Now that LNG and power demand have rewritten the story of—and future demand for—natural gas here and abroad, producers adapting and mutating in the wake of new gas-fueled opportunities have injected a certain excitement into an industry once declared dying. For some producers, that means shifting their oil and gas weight.     Others are digging into basins they might not have considered some 10 years ago. And still others are making big bets on natural gas with billion-dollar acquisitions.   

Reese Energy Consulting today spotlights Houston-based EOG Resources, which made a big bet in May with the acquisition of the largest oil producer in Ohio, adding serious muscle to its Appalachia position. The $5.6 billion deal with Encino Energy crowned EOG a leading Utica E&P with a proforma 1.1 million net acres and 275 MBOED in Ohio’s portion of the basin spread across the volatile oil window and natural gas window. The purchase was described as transformative for EOG as both a foundational asset and a major move to expand its natural gas portfolio. Along with the company’s Dorado operation in South Texas, the Utica acquisition also offers standalone gas assets considered an attractive option for data center hyper-scalers and can command premium pricing over residual gas. Upon the expansion, EOG’s CEO pronounced it a “coming out party here for our gas business…” Cue the DJ.

For those new in town, EOG is one of the nation’s largest oil and gas producers with operations in 10 U.S. basins and Trinidad and Tobago.