History
EOG shored up liquidity during the 2020 oil price crash, then in 2025 spent $5.6 billion in cash to enter the Utica Shale, with part of it financed by a $3.5 billion notes offering.
2020: Raising cash in a crisis
The record held for this company starts in 2020, though EOG itself dates back to 1985, so the early years are not covered here. In April 2020, with oil prices crashing during the COVID pandemic, EOG priced $1.5 billion of new senior notes (long-term borrowing paid back with interest). One half, $750 million, carried a 4.375% rate and was due in 2030. The other $750 million carried 4.950% and was due in 2050. Citigroup and JPMorgan led the underwriting, and the offering closed on 14 April as planned. The aim was to strengthen the company's liquidity, meaning the cash and borrowing room it had on hand.
After that the record is quiet for several years.
2025: Entering the Utica
On 5 June 2025, EOG agreed to buy Encino Acquisition Partners, a Utica Shale producer in Ohio backed by the Canada Pension Plan Investment Board and Encino Energy. The price was $5.6 billion in cash, and the deal gave EOG a major entry into a new basin.
EOG lined up debt financing for the deal. On 20 June it announced a $3.5 billion offering of notes in four parts: $500 million due 2028, $1.25 billion due 2032, $1.25 billion due 2036 and $500 million due 2055. The offering closed on 1 July, and the acquisition was completed on 1 August.
After the deal, EOG enlarged its borrowing room. On 8 December 2025, EOG raised its revolving credit facility (a standing line of credit it can draw on when needed) to $3.0 billion from $1.9 billion, with JPMorgan still the administrative agent. As of that date the facility was undrawn, and EOG held a major Utica Shale position alongside its existing business.
Written from the 7 story beats below (2020 to 8 Dec 2025), which come from the company's own announcements and filings.