Asset quality shines through
Having recently hosted EOG management on a roadshow, we believe the company is applying a through-cycle perspective to create a resilient business, with long-lived, high quality acreage to drill, a strong balance sheet to protect against downturns and an aversion to potentially punitive long-term pipeline obligations. We see corporate returns improving as strong well level profitability boosts ROCE. We reiterate our Overweight rating and $128 price target.EOG Resources, together with its subsidiaries, explores for, develops, produces and markets crude oil, natural gas liquids and natural gas primarily in main producing basins in the United States, The Republic of Trinidad and Tobago, The People's Republic of China, Canada and, from time to time, select other international areas.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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