EOG RESOURCES INCEOG

EOG RESOURCES INC Debt Disclosure

10-KFiled Feb 23, 20232 min read
Long-Term Debt
Long-Term Debt at December 31, 2022 and 2021 consisted of the following (in millions):
 20222021
2.625% Senior Notes due 2023
$1,250 $1,250 
3.15% Senior Notes due 2025
500 500 
4.15% Senior Notes due 2026
750 750 
6.65% Senior Notes due 2028
140 140 
4.375% Senior Notes due 2030
750 750 
3.90% Senior Notes due 2035
500 500 
5.10% Senior Notes due 2036
250 250 
4.950% Senior Notes due 2050
750 750 
Long-Term Debt
4,890 4,890 
Finance Leases (see Note 18)215 250 
Less: Current Portion of Long-Term Debt1,283 37 
Unamortized Debt Discount23 27 
Debt Issuance Costs4 4 
Total Long-Term Debt$3,795 $5,072 
The senior notes in the table above are senior, unsecured obligations that rank equally in right of payment with all of our other unsecured and unsubordinated outstanding debt. At December 31, 2022, the aggregate annual maturities of current and long-term debt (excluding finance lease obligations) were $1.25 billion in 2023, zero in 2024, $500 million in 2025, $750 million in 2026 and zero in 2027.

At December 31, 2022 and 2021, EOG had no outstanding commercial paper borrowings and did not utilize any commercial paper borrowings during 2022 or 2021.

On February 1, 2021, EOG repaid upon maturity the $750 million aggregate principal amount of its 4.100% Senior Notes due 2021.

EOG currently has a $2.0 billion senior unsecured Revolving Credit Agreement (the Agreement) with domestic and foreign lenders (Banks). The Agreement has a scheduled maturity date of June 27, 2024, and includes an option for EOG to extend, on up to two occasions, the term for successive one-year periods subject to certain terms and conditions. The Agreement (i) commits the Banks to provide advances up to an aggregate principal amount of $2.0 billion at any one time outstanding, with an option for EOG to request increases in the aggregate commitments to an amount not to exceed $3.0 billion, subject to certain terms and conditions, and (ii) includes a swingline subfacility and a letter of credit subfacility. Advances under the Agreement will accrue interest based, at EOG's option, on either the LIBOR plus an applicable margin (Eurodollar rate) or the base rate (as defined in the Agreement) plus an applicable margin. The Agreement contains representations, warranties, covenants and events of default that EOG believes are customary for investment-grade, senior unsecured commercial bank credit agreements, including a financial covenant for the maintenance of a ratio of total debt-to-capitalization (as such terms are defined in the Agreement) of no greater than 65%. At December 31, 2022, EOG was in compliance with this financial covenant. At December 31, 2022 and December 31, 2021, there were no borrowings or letters of credit outstanding under the Agreement. The Eurodollar rate and base rate (inclusive of the applicable margin), had there been any amounts borrowed under the Agreement at December 31, 2022, would have been 5.29% and 7.50%, respectively.

Historical Timeline

Fiscal YearFiled
2022Feb 23, 2023Showing above
2021Feb 24, 2022
2020Feb 25, 2021
2019Feb 27, 2020
2018Feb 26, 2019
2017Feb 27, 2018
2016Feb 27, 2017
2015Feb 25, 2016

About Debt Disclosures

Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.

Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.

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