Matador’s production for Q3 2026 was 3% above the guidance midpoint. CapEx for Q3 2026 was $381 million, a 19% reduction compared to Q3 2025 and 10% below the guidance midpoint of $425 million.
Natural gas production for Q3 2026 increased 10% to 0.591 Bcf/d as compared to Q2 2026 production of 0.537 Bcf/d, which also added to the company’s Q3 2026 outperformance. Additionally, Matador expects higher natural gas realizations when its long-term gas sales agreements with liquefaction companies on the Gulf Coast become effective in Q1 2027.
The company’s full year 2026 natural gas production guidance was revised to be 2% higher than the prior reporting quarter. Matador’s efficiency gains more than offset the impacts of inflation. 8 rigs can now achieve what would have taken 10.5 rigs in 2025.
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Ovintiv maintained full year 2026 production and CapEx guidance, generating approximately 6% oil and condensate production per share growth over the last six months and on pace for 8% to 9% per share growth by year end. The company’s Q3 2026 natural gas production was 2.063 Bcf/d, slightly above the midpoint guidance of 2.050 Bcf/d. Permian natural gas production guidance was revised higher once again, with lower natural gas production guidance in the Montney basin.
Permian’s strong base and new well performance for Ovintiv continues unabated. Custom surfactant solutions, cube development, stage architecture, AI and machine learning, re-occupation strategy, shallowing base declines, the Operations Control Center, and remote ops all contributed to efficiency gains in the Permian.
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In Q3 2026, SM Energy substantially completed its Civitas merger integration and exceeded targeted run-rate synergies, transitioning the business to continuous improvement. The Company kept full-year 2026 midpoint CapEx guidance unchanged from the prior reporting quarter.
Oil volumes were impacted by higher-than-planned downtime in the Permian Basin, related to compliance and safety work on assets acquired in the Civitas merger and the temporary shut-in of wells during simultaneous operations, which reduced oil volumes. The company’s Q3 2026 natural gas production was 0.92 Bcf/d, slightly lower than midpoint guidance of 0.935 Bcf/d. Full-year 2026 production guidance is unchanged from the prior reporting quarter. However, oil production guidance is lower, which implies a higher natural gas production guidance from the prior reporting quarter by about 1%.
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