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Home » EOG to Acquire Encino’s Assets in Utica for $5.6B
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EOG to Acquire Encino’s Assets in Utica for $5.6B

omc_adminBy omc_adminJune 2, 2025No Comments4 Mins Read
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EOG Resources, Inc. said it has entered into a definitive agreement to acquire Encino Acquisition Partners (EAP) from the Canada Pension Plan Investment Board (CPP) and Encino Energy for $5.6 billion, inclusive of EAP’s net debt.

EOG expects to fund the acquisition through $3.5 billion of debt and $2.1 billion of cash on hand, the company said in a news release.

The transaction is expected to close in the second half, subject to clearance under the Hart-Scott-Rodino Act and other customary closing conditions, EOG said.

The acquisition of Encino’s 675,000 net core acres increases EOG’s Utica position to a combined 1.1 million net acres, representing more than 2 billion barrels of oil equivalent of undeveloped net resources, with pro forma production totaling 275,000 barrels of oil equivalent per day (boepd), according to the release.

EOG said that the acquisition significantly expands its contiguous liquids-rich acreage, adds premium-priced gas exposure, and increases working interest. The company averages 65 percent liquids production, with 235,000 net acres for a combined contiguous position of 485,000 net acres.

On the natural gas front, 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 percent, the company stated.

“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,” EOG Chairman and CEO Ezra Yacob said. “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 resources”.

“We are excited to execute on this unique opportunity that is immediately accretive to our per-share metrics and meets our strict criteria for acquisitions – high quality acreage with exploration upside, competitive with our current inventory, gained at an attractive price,” Yacob added.

“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,” he said.

EAP was established by CPP Investments and Encino Energy in 2017 to acquire high-quality oil and gas assets with an established base of production in mature basins across the lower 48 states in the USA, CPP said in a separate statement. Since 2017, CPP Investments has held a 98 percent ownership position in EAP alongside Encino Energy.

Encino Energy will also be exiting from EAP, representing a full sale to EOG Resources, CPP noted.

“When we established Encino Acquisition Partners with Encino Energy in 2017 we envisioned creating a company that would be a leader in acquiring U.S. oil and gas assets. Since then, it has done just that, and we are pleased with EAP’s success and the strong returns this investment has delivered,” Bill Rogers, head of sustainable energy at CPP Investments, said.

To contact the author, email rocky.teodoro@rigzone.com



Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

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