Crescent Energy (CRGY)

Crescent Energy announced the acquisition of Eagle Ford assets from Devon Energy, expanding Crescent’s Eagle Ford position with significant Tier 1 inventory. The company’s Q3 2026 natural gas production was 0.72 Bcf/d, lower than the midpoint guidance of 0.75 Bcf/d. The slower Q3 Permian TIL pace was attributed to the shift to longer laterals after DUCs from the Vital Energy acquisition were worked off, and Q3 2026 CapEx came in below midpoint guidance. The company did not provide any updated 2026 production guidance, most likely due to the significant acquisition of Devon Energy's production in Eagle Ford.

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Energy Transfer (ET)

Energy Transfer’s Q2 2026 promised project announcements have turned into Q3 FID commitments with the $1.6B South Mississippi Pipeline, Frac X, the Bear II plant, an upsized $1.5B Nederland ethane export project, and the $2.63 billion Vaquero Delaware acquisition. The company confirmed the Q3 2026 Hugh Brinson ramp up in natural gas volumes as intrastate natural gas volumes hit new all-time highs on the company’s pipeline system. The company also sees more backhaul demand on the Hugh Brinson pipeline. Hugh Brinson Phase 2 is still expected to come online in Q1 2027.

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Diamondback Energy (FANG)

Diamondback acquired a 7.5% equity interest in the Solitude Pipeline System, a Permian-to-Katy natural gas pipeline expected to come online with Phase 1 in 2029 and Phase 2 in 2030. Each of the phases are 2.25 Bcf/d in capacity.

The company’s Q3 2026 natural gas production was 1.47 Bcf/d, higher than the midpoint guidance of 1.33 Bcf/d. Diamondback is increasing its full year 2026 production guidance by about 1.5% from the prior reporting quarter. The lower increase in the company's oil production guidance implies a higher increase in natural gas production guidance. 2026 Natural gas production is expected to be higher YOY by about 14%.

Diamondback sees large-scale M&A activity as problematic in this very high price volatility environment. The company also said that investors prefer more Permian production growth versus outside basin production growth.

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