CRGY (Crescent Energy)
CRGY reaffirmed its FY 2026 production guidance midpoint of ~328 MBoe/d (40-42% oil, 36-39% gas), implying ~0.737 Bcf/d of 2026 natural gas production at the midpoint vs 0.649 Bcf/d FY 2025 actual — a +13.5% YoY increase (5.9% after adjusting for the Vital Energy acquisition and divestitures) driven by the Vital Energy Permian acquisition (closed mid-Dec 2025) and continued Eagle Ford execution. Q1 2026 actuals of 341 MBoe/d / 743 MMcf/d gas beat the FY guidance midpoint by ~4%, with Permian synergies tracking ahead of plan ($120MM captured to date, 120% of original target). Efficiency gains are accelerating as Eagle Ford simulfrac utilization rose from 75% in 2025 to ~85% in 2026 YTD, completion speed improved from 2,250 to 2,400 lateral ft/day, and DC&F costs fell ~25% since 2023.
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Diamondback Energy (FANG)
Diamondback materially RAISED its full-year 2026 production guidance in the Q1 2026 EPS release — oil to 520+ MBO/d (from 500-510), BOE to 972+ Mboe/d (from 944 mid), implying ~1.309 Bcf/d natural gas (+6.7% YoY vs 2025A 1.227 Bcf/d, +3.0% vs prior 2026 plan), and pushed CapEx to the top of the range (~$3.9B). Q1 2026 earnings call formally upgraded from "yellow light" to "green light" framework — adding 2-3 rigs and a 5th frac crew that had been planned to roll off mid-year.
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