Weighted average remaining contractual life for stock options/SARs outstanding (in years)

EOG RESOURCES, INC.NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued) (Unaudited)  
Expected volatility is based on an equal weighting of historical volatility and implied volatility from traded options in EOG's common stock. The risk-free interest rate is based upon United States Treasury yields in effect at the time of grant. The expected life is based upon historical experience and contractual terms of stock option, SAR and ESPP grants.  
The following table sets forth stock option and SAR transactions for the nine-month periods ended September 30, 2022 and 2021 (stock options and SARs in thousands):

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Nine Months EndedSeptember 30, 2022 |  | Nine Months EndedSeptember 30, 2021 |
|  | Number ofStockOptions/SARs |  | WeightedAverageExercisePrice |  | Number ofStockOptions/SARs |  | WeightedAverageExercisePrice |
| Outstanding at January 1 | 9,969  |  |  | $ | 84.37  |  |  | 10,186  |  |  | $ | 84.08  |  |
| Granted | 2  |  |  | 97.64  |  |  | 1,976  |  |  | 81.66  |  |
| Exercised (1) | (4,282) |  |  | 91.63  |  |  | (448) |  |  | 64.18  |  |
| Forfeited | (192) |  |  | 84.26  |  |  | (984) |  |  | 98.64  |  |
| Outstanding at September 30 (2) | 5,497  |  |  | $ | 78.73  |  |  | 10,730  |  |  | $ | 83.13  |  |
| Vested or Expected to Vest (3) | 5,344  |  |  | $ | 79.05  |  |  | 10,407  |  |  | $ | 83.65  |  |
| Exercisable at September 30 (4) | 3,686  |  |  | $ | 84.18  |  |  | 6,906  |  |  | $ | 92.39  |  |



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(1)The total intrinsic value of stock options/SARs exercised during the nine months ended September 30, 2022 and 2021 was $122 million and $8 million, respectively. The intrinsic value is based upon the difference between the market price of EOG's common stock on the date of exercise and the exercise price of the stock options/SARs.(2)The total intrinsic value of stock options/SARs outstanding at September 30, 2022 and 2021 was $194 million and $95 million, respectively. At both September 30, 2022 and 2021, the weighted average remaining contractual life was 4.3 years.(3)The total intrinsic value of stock options/SARs vested or expected to vest at September 30, 2022 and 2021 was $187 million and $90 million, respectively. At both September 30, 2022 and 2021, the weighted average remaining contractual life was 4.3 years.(4)The total intrinsic value of stock options/SARs exercisable at September 30, 2022 and 2021 was $114 million and $38 million, respectively. At September 30, 2022 and 2021, the weighted average remaining contractual life was 3.7 years and 3.2 years, respectively.  
At September 30, 2022, unrecognized compensation expense related to non-vested stock option, SAR and ESPP grants totaled $38 million. Such unrecognized expense will be amortized on a straight-line basis over a weighted average period of 1.7 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 $18 million and $20 million for the three months ended September 30, 2022 and 2021, respectively, and $63 million and $65 million for the nine months ended September 30, 2022 and 2021, respectively.  
  
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