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CIR Editorial

CIR Editorial

ProPetro Q1 2026: The Weather Was the Excuse, the Tightening Is the Story

ProPetro Q1 2026: The Weather Was the Excuse, the Tightening Is the Story

PUMP | NYSE | Source data: ProPetro Q1 2026 earnings release (8-K filed April 30, 2026), Patterson-UTI Q1 2026 earnings release (8-K filed April 22, 2026), Liberty Energy Q1 2026 earnings release (8-K filed April 22, 2026), FRED WTI price series, EIA weekly frac spread count Frac pricing

Kodiak Gas Services Q1 2026: Record Compression, $190M EBITDA, and a 2-Gigawatt Power Play

Kodiak Gas Services Q1 2026: Record Compression, $190M EBITDA, and a 2-Gigawatt Power Play

KGS | NYSE | Source data: Q1 2026 earnings release (8-K Item 2.02, filed May 11, 2026, SEC accession 0001767042-26-000041) Kodiak Gas Services didn't just have a strong first quarter — it used Q1 to redefine what kind of company it is. Record contract compression revenue, record

Permian Basin drilling rig at sunset

APA Corporation Q1 2026: The Pivot Is Working — FCF, Deleveraging, and a US Oil Beat at $109 WTI

APA | Nasdaq | Source data: Q1 2026 earnings release (8-K filed May 6, 2026, SEC accession 0001841666-26-000027), prior 10-Q filings, company IR press release Executive Summary APA Corporation filed Q1 2026 results that, on the surface, show a company doing less with more: total BOE production fell

Production Services at $109 WTI: RPC's Margin Squeeze and Why Newpark Left the Building

Production Services at $109 WTI: RPC's Margin Squeeze and Why Newpark Left the Building

RES | NYSE | NPKI | NYSE | Source data: RPC Inc. Q1 2026 earnings release (8-K filed May 7, 2026), RPC Inc. Q1 2026 10-Q (filed May 8, 2026), NPK International Q1 2026 earnings release (8-K filed April 30, 2026), Baker Hughes U.S. rig count data week ending May

SLB's Margin Problem and Liberty's $505 Million Power Bet: OFS Repricing at $95 WTI

SLB's Margin Problem and Liberty's $505 Million Power Bet: OFS Repricing at $95 WTI

SLB's Q1 margin compression hit 346 basis points year-over-year, mostly masked by ChampionX. Liberty Energy committed $505 million to Bergen Engines for data center power generation. Two different answers to the same OFS pricing problem at $95 WTI.

Permian Resources Q1 2026: Cost Machine Hits Investment Grade, $513M Free Cash Flow

Permian Resources Q1 2026: Cost Machine Hits Investment Grade, $513M Free Cash Flow

PR | NYSE | Source data: Q1 2026 earnings release, 8-K filed May 6, 2026 (SEC accession 0001658566-26-000069), Q1 2025 10-Q for comparative data Executive Summary Permian Resources delivered the quarter that validated everything the company has been building toward since the Centennial-Colgate merger closed in 2022.

Delaware Basin's Completion Consolidation: What the Devon-Coterra Close Means for KLX, Forum, and SLB Wireline

Delaware Basin's Completion Consolidation: What the Devon-Coterra Close Means for KLX, Forum, and SLB Wireline

Devon and Coterra completed their all-stock merger today, creating the Delaware Basin's largest combined operator. For the basin's wireline, cementing, and coiled tubing providers, that close date starts a vendor rationalization clock.