EOG Drops $5.6B on Big Bet on the Utica ...Middle East

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EOG Drops $5.6B on Big Bet on the Utica
source : OILPRICE ( Middle East ) () 53
EOG Resources is making a bold northeast push, announcing Friday it will acquire privately held Encino Acquisition Partners for $5.6 billion, including debt. The move positions EOG as a dominant Utica shale player, with 1.1 million net acres and 275,000 boe/d in combined production. The seller, Encino Energy, backed by the Canada Pension Plan Investment Board, controls 675,000 net core acres in the play—most of it contiguous and liquids-rich. That’s precisely what EOG is after. CEO Ezra Yacob called it a “third foundational play”…

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