Top 15 Commodity Producers With the Highest Upside Potential

11. EOG Resources, Inc. (NYSE:EOG)

Analysts’ Upside Potential as of May 01: 27.15%

EOG Resources, Inc. (NYSE:EOG) is an oil and gas company that owns land in several US shale plays, mostly in the Eagle Ford and Permian Basin. The firm stated that it had 4.7 billion barrels of oil equivalent in net proven reserves by the end of 2024. At a ratio of 69% oil and natural gas liquids to 31% natural gas, net production averaged about 1,062 thousand barrels of oil equivalent per day in 2024. It is ranked eleventh on our list of the  Best Commodity Stocks.

EOG Resources, Inc. (NYSE:EOG)’s approach to capital allocation is a little different from that of other US exploration and production companies. Although the integrated majors and their peers have been bitten by the consolidation bug, the firm mostly concentrates on organic exploration activities. It has adopted a capital allocation strategy that prioritizes paying shareholders back while still being open to investing in modest production expansion. Ultimately, it changed course earlier than most to become a low-cost provider in a market that overextended itself during the shale revolution. It is positioned as an outstanding shale company with industry-leading returns on capital due to its impressive asset mix, which includes its dominant position in the Delaware Basin.

EOG Resources, Inc. (NYSE:EOG) reported cash operating expenses of $10.31 boe/d and total production of 1,090 mboe/d. Furthermore, the company utilized about $800 million to repurchase shares in the first quarter of 2025, returning 98% of its available free cash flow. In 2025, management reduced capital spending by $200 million to $6 billion.