EOG Resources Completes $1 Billion Notes Offering

EOG Resources Inc. finalized a significant financial move by completing a public offering of $1 billion aggregate principal amount of its 5.650% Senior Notes, due to mature by December 1, 2054. The underwritten public offering, known as the Notes Offering, was completed on November 21, 2024, in accordance with an underwriting agreement signed on November 18, 2024. The underwriters for this offering included J.P. Morgan Securities LLC, BofA Securities, Inc., Goldman Sachs & Co. LLC, and Wells Fargo Securities, LLC.

The Notes were issued under an existing indenture dated May 18, 2009, between EOG Resources and Computershare Trust Company, N.A., and an officers’ certificate was presented on November 21, 2024, specifying the terms of the Notes. The Underwriting Agreement featured standard representations, warranties, as well as indemnification and contribution provisions.

These Notes are classified as senior, unsecured obligations for EOG Resources, ranking equally in payment rights with the company’s other unsecured and unsubordinated indebtedness. Notably, the Notes are subordinated to any secured indebtedness EOG might have. The company retains the option to redeem the Notes, either wholly or partially, before June 1, 2054, or after that date.

Moreover, the offering was made in compliance with the Securities Act of 1933, using an automatic shelf registration statement on Form S-3 (Registration No. 333-261702) that was previously filed with the Securities and Exchange Commission and became effective on December 16, 2021.

A legal opinion from Akin Gump Strauss Hauer & Feld LLP has been filed in conjunction with the closing of the Notes Offering. Additionally, detailed information about the underwriting agreement, indenture, and the specific terms of the Notes can be found in the official filings with the SEC.

Furthermore, the prospectus supplement filed by EOG Resources on November 18, 2024, provides comprehensive information about the terms of the Notes. It’s also noted that some of the underwriters and their affiliates have prior business relationships with EOG, engaging in investment banking and other commercial activities.

Overall, this strategic financial move by EOG Resources signifies a significant development in their financial operations.

This information was sourced from the recent 8-K SEC filing by EOG Resources Inc. as of November 21, 2024.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read EOG Resources’s 8K filing here.

About EOG Resources

EOG Resources, Inc, together with its subsidiaries, explores for, develops, produces, and markets crude oil, natural gas liquids, and natural gas primarily in producing basins in the United States, the Republic of Trinidad and Tobago and internationally. The company was formerly known as Enron Oil & Gas Company.