Eog Resources, Inc. · NYSE:EOG
Eog Resources — Merger or Acquisition (May 2025)
12 slides from Eog Resources's merger presentation, May 30, 2025
Slide 1: Accretive Acquisition Creates Premier Utica Asset Position
Exhibit 99.2 Accretive Acquisition Creates Premier Utica Asset Position EOG to Acquire Encino Acquisition Partners Pearce Hammond, Vice President IR Neel Panchal, Senior Director IR Shelby O’Connor, Manager IR (713) 571-4684, phammond@eogresources.com (713) 571-4884, npanchal@eogresources.com (713)
Slide 2: Acquisition Overview: Highly Contiguous Acreage & Strong Strategic Fit
Accretive Acquisition Creates Premier Utica Asset Position Acquisition Overview: Highly Contiguous Acreage & Strong Strategic Fit Pennsylvania EOG Acreage Acquisition Overview Encino Acreage Overlapping Acreage Purchase Price: Balance Sheet Funded: Maintains Industry Equity $5.6 Bn NO Issuance Leadi
Slide 3: Acquisition Highlights: Size, Scale, Synergies, Returns, & Accretion
Accretive Acquisition Creates Premier Utica Asset Position Acquisition Highlights: Size, Scale, Synergies, Returns, & Accretion Strong Strategic Fit Returns Focused Acquisition Expands Utica Asset Size and Scale Enhances Liquids Acreage Footprint 1 2 • Acquiring 675K Net Acres & 1.0+ Bn Boe of Undev
Slide 4: Contiguous Acreage Enhances Size and Scale in Utica
Contiguous Acreage Enhances Size and Scale in Utica 1 Pro Forma Utica: 1.1 MM Net Acres with 2.0+ Bn Boe of Undeveloped Resource Pennsylvania EOG Acreage Encino Acreage Overlapping Acreage Utica Pro Forma Utica 1 Acreage 460K Net Acres 675K Net Acres 1.1MM Net Acres Ohio Undeveloped 1 1.0+ Bn Boe 1.
Slide 5: Acquisition Expands Liquids Acreage Footprint and Adds Premium Gas Exposure
Acquisition Expands Liquids Acreage Footprint and Adds Premium Gas Exposure Volatile Oil Window Natural Gas Window EOG: EOG: 250K Net Acres 75K Net Acres Encino: Encino: 235K Net Acres 330K Net Acres Pro Forma: Pro Forma: 485K Net Acres 405K Net Acres EOG Acreage EOG Acreage Encino Acreage Encino Ac
Slide 6: Highly Contiguous Northern Acreage Position Increases Working Interest
Highly Contiguous Northern Acreage Position Increases Working Interest and Enables Extended Lateral Development Increases Average Working Interest 20%+ in Northern Acreage Highly Contiguous Acreage Enables Extended Lateral Development EOG Acreage Encino Acreage Overlapping Acreage Acquisition Announ
Slide 7: EOG Technical Expertise Enhances Returns in Acquired Acreage
EOG Technical Expertise Enhances Returns in Acquired Acreage 1 Average Cumulative Oil & Total Production Total Well Cost Total Production, Boe/ft $/ft Oil Production, Bo/ft Lower 30 ~15% TWC/ft EOG EOG Volatile Oil Window +10% Boe/ft Encino Volatile Oil Window 800 25 ~$750/ft 750 20 700 15 <$650/ft
Slide 8: Differentiated High-Return Multi-Basin Portfolio
Differentiated High-Return Multi-Basin Portfolio Average Direct After-Tax Rate of Return Pro Forma Utica For 12+ Bn Boe of Total Net Resource for EOG 1 Acreage 1.1 MM Net Acres Undeveloped Now Includes 2.0+ Bn Boe 1 2.0+ Bn Boe >200% Net Resource 200% High-Return Utica Net Resource Gross EUR 1.2-2.0
Slide 9: Premier Utica Asset Moves to Foundational Play
Premier Utica Asset Moves to Foundational Play Highly Competitive in Differentiated Multi-Basin Portfolio “The acquired acreage enhances our size, scale, and returns in the play, moving the Utica to a foundational pillar of EOG’s differentiated, top tier, multi-basin portfolio.” Lateral Length Direc
Slide 10: Maintains Industry Leading Balance Sheet With No Change to Additional Cash Return
Maintains Industry Leading Balance Sheet With No Change to Additional Cash Return Maintains Attractive Debt to Equity Industry Leading < Purchase EBITDA 1.0x $5.6 Bn Issuance NO Balance Sheet at ~$45 WTI Price 1 1 • ~$2.1 Bn for Encino Acquisition Debt• Issuing ~$3.5 Bn for Encino Acquisition Cash A
Slide 11: Acquisition Furthers Aim to Deliver Sustainable Value Creation Through Industry Cycles
Acquisition Furthers Aim to Deliver Sustainable Value Creation Through Industry Cycles Pennsylvania Capital Discipline EOG Acreage • Returns-Focused Acquisition Lowers Finding Cost of Resource Base Encino Acreage • All-Cash Acquisition Funded by Industry Leading Balance Sheet Overlapping Acreage • R
Slide 12: Copyright; Assumption of Risk; Cautionary Notice Regarding Forward-Looking Statements
Copyright; Assumption of Risk: Copyright 2025. This presentation and the contents of this presentation have been copyrighted by EOG Resources, Inc. (EOG). All rights reserved. Copying of this presentation is forbidden without the prior written consent of EOG. Information in this presentation is prov