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

Published 22 hours 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

China's Automotive Price War Escalates Amid BYD and Tesla Cuts

China's Automotive Price War Escalates Amid BYD and Tesla Cuts

6 hours agoTSLA

China's automotive industry is currently witnessing an intense price war, primarily driven by heavyweights Tesla and BYD. In a bid to stimulate sales, BYD has aggressively reduced prices on over 20 models, including the Seagull EV, now marked at 55,800 yuan ($7,780). Tesla has followed suit by slashing up to 70,000 yuan ($9,600) off its Model S and Model X, intensifying competition and placing increased pressure on premium automakers, the South China Morning Post reported. The aggressive discounting strategies have triggered concerns over the industry's financial health and led to notable market repercussions. According to reports, Chinese EV stocks have suffered substantial declines, with BYD's shares falling nearly 9% and competitors like Geely, Li Auto, and Xpeng recording losses of 7%, 5%, and 4%, respectively. This situation has also stirred tensions between major players, notably BYD and Great Wall Motor, highlighting the industry's strained dynamics. In response to these developments, the Chinese government has stepped in, urging an end to the cut-throat pricing to protect the sector's stability. Reuters noted that the Ministry of Industry and Information Technology plans to work with law enforcement to address unfair competition practices, aiming for a more sustainable and stable automotive market environment. These actions reflect the broader challenges and regulatory scrutiny faced by the industry amidst the ongoing price wars.

Funko Expands into Sports Collectibles Amid Strategic Shift

Funko Expands into Sports Collectibles Amid Strategic Shift

9 hours agoFNKO

Funko is making strategic moves to capture the attention of sports fans, starting with a partnership with the Women's National Basketball Association (WNBA). The company is launching its first-ever WNBA player Pop! figures, featuring famous athletes such as A’ja Wilson and Breanna Stewart. This initiative represents Funko's effort to honor the expanding influence of women's sports, as highlighted by an official announcement on their investor portal. In another significant move, Funko has also teamed up with the National Football League (NFL) to create customizable Pop! Yourself collectibles. Introduced in August 2024, these figures allow fans to personalize them with team-specific apparel, aiming to tap into the NFL's vast fan base. Funko's direct-to-consumer business has been flourishing, now representing around 25% of its total sales—a notable increase from 12% in 2022—as reported by marketwirenews.com. The company's strategies also include broadening distribution by selling wherever sports enthusiasts are found, such as stadiums and sporting goods stores. Funko is committed to a fan-centric approach, focusing on delighting core fans, attracting new audiences, and enhancing the fan experience. This approach is crucial for strengthening the company's connection with sports communities and fueling its sales growth strategy.

Jamie Dimon Raises Alarms Over U.S. Debt and Bond Market Risks

Jamie Dimon Raises Alarms Over U.S. Debt and Bond Market Risks

JPMorgan Chase CEO Jamie Dimon has issued a stark warning about the stability of the U.S. bond market in light of the country's escalating national debt. Dimon cautioned that the market could face significant trouble unless the government adopts a more sustainable fiscal approach. Highlighting the need for a strategic shift, he stressed the importance of averting a crisis by managing fiscal policies more effectively. In a related stance, Dimon has shown support for taxing carried interest, a move that aligns with former President Donald Trump's approach. He suggests that the $60 billion potentially raised from this tax adjustment should be directed towards aiding communities and families, enhancing the social impact of this policy change. Reuters reported that Dimon believes addressing these financial discrepancies could contribute meaningfully to the economy. Dimon also points to the pressing issue of the U.S. government's rising debt levels, which he warns could lead to disastrous outcomes if left unaddressed. Urging for prompt action, he advocates for tackling the fiscal deficit proactively to prevent more severe economic disruptions in the future. His statements reflect a broader concern about the sustainability of current fiscal policies and their long-term impact on the economy.

Cathie Wood’s ARK Buys More Intellia Shares Amid Positive Clinical Data

Cathie Wood’s ARK Buys More Intellia Shares Amid Positive Clinical Data

10 hours agoNTLA

Cathie Wood's ARK Investment Management has shown renewed confidence in Intellia Therapeutics by boosting its investment in the company's shares. On October 18, 2024, ARK purchased 161,792 shares of Intellia, with the transaction amounting to approximately $3.39 million. This acquisition was spread across ARK's ARKK and ARKG ETFs, Reuters reported. As of January 2025, ARK holds a substantial 12,536,386 shares of Intellia, valued at $101 million, making up 1.28% of its total portfolio. This significant investment highlights ARK's strategic focus on innovative genetic technologies. Intellia's recent positive clinical trial results, particularly for its CRISPR-based therapy NTLA-2002, have shown a 67% reduction in kallikrein levels after a single dose, indicating progress in treating hereditary angioedema. Intellia is sharpening its focus on its late-stage programs, such as NTLA-2002 and nexiguran ziclumeran for transthyretin amyloidosis. These initiatives are projected to offer significant value in the near term, reflecting the company's commitment to advancing gene-editing therapies that could transform the healthcare landscape. ARK's investment increase underscores its belief in Intellia's potential for impactful financial and healthcare outcomes.