EOG trades at a 16% premium to our base-case valuation. We attribute its share-price outperformance to sustained execution: many of the positive inflection points for EOG's share price are related to making progress on growth ambitions. When EOG has raised production targets, acquired a company, or unveiled new assets, investors have reacted positively. For some peers, many growth-related gains are short-lived. But EOG consistently executes – and often outperforms – on its targets.