Baker Hughes (BKR) Baker Hughes started the year strong, building on the positive momentum from...
EQT Corporation (EQT)
EQT's FY 2026 production guidance of 2,275-2,375 Bcfe (6.23-6.51 Bcfe/d) remains UNCHANGED between Q4 2025 and Q1 2026 reporting quarters. FY 2025 actual production of 2,382 Bcfe (6.53 Bcfe/d) represents a strong baseline. The midpoint of 2026 guidance (2,325 Bcfe, 6.37 Bcfe/d) implies a modest YOY decline of -2.4%, reflecting EQT's disciplined maintenance capital approach rather than aggressive growth. EQT's Q1 2026 natural gas production was 6.459 Bcf/d, above midpoint guidance of 6.122 Bcf/d. EQT is investing the first $600MM of post-dividend FCF into infrastructure growth projects (compression and water) to set the stage for sustainable upstream growth in 2027-2028.
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Halliburton (HAL)
CEO Jeff Miller moved from guiding “high single digit” revenue declines on the Q4 2025 call to declaring the oil services industry is in the “early innings of a recovery” just three months later. Higher activity is likely to come from smaller North American oil producers. The rig and frac crew market is tightening structurally: fleet attrition is accelerating, new capital investment has dried up, continuous pumping has hit physical speed limits, and current activity sits at or below maintenance production levels — meaning any demand uptick will quickly translate into pricing power and could put U.S. production growth at risk without a recovery. Internationally, Latin America (+22% YoY) and Europe/Africa (+11% YoY) are driving growth, while the Middle East deteriorated (−13% YoY) due to Iran conflict headwinds and persistent Saudi timing uncertainty. For Hyperion users, the key watchpoint is whether SynMax rig and frac crew counts confirm HAL's NA recovery thesis in the coming quarters, as the convergence of supply tightening, efficiency plateaus, and below-maintenance activity creates conditions for a sharp inflection in both service pricing and production trajectory.
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Kinder Morgan (KMI)
KMI's commentary signals sustained producer activity in the Haynesville (gathering records of 1.97 bcfd) and Permian (rising GORs), though Bakken activity faces minor headwinds from Continental Resources' drilling slow down; pipeline and storage markets remain extremely tight, creating opportunities from basis dislocations. Between the Q4 2025 and Q1 2026 presentations, KMI has upgraded its credit rating from BBB (positive) to BBB+, raised its backlog power allocation from >50% to ~60%, and accelerated key projects like MSX by two quarters through FERC 871 removal.
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Range Resources (RRC)
Range Resources reaffirmed its FY 2026 production guidance of 2.35-2.40 Bcfe/d in the Q1 2026 earnings release, unchanged from the Q4 2025 initial guidance, representing 5-7% year-over-year growth versus FY 2025 actual production of 2.24 Bcfe/d. Operational efficiency continued to accelerate in Q1 2026, with frac stages reaching a program record of 874 (peaking at 17/day) and cash margins expanding 38% YoY to $2.77/mcfe, while the company transitioned from maintenance-mode DUC building to active growth with the Harmon Creek processing expansion coming online mid-year. The most significant change between the Q4 2025 and Q1 2026 reporting periods was a major NGL guidance raise (premium to Mont Belvieu increased from +$0-$1.00 to +$1.25-$2.50/bbl) driven by Middle East supply disruptions, alongside accelerating data center demand visibility with Monarch, NextEra, and Softbank projects adding over 2 Bcf/d of potential incremental gas demand.
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