SynMax Research:
Apache Corporation (APA)
Q4 2025 U.S. oil production was 132,000 barrels/day, 7% above midpoint guidance, driven by improved run-time and incremental completion activity. Apache completed a comprehensive assessment of Permian inventory, validating approximately 10 years of economic inventory with substantial technical upside. Planned total upstream capital for 2026 is expected to be $2.1 billion, a 10% reduction compared to 2025.
The company plans on utilizing 5 rigs in the Permian for 2026, down from 6.5 rigs in 2025. Hyperion data currently has 4.6 rigs for Apache YTD in 2026.
The company issued full year 2026 production guidance. Their 2026 production is expected to be flat YOY after adjusting for divestitures from 515 MMcf/d in 2025 to 515 MMcf/d in 2026.
BKV Corporation (BKV)
Q4 2025 production exceeded the previously guided range of 885-935 MMcfe/d (81% natural gas and 19% NGLs) due to several factors, including continued efficiency gains on the D&C program and less winter downtime than forecast.
Q4 2025 natural gas production was 762 MMcf/d, above midpoint guidance of 720 MMcf/d. BKV is the largest natural gas producer in the Barnett with ~11% 1-year decline rate.
The company issued new 2026 production guidance. The company's 2026 natural gas production is expected to be higher YOY by 12.5% from 665 MMcf/d in 2025 to 748 MMcf/d in 2026 using midpoint guidance and an 80% dry gas factor.
Chord Energy (CHRD)
Chord’s full year 2025 CapEx was more than $100 million below full year 2024 CapEx while 2025 oil volumes were 1% higher year-over-year, highlighting efficiency gains.
The company successfully turned-in-line ("TIL") seven 4-mile wells in 2025, with three of the seven TIL'd after Q3 2025. Production continues to be at or above expectations, with average well costs below budget. Chord expects ~40% of wells TIL'd in 2026 to be 4-mile laterals.
Q4 2025 natural gas production was 404 MMcf/d, lower than midpoint guidance of 427 MMcf/d. The company issued full year 2026 natural gas production guidance. 2026 natural gas production is expected to be lower YOY by 2%, with 2025 at 416.15 MMcf/d and 2026 at 408 MMcf/d.
Crescent Energy (CRGY)
Crescent Energy achieved record annual production and approximately 15% year-over-year improvement in well costs. The company currently operates in the Eagle Ford, the Permian and the Uinta.
Crescent expects to operate a flexible 6-7 rig program, including a 1-2 rig program in the Permian as it implements its operational playbook and right-sizes capital and operational intensity on the newly acquired assets.
Q4 2025 natural gas production was 649 MMcf/d, in line with midpoint guidance. The company issued full year 2026 natural gas production guidance. The company's 2026 natural gas production is expected to be higher YOY by 2.6% from 644.75 MMcf/d in 2025 to 661.48 MMcf/d in 2026, after adjusting for the Vital Energy acquisition and various divestitures.
SM Energy (SM)
Announced merger with Civitas Resources, which closed on January 30, 2026, and delivers enhanced scale and meaningful expected synergies. Q4 2025 natural gas production was 428 MMcf/d, higher than midpoint guidance of 415 MMcf/d.