total intrinsic value of stock options/SARs exercised during the nine months ended September 30, 2024 and 2023 was $46 million in both periods. 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 September 30, 2024 and 2023 was $83 million and $159 million, respectively. At September 30, 2024 and 2023, the weighted average remaining contractual life was 2.7 years and 3.6 years, respectively. (3) The total intrinsic value of stock options/SARs vested or expected to vest at September 30, 2024 and 2023 was $83 million and $157 million, respectively. At September 30, 2024 and 2023, the weighted average remaining contractual life was 2.7 years and 3.6 years, respectively. (4) The total intrinsic value of stock options/SARs exercisable at September 30, 2024 and 2023 was $83 million and $133 million, respectively. At September 30, 2024 and 2023, the weighted average remaining contractual life was 2.7 years and 3.3 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 nine-month periods ended September 30, 2024 and 2023 (shares and units in thousands): Nine Months Ended Nine Months Ended Number of Weighted Number of Weighted Outstanding at January 1 4,364 $ 111.24 4,113 $ 80.77 Granted 1,822 122.35 1,629 131.33 Released (1) (1,264) 85.21 (1,208) 40.27 Forfeited (143) 113.78 (85) 84.25 Outstanding at September 30 (2) 4,779 $ 122.28 4,449 $ 110.21 (1) The total intrinsic value of restricted stock and restricted stock units released during the nine months ended September 30, 2024 and 2023, was $155 million and $156 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 September 30, 2024 and 2023, was $588 million and $564 million, respectively.
Schedule of Performance Award Transactions	The following table sets forth the Performance Unit transactions for the nine-month periods ended September 30, 2024 and 2023 (units in thousands): Nine Months Ended Nine Months Ended Number of Weighted Number of Weighted Outstanding at January 1 630 $ 95.49 688 $ 83.82 Granted 109 130.31 109 141.59 Released (1) (45) 43.33 (86) 79.98 Forfeited for Performance Multiple (2) (135) 43.33 (86) 79.98 Outstanding at September 30 (3) 559 (4) $ 119.05 625 $ 94.94 (1) The total intrinsic value of Performance Units released was $5 million and $10 million for the nine months ended September 30, 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%, respectively, was applied to each of the grants resulting in a forfeiture of Performance Units in February 2024 and February 2023. (3) The total intrinsic value of Performance Units outstanding at September 30, 2024 and 2023, was $69 million and $79 million, respectively. (4)

Net Income Per Share (Tables)

Net Income Per Share (Tables)	9 Months Ended
Net Income Per Share (Tables)	Sep. 30, 2024
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 and nine-month periods ended September 30, 2024 and 2023 (in millions, except per share data): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Numerator for Basic and Diluted Earnings Per Share - Net Income $ 1,673 $ 2,030 $ 5,152 $ 5,606 Denominator for Basic Earnings Per Share - Weighted Average Shares 564 579 569 581 Potential Dilutive Common Shares - Stock Options/SARs/ESPP 1 1 1 1 Restricted Stock/Units and Performance Units 3 3 3 2 Denominator for Diluted Earnings Per Share - Adjusted Diluted Weighted Average Shares 568 583 573 584 Net Income Per Share Basic $ 2.97 $ 3.51 $ 9.05 $ 9.65 Diluted $ 2.95 $ 3.48 $ 8.99 $ 9.60

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	9 Months Ended
Supplemental Cash Flow Information (Tables)	Sep. 30, 2024
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 nine-month periods ended September 30, 2024 and 2023 (in millions): Nine Months Ended 2024 2023 Interest (1) $ 75 $ 110 Income Taxes, Net of Refunds Received $ 587 $ 876 (1) Net of capitalized interest of $32 million and $24 million for the nine months ended September 30, 2024 and 2023, respectively.

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
Segment Information (Tables)	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of Selected Financial Information by Reportable Segment	Selected financial information by reportable segment is presented below for the three-month and nine-month periods ended September 30, 2024 and 2023 (in millions): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Operating Revenues and Other United States $ 5,881 $ 6,164 $ 17,897 $ 17,625 Trinidad 84 48 216 203 Other International (1) — — — 1 Total $ 5,965 $ 6,212 $ 18,113 $ 17,829 Operating Income (Loss) United States $ 2,063 $ 2,559 $ 6,474 $ 7,032 Trinidad 30 17 62 99 Other International (1) (4) (19) (46) (32) Total 2,089 2,557 6,490 7,099 Reconciling Items Other Income, Net 76 52 204 168 Interest Expense, Net (31) (36) (100) (113) Income Before Income Taxes $ 2,134 $ 2,573 $ 6,594 $ 7,154 (1) Other International primarily consists of EOG's international exploration programs and Canada operations. EOG is continuing the process of exiting its Canada operations. EOG began an exploration program in Australia in the third quarter of 2021.
Schedule of Assets by Reportable Segment	Total assets by reportable segment are presented below at September 30, 2024 and December 31, 2023 (in millions): At September 30, 2024 At December 31, 2023 Total Assets United States $ 44,867 $ 42,674 Trinidad 1,094 1,063 Other International (1) 190 120 Total $ 46,151 $ 43,857 (1) Other International primarily consists of EOG's international exploration programs and Canada operations. EOG is continuing the process of exiting its Canada operations. EOG began an exploration program in Australia in the third quarter of 2021.

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	9 Months Ended
Asset Retirement Obligations (Tables)	Sep. 30, 2024
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 nine-month periods ended September 30, 2024 and 2023 (in millions): Nine Months Ended 2024 2023 Carrying Amount at January 1 $ 1,506 $ 1,328 Liabilities Incurred 39 49 Liabilities Settled (1) (50) (80) Accretion 43 37 Revisions (84) 166 Foreign Currency Translations (1) — Carrying Amount at September 30 $ 1,453 $ 1,500 Current Portion $ 44 $ 42 Noncurrent Portion $ 1,409 $ 1,458 (1) Includes settlements related to asset sales and property exchanges.

Exploratory Well Costs (Tables)

Exploratory Well Costs (Tables)	9 Months Ended
Exploratory Well Costs (Tables)	Sep. 30, 2024
Oil and Gas, Capitalized Exploratory Well Cost [Abstract]
Schedule of Net Changes in Capitalized Exploratory Well Costs	EOG's net changes in capitalized exploratory well costs for the nine-month period ended September 30, 2024, are presented below (in millions): Nine Months Ended Balance at January 1 $ 76 Additions Pending the Determination of Proved Reserves 46 Reclassifications to Proved Properties (58) Costs Charged to Expense (1) (1) Balance at September 30 $ 63 (1) Includes capitalized exploratory well costs charged to dry hole costs.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
Fair Value Measurements (Tables)	Sep. 30, 2024
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 September 30, 2024 and December 31, 2023 (in millions): Fair Value Measurements Using: Quoted Significant Significant Total At September 30, 2024 Financial Assets: Natural Gas Basis Swaps $ — $ 2 $ — $ 2 Brent Crude Oil (Brent) Linked Gas Sales Contract — — 148 148 Financial Liabilities: Natural Gas Swaps — 73 — 73 At December 31, 2023 Financial Assets: Natural Gas Swaps $ — $ 105 $ — $ 105 Natural Gas Basis Swaps — 2 — 2 Financial Liabilities: Natural Gas Swaps — 104 — 104

Risk Management Activities (Tab

Risk Management Activities (Tables)	9 Months Ended
Risk Management Activities (Tables)	Sep. 30, 2024
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 nine-month period ended September 30, 2024 (closed) and outstanding as of September 30, 2024. Natural gas volumes are presented in MMBtud and prices are presented in dollars per million British Thermal Units ($/MMBtu). Natural Gas Financial Price Swap Contracts Contracts Sold Period Settlement Index Volume Weighted Average Price January - October 2024 (closed) New York Mercantile Exchange (NYMEX) Henry Hub 725 $ 3.07 November - 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 - September 2024 (closed) NYMEX Henry Hub Houston Ship Channel (HSC) Differential (1) 10 $ 0.00 October - 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 and other derivative instruments at September 30, 2024 and December 31, 2023. 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 September 30, 2024 December 31, 2023 Asset Derivatives Crude oil, NGLs and natural gas financial derivative contracts - Current portion Assets from Price Risk Management Activities (1) $ — $ 106 Brent Linked Gas Sales Contract - Noncurrent Portion Other Assets (2) 148 — Liability Derivatives Crude oil, NGLs and natural gas financial derivative contracts - Current Portion Liabilities from Price Risk Management Activities (3) $ 32 $ — Noncurrent portion Other Liabilities (4) 39 103 (1) The current portion of Assets from Price Risk Management Activities consists of gross assets of $106 million at December 31, 2023. (2) The noncurrent portion related to the Brent Linked Gas Sales Contract consists of gross assets of $148 million at September 30, 2024. (3) The current portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $33 million, partially offset by gross assets of $1 million at September 30, 2024. (4) The noncurrent portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $39 million at September 30, 2024. The noncurrent portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $104 million, partially offset by gross assets of $1 million at December 31, 2023.

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 58	$ 57	$ 148	$ 126
Lease and Well
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	22	16	50	39
Gathering, Processing and Transportation Costs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	2	1	5	3
Exploration Costs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	8	8	20	18
General and Administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 26	$ 32	$ 73	$ 66

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Aug. 31, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares available for grant (in shares)		13,000,000		13,000,000
Stock-based compensation expense		$ 58	$ 57	$ 148	$ 126
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		8	8	17	20
Unrecognized compensation expense		1		$ 1
Weighted average period over which unrecognized compensation expense will be recognized (in years)				2 months 12 days
Restricted Stock And Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense		396		$ 396
Weighted average period over which unrecognized compensation expense will be recognized (in years)				2 years
Share-based compensation arrangement by restricted stock and restricted stock units compensation cost		39	43	$ 113	95
Intrinsic value released				155	156
Performance Unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense		24		$ 24
Weighted average period over which unrecognized compensation expense will be recognized (in years)				1 year 7 months 6 days
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%
Maximum performance multiple at the completion of the performance period if TSR is negative (as a percent)				100%
Stock-based compensation expense		2	$ 6	$ 9	11
Intrinsic value released				$ 5	$ 10
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%
Other Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense related to stock options, SAR and ESPP grants		9		$ 9
Number of shares per employee (in shares)	25
Intrinsic value released		$ 9		$ 9

Stock Based Compensation - Sche

Stock Based Compensation - Schedule of Weighted Average Fair Values and Valuation Assumptions (Details) - ESPP - $ / shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
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)	$ 26.03	$ 29.39
Expected Volatility	25.78%	38.07%
Risk-Free Interest Rate	5.17%	5.02%
Dividend Yield	2.87%	2.67%
Expected Life	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	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Number of Stock Options/SARs
Beginning balance (in shares)	2,843	4,225
Exercised (in shares)	(882)	(924)
Forfeited (in shares)	(33)	(78)
Ending balance (in shares)	1,928	3,223
Vested or Expected to Vest (in shares)	1,928	3,175
Exercisable (in shares)	1,926	2,646
Weighted Average Exercise Price
Beginning balance (in USD per share)	$ 79.22	$ 77.49
Exercised (in USD per share)	75.46	76.88
Forfeited (in USD per share)	86.69	86.69
Ending balance (in USD per share)	80.81	77.45
Vested or Expected to Vest (in USD per share)	80.81	77.38
Exercisable (in USD per share)	$ 80.80	$ 76.53
Additional Disclosures
Intrinsic value of stock options/SARs exercised	$ 46	$ 46
Intrinsic value of stock options/SARs outstanding	$ 83	$ 159
Weighted average remaining contractual life for stock options/SARs outstanding (in years)	2 years 8 months 12 days	3 years 7 months 6 days
Intrinsic value of stock options/SARs vested or expected to vest	$ 83	$ 157
Weighted average remaining contractual life for stock options/SARs vested or expected to vest (in years)	2 years 8 months 12 days	3 years 7 months 6 days
Aggregate intrinsic value for exercisable units	$ 83	$ 133
Weighted average remaining contractual life for exercisable options/SARs (in years)	2 years 8 months 12 days	3 years 3 months 18 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 $ / shares in Units, shares in Thousands, $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares
Number of Shares and Units
Beginning balance (in shares) \| shares	4,364	4,113
Granted (in shares) \| shares	1,822	1,629
Released (in shares) \| shares	(1,264)	(1,208)
Forfeited (in shares) \| shares	(143)	(85)
Ending balance (in shares) \| shares	4,779	4,449
Weighted Average Grant Date Fair Value
Beginning balance (in USD per share) \| $ / shares	$ 111.24	$ 80.77
Granted (in USD per share) \| $ / shares	122.35	131.33
Released (in USD per share) \| $ / shares	85.21	40.27
Forfeited (in USD per share) \| $ / shares	113.78	84.25
Ending balance (in USD per share) \| $ / shares	$ 122.28	$ 110.21
Additional Disclosures
Intrinsic value released \| $	$ 155	$ 156
Aggregate intrinsic value of stock and units outstanding \| $	$ 588	$ 564

Stock Based Compensation - Sc_4

Stock Based Compensation - Schedule of Performance Award Transactions (Details) - Performance Unit $ / shares in Units, shares in Thousands, $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares
Number of Shares and Units
Beginning balance (in shares)	630	688
Granted (in shares)	109	109
Released (in shares)	(45)	(86)
Forfeited for Performance Multiple (in shares)	(135)	(86)
Ending balance (in shares)	559	625
Weighted Average Grant Date Fair Value
Beginning balance (in USD per share) \| $ / shares	$ 95.49	$ 83.82
Granted (in USD per share) \| $ / shares	130.31	141.59
Released (in USD per share) \| $ / shares	43.33	79.98
Forfeited for Performance Multiple (in USD per share) \| $ / shares	43.33	79.98
Ending balance (in USD per share) \| $ / shares	$ 119.05	$ 94.94
Additional Disclosures
Intrinsic value released \| $	$ 5	$ 10
Performance multiple applied at the completion period (as a percent)	25%	50%
Aggregate intrinsic value of stock and units outstanding \| $	$ 69	$ 79
Minimum performance units and stock allowed to be outstanding (in shares)	0
Maximum performance units allowed to be outstanding (in shares)	1,118

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator for Basic and Diluted Earnings Per Share -
Net Income -Basic	$ 1,673	$ 2,030	$ 5,152	$ 5,606
Net Income - Diluted	$ 1,673	$ 2,030	$ 5,152	$ 5,606
Denominator for Basic Earnings Per Share -
Weighted Average Shares (in shares)	564	579	569	581
Denominator for Diluted Earnings Per Share -
Adjusted Diluted Weighted Average Shares (in shares)	568	583	573	584
Net Income Per Share
Basic (in USD per share)	$ 2.97	$ 3.51	$ 9.05	$ 9.65
Diluted ( in USD per share)	$ 2.95	$ 3.48	$ 8.99	$ 9.60
Stock Options/SARs/ESPP
Potential Dilutive Common Shares -
Common shares attributable to dilutive effect of share-based payment arrangements (in shares)	1	1	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)	3	3	3	2

Net Income Per Share - Narrativ

Net Income Per Share - Narratives (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
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)	0	0	0	1

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information - Schedule of Net Cash Paid For Interest and Income Taxes (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Supplemental Cash Flow Information [Abstract]
Interest	$ 75	$ 110
Income Taxes, Net of Refunds Received	587	876
Interest costs capitalized	$ 32	$ 24

Supplemental Cash Flow Inform_4

Supplemental Cash Flow Information - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Supplemental Cash Flow Information [Abstract]
Accrued capital expenditures	$ 690	$ 716
Non-cash property exchanges	106	154
Cash received (used) related to collateral posted for financial commodity derivative contracts		$ 324
Collateral already posted on derivative	$ 0		$ 0

Segment Information - Schedule

Segment Information - Schedule of Selected Financial Information by Reportable Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Selected Information [Line Items]
Operating Revenues and Other	$ 5,965	$ 6,212	$ 18,113	$ 17,829
Operating Income (Loss)	2,089	2,557	6,490	7,099
Other Income, Net	76	52	204	168
Interest Expense, Net	(31)	(36)	(100)	(113)
Income Before Income Taxes	2,134	2,573	6,594	7,154
Operating Segments
Selected Information [Line Items]
Operating Revenues and Other	5,965	6,212	18,113	17,829
Operating Income (Loss)	2,089	2,557	6,490	7,099
Segment Reconciling Items
Selected Information [Line Items]
Other Income, Net	76	52	204	168
Interest Expense, Net	(31)	(36)	(100)	(113)
United States \| Operating Segments
Selected Information [Line Items]
Operating Revenues and Other	5,881	6,164	17,897	17,625
Operating Income (Loss)	2,063	2,559	6,474	7,032
Trinidad \| Operating Segments
Selected Information [Line Items]
Operating Revenues and Other	84	48	216	203
Operating Income (Loss)	30	17	62	99
Other International \| Operating Segments
Selected Information [Line Items]
Operating Revenues and Other	0	0	0	1
Operating Income (Loss)	$ (4)	$ (19)	$ (46)	$ (32)

Segment Information - Schedul_2

Segment Information - Schedule of Assets by Reportable Segment (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Selected Information [Line Items]
Total	$ 46,151	$ 43,857
United States
Selected Information [Line Items]
Total	44,867	42,674
Trinidad
Selected Information [Line Items]
Total	1,094	1,063
Other International
Selected Information [Line Items]
Total	$ 190	$ 120

Asset Retirement Obligations -

Asset Retirement Obligations - Schedule of Asset Retirement Obligation Rollforward Analysis (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Carrying Amount at January 1	$ 1,506	$ 1,328
Liabilities Incurred	39	49
Liabilities Settled	(50)	(80)
Accretion	43	37
Revisions	(84)	166
Foreign Currency Translations	(1)	0
Carrying Amount at September 30	1,453	1,500
Current Portion	44	42
Noncurrent Portion	$ 1,409	$ 1,458

Exploratory Well Costs - Schedu

Exploratory Well Costs - Schedule of Net Changes In Capitalized Exploratory Well Costs (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) well
Capitalized Exploratory Well Costs that are Pending Determination of Proved Reserves [Roll Forward]
Balance at January 1	$ 76
Additions Pending the Determination of Proved Reserves	46
Reclassifications to Proved Properties	(58)
Costs Charged to Expense	(1)
Balance at September 30	$ 63
Number of exploratory wells that have been capitalized for a period of greater than one year \| well	0

Pension and Postretirement Be_2

Pension and Postretirement Benefits (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Retirement Benefits [Abstract]
Pension plan total costs	$ 46	$ 42

Long-Term Debt and Common Sto_2

Long-Term Debt and Common Stock (Details) $ / shares in Units, shares in Millions	3 Months Ended				9 Months Ended
	Sep. 30, 2024 USD ($) extension $ / shares	Jun. 30, 2024 $ / shares	Mar. 31, 2024 $ / shares	Sep. 30, 2023 $ / shares	Sep. 30, 2024 USD ($) extension $ / shares shares	Sep. 30, 2023 $ / shares	Nov. 07, 2024 USD ($) $ / shares	Dec. 31, 2023 USD ($)	Nov. 30, 2021 USD ($)
Debt Instrument Table [Line Items]
Aggregate principal amount	$ 34,000,000				$ 34,000,000			$ 34,000,000
Stock repurchase program, authorized amount									$ 5,000,000,000
Stock repurchased during period, shares \| shares					18
Stock repurchased during period, value					$ 2,198,000,000
Stock repurchase program, remaining authorized repurchase amount	$ 1,800,000,000				1,800,000,000
Estimated federal excise taxes					$ 20,000,000
Common stock dividends declared (in USD per share) \| $ / shares	$ 0.91	$ 0.91	$ 0.91	$ 0.825	$ 2.73	$ 3.475
Subsequent Event
Debt Instrument Table [Line Items]
Stock repurchase program, authorized amount							$ 10,000,000,000
Dividends Payable, Amount Per Share \| $ / shares							$ 0.975
Revolving Credit Agreement \| Revolving Credit Facility
Debt Instrument Table [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,900,000,000				$ 1,900,000,000
Line of credit facility, maturity term extensions \| extension	2				2
Line of credit facility, extension period	1 year				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%				65%
Revolving Credit Agreement \| Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument Table [Line Items]
Debt Instrument, basis spread on base rate (as a percent)					0.10%
Revolving Credit Agreement \| Revolving Credit Facility \| Eurodollar
Debt Instrument Table [Line Items]
Weighted average interest rate (in hundredths)					5.85%
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			$ 0
Senior Notes \| Senior Notes Due 2025
Debt Instrument Table [Line Items]
Aggregate principal amount	$ 500,000,000				$ 500,000,000
Debt instrument, interest rate (as a percent)	3.15%				3.15%

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Details) - Commodity Contract - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Natural Gas \| Basis Swaps
Financial Assets:
Assets, fair value disclosure	$ 2	$ 2
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	2	2
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		105
Financial Liabilities:
Liabilities, fair value disclosure	73	104
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		105
Financial Liabilities:
Liabilities, fair value disclosure	73	104
Natural Gas \| Price Swaps \| Significant Unobservable Inputs (Level 3)
Financial Assets:
Assets, fair value disclosure		0
Financial Liabilities:
Liabilities, fair value disclosure	0	$ 0
Brent Crude Oil (Brent) Linked Gas Sales Contract
Financial Assets:
Assets, fair value disclosure	148
Brent Crude Oil (Brent) Linked Gas Sales Contract \| Quoted Prices in Active Markets (Level 1)
Financial Assets:
Assets, fair value disclosure	0
Brent Crude Oil (Brent) Linked Gas Sales Contract \| Significant Other Observable Inputs (Level 2)
Financial Assets:
Assets, fair value disclosure	0
Brent Crude Oil (Brent) Linked Gas Sales Contract \| Significant Unobservable Inputs (Level 3)
Financial Assets:
Assets, fair value disclosure	$ 148

Fair Value Measurements - Narra

Fair Value Measurements - Narratives (Details) MMBTU in Thousands, $ in Millions	1 Months Ended
	Feb. 29, 2024 MMBTU	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value Disclosures [Abstract]
Aggregate principal amount of current and long-term debt \| $		$ 3,640	$ 3,640
Estimated fair value of debt \| $		$ 3,593	$ 3,574
Long-term purchase commitment, period	10 years
Oil and gas, average sale price \| MMBTU	180
Oil and gas, sell price indexed \| MMBTU	140

Risk Management Activities - Sc

Risk Management Activities - Schedule of Derivative Instruments (Details)	9 Months Ended
	Sep. 30, 2024 MMBTU $ / bbl
Derivative Contracts - January - October 2024 (closed)
Derivatives, Fair Value [Line Items]
Volume (MMBtud in thousands) \| MMBTU	725
Weighted Average Price (dollars per barrel) \| $ / bbl	3.07
Derivative Contracts - November Through December 2024
Derivatives, Fair Value [Line Items]
Volume (MMBtud in thousands) \| MMBTU	725
Weighted Average Price (dollars per barrel) \| $ / bbl	3.07
Derivative Contracts - January Through December 2025
Derivatives, Fair Value [Line Items]
Volume (MMBtud in thousands) \| MMBTU	725
Weighted Average Price (dollars per barrel) \| $ / bbl	3.07
Derivative Contracts - January Through December 2025 \| Basis Swaps
Derivatives, Fair Value [Line Items]
Volume (MMBtud in thousands) \| MMBTU	10
Weighted Average Price Differential (dollars per barrel) \| $ / bbl	0
Derivative Contracts - January - September 2024 (closed) \| Basis Swaps
Derivatives, Fair Value [Line Items]
Volume (MMBtud in thousands) \| MMBTU	10
Weighted Average Price Differential (dollars per barrel) \| $ / bbl	0
Derivative Contracts - October - December 2024 \| Basis Swaps
Derivatives, Fair Value [Line Items]
Volume (MMBtud in thousands) \| MMBTU	10
Weighted Average Price Differential (dollars per barrel) \| $ / bbl	0

Risk Management Activities - _2

Risk Management Activities - Schedule of Derivative Instruments in Statement of Financial Position, Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Derivative liability, current	$ 32	$ 0
Other Liabilities
Derivatives, Fair Value [Line Items]
Derivative liability, fair value, gross liability	39	104
Derivative liability offset		1
Price Risk Derivative
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	148
Derivative liability, current	32	0
Derivative liability, noncurrent	39	103
Derivative liability, fair value, gross liability	33
Derivative liability asset offset	1
Price Risk Derivative \| Assets From Price Risk Management Activities
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	0	106
Price Risk Derivative \| Other Assets
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	$ 148	$ 0

Risk Management Activities - Na

Risk Management Activities - Narrative (Details) - USD ($) $ in Millions	Nov. 06, 2024	Sep. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Collateral already posted on derivative		$ 0	$ 0
Collateral held on derivative		$ 0	$ 0
Subsequent Event
Derivatives, Fair Value [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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
Payments for acquisitions			$ 139	$ 134
Gains on asset dispositions, net	$ (7)	$ 35	39	95
Proceeds on asset dispositions			$ 19	$ 135