NG Pipeline Point Location Type Sub-Region Start Date End Date Capacity Affected? Maintenance...
Earnings Highlights APA, MTDR, MUR, & SM
APA Corporation (APA)
APA is sustaining flat US oil production at ~122 Mbo/d (raised from prior 120-122 range) on materially lower 2026 capex (Permian $1.3B, -20% YoY; total upstream $2.1B, -10%) by holding rigs flat at 5 and TILs at ~130 (vs 140 in 2025), driven by D&C and cost reductions per lateral foot. US natural gas continues to step down — implied FY26 ~0.435 Bcf/d vs ~0.504 Bcf/d FY25 (-13.7% YoY) reflecting divestments, natural decline, and active curtailments at Waha (88 MMcf/d in Q1 2026, 91 MMcf/d in Q4 2025) with a further ~35 Mboe/d total curtailment expected in 2Q 2026 before assumed normalization in 2H 2026.
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Matador Resources (MTDR)
MTDR delivered FY2025 natural gas production of 0.524 Bcf/d (524.1 MMcf/d) and guided FY2026 to 0.525-0.545 Bcf/d (mid 0.535 Bcf/d, +2% YoY) — gas guidance was REAFFIRMED unchanged in the Q1 2026 deck even as oil and total BOE/d guidance were raised.
2025 efficiency wins compounded into 2026: D&C cost per lateral foot fell from $910 (2024) → $842 (2025) → guided $785-805 (2026E mid $795, -6% YoY), driven by ~10% longer laterals, ~13% faster cycle times, 50% batch development, simul- and trimul-frac, 90% diesel reduction in completions, 72% produced-water frac use, and AI integration with vendor partners.
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Murphy Oil Corporation (MUR)
Murphy Oil reaffirmed its FY 2026 production guidance of 167–175 MBOEPD (mid 171) in the Q1 2026 deck — unchanged from the Q4 2025 deck — implying a total-company natural gas guide of ~0.45 Bcf/d (range 0.41–0.50), down ~10% YoY from 2025's actual ~0.50 Bcf/d, with U.S. gas (Eagle Ford + Gulf of America) implied at ~0.07 Bcf/d vs ~0.08 Bcf/d in 2025 (–12% YoY). The Q1 2026 deck quantified record-breaking Eagle Ford efficiency.
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SM Energy (SM)
SM Energy closed its transformative Civitas Resources merger on January 30, 2026, transforming SM from a single-region (Permian + Uinta) operator into a four-basin scaled producer (Permian, DJ, South Texas, Uinta); on an asset-mix-adjusted basis (normalizing for the Civitas oil-weighted contribution) SM's FY 2026 implied natural gas guidance is approximately 0.42 Bcf/d, versus FY 2025 actual of 0.41 Bcf/d — a YoY increase of approximately +2.5%.
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