Antero’s Q3 2026 natural gas production was 2.9 Bcf/d, slightly lower than the midpoint guidance of 2.93 Bcf/d most likely due to larger than expected Q3 2026 curtailments.
Net daily natural gas equivalent production in Q3 2026 averaged 4.2 Bcfe/d, including 222 MBbl/d of liquids. During Q3 2026, Antero curtailed approximately 10 Bcfe of production. This represents curtailments of about 2.6% of their total production and 3.6% of their dry gas production. A number like that of EQT.
Antero expects Q4 2026 production to be approximately 4.3 Bcfe/d, reflecting an estimated 15 to 20 Bcfe of curtailments driven by low regional pricing. This represents about 4.4% of their total production being curtailed in Q4 2026. This percentage is very similar to EQT's roughly 4% of total production being curtailed. However, Antero has much higher liquids production than EQT. Adjusting for this liquids production, Antero would be curtailing about 6.8% of its dry gas production on average for Q4 2026.
However, December will probably be a different story on Northeast production. Hyperion is expecting a strong Northeast production rebound in December and Antero’s CEO confirmed this today in the analyst conference call:
“So, for the Q4, not that it will influence '27, but it will have a little bit of influence. And when we turn in line pads and maybe waiting until December months to turn it on instead of like a September, October in a year can influence the production as well.”
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CNX continues to execute its planned flat maintenance production program consisting of approximately 1.5 rigs and a partial year frac crew. During the quarter the company drilled 2 CPA Utica wells, fracked 12 SWPA Marcellus wells, and TILed 12 SWPA Marcellus wells.
Given current commodity market conditions, CNX doesn’t expect any material changes to the current year capital program and the company will continue to be responsive to any material changes in natural gas prices. Q3 2026 NG production was 1.55 Bcf/d, lower than the midpoint guidance of 1.575 Bcf/d. Full year 2026 NG production is revised higher from the prior reporting quarter by 0.41%.
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Enterprise raised its Permian production forecast from the prior reporting quarter, with natural gas and NGL production now expected to grow 34% from 2025 to 2030 (compared to a 23% growth expectation as of Q2 2026) while oil grows only 17%. Enterprise credits this to rising gas-to-oil ratios (GOR), shallower gas declines, gassier Delaware wells, and improved completion technology (efficiency gains), not to more rigs or frac crews.
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Patterson is benefiting from increased U.S. onshore drilling and completion demand, which supports stronger pricing and returns. The commodity price (oil) environment continues to support higher customer budgets, and the company’s discussions indicate the likelihood of additional rig reactivations and increased completion demand in 2027.
Growth was concentrated in oil producing basins, particularly the Rockies and Permian, and natural gas activity was steady. The frac fleet was "effectively sold out" in Q2 2026. In Q3 2026, frac fleet utilization was "very strong" apart from logistics downtime. Natural gas-powered frac equipment "remains in very short supply". Total completion activity declined modestly as several fleets experienced elevated non-productive time late in Q3 2026, primarily due to temporary sand availability constraints in South Texas and trucking delays in the Permian Basin.
U.S. Contract Drilling operating days totaled 9,249 in Q3 2026, with an average of 101 rigs operating. Patterson expects to operate an average of approximately 104 rigs in the United States during Q4 2026 and exit 2026 above that level, with additional rig reactivations anticipated in the first quarter of 2027.
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