Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
We have spent our lives looking for businesses that can raise prices, hold customers captive, and compound capital without begging for it back every year. EOG Resources is none of those things — and yet it is, by a wide margin, one of the most admirably run companies we have ever examined in the oil patch. That tension is the whole story here. This is the best house in a tough neighborhood: a low-cost, low-debt, honestly managed shale producer whose wells must clear a 60% after-tax return hurdle at $40 oil before a dollar gets spent. But the neighborhood is the neighborhood. EOG sells an undifferentiated commodity at a price set in Vienna, Riyadh, and the futures pit — not in Houston.
Recent filings analysed: 10-Q (2026-08-04), 8-K (2026-08-04), 8-K (2026-07-09), 8-K (2026-05-21).
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