Each one in plain English, with the numbers worked through for a shareholder.
8 Dec 2025debt financing▲ GoodMajor
EOG upsized its revolving credit facility again, to $3.0 billion from $1.9 billion (still with JPMorgan as administrative agent), reflecting its larger balance sheet after the Encino acquisition; the facility remains undrawn.
EOG raised another $1 billion in the debt markets - $750 million of new notes due 2031 and a $250 million tap of its existing 2055 notes - continuing to manage its post-Encino debt maturity profile.
EOG lined up financing for the Encino acquisition with a $3.5 billion, four-tranche notes offering ($500M due 2028, $1.25B due 2032, $1.25B due 2036, and $500M due 2055), expected to close July 1.
EOG agreed to acquire Encino Acquisition Partners - a Utica Shale (Ohio) producer backed by the Canada Pension Plan Investment Board and Encino Energy - for $5.6 billion in cash, a major entry into a new basin.
EOG refreshed its revolving credit facility a year ahead of schedule: a new $1.9 billion JPMorgan-led facility (expandable to $3.0 billion, maturing 2028 with two one-year extension options) replaced the prior $2.0 billion facility, which had no borrowings outstanding at replacement.
Amid the COVID-era oil price crash, EOG priced $1.5 billion of new senior notes - $750 million at 4.375% due 2030 and $750 million at 4.950% due 2050 - through a Citigroup/JPMorgan-led underwriting, shoring up liquidity.