British Petroleum (BP)

BP’s Q3 2026 Lower 48 natural gas production was 1.668 Bcf/d, below the Hyperion midpoint estimate of 1.82 Bcf/d mainly due to production losses from Hurricane Isaias. Efficiency gains come from BPX’s drilling and completions (15,000-foot Haynesville laterals with a record 81 MMcf/d IPRs), lower unit costs, on a steady 7 rig program. Hyperion estimates BPX’s full year 2026 Lower 48 gas production to be 1.84 Bcf/d, up 18% year-on-year even after the Q4 2026 "activity phasing" dip BP indicated.

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Chevron (CVX)

Chevron’s Q3 2026 US natural gas production was 3.52 Bcf/d, above the Hyperion midpoint estimate of 3.38 Bcf/d. Capex in Q3 2026 was lower than last year largely due to lower spending and efficiency gains in the Permian Basin.

Chevron’s cost in Venezuela is under $20 per barrel. The company will move from 3 rigs to 2 rigs in the Bakken due to efficiency gains. Chevron doesn't give explicit production guidance. Hyperion's estimated 2026 production guidance is unchanged from the prior reporting quarter; organic 2026 production is expected to be 5.7% higher year-over-year after adjusting for adding Hess’s production into Chevron’s portfolio.

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W&T Offshore (WTI)

The company’s Q3 2026 natural gas production was 112 MMcf/d, which was higher than the midpoint guidance of 99 MMcf/d. W&T Offshore’s full year 2026 production guidance is unchanged from the prior reporting quarter.

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ExxonMobil (XOM)

ExxonMobil’s Q3 2026 US natural gas production was 3.87 Bcf/d, above the Hyperion midpoint estimate. The company’s Permian production guidance for Q4 2026 is unchanged from the prior reporting quarter at 1.8 million barrels of oil equivalent per day.

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