SynMax Research:
Crescent Energy (CRGY)
The company realized continued Eagle Ford capital efficiencies, with increased well productivity alongside 15% savings in drilling, completion and facilities costs per foot compared to 2024. Crescent Energy announced the accretive acquisition of Vital Energy, for approximately $3.1 billion in an all-stock transaction. The transaction is expected to close during the fourth quarter of 2025.
Relative to its original 2025 outlook, the Company improved its 2025 capital outlook by approximately 4%, maintaining the same production over the specified period when adjusted for the impact of divestitures. This improvement reflects continued operational efficiencies. Full year 2025 production guidance is unchanged from the prior reporting quarter.
Comstock Resources (CRK)
Comstock Resources turned to sales three Western Haynesville wells in Q3 2025. These wells had an average lateral length of 8,566 feet and an average per well initial production rate of 32 MMcf per day. The company has turned 28 wells to sales to date in 2025 in its Legacy Haynesville area with an average lateral length of 11,919 feet and a per well initial production rate of 25 MMcf per day.
Q3 2025 natural gas production was 1.21 Bcf/d, lower than midpoint guidance of 1.25 Bcf/d. Comstock Resources has four operated rigs drilling in Legacy Haynesville to build back up production for 2026. Full year 2025 natural gas production guidance is revised lower from the prior reporting quarter.
Coterra Energy (CTRA)
Coterra’s nine rig and three completion crew program in the Permian continues to be highly capital efficient, cost effective, and is generating strong returns at today’s prevailing prices. Q3 2025 total BOE (barrels of oil equivalent), natural gas production, and oil production all neared the high-end of guidance ranges, with all streams beating their respective mid-points by approximately 2.5%.
Coterra is Increasing full-year 2025 total equivalent and natural gas production guidance and tightening the range around oil production guidance. Looking ahead, based on current expectations, the Company anticipates 2026 capital expenditures modestly down from 2025, while maintaining 0-5% annual BOE growth, and approximately 5% annual oil growth.
Diamondback Energy (FANG)
Diamondback is increasing its 2025 full year oil and BOE production guidance. The Company expects to drill 445 - 465 gross (412 - 430 net) wells and complete between 510 - 520 gross (471 - 481 net) wells with an average lateral length of approximately 11,500 feet in 2025. The company is also keeping its CapEx guidance unchanged from the prior reporting quarter.