Apache (APA)

Apache delivered Permian oil production above midpoint guidance through high uptime, earlier turn-in-lines and robust new well performance. The rig count needed to hold Permian production flat fell from 8 to 6 in 2025, then to a 4.5 average in 1H26, and is now 4 in 2H26. Continued drilling and completion efficiency gains in the Permian are improving capital productivity and supporting an increase in 2026 full-year U.S. oil production to 124,000 barrels per day, above the company’s initial guidance of 120,000 to 122,000 barrels per day. Faster drilling cycle times are also enabling Apache to accelerate completion activity into Q4 2026, increasing 2026 Permian capital investment by $30 million and supporting a smoother production profile entering 2027. Q4 2026 U.S. oil production is expected to moderate with the timing of TILs during the year and seasonal weather impacts.

The company’s Q3 2026 US natural gas production was 0.52 Bcf/d, higher than the midpoint guidance of 0.48 Bcf/d. Full year US 2026 production guidance is revised to be 2.5% higher than the prior reporting quarter.

Read the full analysis on the dashboard.

Chord Energy (CHRD)

Chord Energy continues to lengthen its laterals and lower its breakeven costs. Cash flow from operations exceeded expectations in Q3 2026, supported by production volumes above the high-end of guidance and strong price realizations. Strong operational performance led the company to increase full year 2026 oil volumes by about 1% from the prior reporting quarter.

Chord successfully executed and TILed 24 additional 4-mile wells across five pads. The company continues to benefit from strong base production performance which is driving volumes above the initial 2026 plan.

Q3 2026 natural gas production was 0.421 Bcf/d, above the high end of guidance of 0.405 Bcf/d. Full year 2026 natural gas production guidance is revised lower from the prior reporting quarter due to a Marcellus divestiture. Without the divestiture, natural gas production guidance would've been revised higher from the prior reporting quarter.

Read the full analysis on the dashboard.

Comstock Resources (CRK)

Production grew by 9% YOY from Q3 2025 and was 8% higher than Q2 2026 driven by the company’s drilling program. Sixteen Legacy Haynesville wells were turned to sales with an average lateral length of 10,812 feet and an average per well initial production rate of 25 MMcf / day. Six of these wells were horseshoe wells. Six Western Haynesville wells were turned to sales in Q3 2026 with an average lateral length of 9,829 feet and an average per well initial production rate of 33 MMcf / day.

Comstock implemented a $1.65 billion SOCAR divestiture of some Haynesville assets that will substantially enhance Comstock's balance sheet. Q3 2026 natural gas production was 1.33 Bcf/d, lower than the midpoint guidance of 1.35 Bcf/d. Full year 2026 natural gas production guidance is revised lower than the prior reporting quarter. The great majority of the lower revised production guidance is likely due to the SOCAR divestiture.  

Read the full analysis on the dashboard.

Gulfport Energy (GPOR)

For 2027, Gulfport is evaluating a more continuous two-rig Appalachia development program, which the company believes will drive meaningful operational efficiencies through steadier rig and crew utilization, lower development costs, concentrate capital in the highest-return asset area, and position the business for production growth beginning in 2028.

Q3 2026 natural gas production was 0.92 Bcf/d, lower than the 0.95 Bcf/d midpoint guidance. Full-year 2026 production guidance is unchanged from the prior reporting quarter. However, liquids production outperformance in Ohio is outpacing dry gas production, thus causing the implied dry gas portion guidance to be lower than the prior reporting quarter.

Read the full analysis on the dashboard.

Murphy Oil (MUR)

Murphy Oil exceeded the upper end of Q3 2026 production guidance. The company raised US full year 2026 production guidance by 1.0% from the prior reporting quarter. Production exceeded quarterly Q3 2026 guidance, driven by accelerated Eagle Ford Shale activity, new well outperformance and lower royalties in the Tupper Montney, and minimal storm downtime in the Gulf of America. Q3 2026 US natural gas production was 80 MMcf/d, above midpoint guidance of 73 MMcf/d.

Read the full analysis on the dashboard.

National Fuel Gas (NFG)

National Fuel expects its fiscal 2027 natural gas production to be 1.144 Bcf/d, which incorporates the impact of estimated price-related marketing curtailments during October. This implies flat to slightly lower YOY 2027 natural gas production as compared to 2026 natural gas production. Production growth is expected to resume in 2028 with a Lower Utica first program.

Q3 2026 natural gas production was 1.13 Bcf/d, lower than the midpoint guidance of 1.17 Bcf/d. Northeast producers have consistently produced below Q3 2026 midpoint guidance due to curtailments and abnormally high force majeure events. National Fuel has seen capital efficiency gains of greater than 25% since 2023, with further improvement expected over time.

Read the full analysis on the dashboard.

As usual, contact support@synmax.com with questions.