Subsequent Event

6 Months Ended

Jun. 30, 2025

Subsequent Events [Abstract]

Subsequent Event

Subsequent Event

On August 1, 2025, EOG completed its previously announced acquisition of Encino for cash consideration of approximately $4,484 million and the assumption of Encino's senior notes in an aggregate principal amount of $1,200 million, subject to certain customary post-closing purchase price adjustments. The cash consideration included $392 million to repay Encino's revolving credit facility. In connection with the completion of the acquisition, EOG repaid and redeemed the senior notes in full, utilizing aggregate cash of approximately $1,292 million (inclusive of applicable redemption premiums and accrued and unpaid interest).

EOG funded the cash consideration, the repayment and redemption of the Encino senior notes and EOG's transaction fees, expenses and costs utilizing cash on hand and the net proceeds of its New Notes. See Note 8.

The assets of Encino include producing wells and developed and undeveloped acreage in the Utica play. The financial results of Encino will be included in EOG's consolidated financial statements beginning August 1, 2025.

EOG will account for the acquisition of Encino as a business combination under FASB Topic ASC 805, Business Combinations, using the acquisition method, which requires the assets acquired and liabilities assumed to be measured at their acquisition date fair values. Acquisition-related costs are expensed as incurred.

Due to the limited amount of time elapsed since the acquisition date, the initial accounting for the business combination is incomplete. EOG will provide amounts recognized as of August 1, 2025, the acquisition date, for major classes of assets acquired and liabilities assumed from the transaction, as well as the supplemental pro forma revenues and net income of EOG as if the acquisition had been completed on January 1, 2024, in EOG's Quarterly Report on Form 10-Q for the period ended September 30, 2025.