India, May 30 -- EOG Resources, Inc. (EOG), a crude oil and natural gas exploration and production company, announced Friday a definitive agreement to acquire Encino Acquisition Partners or EAP for $5.6 billion, including EAP's net debt.
Further, the EOG Board of Directors declared a dividend of $1.02 per share, 5% higher than last year, payable October 31 to stockholders of record as of October 17. The indicated annual rate is $4.08.
Under the agreement with Canada Pension Plan Investment Board or CPP and Encino Energy, EOG will buy Encino's 675,000 net core acres. The purchase significantly increases EOG's Utica position to a combined 1,100,000 net acres, representing more than two billion barrels oil equivalent of undeveloped net resou...