2/19/25
SynMax Research:
EOG Resources (EOG)
The company announced a $6.5 billion 2026 capital plan, which holds oil production flat to Q4 2025. The 2026 plan delivers year-over-year oil and total production growth of 5% and 13%, respectively. Natural gas production growth will significantly outpace oil production growth even after adjusting for the Encino acquisition.
The 2026 plan prioritizes activity in the Delaware, Utica, and Eagle Ford while increasing activity in Dorado alongside continued international investment. The 2026 program targets low single-digit percentage average well cost reduction, benefiting from increasing lateral lengths and other sustainable efficiency gains. EOG expects higher overall activity in the Utica and Dorado.
Q4 2025 natural gas production was 2.86 Bcf/d, higher than the midpoint guidance of 2.79 Bcf/d. The company issued new 2026 natural gas production guidance. Their 2026 natural gas production is expected to be higher YOY by 5.1% after adjusting for the Encino acquisition from 2.34 Bcf/d in 2025 to 2.46 Bcf/d for 2026 taking out 400 MMcf/d for the Encino acquisition.
Gulfport Energy (GPOR)
Gulfport expects Q4 2026 net daily equivalent production to grow approximately 5% compared to Q4 2025, with nearly all of the growth coming from liquids. The company estimates net daily liquids production to increase approximately 5% compared to full year 2025, with a range of 18.0 to 21.0 MBbl per day.
Q4 2025 natural gas production was 988 MMcf/d, less than midpoint guidance of 1.018 Bcf/d. The company issued full year 2026 production guidance. Their 2026 natural gas production is expected to be higher YOY by 0.2% from 926.26 MMcf/d in 2025 to 927.38 MMcf/d using midpoint annual guidance and an 89% dry gas factor.
Matador Resources (MTDR)
Matador’s objectives are to continue to increase production, reduce capital spending and grow the midstream assets, while remaining opportunistic on acquisition opportunities.
Matador projects its drilling plans, capital efficiencies and other catalysts to drive a 2026 operating plan that grows oil production by approximately 3% to 123,000 barrels of oil per day, while reducing 2026 total capital expenditures by 11% to $1.50 billion. Matador anticipates its 2026 drilling and completion cost to be approximately $795 per lateral foot; a 6% reduction compared to 2025. The expected decrease in capital spending from 2025 to 2026 is primarily attributable to anticipated operating efficiency improvements, including a 13% reduction in timing to drill and complete a well.
Matador has secured 500 MMBtu per day of firm natural gas transportation on Energy Transfer’s new Hugh Brinson pipeline. Energy Transfer expects this pipeline to begin flowing gas in Q3 2026 and be fully in-service in Q4 2026.
Q4 2025 natural gas production was 539.6 MMcf/d, above midpoint guidance of 518 MMcf/d. The company issued full year 2026 natural gas production guidance. Their 2026 natural gas production is expected to be up 2.1% YOY with 2025 production at 524 MMcf/d and 2026 production at 535 MMcf/d.
Range Resources (RRC)
The company’s full year 2025 production averaged 2.24 Bcfe/day, comprising approximately 69% natural gas. 2026 production is expected to be 2.35 to 2.40 Bcfe/day for 2026, growing to 2.6 Bcfe/day for 2027 assuming similar CapEx.
Range enters 2026 with 500,000+ lateral feet of accumulated drilled but uncompleted (DUC) inventory. This is approximately 100,000 feet more than originally planned and is the result of continued operational efficiencies realized throughout 2025. Range plans to convert to production approximately 400,000 feet of this growth-enabling inventory over the course of 2026 and 2027, leaving flexibility for reduced capital or continued growth in future years.
Q4 2025 natural gas production was 1.6 Bcf/d, above the midpoint guidance of 1.58 Bcf/d. The company issued 2026 full year production guidance. The company's 2026 production is expected to be up 6.7% YOY assuming 69% dry natural gas and midpoint guidance from 1.536 Bcf/d in 2025 to 1.639 Bcf/d in 2026.
Talos Energy (TALO)
The company announced a discovery at Daenerys exploration prospect which is expected to be drilled later in Q2 2026.
Q4 2025 natural gas production was 103.2 MMcf/d lower than midpoint guidance of 114 MMcf/d. The company issued full year 2026 natural gas production guidance. The company's overall 2026 production is expected to be lower YOY by 7.5% with oil production down by 5.2% YOY from 67.5k Barrels/day in 2025 to 64k Barrels/day in 2026.
