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CIR Research Desk

CIR Research Desk

Permian Basin pumpjacks operating at sunset, West Texas oil production

Q4 2025 Earnings Batch 1: The Diversified Permian Players Deliver — But Pricing Headwinds Are Real

CIR Analysis | March 2026 | Source: SEC EDGAR 8-K filings, Q4 2025 earnings releases The first batch of major E&P reporters for Q4 2025 is in, and the story isn't complicated: operators executed well against their own benchmarks while lower realized prices compressed absolute cash generation

Eagle Ford Shale oil production facility, South Texas

Eagle Ford: Comeback or Managed Decline?

The Eagle Ford has been defying its obituary for half a decade. According to EIA Drilling Productivity Report data, the basin has held production in a band of approximately 1.1–1.2 million barrels of oil equivalent per day through 2024–2025, with minimal decline despite a rig count

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

Reserve Reports 2025: What the 10-Ks Will Show

February and March bring the annual 10-K filing season — the moment when U.S. E&P companies must formally report their proved reserves to the SEC. For the upstream professional, reserve disclosures are among the most information-dense documents the sector produces. Here's what to look

Permian Basin pumpjacks operating at sunset, West Texas oil production

The Consolidation Aftermath: How the Majors Remade the Permian

By mid-2024, the Permian Basin had been fundamentally reshaped by a wave of mergers that will define the basin's operating landscape for the next decade. ExxonMobil's $59.5 billion acquisition of Pioneer Natural Resources closed in May 2024. ConocoPhillips closed its $22.5 billion acquisition

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

Q4 Earnings Begin: Early Results and First Read

The first Q4 2025 earnings results are in. With large-cap independents and one major reporting in the final days of January, we have an early read on how the sector performed through a quarter defined by $70 WTI, recovering natural gas prices, and the first full integration cycles of

Permian Basin pumpjacks operating at sunset, West Texas oil production

Permian in 2026: The Road to 7 MMbbl/d

The Permian Basin is the most consequential oil-producing region in the world outside of Saudi Arabia's core fields. It exited 2025 producing approximately 6.3–6.5 million barrels of oil per day — a number that would have seemed fantastical to any petroleum engineer working the basin

Natural gas processing facility and pipeline, LNG export terminal

LNG Export Update: Capacity Online and Coming

The United States is now the world's largest LNG exporter by volume, a position cemented in 2023 and extended through 2025. Entering 2026, the buildout of Gulf Coast export infrastructure continues at an accelerating pace — and the implications for upstream natural gas producers are substantial. Feed gas demand