EOG Resources agreed to acquire Encino Acquisition Partners (EAP) from affiliates of CPP Investments and Encino Energy in a transaction valued at $5.6 billion including net debt.
The acquisition adds about 675,000 net acres in the Utica Shale in Ohio, expanding EOG's position in the basin to roughly 1.1 million net acres and strengthening its U.S. shale portfolio.
EAP was established by CPP Investments and Encino Energy in 2017 to acquire oil and gas assets with an established base of production in mature basins across the lower 48 states in the U.S. Since 2017, CPP has held a 98% ownership position in EAP alongside Encino Energy. Encino Energy will also be exiting from EAP, representing a full sale to EOG Resources.