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BREAKING $5.6 Billion Deal - EOG Resources to Acquire Encino Energy EOG Resources to Acquire Encino Acquisition Partners...
05/30/2025

BREAKING $5.6 Billion Deal - EOG Resources to Acquire Encino Energy
EOG Resources to Acquire Encino Acquisition Partners from CPP Investments and Encino Energy, Strengthening Premier Utica Asset; Increases Regular Dividend 5%

May 30, 2025: HOUSTON – EOG Resources, Inc. (EOG) today announced a definitive agreement with Canada Pension Plan Investment Board (CPP) and Encino Energy under which EOG will acquire Encino Acquisition Partners (EAP or Encino) for $5.6 billion, inclusive of EAP’s net debt. EOG currently expects to fund the acquisition through $3.5 billion of debt and $2.1 billion of cash on hand.

“This acquisition combines large, premier acreage positions in the Utica, creating a third foundational play for EOG alongside our Delaware Basin and Eagle Ford assets,” said Ezra Y. Yacob, Chairman and Chief Executive Officer of EOG. “Encino’s acreage improves the quality and depth of our Utica position, expanding EOG’s multi-basin portfolio to more than 12 billion barrels of oil equivalent net resource.

“We are excited to execute on this unique opportunity that is immediately accretive to our pershare metrics and meets our strict criteria for acquisitions - high quality acreage with exploration upside, competitive with our current inventory, gained at an attractive price,” continued Yacob. “Our ability to execute on the Encino acquisition without diluting our shareholders will be a textbook example of how EOG utilizes its industry leading balance sheet to take advantage of counter cyclical opportunities to enhance the returns of our business and create long-term value for our shareholders.”

Transaction Highlights

Transforms EOG into a leading Utica E&P – The acquisition of Encino’s 675,000 net core acres significantly increases EOG’s Utica position to a combined 1,100,000 net acres, representing more than two billion barrels oil equivalent of undeveloped net resource. Pro forma production totals 275,000 barrels of oil equivalent per day creating a leading producer in the Utica shale play.
Accretive financial metrics – The transaction is immediately accretive to EOG’s net asset value as well as all per-share financial metrics. Specifically, the acquisition is accretive on an annualized basis to 2025 EBITDA by 10%, and cash flow from operations and free cash flow by 9%.
Immediate returns-enhancing benefits: significantly expands EOG’s contiguous liquidsrich acreage, adds premium-priced gas exposure, and increases working interest – The acquisition expands EOG’s core acreage in the volatile oil window, which averages 65% liquids production, by 235,000 net acres for a combined contiguous position of 485,000 net acres. In the natural gas window, the acquisition adds 330,000 net acres along with existing natural gas production with firm transportation exposed to premium end markets. In the northern acreage, where the company has delivered outstanding well results, EOG increases its existing average working interest by more than 20%.
Operational expertise and increased scale drive meaningful synergies – EOG expects to generate more than $150 million of synergies in the first year driven by lower capital, operating, and debt financing costs.
Supports return of capital to shareholders with 5% dividend increase, while maintaining industry leading balance sheet – The acquisition’s accretion to free cash flow contributes to EOG’s commitment to return cash to shareholders. The Board of Directors today declared a dividend of $1.02 per share on EOG’s common stock. The dividend will be payable October 31, 2025, to stockholders of record as of October 17, 2025. The indicated annual rate is $4.08. EOG remains committed to a strong balance sheet and expects the acquisition will have no material impact on its long-term target of less than one times total debt-to-EBITDA ratio at bottom cycle prices of $45 WTI oil.
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This Article Brought to You by: Allstream Energy Partners Digital Marketing Experts in Oil and Gas

Permian Resources Announces Q1 2025 Results and $608 Million Bolt On Acquisition in... Read this and more:
05/07/2025

Permian Resources Announces Q1 2025 Results and $608 Million Bolt On Acquisition in... Read this and more:

MIDLAND, Texas – Permian Resources Corporation (“Permian Resources” or the “Company”) (NYSE: PR) today announced its first quarter 2025 financial and operational results, revised full year 2025 guidance and a strategic Northern Delaware Basin bolt-on acquisition. Recent Financial and Opera...

Register Now for the AADE NEXT Group Happy Hour May 21, 2025 – Houston Learn More:
05/06/2025

Register Now for the AADE NEXT Group Happy Hour May 21, 2025 – Houston
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Join us for an Industry HAPPY HOUR on Wednesday, May 21 at Woody's Hideaway (West Houston location) from 4:00-6:00 PM. Raffle Prize Drawing. 2 Drink Tickets (Pre-Register for your drink tickets) May's Happy Hour Sponsors are: Knight Energy Services, Mechanical Testing Services, and Universal Fluid S...

Register Now for the Oilfield Helping Hands Haynesville 3rd Annual Bustin’ Clay Shoot May 9, 2025 – Benton, LAMore Info:...
05/02/2025

Register Now for the Oilfield Helping Hands Haynesville 3rd Annual Bustin’ Clay Shoot May 9, 2025 – Benton, LA
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This Event Reminder is Sponsored by Haynesville 3rd Annual Bustin’ Clay Shoot We are thrilled to hold our 3rd Annual shoot in Haynesville! Enjoy a beautiful day of competition, fun, and camaraderie benefiting the East Texas and Northwest Louisiana oilfield communities. Participate in this exciting...

NEXT WEEK Houston: 2025 3rd Annual Bo Cipra Foundation Golf Tournament will be Mon, April 28. Learn More
04/24/2025

NEXT WEEK Houston: 2025 3rd Annual Bo Cipra Foundation Golf Tournament will be Mon, April 28. Learn More

This Event Reminder is Sponsored by: K+B Industries 2025 3rd Annual Bo Cipra Foundation Golf Tournament Fundraiser Announcement We are excited to announce the 2025 3rd Annual Bo Cipra Foundation Golf Tournament will be Monday, April 28, 2025 at Wildcat Golf Club. It is with great pride and honor tha...

"Finding Barrels: The Good, The Bad, and the Ugly" Houston Geological Society. April 23Feat Speakers:Matt Bourke, Bob, F...
04/22/2025

"Finding Barrels: The Good, The Bad, and the Ugly" Houston Geological Society. April 23
Feat Speakers:
Matt Bourke, Bob, Fryklund, Harris Cander, Julie Garvin, & James Parr

Perry’s Steakhouse – Memorial City : 9827 Katy Fwy, Houston, TX 77024
HGS Members: $50
HGS Non-members: $65

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This Event Reminder is Sponsored by: The Houston Geological Society is a professional society for petroleum, energy and environmental geoscientists. The HGS supports continuing education, networking, outreach to students, student scholarships and young professional activities. The HGS will celebrate...

Chevron starts oil production from Ballymore Project in Gulf of America. Read More: https://upstreamcalendar.com/chevron...
04/21/2025

Chevron starts oil production from Ballymore Project in Gulf of America.
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This News Article is Brought to you by: Houston, Texas, April 21, 2025 — Chevron Corporation (NYSE: CVX) announced today that it started oil and natural gas production from the Ballymore subsea tieback in the deepwater Gulf of America. Ballymore, the latest in a series of Chevron projects to start...

PLAN your 2025 - Featuring OEPA Oklahoma Energy Producers Alliance Golf Tournament Sept 8-9, 2025. Learn More:
04/17/2025

PLAN your 2025 - Featuring OEPA Oklahoma Energy Producers Alliance Golf Tournament Sept 8-9, 2025. Learn More:

This Event Reminder is Sponsored by: September 8-9 2025 Hard Rock Hotel & Casino | Catoosa, OK Oil & Gas Education for the Legislators Sky Room – Sunday 5:00 pm Poker Evening – Sunday 6:00pm Golf Tournament – Monday 8:00am Shotgun This year’s tournament will take place at the Cherokee Hill G...

U.S. Energy Development Corporation Expands Permian Footprint Acquiring $390 Million Asset and Announces Upsized Credit ...
04/15/2025

U.S. Energy Development Corporation Expands Permian Footprint Acquiring $390 Million Asset and Announces Upsized Credit Facility

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Fort Worth, TX – U.S. Energy Development Corporation (USEDC), a Fort Worth-based exploration and production company focused on developing oil and gas projects

04/11/2025

📢 ANNOUNCING: IADC's Inaugural DrillersPAC 2-Gun Match!

Join us on 2 May 2025 at Renaissance Shooting Club in Todd Mission, Texas for a competitive shooting event supporting two great causes.

Info & registration are available on our website: https://iadc.org/government-industry-affairs/drillerspac-2-gun-match/

Thank you to the event sponsors:
Patterson-UTI - Top Hand
PRT - Rig Manager
Seadrill - Driller
Athens Group Services - Roughneck
Saber Drilling Fluids - Roughneck

$525Million Asset Sell: Chevron Announces Sale of Majority Interest in its East Texas Gas Assets to.. Read More:
04/01/2025

$525Million Asset Sell: Chevron Announces Sale of Majority Interest in its East Texas Gas Assets to.. Read More:

HOUSTON--(BUSINESS WIRE)--Chevron U.S.A. Inc., a subsidiary of Chevron Corporation (“Chevron”) (NYSE: CVX), announced that it has closed on a transaction to

Register Now for the API Houston General Meeting April 8, 2025 featuring Jeff Miller, CEO of Halliburton at The Petroleu...
03/30/2025

Register Now for the API Houston General Meeting April 8, 2025 featuring Jeff Miller, CEO of Halliburton at The Petroleum Club of Houston.

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This Event Reminder is Sponsored by: 🚀 What’s next for oil & gas in a changing global market? 🔥 How is Halliburton leveraging innovation to drive efficiency? 📈 What leadership lessons can energy professionals take into 2025? About the event Jeff Miller is Chairman of the Board of Director...

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