Baker Hughes (BKR)

Baker Hughes’ OFSE (Oil Field Services) division delivered another solid quarter in Q3 0226, supported by growing momentum across international markets led by a significant improvement in the Middle East. The company revised upward the 2026 upstream outlook, supported by better second half 2026 Middle East activity and continued strength in Latin America. Upstream spending for 2027 is also expected to improve. Baker Hughes secured a major integrated power generation order to supply 1.1 gigawatts of power for a major U.S. technology company.  

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EQT Corporation (EQT)

EQT’s Q3 2026 production totaled 583 Bcfe, including 21 Bcfe of strategic curtailments. This implies that on average, EQT curtailed about 4% of its dry natural gas production during Q3 2026, a significant amount of production curtailments. Capital expenditures in Q3 2026 were about 10% below the low-end of guidance, driven by lower than expected upstream and midstream spending and the continued benefit from operational efficiency gains.

EQT’s Q3 2026 natural gas production was 5.92 Bcf/d, significantly below midpoint guidance of 6.3 Bcf/d due to the large amount of Q3 2026 curtailments. EQT’s full year 2026 production guidance is unchanged from the prior reporting quarter. This implies higher Q4 2026 production guidance compared to the prior reporting quarter to compensate for the big production miss during Q3 2026 caused by the large volume of curtailments. EQT did not have a conference call today due to the pending merger with Range Resources.

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Expand Energy (EXE)

Expand energy’s full year 2026 production guidance is unchanged at the midpoint from the prior reporting quarter. Full year 2026 Haynesville guidance is revised higher from the prior reporting quarter by 0.5%, or 0.15 Bcf/d. Full year Northeast guidance is revised lower from the prior reporting quarter by 0.15 Bcf/d or 0.35%, offsetting the Haynesville increase. Northeast Appalachia full year 2026 production guidance was revised down from the prior reporting quarter due to significant curtailments, more than offsetting the higher Southwest Appalachia full year 2026 production guidance. The company’s overall Q4 2026 production guidance is revised slightly lower compared to the prior reporting quarter due to the lower Northeast Appalachia revisions from curtailments. The company’s full year 2026 capital expenditures are revised higher from the prior reporting quarter from $2.85 Billion to $3.00 Billion.

Expand Energy’s Q3 2026 natural gas production was 6.916 Bcf/d, higher than the midpoint guidance of 6.85 Bcf/d. Weaker Appalachia in-basin pricing resulted in curtailments in Q3 2026.  

Production remains responsive to market conditions especially in Northeast Appalachia. To quote the COO of Expand energy during today’s conference call: 

“In fact, as we've come into the fourth quarter, we've ended up reducing some of our activity. That activity reduction, moving from around 12 rigs down to 10, is indirect acknowledgment that the market is weakening. In addition to that, we've proven in the past to be highly flexible with how we manage our production volumes. That's shown up in the third quarter. It's showing up again here in the fourth quarter with how we manage curtailments. We pushed out about nine turn-in lines out of Q3. We're waiting on those still to think about the optimal time to bring them online.”

This implies that there is a significant amount of gas being DTILed and choked back and waiting for better wintertime prices to bring the production online, especially in Northeast Appalachia and to a lesser extent in Southwest Appalachia and Haynesville. SynMax data also confirms the recent drop in Expand Energy rig counts from 12 to 10.

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Nabors Industries (NBR)

Record international drilling, a larger Lower 48 working fleet, and growth in the Drilling Solutions division drove the sequential improvement in Q3 2026 revenue for Nabors. The company’s Lower 48 rig count grew as expected.  

Nabors remains constructive on the rig market. Nabors’ Lower 48 rigs averaged 72.8 in Q3 2026. The company expects their Lower 48 rigs to average 75 in Q4 2026.   

Nabors signed a multiyear contract to deploy one rig in Venezuela in early 2027. The deployment will mark Nabors' return to drilling operations in Venezuela.

Nabors rigs helped two Lower 48 operators achieve new drilling records. A PACE®-B rig in North Dakota achieved an impressive drilling performance of more than 27,600 feet in 148 hours, with an average rate of penetration of nearly 187 feet per hour. A PACE®-X rig in South Texas achieved a record performance by drilling an 18,500-foot well in under six days, averaging more than 3,200 feet per day. The operator recorded its fastest drilling performance in the basin to date.

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Precision Drilling (PDS)

Precision Drilling’s Q3 2026 earnings growth was driven by higher drilling activity in Canada and the U.S., with U.S. margins expected to increase in Q4 2026. Canada averaged 73 active rigs, up 16% compared to 63 active rigs in the third quarter of 2025, aligning with higher industry activity. U.S. averaged 43 active rigs, up 19% compared to 36 active rigs in the third quarter of 2025, reflecting an improved customer base. The company’s growth outpaced the U.S. industry’s 10% increase in activity.

Looking ahead to 2027, the company believes they are well positioned to sustain the momentum established in 2026, as their growing North American contract book further strengthens the outlook. In Canada, robust customer demand positions the company for one of the busiest winter drilling seasons in years, with their Super Triple and Super Single rigs expected to be near full utilization.  

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Range Resources (RRC)

Range’s Q3 2026 production averaged 2.50 Bcfe per day, with approximately 68% natural gas. The company had record liquids production of 133,173 barrels per day. Range’s Q3 2026 natural gas production was 1.7 Bcf/d, in line with the midpoint of production guidance. Natural gas production curtailments for Range Resources were minimal during Q3 2026 due to their liquids production being at about 32% of total production. Due to the pending merger with EQT, management did not have any updated production guidance and did not do an earnings conference call.

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