While many larger E&Ps have been growing bigger through massive, headline-grabbing acquisitions, EOG Resources — by market cap, the second-largest non-integrated U.S. producer — has been expanding for a quarter century now by focusing on the stealthy exploration and development of new resource plays. The results of EOG’s long-standing strategy have been impressive, and include finding and development (F&D) costs that are significantly lower than its Oil-Weighted peer group and a higher-than-average reserve replacement rate. In today’s RBN blog, we analyze the scope and impact of EOG’s singular focus on organic growth instead of M&A.