Production Outperformance Score Card Analysis Q1 2026

15 of 24 E&P companies (63%) beat or matched their Q1 2026 midpoint production guidance, signaling broad-based operational momentum across U.S. basins. SM Energy (+6.1%), EQT (+5.6%), and Crescent Energy (+4.0%) led outperformance, driven by simulfrac adoption, faster cycle times, and capital efficiency gains. Meanwhile, NFG (-7.6%), RRC (-6.9%), and AR (-4.9%) lagged, impacted by weather disruptions (Winter Storm Fern), completion timing, and infrastructure constraints. The median outperformance was +1.5%, with a clear correlation between companies embracing simulfrac/zipper completions and those achieving top-quartile beats.

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