Earnings Highlights CRGY, CTRA, FANG, & TALO

Crescent Energy (CRGY)
The company delivered robust financial performance, with all key metrics meeting or exceeding guidance expectations. Crescent closed the acquisition of Ridgemar Energy on January 31, 2025. The Company reaffirmed plans to operate a flexible 4 - 5 rig program, allocating capital across its oil and gas assets to maximize returns and free cash flow. Crescent’s full year 2025 production guidance is revised slightly lower from the prior reporting quarter.


Coterra Energy (CTRA)
As our industry faces macroeconomic uncertainty and oil price headwinds, Coterra believes it is prudent to reduce oil-directed activity at this time. The company is lowering Permian investment in 2025 and now expects to average 7 Permian rigs during the second half of the year, down 30% from the original guidance of 10 rigs.

As previously planned, Coterra added 2 natural gas-focused rigs in the Marcellus in April and may keep this activity running for the balance of 2025. These decisions to reduce and reallocate capital bolster free cash flow in 2025, allow for a conservative investment ratio at lower commodity prices, and allow Coterra to maintain their oil production guidance while slightly increasing their natural gas and barrels of oil equivalent volumes for 2025.

Q1 2025 total barrels of oil equivalent (BOE) production, natural gas production, and oil production were all above the midpoint of guidance. The company’s full year 2025 natural gas production guidance is revised from the prior reporting quarter by ~1%. 


DiamondBack Energy (FANG)
As a result of recent commodity price volatility, Diamondback is reducing activity in order to prioritize free cash flow generation. The Company believes this revised plan enhances capital efficiency and provides flexibility to cut additional capital if prices weaken further or to resume its original 2025 plan if commodity prices strengthen. DiamondBack’s full year 2025 production guidance is revised lower from the prior reporting quarter by 2%.


Talos Energy (TALO)
The Gulf of America production company finished well completion operations on the Sunspear discovery, and first production is expected in late Q2 2025. Talos also initiated completion operations on Katmai West #2. First production on this well is also expected in late Q2 2025. The company’s full year 2025 production guidance is unchanged from the prior reporting quarter.