SynMax Research:
Expand Energy (EXE)
Expand Energy reduced the midpoint of full year 2025 CapEx guidance by $75 million to $2.85 billion. At the same time, the company increased the midpoint of full year 2025 production guidance by 50 MMcfe/d to 7.15 Bcfe/d. Expand Energy increased full year 2025 production guidance in Haynesville and lowered full year 2025 production guidance in the Northeast. The company kept initial 2026 production guidance unchanged from the prior reporting quarter.
Expand Energy operated an average of 11 rigs during the third quarter, drilling 41 wells and turning 57 wells in line. The company’s Q3 2025 natural gas production was 6.72 Bcf/d, higher than the midpoint of guidance.
Nabors Industries (NBR)
In the U.S. drilling market, Nabor’s Offshore and Alaska operations continued to perform well. Internationally, average rig count increased by more than three rigs, reflecting the recent startup of rigs in India, Kuwait, and Saudi Arabia.
Lower 48 rigs averaged 59 in Q3 2025. Nabors expects its lower 48 rigs to average 57-59 rigs in Q4 2025.
Range Resources (RRC)
In Q3 2025, Range Resources drilled 262,000 lateral feet across 16 wells, while turning to sales 228,000 lateral feet across 15 wells. The company remains on track to exit 2025 with greater than 400,000 lateral feet of growth inventory to support announced growth plans in 2026.
The company's 2025 CapEx guidance is unchanged from the prior reporting quarter. Q3 2025 natural gas production was 1.53 Bcf/d, below the midpoint of guidance. Full year 2025 production guidance is revised slightly higher from the prior reporting quarter.