EOG Resources to Acquire Encino for $5.6 Billion, Expanding in Utica Shale

Published 1 days agoEOG

EOG Resources to Acquire Encino for $5.6 Billion, Expanding in Utica Shale

EOG Resources has revealed its plan to buy Encino Acquisition Partners in a $5.6 billion deal that includes debt, marking a strategic move to bolster its presence in the Utica shale basin located in Ohio. This acquisition will significantly expand EOG's footprint with an additional 675,000 net core acres, bumping up its multi-basin resources to more than 12 billion barrels of oil equivalent, Reuters reported.

The acquisition will be financed through a mix of $3.5 billion in debt and $2.1 billion from EOG’s existing cash reserves. Encino Acquisition Partners, a prominent player since its formation in 2017, is recognized for its extensive operations in the Utica shale, making it a valuable addition to EOG's portfolio.

This move aligns with EOG's overarching strategy to strengthen its position in prominent shale plays and further diversify its resource base. As of the latest stock market data, EOG Resources is trading at $109.88, reflecting a slight decline of $0.57, which is a change of -0.01% from the previous closing price.

Share this article

Twitter Facebook LinkedIn

Recent Articles

DoorDash Sets Sights on Global Expansion with Major Acquisitions

DoorDash Sets Sights on Global Expansion with Major Acquisitions

4 minutes agoDASH

DoorDash CEO Tony Xu is making waves in the food delivery sector with the announcement of two major acquisitions. The company has agreed to acquire UK-based Deliveroo for £2.9 billion, approximately $3.9 billion, in cash. This acquisition marks a significant expansion of DoorDash’s reach in Europe, Asia, and the Middle East, following their previous acquisition of Wolt Enterprises in 2022. In addition to the Deliveroo acquisition, DoorDash is also purchasing the hospitality software firm SevenRooms for $1.2 billion. This move aims to bolster DoorDash's restaurant services and strengthen its position within the competitive food delivery space, as reported by the Financial Times. These strategic expansions come on the heels of impressive financial results for DoorDash, as highlighted by AP News. In the first quarter of 2025, the company recorded a revenue of $3.03 billion, up 21% from the previous year, and posted a net income of $193 million, a substantial turnaround from a loss of $23 million in the prior period. These developments underscore DoorDash’s ambition to solidify its standing as a leading force in the global food delivery market.

Li Auto Achieves Milestone with 300,000 Li L7 Deliveries

Li Auto Achieves Milestone with 300,000 Li L7 Deliveries

19 minutes agoLI

Li Auto Inc. has reported impressive vehicle delivery figures for May 2025, highlighting the company's robust market performance. The cumulative deliveries of the Li L7 model have surpassed 300,000 units as of May 10, 2025, merely 26 months after its launch, marking a significant milestone for the Chinese electric vehicle manufacturer, as noted by CnEVPost. In a related development, April 2025 saw Li Auto deliver 33,939 vehicles, representing a substantial 31.6% increase compared to the same month last year. The company recently launched the updated Li Mega MPV and the new Li L6 SUV in April, with deliveries for the refreshed L-series beginning in May. These strategic launches are part of Li Auto's efforts to expand its vehicle lineup, boosting its footprint in the competitive auto market. The company's achievements extend beyond vehicle deliveries, with Automotive World indicating that Li Auto has maintained its position as a leading seller among Chinese brands in the NEV market priced above RMB200,000 for twelve months running. Furthermore, Li Auto has expanded its infrastructure significantly, operating 500 retail stores, 502 service centers, and over 11,000 charging stalls across 2,045 supercharging stations in China as of April 2025. These accomplishments underscore Li Auto's commitment to meeting the growing demand for electric vehicles through enhanced product offerings and expanded support networks.

Boeing CEO Prioritizes 737 MAX Stability Over New Developments

Boeing CEO Prioritizes 737 MAX Stability Over New Developments

34 minutes agoBA

Boeing's recently appointed CEO, Kelly Ortberg, has outlined the company's strategic priorities, emphasizing that there are no current plans to replace the 737 MAX. Instead, Boeing is focusing on stabilizing operations and tackling existing challenges. This move underlines the company's commitment to strengthening its current position rather than pushing for new development, as reported by the Financial Times. Ortberg has also reaffirmed Boeing's dedication to safety and quality over speed. The company will not accelerate the production of the 737 MAX until all safety and quality issues are resolved, according to Economic Times. In addition to this cautious approach, Boeing is concentrating on obtaining certification for the 737 MAX 7 and 737 MAX 10 variants by the end of 2025, a milestone highlighted by Reuters. To further support these efforts, Boeing is planning to increase the production rate of the 737 MAX from 38 to 42 units per month, contingent upon regulatory approval, as noted by the Financial Times. The company has also undergone significant leadership changes, with CEO Dave Calhoun stepping down to address safety concerns, paving the way for Ortberg's leadership. These initiatives reflect Boeing's focused strategy to enhance the safety and reliability of its existing aircraft models.

Trump Administration Halts $3.7 Billion in Clean Energy Projects

Trump Administration Halts $3.7 Billion in Clean Energy Projects

The Trump administration has withdrawn over $3.7 billion in grants previously allocated for clean energy initiatives. This decisive action by the U.S. Department of Energy affects 24 projects, including a notable emissions reduction effort at Exxon Mobil's Baytown refinery in Texas. Each of these projects was set to advance carbon capture, cleaner industrial technologies, and emissions reductions but will now come to a halt. One of the impacted projects at the Baytown refinery involved a $332 million investment towards hydrogen-based technology aimed at decreasing emissions. As Reuters highlighted, this initiative was part of a broader drive to enhance the refinery's environmental footprint. However, it is now among those eliminated, reflecting a significant shift from prior climate and environmental plans. Energy Secretary Chris Wright explained that the decision to cancel these projects is in line with a broader fiscal efficiency initiative. This approach, according to the administration, serves national security and energy reliability goals. Despite this rationale, the move has faced criticism from those who argue it could harm U.S. competitiveness in clean technology markets and increase pollution levels, as noted by AP News. This policy change forms part of a larger reevaluation of $15 billion in clean energy projects linked to the 2021 infrastructure law, indicating a strategic pivot towards fossil fuel development.