Canada Pension Plan Investment Board (CPP Investments) has sold its entire stake in Encino Acquisition Partners (EAP), an oil and gas producer in Ohio, to EOG Resources. EOG Resources will acquire EAP for $5.6 billion, including EAP’s net debt.
EAP was established by CPP Investments and Encino Energy in 2017 to acquire high-quality oil and gas assets with an established base of production in mature basins across the lower 48 states in the United States. Since 2017, CPP Investments has held a 98 percent ownership position in EAP alongside Encino Energy.
As part of the transaction, Encino Energy also will be exiting from EAP, representing a full sale to EOG Resources.
