SynMax Research:
Apache Corporation (APA)
Apache exceeded Q3 2025 reported production guidance in all three operating regions while delivering upstream capital and operating costs below guidance. The company increased Q4 2025 Permian oil production guidance on strong operational execution.
Q3 2025 US natural gas production was higher than midpoint of guidance. Full year 2025 production guidance is revised higher from the prior reporting quarter.
Devon Energy (DVN)
Devon’s Q3 2025 average oil production reached the top-end of guidance. Devon Energy invested $859 million of capital, 5 percent below midpoint guidance, and lowered operating cost 5 percent year-to-date. Production exceeded guidance, capital investments were at their lowest level year-to-date, and LOE reached its most efficient mark. This positive result was driven by better-than-expected well performance primarily in the Rockies and Eagle Ford.
Looking ahead, the company’s outlook for 2026 is even stronger than current trajectory. Devon plans to sustain production levels while further lowering capital requirements, building on the momentum established this year. Devon’s capital activity in Q3 2025 averaged 17 operated drilling rigs and 5 completion crews across its asset portfolio. Devon achieved a greater than 10% capital efficiency improvement in 2025.
Q3 2025 natural gas production was higher than midpoint guidance. Full year 2025 natural gas production guidance is unchanged from the prior reporting quarter. The company's preliminary 2026 guidance indicates 1% YOY growth.
National Fuel Gas (NFG)
National Fuel’s strong Tioga Utica well performance in the Eastern Development Area (“EDA”) drove a production increase of 21% compared to the prior year. Integrated upstream and gathering segment capital efficiency continued to improve, with record natural gas production in the fiscal year, an increase of 9% compared to the prior year, while capital expenditures decreased $40 million, or 6%.
Fiscal Q4 2025 (Calendar Q3 2025) natural gas production was higher than midpoint guidance. Full year 2026 natural gas production guidance is unchanged from the prior reporting quarter.
Talos Energy (TALO)
Talos Energy announced discovery at the Daenerys exploration prospect with an appraisal well to be drilled in the second quarter of 2026. The company’s improved full-year 2025 guidance reflects higher production, lower operating expenses and lower capital expenditures.
During Q3 2025, the absence of storm activity, strong base performance from the company’s assets, and solid facility uptime contributed to production results that exceeded expectations.
Q3 2025 natural gas production was higher than midpoint guidance. Full year 2025 natural gas production guidance is revised higher from the prior reporting quarter.
W&T Offshore (WTI)
W&T Offshore increased Q3 2025 production to near the high end of guidance which was an increase of 6% compared with Q2 2025. This highlights the impact of the Cox fields coming online and W&T’s inventory of high return workover projects on its existing assets.
Q3 2025 natural gas production was higher than midpoint guidance. Full year 2025 natural gas production guidance is revised higher from the prior reporting quarter.