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.