SynMax Research:
Ascent Resources
Ascent Resources delivered another quarter of stronger than expected production and well performance. In Q3 2025, the Company spud 12 operated wells, hydraulically fractured 10 wells, and turned-in-line 18 wells with an average lateral length of 16,376 feet. Full year 2025 natural gas production guidance is unchanged from the prior reporting quarter.
Civitas Resources (CIVI)
Q3 2025 oil and total production were up six percent from Q2 2025 and cash operating expenses were lower by five percent. The company closed on the divestment of two previously-announced non-core DJ Basin assets on August 29 and October 1, as planned.
Activity for the quarter included 29, 30, and 27 net operated wells drilled, completed, and turned to sales, respectively. The Company's average lateral length completed was 2.2 miles. Due to the pending merger with SM Energy, Civitas has discontinued providing quarterly and annual guidance.
ConocoPhillips (COP)
ConocoPhillips raised full-year 2025 production guidance and further reduced operating cost guidance to $10.6 billion. The company announced preliminary 2026 guidance, including $12 billion of capital expenditures, $10.2 billion of adjusted operating costs and 0 to 2% underlying production growth. For 2026, the company expects lower capital and operating costs with flat to modest production growth.
EOG Resources (EOG)
Total oil, NGLs and natural gas production were above guidance midpoints for Q3 2025. At the same time, capital expenditures and per–unit operating costs were lower than guidance midpoints.
The Delaware Basin, Eagle Ford, and Utica, are delivering strong returns, exceeding the company’s expectations. In the Utica, the integration of the Encino assets is proceeding exceptionally well, with continued incremental efficiency gains
Q3 2025 Lower 48 natural gas production was slightly lower than midpoint guidance. Full year 2025 natural gas production guidance is unchanged from the prior quarter after adjusting for the acquisition of Encino.
Murphy Oil (MUR)
Murphy Oil delivered a sequential increase in production for Q3 2025. Q3 2025 production outperformed the high-end of guidance on strong new well productivity and no storm downtime in the Gulf of America. The company reaffirmed full year CAPEX guidance. Full year 2025 production guidance is unchanged from the prior reporting quarter
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