May 30 (Reuters) - EOG Resources ( EOG ) said on Friday
it is acquiring U.S. oil and gas producer Encino Acquisition
Partners for $5.6 billion, including debt, to strengthen its
Utica shale footprint.
The deal signed with Canada Pension Plan Investment Board
and Encino Energy will give EOG access to additional 675,000 net
core acres and expand its multi-basin portfolio to more than 12
billion barrels of oil equivalent net resource.
Encino operates in the Utica shale basin of Ohio and is one
of the largest privately owned oil and gas exploration and
production companies in the United States.
EOG currently expects to fund the acquisition through $3.5
billion of debt and $2.1 billion of cash on hand.