SynMax Research:
British Petroleum (BP)
BP has now started up six new major oil and gas projects in 2025, four of which were brought online ahead of schedule. Upstream production increased by around 3% quarter-on-quarter, supported by upstream plant reliability. BP now expects 2025 underlying
production to be broadly flat with 2024, which is an increase from the prior reporting quarter. Q3 2025 Lower 48 natural gas production was higher than expected.
Chord Energy (CHRD)
Chord Energy achieved efficient execution and strong asset performance for Q3 2025 and delivered oil volumes above the midpoint of guidance, with E&P and other CapEx below the midpoint of guidance. The company raised oil volume guidance and maintained CapEx guidance excluding XTO impacts.
Chord Energy TIL'd three additional 4-mile laterals since August. These wells executed faster and below initial cost estimates. The company completed the acquisition of Williston Basin assets from XTO Energy Inc. and affiliate subsidiaries of Exxon Mobil Corporation on October 31, 2025.
Chord Energy’s Q3 2025 natural gas production was below the midpoint of guidance. Full year 2025 natural gas production guidance is revised slightly lower from the prior reporting quarter.
Gulfport Energy (GPOR)
Gulfport is looking to expand its undeveloped Marcellus inventory by approximately 125 gross locations, an increase of approximately 200% in Ohio Marcellus inventory. Gulfport is investing incremental discretionary capital to successfully test the drilling feasibility of U-development in the Utica, recently reaching total depth on two U-development wells and unlocking 20 gross Utica dry gas locations.
The company’s Q3 2025 natural gas production was slightly below midpoint guidance. Gulfport’s full year 2025 production is revised slightly lower from the prior reporting quarter.
Ovintiv (OVV)
Ovintiv’s Q3 2025 production was at or above the high end of the guidance range on every product. The company raised full year 2025 production guidance. At the same time, the full year 2025 capital guidance range is maintained at $2.125 billion to $2.175 billion. The company’s Q3 2025 natural gas production was higher than midpoint guidance. Full year 2025 natural gas production guidance is revised higher from the prior reporting quarter.
SM Energy (SM)
SM Energy Company and Civitas Resources, Inc. today announced they have entered into a definitive merger agreement involving an all-stock transaction. Under the terms of the Transaction, each common share of Civitas will be exchanged for 1.45 shares of SM Energy common stock. The combined company's enterprise value of approximately $12.8 billion is inclusive of each company's net debt. The transaction is expected to close sometime in Q1 2026.
SM Energy’s production was driven by consistent strong performance across all assets despite a decline of more than $10/Bbl in oil prices year-over-year. The company’s Q3 2025 natural gas production was higher than the midpoint of guidance. Full year 2025 production guidance is unchanged from the prior reporting quarter.
