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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

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

Permian Basin pumpjacks operating at sunset, West Texas oil production

Permian Independents Q4 2025: Efficiency Wins, Portfolios Shift, and One That Won't Be Reporting Again

CIR Earnings Research | Batch 2 of 9 | OVV · PR · MTDR · SM · VTLE The second wave of Permian independent earnings tells a consistent story on the operational front—drilling and completion costs are falling, lateral lengths are growing, and every management team is claiming capital efficiency wins—but underneath that uniformity,

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

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

Q1 2025 Earnings Recap: The Winners and Losers

Editor's Note: The following assessments represent CIR's analytical opinion based on publicly available financial data. They are not statements of fact and should not be construed as such. Q1 2025 Earnings Recap: The Winners and Losers CIR | Issue 15 | April 24, 2025 Q1 2025 earnings season

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

Well Productivity Trends: Are We Getting Better or Just Drilling Longer?

CIR | Issue 14 | April 21, 2025 The shale industry's productivity story has become one of the most misread narratives in energy markets. Operators report record per-well oil production. EIA's Drilling Productivity Report shows new-well production per rig climbing steadily. Investor presentations are loaded with

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

The Private Equity Exit Problem

Issue 13 | April 17, 2025 Category: Capital Markets / M&A Access: Paid The private equity firms that piled into U.S. upstream oil and gas between 2018 and 2022 have a problem: the exits they planned aren't materializing on the schedule they sold to their limited partners.