EOG Resources, Inc. (EOG)

Shale production differs from conventional by its short cycle: a well is drilled in weeks, peaks in the first year and depletes quickly. That makes the industry flexible — output can be raised or cut within a quarter — while requiring continuous drilling merely to hold the current level.

The company's distinction is an internal return threshold: it develops an area only if it pays back at a price well below the market. That approach cost it market share during the shale boom but preserved the balance sheet when prices collapsed and competitors went bankrupt.

Results are set entirely by oil and gas prices the company does not control. It pays a base dividend plus variable distributions in good years and carries almost no debt — a rarity in the producing industry.