The first half of 2026 was a tale of two commodity markets as crude oil prices surged during the spring while natural gas prices retreated after an exceptionally strong winter rally. Today, we examine which oil and gas producers outperformed and why investors rewarded certain business models over others.
After years of prioritizing balance sheet repair and shareholder returns, upstream E&Ps are facing a dramatically different commodity environment. With cash flows rising, producers faced pressures to reassess priorities as hydrocarbon prices increased. Today, we look at how they responded.
Given that the Iran war-driven surge in oil prices doubled Q1 E&P profits, a surge in capex to capture fatter cash flows seemed like a sure thing, but that would have been a losing bet. Today, we review oil and gas producers’ investment and production guidance and analyze potential future strategy.
Managements in Q4 2025 stuck to the capital discipline that won back the hearts and wallets of investors, but surging oil and gas prices this year are putting more cash back into E&P coffers. Will that discipline hold, or will temptation take over?
The roiling of global energy markets by war in the Middle East has magnified the importance of domestic oil output and heightened interest in capital spending. Today, we look at the 2026 forecasts and offer some far-too-early speculation about the industry response to the recent surge in oil prices.
The upstream oil and gas sector has been periodically roiled by dramatic price swings triggered by world events over the last five decades. Today, we analyze the impact of bottoming oil prices on earnings and cash flows as the industry girds for an unpredictable 2026.
In the upstream oil and gas world, “reserve life” — calculated via the Reserve Life Index — is one of the simplest and most widely cited metrics. But behind the RLI lies a web of technical, financial and strategic forces that make it surprisingly nuanced measure of an E&P’s long-term outlook.
The E&Ps we track have retained investor support over the past three years despite a drop in oil prices. Their formula has been throttling back costs and investment to prioritize shareholder returns.
U.S. E&Ps have battled mightily to mitigate the impact on earnings and cash flows caused by the steady erosion in commodity prices, but concerning trends could impact future earnings.
A bullish long-term outlook for rising natural gas demand and pricing has partially mitigated the current deep concerns about the steep erosion of oil prices. However, short-term gas pricing has proven very volatile, as the near-month NYMEX price has yo-yoed dramatically in October and the Energy Information Administration recently cut its January forecast. In today’s RBN blog, we present a new metric that calculates the gas price sensitivity of major U.S. producers.
