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CIR Research Desk

CIR Research Desk

Permian Basin pumpjacks operating at sunset, West Texas oil production

The Permian in Q1 2026: Still Running Hot

The Permian Basin runs 241 rigs as of the Baker Hughes March 27 count — 44% of all U.S. land drilling activity, concentrated in an area the size of Kansas. That concentration reflects something real: the Permian has a structural advantage in depth of inventory, infrastructure density, and operator quality

Oil and gas production facility representing E&P company quarterly performance

Q4 2025 Earnings: Mid-Cap E&Ps and the Diversification Dividend

APA, Murphy Oil, Talos Energy, CNX Resources, Epsilon Energy Source filings: SEC EDGAR 8-K press releases, Q4/FY 2025 Published: March 25, 2026 The mid-cap tier of U.S. upstream E&P delivered a predictable Q4 2025 — low realized prices, disciplined capital, and a persistent theme that

U.S. land drilling rig against open sky, upstream oil and gas operations

February Rig Count: Q1 2026 Taking Shape

The Baker Hughes rig count is the most widely cited real-time indicator of upstream activity in the United States, published weekly every Friday. As February 2026 closes, the count provides the clearest signal yet of how operators are executing on the 2026 capital programs they outlined during Q4 earnings.

Upstream oil and gas pumpjack and production infrastructure, U.S. E&P operations

The Majors' Q4 2025: Scale Wins, and the Scoreboard Is Getting Shorter

CIR Earnings Analysis | Q4 2025 | Filed: March 25, 2026 Let's start with a structural note: of the five companies assigned to this batch — ExxonMobil, Chevron, ConocoPhillips, Hess, and Marathon Oil — only three filed standalone Q4 2025 earnings. Marathon Oil was absorbed into ConocoPhillips in November 2024. Hess Corporation

Upstream oil and gas pumpjack and production infrastructure, U.S. E&P operations

Midstream Buildout 2026: Infrastructure Catching Up

The history of U.S. shale development is, in part, a history of infrastructure catching up to production. Every time a new basin broke out — Permian, Haynesville, Marcellus, Bakken — the initial production surge ran ahead of takeaway capacity, creating basis blowouts and stranded production before midstream caught up. The 2026

Oil and gas production facility representing E&P company quarterly performance

Gas Producers Cash In: Q4 2025 Earnings Show a Sector Transformed by Price Recovery

Published: March 25, 2026 | CIR Upstream Analysis The five pure-play gas producers in this batch — EQT, Expand Energy, Range Resources, Comstock Resources, and Antero Resources — collectively represent the spine of U.S. natural gas supply. Their Q4 2025 results tell a coherent story: a sector that endured a brutal

Upstream oil and gas pumpjack and production infrastructure, U.S. E&P operations

Drill Baby Drill: Policy vs. Reality

One year into the new administration, the "drill baby drill" mandate has collided with the one force more powerful than any executive order: capital discipline enforced by institutional investors. The political rhetoric was clear enough. Federal lease sales have resumed on public lands. Permitting processes have been directed