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Energy Earnings Report — 2026-09-24 to 2026-11-08

Report generated: 2026-11-08 18:38:14 EST

Overview

Companies reported: 132 (2026-09-24 - 2026-11-08). The Energy sector delivered broadly positive results, driven by expanding refining margins, higher realized commodity prices, and robust production growth across independent E&P firms. Major integrated producers and refiners, including Chevron (CVX) and Marathon Petroleum (MPC), led the performance with record net income surges fueled by favorable crack spreads and operational efficiency. While midstream operators capitalized on record throughput volumes and equipment firms secured strong order backlogs, a minority of companies faced headwinds from derivative losses and geopolitical disruptions.

Leaderboard

Top 5 by Revenue Growth (YoY)

# Company Ticker Revenue Growth YoY Revenue
1 DNOW Inc. DNOW 111% $1,337 million
2 Solaris Energy Infrastructure Inc. SEI 104% $341 million
3 Flotek Industries Inc. FTK 104% $114.4 million
4 Cactus Inc. WHD 63.2% $430.9 million
5 Aemetis Inc. AMTX 49% $88.2 million

Revenue growth rates for Solaris Energy Infrastructure and Flotek Industries are derived from the stated year-over-year percentage increases in their respective summaries.

Top 5 by Net Income Growth (YoY)

# Company Ticker Net Income Growth YoY Net Income
1 Valero Energy VLO 518% $6.8 billion
2 Antero Resources AR 382% $367 million
3 Imperial Oil IMO 355% $2,454 million
4 Dorian LPG LPG 286% $213.9 million
5 Antero Midstream AM 242% $393 million

Imperial Oil (IMO) growth reflects a $539 million prior year net income; Valero Energy (VLO) growth reflects a $1.1 billion prior year net income.

Themes

  • Robust free cash flow generation and deleveraging were central themes, with major producers like Occidental Petroleum (OXY), Occidental Petroleum (OXY), and Occidental Petroleum (OXY) utilizing strong cash flows to reduce debt, while midstream firms such as Plains All American Pipeline (PAA) and Plains GP Holdings (PAGP) executed significant balance sheet optimizations through asset sales and debt redemptions.
  • Aggressive capital returns to shareholders were prevalent, characterized by increased dividends and share repurchases across the sector, exemplified by Chevron (CVX) returning $3.4 billion in a single quarter, Marathon Petroleum (MPC) approving a $5 billion buyback, and Diamondback Energy (FANG) redeeming senior notes while increasing dividends.
  • Strategic M&A activity focused on consolidation and portfolio optimization, with large-scale transactions including Energy Transfer (ET) acquiring Vaquero Midstream, Cheniere Energy (LNG) securing long-term LNG sales agreements, and Baker Hughes (BKR) completing the acquisition of Chart Industries.
  • Production growth remained a key driver for independent E&P companies, with firms like EOG Resources (EOG), ConocoPhillips (COP), and Ovintiv (OVV) expanding volumes or raising guidance despite some headwinds from geopolitical conflicts and pipeline constraints in specific regions.
  • Midstream companies capitalized on record throughput volumes, particularly in the Permian Basin, as seen with Targa Resources (TRGP) and Western Midstream Partners (WES), which reported record natural gas and crude oil volumes driving EBITDA growth.
  • Refining margins expanded significantly due to favorable crack spreads and operational efficiency, with Marathon Petroleum (MPC) and Valero Energy (VLO) reporting record earnings, while Par Pacific (PARR) and CVR Energy (CVI) benefited from Small Refinery Exemptions.
  • Equipment and Services firms experienced revenue surges driven by international demand and data center power needs, with Baker Hughes (BKR) and SLB (SLB) securing record order backlogs and Liberty Energy (LBRT) announcing major power service agreements for AI labs.
  • Renewable and low-carbon initiatives gained traction, with companies like Calumet (CLMT) targeting Sustainable Aviation Fuel production, Clean Energy Fuels (CLNE) recognizing Section 45Z tax credits, and Centrus Energy (LEU) advancing uranium enrichment capabilities.
  • Operational efficiency improvements were highlighted through cost reductions and productivity gains, such as Ring Energy (REI) lowering all-in-cash costs and Halliburton (HAL) projecting margin expansion, alongside the integration of acquisitions like ProFrac (ACDC) and Flotek (FTK).
  • Geopolitical tensions and Middle East disruptions influenced operational outlooks and contract rates, impacting companies like Seadrill (SDRL) and Noble Corporation (NE), while also creating opportunities for LNG exporters like Dorian LPG (LPG) through extended voyage times and elevated freight rates.

Market Outlook & Trends

  • Revenue growth in the sector is being driven by higher realized commodity prices, volume expansion in the Permian Basin, and strategic acquisitions, with companies like Plains All American Pipeline (PAA) citing volume growth and Delek US Holdings (DK) noting a 191.2% increase in benchmark crack spreads as key drivers.
  • Demand for midstream and services capacity remains robust, evidenced by Targa Resources (TRGP) reporting record Permian inlet volumes and DNOW (DNOW) seeing sequential sales growth across all geographic segments, while Seadrill (SDRL) and Valaris (VAL) report contract backlogs exceeding $3 billion and $4.8 billion respectively.
  • Production guidance has been raised by several E&P firms, including Northern Oil & Gas (NOG), Chord Energy (CHRD), and Matador Resources (MTDR), reflecting strong operational performance and the integration of recent acquisitions like Cardinal Midstream.
  • Capital expenditure discipline is a recurring theme, with companies such as Ring Energy (REI) and Valero Energy (VLO) maintaining or lowering full-year capex guidance while prioritizing deleveraging, though some, like Targa Resources (TRGP) and Matador Resources (MTDR), are increasing spending to support growth projects.
  • Pricing power and margin expansion are evident in the refining and marketing space, where Par Pacific (PARR) and CVR Energy (CVI) reported record Adjusted EBITDA driven by favorable crack spreads and Small Refinery Exemptions, while Phillips 66 (PSX) highlighted a 20% dividend increase supported by strong utilization.
  • Balance sheet optimization is a primary focus, with Plains All American Pipeline (PAA), Delek US Holdings (DK), and Occidental Petroleum (OXY) executing significant debt reductions, share repurchases, and preferred unit redemptions to improve leverage ratios and liquidity positions.
  • Strategic M&A activity is accelerating, with major transactions including Energy Transfer (ET) acquiring Vaquero Midstream, Cheniere (LNG) securing long-term LNG sales agreements, and Crescent Energy (CRGY) and APA Corp (APA) advancing large-scale asset acquisitions to expand production profiles.
  • Risks identified by management include geopolitical tensions in the Middle East impacting operations and freight rates, regulatory delays for LNG projects, and commodity price volatility affecting derivative valuations, as noted by companies like Dorian LPG (LPG) and Chevron (CHEVRO).
  • The sector is increasingly pivoting toward energy transition and data center power solutions, with companies like Solaris Energy Infrastructure (SEI), LandBridge (LB), and Liberty Energy (LBRT) securing multi-year contracts for power generation and hydrogen infrastructure to diversify revenue streams.
  • Future outlooks point to continued production growth in 2027, supported by new project inclusions such as the Yeti plants for Targa Resources (TRGP) and the Venus field FID for Vaalco Energy (EGY), alongside expectations for improved free cash flow generation as capital intensity moderates.

Key Numbers

  • Marathon Petroleum (MPC) reported a 429% year-over-year surge in net income to $7.4 billion, driven by refining margins expanding to $45.70 per barrel, while Chevron (CVX) saw earnings more than triple to $9.9 billion with a 36% revenue increase to $67.8 billion.
  • Valero Energy (VLO) posted a record net income of $6.8 billion, up from $1.1 billion in the prior year, supported by a 43% revenue jump to $46.1 billion and record margins in its Renewable Diesel and Ethanol segments.
  • Phillips 66 (PSX) delivered earnings of $5.6 billion with adjusted EBITDA of $8.1 billion, reflecting a significant increase in realized refining margins to $38.00 per barrel compared to the previous quarter.
  • EOG Resources (EOG) saw net income rise 89% to $2.78 billion and diluted EPS grow to $5.33, fueled by a composite average realized price of $48.05 per Boe and production volumes expanding to 1,433.1 MBoed.
  • ConocoPhillips (COP) reported net earnings of $4.0 billion and generated $4.0 billion in free cash flow, despite a 97 MBOED production decline due to Middle East conflict impacts and higher Surmont royalties.
  • Diamondback Energy (FANG) increased net income to $1.6 billion with free cash flow of $2.1 billion, raising full-year oil production guidance to approximately 524 MBO/d and total BOE to ~1,015 MBOE/d.
  • Occidental Petroleum (OXY) maintained production within guidance despite September curtailments, achieving an average worldwide realized oil price of $85.91 per bbl, though crude collar settlements negatively impacted operating cash flow by $94 million.
  • Antero Resources (AR) surged 382% in net income to $367 million and increased adjusted EBITDAX 99% to $634 million, driven by higher realized prices and volumes, while Antero Midstream (AM) saw net income jump 242% to $393 million.
  • Range Resources (RRC) reported a 21% increase in net income to $175 million and a 13% revenue rise to $843 million, with net debt decreasing significantly to approximately $794 million from $1.22 billion at year-end 2025.
  • EQT Corporation (EQT) saw net income fall 51 Bcfe in sales volume to 583 Bcfe, resulting in a 17% decline in diluted EPS to $0.44, though the company announced a strategic acquisition of Range Resources to form the largest vertically integrated natural gas producer.

Outliers

  • Chevron (CVX) posted the strongest results with earnings tripling to $9.9 billion and free cash flow jumping to $12.0 billion, driven by a 36% revenue increase to $67.8 billion.
  • Marathon Petroleum (MPC) delivered the highest absolute net income of $7.4 billion, fueled by a refining margin expansion to $45.70 per barrel and 100% crude capacity utilization.
  • Valero Energy (VLO) reported a massive net income surge to $6.8 billion, supported by a 43% revenue increase to $46.1 billion and record quarterly margins in its Ethanol segment.
  • Imperial Oil (IMO) achieved the strongest profitability growth with net income surging to $2.454 billion and free cash flow doubling to $2.566 billion.
  • Gran Tierra Energy (GTE) reported the weakest performance with a net loss of $42 million, a significant deterioration from prior year earnings driven by $29 million in realized derivative losses and a 54% decline in operating proceeds.
  • Vaalco Energy (EGY) posted a net loss of $39.8 million, reversing previous quarterly profits due to $57.0 million in non-cash losses on derivative instruments and higher production expenses.
  • Ring Energy (REI) recorded a net loss of $16.6 million, which included a substantial $41.0 million unrealized loss on commodity derivatives that offset strong Adjusted Net Income growth.
  • Infinity Natural Resources (INR) reported a total derivative loss of approximately $64.4 million, comprising $63.2 million in non-cash mark-to-market unrealized losses driven by adverse price movements.

25 most recent Energy earnings

  1. REIEnergy

    Ring Energy — Third Quarter 2026 Earnings Summary

    RING ENERGY INC

    Revenue increased 30% year-over-year to $102.3 million, while Adjusted Net Income rose 108% to $27.3 million and Adjusted EBITDA grew 20% to $57.1 million; reported net loss of $16.6 million included a $41.0 million unrealized loss on commodity derivatives. Management updated FY 2027 guidance to reflect pro forma divestitures, projecting oil production of 13,200–14,300 Bopd and capital spending of $135–$165 million, with a stated intent to achieve cash flow positivity in Q4 and for the full year 2026. Strategic capital allocation included the acquisition of ~16.5k net acres in the Central Basin Platform for $18.8 million and completed divestitures of non-core assets totaling ~$43.9 million, reducing total borrowings by $10.0 million to $350.0 million. Operational efficiency improved with all-in-cash costs down 6% to $21.03 per Boe and lease operating expenses down 5% to $10.20 per Boe, while drilling and completion costs decreased to ~$475 per foot year-to-date.

  2. PAGPEnergy

    Plains All American Pipeline — Third Quarter 2026 Earnings Summary

    PLAINS GP HOLDINGS LP

    Net income attributable to PAA decreased 18% to $363 million for the quarter but increased 115% to $2,345 million for the nine months; Adjusted EBITDA rose 6% to $711 million for the quarter and 4% to $2,179 million year-to-date, while Adjusted Free Cash Flow surged 51% to $458 million for the quarter. Revenue increased to $15,173 million for the quarter and $45,334 million for the nine months, driven by volume growth in the Permian Basin, though results were partially offset by higher operating costs and contract rate resets. The company remains on track to deliver full-year 2026 Adjusted EBITDA guidance of $2.880 billion (±$50 million) and expects $50 million in organizational efficiencies, alongside $60 million in annual distributable cash flow accretion from balance sheet optimization. Strategic capital allocation included the $585 million acquisition of the Silver Creek gathering system, the $3.527 billion net cash inflow from the sale of the Canadian NGL Business, and the redemption of $2.3 billion in preferred units. Total debt decreased to $9,920 million as of September 30, 2026, down from $11,262 million at year-end 2025, resulting in a pro forma leverage ratio of approximately 3.6x.

  3. PAAEnergy

    Plains All American Pipeline — Third Quarter 2026 Earnings Summary

    PLAINS ALL AMERICAN PIPELINE LP

    Q3 2026 net income attributable to PAA decreased 18% to $363 million year-over-year, while Adjusted EBITDA rose 6% to $711 million; full-year 2026 Adjusted EBITDA remains on track for guidance of $2.880 billion ±$50 million. The company executed significant balance sheet optimization, including the $3.527 billion sale of its Canadian NGL Business and the $585 million acquisition of the Silver Creek gathering system, reducing total debt to $9.920 billion and pro forma leverage to 3.6x. Strategic capital returns were advanced through the redemption of $2.3 billion in preferred units and the issuance of $1.5 billion in junior subordinated notes, expected to generate $60 million in annual distributable cash flow accretion. Crude oil pipeline tariff volumes grew to 10.5 million barrels per day in Q3 2026, driven by Permian Basin production, with management anticipating further growth in the Powder River Basin and a new 10-year agreement for 225,000 barrels per day commencing in Q4 2027.

  4. GLPEnergy

    Global Partners LP — Third Quarter 2026 Earnings Summary

    GLOBAL PARTNERS LP

    Net income surged to $52.4 million ($1.26 per unit) in Q3 2026 from $29.0 million ($0.66 per unit) in Q3 2025, while EBITDA and Adjusted EBITDA rose to $120.8 million and $122.9 million respectively, compared to $97.1 million and $98.8 million in the prior year period. Total sales increased 43% to $6.7 billion driven by a 52% jump in the Wholesale segment, though total volume remained flat at 1.9 billion gallons as higher pump prices weighed on retail demand. Management announced a cash distribution of $0.7850 per unit ($3.14 annualized) payable November 13, 2026, and completed the redemption of Series B preferred units in July 2026. The credit agreement was amended to extend maturity to October 16, 2031, and eliminate $300 million of interim working capital commitments, strengthening the capital structure and liquidity position.

  5. CLMTEnergy

    Calumet, Inc. — Third Quarter 2026 Earnings Summary

    CALUMET INC

    Net income declined to $273.3 million in Q3 2026 from $313.4 million in Q3 2025, while Adjusted EBITDA surged to $322.0 million from $69.6 million; however, nine-month net income swung to a $139.6 million loss from $3.5 million profit in the prior year. Segment performance was mixed, with Specialty Products and Solutions Adjusted EBITDA rising to $248.1 million and Montana/Renewables reaching $110.6 million, offset by a decline in Performance Brands to $9.1 million. The company advanced its deleveraging strategy by retiring approximately $265 million of debt since July 2026, including the redemption of $100.0 million and $150.0 million in Senior Notes and a $15.5 million terminal financing repayment. Management targets 200 million gallons of annual Sustainable Aviation Fuel production and 17,000 barrels per day of total product sales by year-end 2028, citing confidence in accelerating growth and converting earnings power into shareholder value.

  6. ENBEnergy

    Enbridge — Q3 2026 Earnings Summary

    ENBRIDGE INC

    GAAP earnings per share rose 97% year-over-year to $0.59 in Q3 2026, while adjusted EPS increased 7% to $0.49 and adjusted EBITDA grew 2% to $4.4 billion; full-year 2026 guidance for adjusted EBITDA ($20.2–$20.8 billion) and DCF per share ($5.70–$6.10) was reaffirmed. Executed major strategic acquisitions including Tallgrass Energy LP's crude oil business for $2.6 billion and Salt Creek Midstream for $0.6 billion, while securing $2.7 billion in external commitments for Westcoast B.C. Pipeline expansions. Completed a $3.0 billion common equity offering and multiple debt refinancings to fund acquisitions and maintain flexibility, with the rolling 12-month Debt-to-EBITDA metric at 5.1x. CEO Greg Ebel announced retirement for January 2027, with Michele Harradence named as successor; the company maintains a $38 billion growth backlog and targets $10–$20 billion in new project announcements through 2027. Liquids Pipelines adjusted EBITDA declined $101 million due to volume headwinds, whereas Gas Transmission and Gas Distribution segments posted $165 million and $105 million increases respectively, driven by rate settlements and new base rates.

  7. DKLEnergy

    Delek Logistics — Third Quarter 2026 Earnings Summary

    DELEK LOGISTICS PARTNERS LP

    Reported consolidated net revenues of $372.4 million and net income of $47.4 million for Q3 2026, compared to $261.3 million and $45.6 million respectively in Q3 2025; EBITDA rose to $118.5 million from $108.5 million, driven by higher margins in gathering and processing. Raised full-year 2026 adjusted EBITDA guidance to $530 million–$560 million (up from $520 million–$560 million), with management projecting an incremental $60 million in adjusted EBITDA for 2027 from the 2026 growth capital program. Strengthened balance sheet with total debt at $2.1 billion and leverage ratio declining to 3.85x from 4.44x; completed a $230 million equity offering to repay revolving credit facility borrowings and declared a quarterly distribution of $1.140 per unit, marking the 55th consecutive increase. Completed construction of the Libby complex sour gas processing solution and achieved first acid gas injection; adjusted EBITDA for Wholesale Marketing and Terminalling decreased to $20.9 million following the termination of the East Texas marketing agreement with Delek US Holdings.

  8. DKEnergy

    Delek US Holdings — Third Quarter 2026 Earnings Summary

    DELEK US HOLDINGS INC

    Net income attributable to Delek US surged to $1,133.8 million ($18.22 per share) in Q3 2026 from $178.0 million ($2.93 per share) in the prior-year period, driven by a 191.2% increase in benchmark crack spreads; Adjusted EBITDA rose to $1,280.4 million for the quarter and $2,130.8 million for the nine months. Guidance was raised for Delek Logistics (DKL) annual adjusted EBITDA to $530–560 million and the Enterprise Optimization Plan run-rate cash flow improvements to at least $250 million, with management confident in adding $60 million to the 2027 EBITDA growth target. Capital allocation strategy includes plans to repay the $850 million Term Loan in Q4 2026, repurchase up to $100 million of common stock in Q4, and increase the regular quarterly dividend by approximately 18% to $0.30 per share. Strategic financing activities included issuing $460 million in 0.00% Convertible Senior Notes due 2031 and an equity offering by Delek Logistics to repay revolving facility borrowings, while the company received full Small Refinery Exemptions for 2024 and 2025 compliance years.

  9. GTEEnergy

    Gran Tierra Energy Inc. — Third Quarter 2026 Earnings Summary

    GRAN TIERRA ENERGY INC

    Reported a net loss of $42 million ($1.20 per share) for Q3 2026, a significant deterioration from the $25 million net income in the prior quarter and a $20 million loss in Q3 2025, driven by $29 million in realized derivative losses and $30 million in non-cash stock-based compensation. Proceeds from operations declined 54% quarter-over-quarter to $27 million, while gross profit fell 45% to $41 million due to a 10% drop in oil and gas sales revenue and a 25% increase in per boe operating expenses. Strategic pivot continues with the sale of Colombian and Ecuadorian businesses targeting closure before year-end 2026 for approximately $315 million in net cash proceeds, which will be used to retire debt and potentially fund share repurchases. Capital expenditures were reduced to $31 million with no wells drilled, while the company secured a definitive agreement to sell its South American assets for $1.33 billion and ratified its EDPSA agreement in Azerbaijan. Balance sheet remains stable with $141 million in cash and $53 million undrawn availability, though the company faces headwinds from increased quality and transportation discounts in South America and a $5.39 per bbl decline in Brent prices.

  10. EGYEnergy

    Vaalco Energy, Inc. — Third Quarter 2026 Earnings Summary

    VAALCO ENERGY INC

    Reported a net loss of $39.8 million ($0.38/share) for Q3 2026, a reversal from Q2 2026 net income of $42.4 million and Q3 2025 net income of $1.1 million; adjusted EBITDAX rose 30% to $71.1 million, while total commodity sales increased 141% year-over-year to $147.0 million. Guidance for Q4 2026 capital expenditures was reduced to $55–$75 million, while full-year 2026 CAPEX guidance remains $300–$330 million; management projects significant production growth and free cash flow generation in the second half of 2027. Strategic development is advancing with a Final Investment Decision expected for the Venus field in Equatorial Guinea in Q4 2026, alongside ongoing drilling in Côte d'Ivoire and Egypt aimed at doubling production organically. Net debt increased to $187.7 million as of September 30, 2026, driven by long-term debt rising to $239.0 million, though the company maintains $61.0 million in liquidity under its Revolving Credit Facility. The company declared a Q4 2026 cash dividend of $0.0625 per share, while the Q3 net loss was primarily impacted by $57.0 million in non-cash losses on derivative instruments and higher production expenses.

  11. EOGEnergy

    EOG Resources, Inc. — Third Quarter 2026 Earnings Summary

    EOG RESOURCES INC

    Total operating revenues rose to $8,549 million and net income increased to $2,781 million in Q3 2026, up from $5,847 million and $1,471 million respectively in Q3 2025, while diluted EPS grew to $5.33 from $2.70. Production volumes expanded across all segments, with total crude oil equivalent output reaching 1,433.1 MBoed compared to 1,301.2 MBoed in the prior year, supported by a composite average realized price of $48.05 per Boe versus $38.05. The company returned significant capital to shareholders, declaring a $1.02 per share dividend (absent in Q3 2025) and purchasing $1,063 million in treasury stock, while net debt-to-total capitalization improved to 6.2% from 12.1%. Free cash flow (Non-GAAP) reached $2,176 million against $1,383 million in Q3 2025, driven by higher realized prices and lower capital expenditures of $1,597 million, alongside a $242 million gain on asset dispositions compared to a $18 million loss previously.

  12. CLNEEnergy

    Clean Energy Fuels Corp. — Q3 2026 Earnings Summary

    CLEAN ENERGY FUELS CORP

    Revenue rose to $112.2 million in Q3 2026 from $106.1 million in Q3 2025, while net loss narrowed to $(5.7) million compared to $(23.8) million in the prior year period. Adjusted EBITDA increased to $27.2 million in Q3 2026 from $17.3 million in Q3 2025, driven by higher fuel volumes and the recognition of Section 45Z Production Tax Credits. The company raised its full-year 2026 Adjusted EBITDA guidance to $75 million–$80 million, up from the previous $70 million–$75 million range. Strategic capital activities included a $15 million long-term debt paydown, the sale of $30.7 million in federal tax credits, and the award of a $27.5 million hydrogen fueling station contract. Leadership changes were announced with the appointments of Sean Wine as Chief Revenue Officer and JJ Armstrong as Chief Financial Officer.

  13. NOGEnergy

    Northern Oil and Gas — Third Quarter 2026 Earnings Summary

    NORTHERN OIL & GAS INC

    Adjusted Net Income rose to $142.2 million ($1.32 per share) from $101.8 million in Q3 2025, while Adjusted EBITDA hit a record $444.5 million, up 11% from Q2 2026 and 15% year-over-year; GAAP net loss of $111.8 million was driven by $308.0 million in non-cash derivative mark-to-market losses. Raised 2026 annual production guidance to 147,000–150,000 Boepd (from 143,000–148,000 Boepd) and maintained capital expenditure guidance at $850–$900 million, with record quarterly production of 156,239 Boepd. Retired over $100 million of total debt to achieve a net debt-to-EBITDA ratio of 1.47x, while issuing $500 million in new Senior Notes due 2034 and repurchasing 667,989 shares. Increased stock repurchase program authorization by $150 million to a total capacity of $227.2 million and declared two quarterly cash dividends of $0.45 per share.

  14. MNREnergy

    Mach Natural Resources LP — Third Quarter 2026 Earnings Summary

    MACH NATURAL RESOURCES LP

    Reported net income of $10 million for Q3 2026, a significant turnaround from a $35.7 million net loss in the same period in 2025, while Adjusted EBITDA rose to $183 million from $124 million year-over-year. Provided full-year 2027 guidance projecting capital spending between $275 million and $325 million with a target reinvestment rate under 50%, aiming to drive a significant increase in per-unit cash distributions. Achieved total net production of 147 MBoe/d in Q3 2026 and plans to allocate the majority of 2027 capital to the Oswego play, following a post-quarter reduction in operated rig count from three to one. Declared a quarterly cash distribution of $0.22 per common unit and utilized $34.6 million of the $35.5 million raised via the at-the-market equity program year-to-date for debt reduction.

  15. KLXEEnergy

    KLX Energy Services Holdings, Inc. — Third Quarter 2026 Earnings Summary

    KLX ENERGY SERVICES HOLDINGS INC

    Revenue reached $185.6 million, up 10.9% sequentially and 11.3% year-over-year, while adjusted EBITDA improved to $24.9 million (13.4% margin), up 33% sequentially and 18.1% year-over-year; however, net loss widened to $(15.5) million compared to $(8.4) million in Q2 2026. The company executed a Backstopped Rights Offering on September 29, 2026, converting $87.8 million of debt to equity and raising $37.2 million, reducing total debt by approximately $100 million to $183.1 million and strengthening liquidity to $78.4 million. Fourth quarter 2026 revenue guidance is set between $172 million and $184 million, representing a midpoint growth of approximately 14% over the prior-year period, with management prioritizing margin protection during seasonal slowdowns. All three geographic segments delivered sequential revenue growth, driven by accommodations, technical services, and wireline, while the integration of the Wolf Pack acquisition is substantially complete with projected annual cost synergies of $2.5 million on track.

  16. DMLPEnergy

    Dorchester Minerals, L.P. — Third Quarter 2026 Earnings Summary

    DORCHESTER MINERALS LP

    Net income surged to $27.58 million for Q3 2026 from $11.17 million in the prior year, with earnings per unit rising to $0.54 compared to $0.23; nine-month net income reached $87.59 million versus $41.16 million year-over-year. Operating revenues increased to $51.41 million in Q3 2026 from $35.42 million in the same period last year, while nine-month revenues climbed to $166.36 million from $110.98 million. The Partnership declared a third-quarter distribution of $0.882297 per common unit, payable on November 12, 2026, to unitholders of record as of November 2, 2026. The company maintains a diversified portfolio of producing and non-producing mineral interests across 28 states, with common units trading on the NASDAQ Global Select Market under the symbol DMLP.

  17. AMTXEnergy

    Aemetis — Third Quarter 2026 Earnings Summary

    AEMETIS INC

    Revenue surged 49% year-over-year to $88.2 million for Q3 2026, while the company returned to profitability with $5.2 million net income ($0.07/share), a stark reversal from the $23.7 million net loss recorded in Q3 2025. Adjusted EBITDA improved significantly to a $24.8 million profit in Q3 2026 from a $5.0 million loss in the prior year period, driven largely by a $24.7 million Section 45Z tax credit recognition, including an $11.0 million cumulative true-up. Strategic progress includes the expansion of the Aemetis Biogas network to 14 operating dairy digesters, the ongoing construction of the mechanical vapor recompression (MVR) system at the Keyes ethanol plant, and continued development of a sustainable aviation fuel plant. Management is executing a multi-track financing plan to address near-term obligations and fund growth, while simultaneously pursuing a potential initial public offering of its India subsidiary, Universal Biofuels Private Limited. Despite operational improvements, the company faces a stockholders' deficit of $314.2 million as of September 30, 2026, with cash reserves declining to $3.4 million from $4.9 million in Q4 2025.

  18. NFGEnergy

    National Fuel Gas Company — Fiscal 2026 Earnings Summary

    NATIONAL FUEL GAS CO

    Fiscal 2026 GAAP earnings rose 28% to $665.4 million ($7.02/share) and adjusted earnings increased 9% to $689.8 million ($7.55/share), while Q4 GAAP earnings declined 9% to $1.02/share versus $1.18/share prior year; adjusted Q4 EPS remained flat at $1.22. Initiated fiscal 2027 adjusted EPS guidance of $6.00–$6.40 based on $2.85/MMBtu gas prices, with projected consolidated capital expenditures of $1.09–$1.22 billion. Completed the acquisition of CenterPoint Energy's Ohio utility on October 1, 2026, doubling the Utility rate base and adding 335,000 customers, while placing Tioga Pathway and Shippingport Lateral projects in service on November 1, 2026. Announced a plan to separate the Integrated Upstream and Gathering business into a standalone entity, Seneca Resources, via a pro rata distribution in the second half of 2027, retaining up to 19.9% ownership. Declared the 56th consecutive dividend increase to an annual rate of $2.22 per share; Q4 operating cash flow reached $1,272.1 million for the twelve months ended September 30, 2026.

  19. INSWEnergy

    International Seaways — Third Quarter 2026 Earnings Summary

    INTERNATIONAL SEAWAYS INC

    Net income surged to $344 million ($6.90/share) in Q3 2026 from $71 million ($1.42/share) in Q3 2025, while adjusted EBITDA rose to $345 million from $108 million; shipping revenues reached $483 million compared to $196 million the prior year. The company executed significant capital returns, declaring a $5.05 quarterly dividend and increasing the share repurchase program to $100 million with an extended expiry to end of 2028. Strategic growth was advanced through the acquisition of Bruton Limited and four newbuilding VLCCs, alongside the delivery of two LR1 newbuilds and the sale of a Suezmax for $74 million. Management confirmed strong liquidity of $964 million and a net loan-to-value under 6%, while outlining future delivery of four scrubber-fitted LR1 vessels in late 2028 and settlement of the Bruton transaction in November 2026.

  20. CONOCOEnergy

    ConocoPhillips — Third Quarter 2026 Earnings Summary

    CONOCOPHILLIPS

    Reported net earnings of $4.0 billion ($3.34 per share) and adjusted earnings of $3.9 billion ($3.27 per share), representing significant year-over-year growth compared to $1.7 billion and $2.0 billion respectively in Q3 2025. Generated $4.0 billion in free cash flow and $7.2 billion in operating cash flow, funded $3.1 billion in capital expenditures, and returned $3.4 billion to shareholders via $2.4 billion in share repurchases and $1.0 billion in dividends. Increased the quarterly ordinary dividend by 11% to $0.93 per share and maintains unchanged full-year capital expenditure and operating cost guidance while targeting a 45% CFO return for 2026. Production decreased 97 MBOED year-over-year due to Middle East conflict impacts on Qatar and higher Surmont royalties, though the company remains on track for a $7 billion free cash flow inflection by 2029.

  21. KRPEnergy

    Kimbell Royalty Partners — Third Quarter 2026 Earnings Summary

    KIMBELL ROYALTY PARTNERS LP

    Total revenues increased 7% year-over-year to $86.3 million, while net income attributable to common units declined to $12.4 million ($0.12/unit) from $17.0 million ($0.19/unit) in the prior year period; Adjusted EBITDA rose 29% to $80.4 million. Management affirmed Q4 2026 guidance and anticipates a material cash flow surge driven by unhedged oil production and rising prices, with strong activity expected to continue into 2027. Strategic capital allocation includes a $100.2 million redemption of 50% of Series A Preferred Units to simplify the capital structure, alongside a Q3 distribution of $0.45 per unit with 25% of cash available for distribution allocated to debt repayment. The company closed $367 million in acquisitions since June 2026, increased its secured revolving credit facility borrowing base to $750 million in October, and maintains a net debt-to-EBITDA ratio of approximately 1.5x.

  22. GELEnergy

    Genesis Energy, L.P. — Third Quarter 2026 Earnings Summary

    GENESIS ENERGY LP

    Net income attributable to Genesis Energy, L.P. declined to $2.4 million from $9.2 million in Q3 2025, while revenues rose 8.5% to $449.3 million and operating cash flow increased to $78.4 million from $70.3 million. Full-year 2026 Adjusted EBITDA guidance is expected to be at or below the low end of the original range due to lower volumes from deepwater facilities, Hurricane Isaias disruptions, and maintenance activities. The company maintained its quarterly distribution at $0.20 per common unit, supported by 1.58X coverage, while retiring 40% of its highest-cost capital and repurchasing 250,000 common units in 2026. Future outlook includes continued production constraints from specific deepwater facilities through early 2027, with new wells from the Monument and Shenandoah fields expected to come online by Q1 2027 and end of 2027, respectively. Balance sheet strength remains a key focus, with no borrowings outstanding on the $900 million credit facility, no debt maturities until 2029, and a leverage ratio of 5.03X.

  23. BKVEnergy

    BKV — Q3 2026 Earnings Summary

    BKV CORP

    Adjusted net income rose to $39.9 million ($0.36/share) from $23.1 million ($0.27/share) in the prior year, while adjusted EBITDAX increased to $132.7 million from $101.3 million; however, reported net income declined to $29.4 million ($0.27/share) from $83.5 million ($0.98/share). Upstream average net production grew 18.5% to 981.2 MMcfe/d following the September 15 acquisition of Barnett Shale assets adding 65 MMcfe/d, while total liquidity reached $1.2 billion with net leverage at 2.41x. Strategic Power Growth advanced via a 1.2 GW CCGT equipment supply agreement backed by a hyperscaler and a cost reimbursement agreement with a Frontier AI Lab to expand Temple capacity to 400 MW; CCUS operations achieved Verra certification for Carbon Sequestered Gas (CSG). Q4 2026 guidance sets net production between 1,010–1,030 MMcfe/d, Power Adjusted EBITDAX between $10–$30 million, and accrued capital expenditures between $315–$385 million, including $55–$75 million for development. The Company completed a $575 million Convertible Senior Notes Offering and acquired an additional 25% interest in the Power JV, consolidating it as of January 30, 2026.

  24. DNOWEnergy

    DNOW — Third Quarter 2026 Earnings Summary

    DNOW INC

    Revenue surged 111% year-over-year to $1,337 million for Q3 2026 (vs. $634 million in 2025), with nine-month revenue reaching $3,827 million compared to $1,861 million in the prior period. Net income attributable to DNOW Inc. rose to $26 million ($0.14 per share) from $23 million ($0.21 per share) in the prior year, while Adjusted EBITDA increased to $76 million (5.7% of revenue) from $51 million (8.0% of revenue). The company executed $17 million in share repurchases during the quarter, bringing year-to-date buybacks to $92 million under a $160 million program, while reducing total long-term debt to $377 million. Management highlighted strong operational momentum with sequential sales growth across all geographic segments, including a record quarter for the gas utilities business, and cited an improving balance sheet and end-market fundamentals as key growth drivers.

  25. TRGPEnergy

    Targa Resources Corp. — Third Quarter 2026 Earnings Summary

    TARGA RESOURCES CORP

    Net income rose 18% year-over-year to $658 million, while total revenues increased 35% to $5.6 billion, driven by higher commodity prices and volumes across Gathering & Processing and Logistics segments. Full-year 2026 adjusted EBITDA guidance was raised to at least $6.0 billion, supported by record Permian inlet volumes and new plant additions, though adjusted free cash flow declined 81% to $33.6 million due to elevated capital expenditures. Management announced a 20% increase in the 2027 annual common dividend to $6.00 per share and confirmed accelerated timelines for the Yeti and Yeti II plants to begin operations in 2027. Strategic growth continues with new 20-year fee-based agreements with ExxonMobil, the commencement of Train 12 and Bull Run Extension, and the ordering of long-lead items for three additional Permian processing plants. The company maintains $2.9 billion in total liquidity and has $1.187 billion remaining under its share repurchase program, having repurchased $52 million of stock in the quarter.