Encino Energy has sold its stake in Encino Acquisition Partners to EOG Resources for $5.6 billion, marking a significant consolidation in Ohio's oil and gas industry.

Target Company Overview

Encino Energy, a prominent player in the oil and gas sector, has recently divested its entire stake in Encino Acquisition Partners (EAP), a leading oil and gas producer in Ohio. This divestment was completed through a strategic transaction with EOG Resources, one of the largest oil and gas companies in North America. This move reflects Encino's commitment to optimizing its portfolio and focusing on its core operational strengths.

Founded in partnership with Hardy Murchison, Encino has developed a robust executive team and fostered significant growth in the energy sector since its inception in 2011. The formation of EAP in collaboration with the Canadian Pension Plan Investment Board (CPPIB) in 2017 allowed Encino to amass a substantial asset base in the Utica shale, which was recently acquired by EOG Resources for a total value of USD 5.6 billion, inclusive of net debt.

Industry Overview in Ohio

The oil and gas industry in Ohio has witnessed remarkable growth over the past decade, propelled by advancements in extraction technology such as hydraulic fracturing and horizontal drilling. The Utic