SynMax Research:
SynMax Research:
EQT Corporation (EQT)
EQT’s Q3 2025 production was toward the high-end of guidance driven by strong well performance and compression outperformance. At the same time, Q3 2025 CapEx was 10% below the mid-point of guidance due to continued efficiency gains and midstream cost optimization. The company had tactical curtailments in Q3 2025.
EQT set multiple records including highest pumping hours in a month, fastest quarterly completion pace, and the most lateral footage drilled and completed in a 24-hour period. The company’s full year 2025 production guidance is unchanged from the prior reporting quarter.
Halliburton (HAL)
Halliburton is committed to returning cash to shareholders, maintaining cost and capital discipline, and investing in differentiated technologies that drive long-term performance.
North America revenue in Q3 2025 was $2.4 billion, an increase of 5% when compared to Q2 2025. These results were primarily driven by increased stimulation activity in US land and Canada, and higher completion tool sales and increased wireline activity in the Gulf of America. Halliburton sees North America sales down by 12-13% in Q4 2025 versus Q3 2025. The company is expected to idle older less efficient frac fleets in Q4 2025.
Matador Resources (MTDR)
In Q3 2025, Matador set a record quarterly natural gas production of 538 MMcf/day, which exceeded the midpoint of July 2025 guidance of 495 MMcf/day. At the same time, drilling and completion costs were 3% less than the midpoint of July 2025 guidance.
Matador’s base case for 2026 organic production is for expected organic oil production growth of 2 to 5% from full-year 2025 to full-year 2026 (exclusive of acquisitions). The company also anticipates 8-12% lower CapEx with approximately the same lateral footage as 2025.
The company’s full year 2025 natural gas production guidance is revised higher by 3% from the prior reporting quarter. Q4 2025 natural gas production guidance is also revised higher from the prior reporting quarter.
