EOG completed the $5.6 billion Encino acquisition, adding 1.1 million net acres in the Utica, which now forms a core part of its portfolio alongside the Delaware Basin and Eagle Ford.
The company sees the Utica as a growth asset with a resource potential of over 2 billion barrels of oil equivalent, offering high returns (over 55% at bottom cycle prices and over 200% at mid-cycle prices).
Early integration efforts are exceeding expectations, with initial synergies of at least $150 million annually within the first year, mainly from well cost reductions and G&A efficiencies.
EOG plans to operate 5 rigs and 3 completion crews in the Utica through the rest of 2025, leveraging its proprietary technology and operational model to unlock additional value.
The company expects to bring well costs in line with its existing operations, with a focus on infrastructure, location construction, and midstream agreements to optimize production and costs.
Cash, cash equivalents and marketable securities remained flat at $1.53 billion.
Enphase Energy reported Q2 2025 revenue of $363.2 million, shipping 1.53 million microinverters and 190.9 megawatt hours of batteries, generating $18.4 million in free cash flow.
GAAP net income was $37.1 million with diluted EPS of $0.28, up from $0.22 in Q1.
Non-GAAP net income was $89.9 million with diluted EPS of $0.69, compared to $0.68 in Q1.
Operating expenses on a non-GAAP basis were $77.8 million, down from $79.4 million in Q1.
Q2 non-GAAP gross margin was 48.6%, GAAP gross margin was 46.9%, both slightly down from Q1.
The company repurchased approximately 703,000 shares for $30 million in Q2 under its $1 billion share repurchase program.
Dafinchi