Earnings Highlights CNX, LBRT, & OVV

CNX Resources (CNX)

During Q2 2025, the company continued to achieve operational successes. CNX completed drilling three deep Utica wells with an average lateral length of around 11,100 feet at an average of 36 days, a pace which reflects a 46% and 27% reduction in total drilling days, compared to the deep Utica wells drilled in 2023 and 2024, respectively.

These improvements in deep Utica drilling efficiency have resulted in capital costs of approximately $1,750 per foot for their most recent wells, below previously targeted costs of $1,800 per foot. The strong reservoir performance from the recently acquired Apex wells and recent deep Utica wells, combined with highly efficient operational execution in bringing on new pads and maintaining up-time on existing pads resulted in robust production in Q2 2025.

As a result of the strong production related results, CNX is increasing its 2025 total annual production guidance.

Liberty Energy (LBRT)

While oil markets continue to evolve in response to dynamic global economic and geopolitical developments, North American production has remained relatively stable. North American producers are targeting a relatively flat production profile, sustaining a baseline of frac activity to offset the natural decline of producing wells.

Completion activity is anticipated to slow during the second half of 2025, reflecting disciplined capital deployment and contributing to market pricing pressure on services. This slowdown in activity is expected to accelerate equipment cannibalization and attrition, which fundamentally improves the supply and demand dynamics within the services industry over time.

Amidst market pressures and near-term reductions in customer activity, Liberty is planning to modestly reduce their deployed fleet count and reposition this horsepower to support the company’s expanded simulfrac offering for long-term partners.

Ovintiv (OVV)

Q2 2025 production was above the guidance range on every product. The strong performance in the Permian continues. There is some shift in the Anadarko to ethane recovery.

Ovintiv raised their 2025 full year production guidance on the oil and liquids side while the natural gas side was kept unchanged from the prior reporting quarter. The company’s 2025 full year capital guidance was lowered by $50 million. Ovintiv anticipates a step-up in second half 2025 gas volumes as Western Canada gas systems constraints ease with the LNG Canada ramp-up.