Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>EOG Resources’ first quarter 2026 results exhibit a continuation of operational strength and financial discipline within a complex macro environment marked by geopolitical tensions and commodity price volatility.</li><li>The company reported adjusted net income of $1.8 billion and free cash flow of $1.5 billion, surpassing guidance midpoints on production volumes, operating costs, and depreciation, depletion, and amortization (DD&A).</li><li>Capital expenditure was maintained at $6.5 billion while oil and NGL production guidance was increased modestly by 2,000 and 6,000 barrels per day respectively, achieved by reallocating capital from natural gas to oil-focused assets without expanding overall spend.</li></ul>

EOG Resources’ first quarter 2026 results exhibit a continuation of operational strength and financial discipline within a complex macro environment marked by geopolitical tensions and commodity price volatility.The company reported adjusted net income of $1.8 billion and free cash flow of $1.5 billion, surpassing guidance midpoints on production volumes, operating costs, and depreciation, depletion, and amortization (DD&A).Capital expenditure was maintained at $6.5 billion while oil and NGL production guidance was increased modestly by 2,000 and 6,000 barrels per day respectively, achieved by reallocating capital from natural gas to oil-focused assets without expanding overall spend.

EOG Resources: The $6.5 Billion Capital Spending Signal Investors Need!

<ul><li>EOG Resources posted a significant year in 2025, marked by robust financial performance and strategic advancement.</li><li>The company surpassed its original oil and total volume targets, achieving substantial free cash flow, which amounted to $4.7 billion for the year.</li><li>All of this was facilitated by disciplined capital allocation, operational excellence, and efficiency improvements, which helped EOG reduce well costs and optimize margins.</li></ul>

EOG Resources posted a significant year in 2025, marked by robust financial performance and strategic advancement.The company surpassed its original oil and total volume targets, achieving substantial free cash flow, which amounted to $4.7 billion for the year.All of this was facilitated by disciplined capital allocation, operational excellence, and efficiency improvements, which helped EOG reduce well costs and optimize margins.

Can EOG Resources Sustain $4.5 Billion Free Cash Flow If Activity Slows?

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>The changes to the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX (SPX INDEX)</a>, S&amp;P400 Index and S&amp;P600 Index will be announced after market close on Friday.</li>
<li>The conclusions of the market consultation to change the index weighting methodology for the Select Sector Indices to reduce concentration and avoid reverse turnover should also be announced.</li>
<li>Changes in the index weighting methodology will result in a round-trip trade of US$35bn across the Select Sector indices. The largest turnover is in the <a href="https://www.smartkarma.com/entities/consumer-staples-select-sector-spdr-fund" target="_blank" data-smartkarma-citation="entities:27536:1" rel="noopener">XLP</a> and <a href="https://www.smartkarma.com/entities/technology-select-sector-spdr" target="_blank" data-smartkarma-citation="entities:27543:1" rel="noopener">XLK</a>.</li>
</ul>


The changes to the S&amp;P 500 INDEX (SPX INDEX), S&amp;P400 Index and S&amp;P600 Index will be announced after market close on Friday.
The conclusions of the market consultation to change the index weighting methodology for the Select Sector Indices to reduce concentration and avoid reverse turnover should also be announced.
Changes in the index weighting methodology will result in a round-trip trade of US$35bn across the Select Sector indices. The largest turnover is in the XLP and XLK.


Select Sector Indices - Updated Flows as Round-Trip Trade Hits US$35bn

<ul><li>EOG Resources showed strong performance in the third quarter of 2025, bolstered by strategic acquisitions and operational excellence.</li><li>The recent acquisition of Encino is a significant milestone for the company, diversifying its production base and enhancing its free cash flow potential.</li><li>The acquisition is seen as a strategic move, adding a high-return asset to EOG’s portfolio, which now includes foundational assets in the Delaware Basin, Eagle Ford, and Utica, along with emerging plays like Dorado and Powder River Basin.</li></ul>

EOG Resources showed strong performance in the third quarter of 2025, bolstered by strategic acquisitions and operational excellence.The recent acquisition of Encino is a significant milestone for the company, diversifying its production base and enhancing its free cash flow potential.The acquisition is seen as a strategic move, adding a high-return asset to EOG’s portfolio, which now includes foundational assets in the Delaware Basin, Eagle Ford, and Utica, along with emerging plays like Dorado and Powder River Basin.

EOG Resources Embarks on a High-Stakes LNG Bet; Will It Deliver A Positive Outcome?

<ul><li>EOG Resources' second quarter of 2025 has been marked by both promising developments and some risks.</li><li>The company's performance highlighted strong operational resilience, converting directly into financial gains.</li><li>The company achieved substantial free cash flow of nearly $1 billion and returned over $1.1 billion to shareholders via dividends and share repurchases.</li></ul>

EOG Resources' second quarter of 2025 has been marked by both promising developments and some risks.The company's performance highlighted strong operational resilience, converting directly into financial gains.The company achieved substantial free cash flow of nearly $1 billion and returned over $1.1 billion to shareholders via dividends and share repurchases.

EOG Resources Bets on AI & Sensors: Will Tech Reinvent Its Drilling Strategy?

United States

EOG Resources, Inc. explores for, develops, produces and markets natural gas and crude oil. The Company operates in major producing basins in the United States, Canada, Trinidad, the United Kingdom North Sea, China and, from time to time, select other international areas.

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Eog Resources (EOG US)

EOG Resources: The $6.5 Billion Capital Spending Signal Investors Need!

EOG Resources’ first quarter 2026 results exhibit a continuation of operational strength and financial discipline within a complex macro...

Baptista Research

Can EOG Resources Sustain $4.5 Billion Free Cash Flow If Activity Slows?

EOG Resources posted a significant year in 2025, marked by robust financial performance and strategic advancement. The company surpassed its...

Baptista Research

Select Sector Indices - Updated Flows as Round-Trip Trade Hits US$35bn

US$300bn tracks the Select Sector Indices. Implementation of proposed changes will set off a US$35bn trade. Apple could be bought by multiple...

Brian Freitas

EOG Resources Embarks on a High-Stakes LNG Bet; Will It Deliver A Positive Outcome?

EOG Resources showed strong performance in the third quarter of 2025, bolstered by strategic acquisitions and operational excellence. The recent...

Baptista Research

EOG Resources Bets on AI & Sensors: Will Tech Reinvent Its Drilling Strategy?

EOG Resources' second quarter of 2025 has been marked by both promising developments and some risks. The company's performance highlighted strong...

Baptista Research

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