- Companies
- EAP
EAP Acquisition, Valuation, Funding & Investors
EAP was acquired by EOG Resources for $5.6B in January 2025.
Cumulative funding EAP raised
$300M
across 1 funding round
Key investors in EAP
CPP Investments
EAP Overview
About EAP
Encino Acquisition Partners (EAP) is a Houston, Texas-based oil and gas company that acquires and develops high-quality assets with established production and low-cost development inventory across the lower 48 US states. Established in 2017 by Encino Energy and Canada Pension Plan Investment Board, its core position is more than 1,000 producing wells in the Utica/Point Pleasant shale in Ohio.
Founded
1990
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Product sales
Valuation
$5.6B (acquired Jan 2025)
Sectors
EAP Acquisition
EAP was acquired by EOG Resources for $5.6B on 6 January 2025.
Before the acquisition EAP had raised $300M across 1 funding round.
Encino Acquisition Partners (EAP), established in 2017 by Encino Energy and Canada Pension Plan Investment Board (CPP Investments) with CPP holding 98% ownership, acquires high-quality oil and gas assets with established production in mature US basins, focusing on over 1,000 producing wells in the Utica/Point Pleasant shale in Ohio. EOG Resources, a Houston-based shale producer with major positions in the Delaware Basin and Eagle Ford, agreed on May 30, 2025, to acquire EAP from CPP Investments and Encino Energy for $5.6 billion in cash, inclusive of EAP’s net debt, subject to customary adjustments; the deal was funded by $3.5 billion in debt and $2.1 billion cash on hand, and completed by November 2025 after Hart-Scott-Rodino clearance. The acquisition adds 675,000 net core acres, including 235,000 in the volatile oil window (65% liquids) and 330,000 across wet and dry gas windows, expanding EOG’s Utica footprint to 1.1 million contiguous net acres with over 2 billion barrels of oil equivalent undeveloped resources and pro forma production of 275,000 barrels of oil equivalent per day. The strategic rationale positions Utica as EOG’s third foundational play alongside Delaware Basin and Eagle Ford, transforming it from an emerging asset into a scalable leader through extensive acreage overlap and prior operational collaboration, immediately accretive to 2025 EBITDA by 10%, cash flow from operations and free cash flow by 9%, and per-share metrics without shareholder dilution. EOG leveraged its strong balance sheet, ending Q3 2025 with $3.53 billion cash, to capitalize on counter-cyclical opportunities for high-quality, competitively priced inventory with exploration upside. Integration proceeded exceptionally well with efficiency gains, supporting EOG’s commitment to return 89% of annual free cash flow to shareholders.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 6 Jan 2025 | Strategic M&A | $5.6B |
EAP Funding History
EAP has raised a total of $300M across 1 funding round.
EAP funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Apr 2024 | Undisclosed stage | CPP Investments (lead) | $300M | Encino Acquisition Partners (EAP), headquartered in Houston, Texas, is an oil and gas company focused on acquiring and developing high-quality assets with established production and low-cost development inventory across the lower 48 U.S. states, emphasizing sustainability and robust margins. Formed in 2017 by CPP Investments and Encino Energy, EAP received a follow-on equity commitment of US$300 million from CPP Investments on April 22, 2024, with US$150 million anticipated to fund by end of April to accelerate development in the Utica oil play, one of North America's highest-return growth areas. CPP Investments held a 98% ownership stake in EAP prior to this commitment. The 2024 investment supported EAP's expansion in the Utica shale, particularly in Ohio, aligning with its strategy of targeting mature basins for long-term investor returns. Subsequently, on May 30, 2025, CPP Investments announced the sale of its entire stake in EAP to EOG Resources for US$5.6 billion, inclusive of net debt, marking a full exit alongside Encino Energy. The transaction, expected to close in the second half of 2025, underscores EAP's success as a leading oil and gas producer in Ohio, though this pertains to the exit valuation rather than the queried 2024 round. |
Who has invested in EAP?
1 investor has backed EAP across its funding rounds, including CPP Investments.
Lead investors include CPP Investments.
EAP Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
This data is available for Pro users. Sign up to see all 1 EAP investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialEAP Competitors
EAP competitors include listed companies like Yancoal Australia, Seatrium, Harbour Energy and Plains GP Holdings, and private ones like Transportadora Associada de Gás and TANAP.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $4.1B | $963M | $5.7B | 0.9x | ||
| Publicly listed | $9B | $699M | $5.7B | 0.7x | ||
| Publicly listed | $10B | $6.2B | $5.7B | 1.0x | ||
| Publicly listed | $44B | $2.8B | $5.5B | 0.5x | ||
| Private | - | - | $4.2B | - | ||
| Private | - | - | $4B | - |
EAP Public Comps
EAP is no longer listed, but its public comps include Yancoal Australia, Seatrium, Harbour Energy, Plains GP Holdings, International Seaways, CVR Energy, Murphy Oil, Shaanxi Energy Investment, Valaris and Weatherford.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $4.1B | $963M | 1.0x | 0.9x | 4.4x | 3.2x | |||
| $9B | $699M | 0.7x | 0.7x | 9.2x | 7.5x | |||
| $10B | $6.2B | 1.2x | 1.0x | 1.9x | 1.4x | |||
| $44B | $2.8B | 0.6x | 0.5x | 9.6x | 9.3x | |||
| $843M | $508M | 6.8x | 4.7x | 11.3x | 6.6x | |||
| $7.2B | $591M | 0.9x | 0.8x | 11.4x | 10.4x | |||
| $2.7B | $1.3B | 2.7x | 2.4x | 5.8x | 3.8x | |||
| $3.4B | $1.4B | 3.0x | 2.9x | 7.3x | 7.5x | |||
This data is available for Pro users. Sign up to see all EAP competitors and their valuation data. Start Free Trial | ||||||||
Common questions about EAP
| When was EAP founded? | EAP was founded in 1990. |
| Where is EAP headquartered? | EAP is headquartered in United States. |
| Is EAP publicly listed? | No, EAP was acquired by EOG Resources in January 2025. |
| Who acquired EAP? | EAP was acquired by EOG Resources in January 2025. |
| How much was EAP acquired for? | EAP was acquired for $5.6B in January 2025. |
| How much funding has EAP raised? | EAP has raised $300M across 1 funding round. |
| What was EAP's last funding round? | EAP's last funding round was a $300M undisclosed-stage round in April 2024, led by CPP Investments. |
| Who are EAP's investors? | EAP's investors include CPP Investments. |
| Which companies are comparable to EAP? | Companies comparable to EAP include Yancoal Australia, Seatrium, Harbour Energy, Plains GP Holdings, Transportadora Associada de Gás and TANAP. |
See companies similar to EAP
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.




