08:18 AM EDT, 05/30/2025 (MT Newswires) -- EOG Resources ( EOG ) said Friday it has reached a definitive agreement with Canada Pension Plan Investment Board and Encino Energy to acquire Encino Acquisition Partners for $5.6 billion, inclusive of the company's debt.

The oil and gas company said it expects to fund the purchase via $3.5 billion of debt and $2.1 billion of cash on hand. EOG also said the acquisition is immediately accretive to its financial metrics and net asset value.

The deal is slated to close in H2, subject to antitrust clearance and other closing conditions, the company said.

EOG also said its board raised its quarterly dividend by 5% to $1.02 per share, payable Oct. 31 to holders of record as of Oct. 17.