On May 30, 2025, EOG Resources, Inc. announced a definitive agreement to acquire Encino Acquisition Partners (EAP) from Canada Pension Plan Investment Board (CPP Investments) and Encino Energy for US$5.6 billion (approximately C$7.66 billion), inclusive of net debt. The deal closed on August 1, 2025. EOG funded the transaction with US$3.5 billion in new debt and US$2.1 billion in cash on hand. CPP Investments sold its 98% stake in EAP.

The acquisition expands EOG’s presence in the Utica shale, adding 675,000 net core acres and bringing its total to 1.1 million net acres. This adds over two billion barrels of undeveloped net resource, with expected production of 275,000 boe/d, positioning EOG as a top producer in the basin. The transaction is immediately accretive to EOG’s net asset value and per-share metrics, including a 10% uplift in 2025 EBITDA and a 9% increase in both operating and free cash flow. EOG anticipates over US$150 million in first-year synergies and has raised its dividend by 5% to US$1.02 per share.

Goldman Sachs & Co. LLC acted as exclusive financial advisor to EOG, with financing provided by Goldman Sachs Bank USA. Legal advisors to EOG included Wachtell, Lipton, Rosen & Katz and Akin Gump Strauss Hauer & Feld LLP. CPP Investments and Encino Energy were advised by Latham & Watkins LLP.