Houston-based independent EOG Resources Inc. has purchased one million shares of its common stock that were formerly held by an Enron Corp. affiliate. EOG, which formerly was a subsidiary of Enron (EOG originally stood for “Enron Oil & Gas”), became an independent public company in July 1999 (see Daily GPI, July 21, 1999).

On June 21, Judge Arthur Gonzalez, who is presiding over Enron’s bankruptcy case in New York, authorized Enron to sell 11.5 million shares of EOG common stock, with the proceeds placed into escrow. An unaffiliated broker purchased the entire amount, and EOG bought its shares from the unidentified broker.

EOG’s basic shares outstanding are now approximately 114.2 million shares. The remaining 10.5 million shares from the Enron sale are to be sold in blocks to other purchasers, with no single purchaser acquiring more than 2.903 million shares.

Early Friday, EOG was trading on the New York Stock Exchange for about $39.30 a share; it has ranged in price between $30.02 and $44.15 per share in the past year.

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