EOG Resources Grows Utica Operations with $5.6 billion Encino Acquisition

ENB Pub Note: This article from Nathan’s Newsletter on Substack is an excellent update. As we evaluate deals on a daily basis at Sandstone, it is great to get insights into both the Public and Private data rooms and look at deal specifics. We appreciate Nathan and highly recommend subscribing to his Substack.

Summary for Busy Readers

• Bigger Utica Presence: Gains 675,000 acres, making EOG a major player in the Utica with 1,100,000 total acres and vast energy resources to develop.
• Smarter Operations: Combines EOG’s know-how with Encino’s land to improve efficiency, reduce environmental impact, and get more from every well.
• Community Focus: Creates jobs, supports local growth, and raises the dividend to $1.02 per share, showing EOG’s commitment to people and stakeholders.

EOG Resources, Inc., a major U.S. company focused on finding and producing oil and natural gas, is buying Encino Acquisition Partners for $5.6 billion. The deal, announced on May 30, 2025 and expected to wrap up later in 2025, grows EOG’s operations in the Utica shale, a key area for energy production. This step forward lets EOG tap into more resources, work more efficiently, and support the communities where it operates, all while keeping its promise to produce energy responsibly.

The new land includes 235,000 acres in an area rich with oil, creating a connected 485,000-acre zone where 65% of the output is liquid fuels like crude oil. It also adds 330,000 acres in a natural gas-rich area, with existing pipelines that connect to high-demand markets. In the northern part of the Utica, where wells have been especially productive, EOG will have a bigger say—over 20% more control—in how the land is developed.

Working Smarter, Not Harder

Supporting Communities and People

What’s Next

Disclaimer: This is not legal, financial, or trading advice, and shall not be construed as such. Sign up here: https://nathanhammer.substack.com/p/eog-resources-grows-utica-operations