Earnings Highlights CTRA, CRGY, FANG, & WTI

Coterra Energy (CTRA)

Coterra is expecting to run consistent activity in the second half of 2025, with nine rigs in the Permian, two rigs in the Marcellus, and one to two rigs in the Anadarko. While the company maintains significant operational flexibility, Coterra expects its steady activity cadence to support a highly capital efficient 2026.

Q2 2025 natural gas production exceeded the high-end of the guidance range while oil volumes beat the midpoint by approximately 2%. The company is increasing full-year 2025 natural gas production guidance and maintaining oil production midpoint guidance.

Crescent Energy (CRGY)

Crescent Energy delivered robust financial performance, including strong free cash flow and record production, with all key metrics exceeding expectations. The company drove continued operating efficiencies, improving drilling, completion and facilities costs by approximately 15% across South Texas and the Uinta compared to 2024.

Relative to its prior 2025 outlook, the Company improved its 2025 capital outlook by approximately 3%, while maintaining the same production over the specified period.

Diamondback Energy (FANG)

Diamondback is narrowing its full year oil production guidance and increasing its annual BOE (NG and NGLs) guidance by 2%. Q2 2025 natural gas production was slightly higher than annual midpoint guidance. Full year 2025 natural gas midpoint guidance looks to be revised higher from the prior reporting quarter, while oil midpoint guidance is kept unchanged. During the second quarter of 2025, the company turned 108 operated wells to production in the Midland Basin and eight gross wells in the Delaware Basin, with an average lateral length of 13,402 feet. 

WTI Offshore (WTI)

WTI Offshore increased production by 10% over the first quarter of 2025, staying within guidance. Q2 2025 NG production was 102 MMcf/d, in line with midpoint guidance. Full year 2025 natural gas production guidance is unchanged from the prior reporting quarter.