Earnings Highlights BKR, EQT, HAL, MTDR, RRC, & SLB

Baker Hughes (BKR)

The Company continued to support the development of critical data center projects, with year-to-date data center awards of more than $650 million. The oil field services market in North America remains soft while the LNG development market remains strong.

EQT (EQT)

EQT’s Q2 2025 production came in at the high-end of guidance driven by strong well performance and compression project outperformance. Capital spending came in well below the low-end of guidance, driven by another record-setting quarter for completion efficiency and lower well costs. The company is seeing strong momentum for in-basin natural gas power and data center demand. The Company increased its 2025 full year production guidance from the prior reporting quarter mainly due to the inclusion of the Olympus Energy acquisition. The company closed on the Olympus Energy acquisition on July 1, 2025.

EQT announced multiple in-basin supply projects. MVP Southgate of 550 MMcf/d is scheduled to be online in 2028 and MVP Boost with compression additions of 500 MMcf/d is scheduled to commence operations in early 2029. 

Halliburton (HAL)

The oilfield services market is now softer than Halliburton previously expected over the short to medium term. The company is expected to take action to address this near term softness. Revenue in the 2nd half of 2025 will decline due to lower drilling and completion activity. Increases in natural gas activity will offset some of the declines in oil activity for North America.

Activity reductions will impact the oilfield services market in 2025. 2026 is still on hold, but activity is expected to increase above Q3 2025 and Q4 2025 levels.

Matador Resources (MTDR)

Matador achieved record quarterly production in Q2 2025 and produced above the midpoint of guidance. The company reconfirms its April 2025 activity guidance with continued operational improvements demonstrated through better-than-expected drilling and completion costs of approximately $825 per completed lateral foot.

Matador not only anticipates 2025 full year production will be a record for annual production but also is increasing their full year 2025 guidance range for total daily production from the prior reporting quarter.

In response to market and commodity price volatility in the beginning of the second quarter, Matador announced in April it would moderate its drilling activity in 2025. Following through with their announcement, Matador contractually released its ninth drilling rig earlier this summer and expects to operate eight drilling rigs by August 1, 2025.

Despite the reduced rig activity, Matador plans to turn-to-sales record yearly lateral footage in 2025, which is accomplished by reduced drilling times, higher optimization of simul or trimul-frac and other operational and vendor efficiencies.

Range Resources (RRC)

Range Resources increased its full year 2025 production guidance from the prior reporting quarter and increased its expected lateral footage in year-end inventory, while lowering 2025 capital guidance due to operational efficiencies.

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This year is off to a strong start with another quarter of efficiency gains and consistent well performance. Q2 2025 natural gas production was lower than the midpoint of guidance. The company’s Q2 2025 production outperformance was on the natural gas liquids and oil side, not the dry gas production side. Full year 2025 production guidance is revised higher from the prior reporting quarter, but this is very likely to be on the liquids side. 

Schlumberger (SLB)

SLB closed on the Champion acquisition. Despite the macro economic head winds over the last few months, the long term fundamentals for oil remain strong. Producers will continue to concentrate on efficiency gains in the current environment. Between $60-$65 oil, producers are either in maintenance and or scale back mode. There will likely be some slowing in Deepwater projects. Short cycle projects have declined more than expected in North America for Q2 2025.

The oil market remains resilient and is likely to rebound strongly in early 2026.