US 3Q25 Earnings – O&G Producer Summaries (Corrected text)

See Summaries here: MNI_US Producer 3Q25 Guidance.pdf

The latest quarter of earnings had a common theme of exceeding production guidance and being under budget across oil and gas focused producers.

• Several oil producers noted they are watching commodity prices but plant to continue focusing on shareholder returns before production should oil prices fall further in 2026.
• Gas producers are optimistic about the future natural gas demand, and expect the latter half of the decade to provide several bullish signals to support production growth.
• Permian producers are looking to hold production flat, but express flexibility in their drilling programs to grow should the market call for incremental supply.
• Northeast and Haynesville producers are focused on exploring all new opportunities for long-term contracts from data center demand growth and LNG growth, with some already ramping production for incoming LNG demand this winter.