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EOG Acquires Utica Liquids Focus Encino For $5.6 Billion

Announced Date
May 30,2025
Deal Value $
5,600,000,000
Net Acres
675,000
Transaction Type
Corporate
Buyer
EOG Resources, Inc.
Seller
Encino Acquisition Partners
Price Per BOE $
40,000
Location
Region
Northeast - Appalachia

Country
United States

State
Ohio

Play
Utica Shale


Production
Production
235,000 Boe/d

Production Mix
50 % Liquid


Multiples
Production ($/boe/d)
23,830

$Price/Net Acre
8,296

Adj. $/acre is based on production @40,000 Boe/d

Transaction Details: 

EOG Resources is acquiring Encinco (backed by CPP) for $$5.6 billion.

Transaction Overview:

  • Purchase price: $5.6 billion (includes net debt)

  • Funding: $3.5 billion debt + $2.1 billion cash on hand

  • Seller: Canada Pension Plan Investment Board (CPP) and Encino Energy

Strategic Highlights:

  • Adds 675,000 net core acres in the Utica shale, increasing EOG’s total Utica position to 1,100,000 net acres

  • Pro forma production: 275,000 barrels of oil equivalent per day (boe/d)

  • Expands EOG’s multi-basin portfolio to more than 12 billion boe net resource

  • Increases liquids-rich acreage by 235,000 net acres in volatile oil window (65% liquids) for a total of 485,000 net contiguous acres

  • Adds 330,000 net acres in natural gas window with firm transport contracts to premium markets

  • Boosts working interest by over 20% in northern acreage with strong well results

CEO Ezra Yacob’s Comment:
This acquisition creates a third foundational basin for EOG alongside Delaware and Eagle Ford, enhancing quality acreage with exploration upside at an attractive price. The transaction exemplifies EOG’s disciplined balance sheet use to capture counter-cyclical opportunities without shareholder dilution, driving long-term value.

Northeast - Appalachia Deal Activity In Last 12 Months


Other Northeast - Appalachia Region's Deals


Announced DateBuyerSellerDeal Value($mm)LocationCategory
Apr-22-2025 - - Click here Pennsylvania  E&P
Jan-11-2024 - - Click here West Virginia  E&P
Sep-08-2022 - - Click here West Virginia  E&P
Sep-06-2022 - - Click here   E&P
Jun-21-2022 - - Click here   E&P

Price History


Date Deal Headline Price$/acre
Jan-11-2024 Chesapeake To Acquire Southwestern Energy - -
Nov-21-2023 Northern Oil Acquires Additional Permian Working Interest; Enters Utica - -
Sep-08-2022 EQT to Acquire Appalachia E&P, Midstream Assets for $5.2 Billion in Cash/Stock - -

Other Encino Acquisition Partners Deals


Announced DateBuyerSellerDeal Value($mm)LocationCategory
Jul-26-2018 - - Click here Ohio  E&P

Other EOG Resources Deals


Announced DateBuyerSellerDeal Value($mm)LocationCategory
Nov-06-2020 - - Click here Pennsylvania  E&P
May-23-2017 - - Click here Oklahoma  E&P
Nov-02-2016 - - Click here Louisiana  E&P
Nov-02-2016 - - Click here Texas  E&P
Sep-06-2016 - - Click here New Mexico  E&P