SOURCE: Industrial Info Resources

Industrial Info Resources

February 10, 2017 07:30 ET

Then & Now: EOG Drills for Oil on Wall Street Using its Stock as Currency, an Industrial Info News Alert

SUGAR LAND, TX--(Marketwired - Feb 10, 2017) - Written by John Egan for Industrial Info Resources (Sugar Land, Texas) -- Drilling for oil on Wall Street, or buying barrels rather than finding them, is a time-honored way for Oil & Gas producers to grow while managing risks. And if you can buy those barrels using your high-priced stock rather than cash or debt, so much the better. EOG Resources Incorporated (NYSE:EOG) (Houston, Texas) did just that last September when it acquired Yates Petroleum Corporation (Artesia, New Mexico) for about $2.5 billion in a deal financed mostly with EOG's stock, which sold for about $85 per share at the time of the transaction. Investors are enthusiastic about the acquisition, driving up EOG's stock price by about $20 per share since then.

Industrial Info's Oil & Gas subject-matter experts will hold a complimentary webinar on Monday, February 13, on Oil & Gas in the Americas. The event, which is complimentary, begins at 10:00 AM (Eastern), 4:00 PM (Central European Time). RSVP here.

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