v3.26.1
Risk Management Activities
 3 Months Ended
Mar. 31, 2026
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 2025 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 three-month period ended March 31, 2026 (closed) and outstanding as of March 31, 2026. Natural gas volumes are presented in million British thermal units per day (MMBtud) and prices are presented in dollars per million British Thermal Units ($/MMBtu). NGL volumes are presented in thousand barrels per day (MBbld) and prices are presented in dollars per barrel ($/Bbl).
Natural Gas Financial Price Swap Contracts
Contracts Sold
PeriodSettlement IndexVolume
(MMBtud in thousands)		Weighted Average Price ($/MMBtu)
January - April 2026 (closed)NYMEX Henry Hub460$3.78 
May - June 2026NYMEX Henry Hub4603.78 
July - December 2026NYMEX Henry Hub4503.79 

Natural Gas Collar Contracts
Contracts Sold
Weighted Average Price
 ($/MMBtu)
PeriodSettlement IndexVolume
(MMBtud in thousands)		Ceiling PriceFloor Price
January - April 2026 (closed)NYMEX Henry Hub80$4.28 $3.72 
May - June 2026NYMEX Henry Hub804.28 3.72 
July - December 2026NYMEX Henry Hub704.23 3.71 
January - December 2027NYMEX Henry Hub1204.41 3.42 

Ethane Financial Price Swap Contracts
Contracts Sold
PeriodSettlement IndexVolume
(MBbld)		Weighted Average Price ($/Bbl)
January - March 2026 (closed)Mont Belvieu Ethane (non-Tet)11 $10.94 
April - December 2026Mont Belvieu Ethane (non-Tet)11 10.94 
Propane Financial Price Swap Contracts
Contracts Sold
PeriodSettlement IndexVolume
(MBbld)		Weighted Average Price ($/Bbl)
January - March 2026 (closed)Mont Belvieu Propane (Tet)1 $30.24 
April - December 2026Mont Belvieu Propane (Tet)1 30.24 

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 March 31, 2026 and December 31, 2025. 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
DescriptionLocation on Balance SheetMarch 31, 2026December 31, 2025
Asset Derivatives
NGLs and natural gas financial derivative contracts -
Current Portion
Other Current Assets (1)
$60 $18 
Noncurrent PortionOther Assets4 — 
Brent Crude Oil (Brent) Linked Gas Sales Contract -
Noncurrent PortionOther Assets152 31 
Liability Derivatives
Brent Crude Oil (Brent) Linked Gas Sales Contract -
Current portionOther Current Liabilities$2 $— 
NGLs and natural gas derivative contracts -
Noncurrent PortionOther Liabilities— 2 
(1)The current portion of Assets from Price Risk Management Activities consists of gross assets of $61 million, partially offset by gross liabilities of $1 million at March 31, 2026.
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 10). 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 (i) require EOG, if it is the party in a net liability position, to post collateral with the counterparty when the amount of the net liability exceeds the threshold level specified for EOG's then-current credit ratings or (ii) require the counterparty, if it is in a net liability position, to post collateral with EOG when the amount of the net liability exceeds the threshold level specified for the counterparty'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 financial derivatives under the ISDA to be settled immediately. See Note 10 for the aggregate fair value of all financial derivative instruments that were in a net liability position at March 31, 2026 and December 31, 2025. EOG had no collateral posted and no collateral held at March 31, 2026 and December 31, 2025.