- Eni and MSC Validate HVO Biofuel for Cruise Ship Engines
May 13, 2026
Eni’s Enilive and MSC Cruises tested 100% hydrogenated vegetable oil diesel on one engine aboard the MSC Opera for around 2,000 hours, confirming that the fuel can be used in marine engines without hardware modifications. The trial showed engine performance comparable to conventional marine fuels, while recording a 16% reduction in NOx emissions, lower particulate emissions, and an estimated lifecycle GHG reduction of about 80%.
The result strengthens HVO’s role as a near-term decarbonization option for shipping, particularly as vessel operators face tightening FuelEU Maritime requirements and rising emissions-related costs. Enilive produces HVO at its Venice and Gela biorefineries using waste-based feedstocks such as used cooking oil, animal fats, and agri-food residues. The company has already made marine HVO available at Genoa, Ravenna, and Venice for barge delivery to vessels.
The test also reflects a broader maritime fuel transition in which shipowners are exploring drop-in and lower-carbon alternatives, including LNG, bio-LNG, methanol, and advanced biofuels, to bridge the gap toward net-zero emissions by 2050. Wärtsilä supported the engine-performance assessment, while Bureau Veritas independently validated the trial results.
By Charles Kennedy for Oilprice.com
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- Sector Update: Energy Stocks Rise Late Afternoon
May 12, 2026
Energy stocks were higher late Tuesday afternoon with the NYSE Energy Sector Index and the State Str
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- A Look at Eni SpA (E) After 4.5% Gain -- GF Value $33.83 vs Price $55.83
May 12, 2026 · gurufocus.com
On May 12, 2026, Eni SpA (E) shares rose 4.5% today, bringing the current price to $55.83. Over the past year, the stock has experienced impressive gains, with
- Sector Update: Energy Stocks Rise Tuesday Afternoon
May 12, 2026
Energy stocks gained Tuesday afternoon with the NYSE Energy Sector Index rising 0.7% and the State S
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- YPF Q1 Earnings Beat Estimates on Lower Expenses & Higher Oil Output
May 12, 2026
YPF Sociedad Anónima YPF reported first-quarter 2026 earnings of $1.03 per share, which beat the Zacks Consensus Estimate of 83 cents by 24.1%. The bottom line improved from the year-ago quarter’s figure of 32 cents per share.
Total quarterly revenues of $4.9 billion missed the Zacks Consensus Estimate of $5 billion by 2.0%. The top line increased 7.3% from the prior-year level of $4.6 billion.
The strong quarterly earnings were driven by increased crude oil production, higher crude oil price realizations and reduced total operating expenses. However, reduced hydrocarbon production and lower natural gas price realizations partially offset the positives.
YPF Sociedad Anonima Price, Consensus and EPS SurpriseYPF Sociedad Anonima Price, Consensus and EPS Surprise
YPF Sociedad Anonima price-consensus-eps-surprise-chart | YPF Sociedad Anonima Quote
Operational Performance of YPF
Upstream Production
In the first quarter of 2026, YPF’s total hydrocarbon production was 525 thousand barrels of oil equivalent per day (Mboe/D), down 5% from 552.1 Mboe/D in the corresponding period of 2025. Crude oil production in the reported quarter averaged 271.0 thousand barrels per day (MBbl/D) compared with 269.9 MBbl/D a year ago. The improvement can be primarily attributed to higher shale production, partially offset by lower conventional output.
YPF’s natural gas production in the reported quarter decreased 12.2% year over year to 32.8 million cubic meters per day. Gas production was primarily affected by lower conventional gas output from mature fields. Natural gas liquids production was 47.7 MBbl/D compared with 47.3 MBbl/D in the prior-year quarter.
Average Price Realizations
The average price realization for crude oil improved 0.8% year over year to $68.4 per barrel. The average natural gas price realization fell 1.7% from the year-ago quarter to $2.9 per million British thermal unit.
YPF’s adjusted EBITDA from upstream activities increased 46.8% year over year to $1.1 billion, primarily driven by lower lifting costs and other expenses.
Midstream & Downstream
In the quarter under review, processed crude volumes reached 344.3 MBbl/D, up 8.3% from 318 MBbl/D in the year-ago quarter. Refineries’ utilization rate in the first quarter was 102%, up from 94% in the prior-year quarter.
Adjusted EBITDA, excluding the price effect of oil products on inventories, for the segment was $598 million, improving 9.5% year over year.
YPF’s Total Operating Expenses
Operating expenses in the quarter totaled $1.4 billion, down 20.1% from $1.7 billion in the year-ago quarter.
YPF Converts Operations and M&A Proceeds Into Cash
Net cash flow provided by operating activities in the quarter was $1.9 billion. The company reported free cash flow of $871 million for the quarter. Capital spending for the first quarter was $980 million, down 19% from a year ago, driven by lower exposure to conventional assets and the acquisition of new unconventional concessions, which were booked in the first quarter of 2025.
Story Continues
YPF’s Deleverages and Rebuilds Liquidity
As of March 31, 2026, the company’s cash and short-term investments were $1.7 billion, up from $1.1 billion recorded in the fourth quarter of 2025. Net debt decreased to $8.4 billion from $9.4 billion in the fourth quarter of 2025. Net leverage declined to 1.57X from 1.87X sequentially, supported by both higher liquidity and lower gross debt.
The company used strong cash generation to prepay about $750 million of debt in the first four months of 2026, aiming to reduce future maturities and lower its average cost of debt.
YPF 2026 Guidance
YPF reaffirmed its full-year 2026 capital expenditure guidance in the range of $5.5 billion to $5.8 billion. The company expects spending and activity to increase further in the coming quarters, which should support higher oil and gas production in the second half of 2026.
YPF’s Zacks Rank & Other Key Picks
YPF currently sports a Zacks Rank #1 (Strong Buy).
Some other top-ranked stocks from the energy sector are Chevron Corporation CVX, BP plc BP and Eni S.p.A. E. CVX, BP and E each currently sport a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
Chevron reported first-quarter 2026 adjusted earnings per share of $1.41, which beat the Zacks Consensus Estimate of 92 cents.
As of March 31, 2026, CVX reported $5.3 million in cash and cash equivalents. At the quarter's end, its total debt amounted to $45.4 billion.
BP reported first-quarter 2026 earnings of $1.24 per American Depositary Share, which beat the Zacks Consensus Estimate of 91 cents.
As of March 31, 2026, BP reported $35.7 million in cash and cash equivalents. At the quarter's end, its long-term debt totaled $25.3 billion.
Eni reported first-quarter 2026 adjusted earnings from continuing operations of 81 cents per American Depository Receipt, which missed the Zacks Consensus Estimate of $1.13.
As of March 31, 2026, E had a long-term debt of €21.7 billion and cash and cash equivalents of €8.3 billion.
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- Cenovus Energy Q1 Earnings Top Estimates on Higher Upstream Production
May 12, 2026
Cenovus Energy Inc. CVE reported first-quarter 2026 adjusted earnings of 61 cents per share, which beat the Zacks Consensus Estimate of 56 cents by 8.9%. The bottom line increased from the year-ago quarter’s figure of 32 cents.
Total quarterly revenues of $9 billion missed the Zacks Consensus Estimate of $9.3 billion by 3.2%. The top line declined from the year-ago quarter’s level of $9.3 billion.
Strong quarterly earnings were primarily driven by higher total upstream production. A rise in general and administrative expenses, and net foreign exchange (gain) loss, partially offset the positives.
Cenovus Energy Inc Price, Consensus and EPS SurpriseCenovus Energy Inc Price, Consensus and EPS Surprise
Cenovus Energy Inc price-consensus-eps-surprise-chart | Cenovus Energy Inc Quote
Operational Performance
Upstream
Cenovus Sees Oil Sands Revenue Growth Despite Price Mix
Cenovus’ Oil Sands segment revenues increased to C$7.8 billion from C$7.0 billion in the year-ago quarter, driven by higher sales volumes. The operating margin from the Oil Sands unit totaled C$3.1 billion, up from C$2.54 billion reported a year ago.
Cenovus’ Conventional segment revenues increased to C$1.0 billion from C$924 million in the first quarter of 2025. The operating margin from the Conventional unit totaled C$211 million, reflecting a significant increase from C$173 million recorded in the year-ago quarter.
Cenovus’ Offshore segment revenues were C$524 million, higher than the C$426 million recorded in the prior year. The Offshore unit recorded an operating margin of C$402 million, up from C$331 million in the year-ago quarter.
CVE's Output Rises on Oil Sands
In the first quarter, the company recorded Oil Sands crude oil and natural gas liquids production of 772.6 thousand barrels per day (Mbbls/d), an increase from the year-ago quarter’s figure of 624.3 Mbbls/d. Oil Sands natural gas production was 14.4 million cubic feet per day (MMcf/d), higher than the 11.4 MMcf/d recorded a year ago. Oil Sands volumes rose 23.8% to 775.0 thousand barrels of oil equivalent per day (Mboe/d) from 626.2 Mboe/d in the year-ago quarter.
The company’s Conventional crude oil and natural gas liquids production was 28.9 Mbbls/d compared with 25.7 Mbbls/d a year ago. Conventional natural gas production was 852 MMcf/d, lower than the 887.9 MMcf/d recorded a year ago. Conventional volumes dipped 1.8% to 121.7 Mboe/d from 123.9 Mboe/d recorded in the first quarter of 2025.
The company’s Offshore crude oil and natural gas liquids production was 28.6 Mbbls/d compared with 20.9 Mbbls/d a year ago. Offshore natural gas production was 281.2 million cubic feet per day (MMcf/d), lower than the 287.2 MMcf/d recorded a year ago. Offshore production increased 9.6% to 75.4 Mboe/d from the year-ago figure of 68.8 Mboe/d.
Story Continues
The total upstream production in the reported quarter increased 18.7% to 972.1 (Mboe/d) compared with 818.9 Mboe/d in the year-earlier quarter.
Downstream
CVE’s Downstream Segment Profitability Improved Sharply
Cenovus’ Canadian Refining segment revenues were C$1.4 billion, higher than the C$1.3 billion recorded in the prior year. The operating margin from the Canadian Refining unit was C$201 million, which improved from C$68 million in the first quarter of 2024.
The U.S. Refining segment recorded revenues of C$4.2 billion, lower than the prior-year figure of C$6.4 billion. The operating margin from the U.S. Refining unit was C$533 million against a negative operating margin of C$305 million in the prior-year quarter.
Total downstream revenues decreased to C$5.6 billion from C$7.7 billion a year ago, while operating margin rose to C$734 million from a negative C$237 million a year ago.
CVE's Downstream Resets After WRB Divestiture
Downstream operations reflected the impact of the WRB divestiture completed in late 2025. Total crude oil unit throughput fell 31.1% year over year to 458.5 Mbbls/d, driven by a 38.0% decline in U.S. Refining throughput to 343.2 Mbbls/d. Canadian Refining throughput increased 3.0% to 115.3 Mbbls/d, driven by strong utilization.
Expenses of CVE
General and administrative expenses increased to C$411 million from C$197 million recorded in the first quarter of 2025. CVE also recorded C$179 million of net foreign exchange (gain) loss.
Expenses for Purchased Product, Transportation and Blending costs decreased to C$6.6 billion from C$8.9 billion in the prior-year quarter.
CVE: Cash Flow & Balance Sheet
Cenovus generated cash from operating activities of C$2.2 billion, up from C$1.3 billion a year ago. Cenovus made a total capital investment of C$1.2 billion in the quarter under review.
As of March 31, 2026, the Canada-based energy player had cash and cash equivalents of C$2.6 billion. Long-term debt declined to C$10.6 billion as of March 31, 2026, from C$11 billion at the end of 2025.
CVE Steps Up Shareholder Returns
Cenovus returned C$1 billion to common and preferred shareholders in the reported quarter. This included C$377 million in common-share base dividends and C$356 million of common-share repurchases under its NCIB and C$300 million in preferred share redemptions.
The board declared a second-quarter base dividend of 22 cents (Canadian) per common share, up 10% from the prior quarterly base dividend level.
CVE’s Zacks Rank & Other Key Picks
CVE currently sports a Zacks Rank #1 (Strong Buy).
Some other top-ranked stocks from the energy sector are Chevron Corporation CVX, BP plc BP and Eni S.p.A. E. CVX, BP and E each currently sport a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
Chevronreported first-quarter 2026 adjusted earnings per share of $1.41, which beat the Zacks Consensus Estimate of 92 cents.
As of March 31, 2026, CVX reported $5.3 million in cash and cash equivalents. At the quarter's end, its total debt amounted to $45.4 billion.
BP reported first-quarter 2026 earnings of $1.24 per American Depositary Share, which beat the Zacks Consensus Estimate of 91 cents.
As of March 31, 2026, BP reported $35.7 million in cash and cash equivalents. At the quarter's end, its long-term debt totaled $25.3 billion.
Eni reported first-quarter 2026 adjusted earnings from continuing operations of 81 cents per American Depository Receipt, which missed the Zacks Consensus Estimate of $1.13.
As of March 31, 2026, E had a long-term debt of €21.7 billion, and cash and cash equivalents of €8.3 billion.
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- Exclusive: Eni explores potential LNG assets deal with big funds, sources say
May 12, 2026 · reuters.com
Italian energy group Eni has asked Morgan Stanley to help it to raise funds from investment firms such as Apollo, KKR and Stonepeak in a possible deal backed by its floating liquefied natural gas (FLNG) assets, three people familiar with the matter said.
- Eni SpA (E) Shares Surge 3.8% -- What GF Score of 60 Tells Investors
May 11, 2026 · gurufocus.com
On May 11, 2026, Eni SpA (E) shares rose 3.8% to a current price of $55.46. This price is positioned within a 52-week range of $28.78 to $58.00, indicating sign
- Sunoco Q1 Earnings & Revenues Beat Estimates on Higher Sales Volume
May 11, 2026
Sunoco LP SUN reported first-quarter 2026 earnings of $2.85 per unit, up 135.5% from $1.21 a year ago. The bottom line topped the Zacks Consensus Estimate of $1.71 by 66.7%.
Total quarterly revenues of $10.7 billion surpassed the Zacks Consensus Estimate of $9.6 billion by 11.4%. The top line increased 106.4% from $5.3 billion reported in the year-ago quarter.
The strong quarterly results were driven by higher motor fuel sales volumes and increased motor fuel profit per gallon. Higher operating expenses partially offset the positives.
Sunoco LP Price, Consensus and EPS SurpriseSunoco LP Price, Consensus and EPS Surprise
Sunoco LP price-consensus-eps-surprise-chart | Sunoco LP Quote
Distribution Hike
For the first quarter of 2026, the board of directors of Sunoco's general partner declared a distribution of 98.99 cents per unit or $3.9596 on an annualized basis, marking a sequential increase of 6.25% or a 10% increase from the prior-quarter figure of 89.76 cents per unit.
The distribution is expected to be paid on May 20, 2026, to unitholders of record as of May 8, 2026.
SUN Turns Inventory Actions Into a Meaningful Profit Tailwind
SUN reported net income of $644 million in the first quarter compared with $207 million in the year-ago quarter. Operating income increased to $866 million from $296 million.
During the quarter, the partnership’s pre-tax income increased by $102 million or 54 cents per common unit, due to a LIFO liquidation, driven by reduced fuel inventories.
Segmental Performance
Sunoco posts financial results under four reportable segments after the acquisition of Parkland Corporation: Fuel Distribution, Pipeline Systems, Terminals and Refinery.
Sunoco's Fuel Distribution Leads Scale-Driven Upside
Sunoco’s Fuel Distribution segment remained the earnings engine. Revenues from external customers in the segment were $10.20 billion for the first quarter compared with $4.9 billion in the year-ago period of 2025. Segment adjusted EBITDA was $529 million, higher than the prior-year quarter’s figure of $220 million.
The segment sold 3,796 million gallons of motor fuel, up from 2,087 million gallons recorded in the year-ago period. The motor fuel margin per gallon was 17 cents compared with 11.5 cents in the year-ago quarter.
SUN's Pipeline Systems Add Stability
Pipeline Systems generated $194 million of revenues from external customers in the quarter, higher than the prior year’s figure of $173 million. Segment adjusted EBITDA improved to $179 million from $172 million a year ago, driven by market demand and improved blending economics. The positives were partly offset by higher expenses.
Story Continues
Pipelines throughput was 1,291 thousand barrels per day, up from 1,258 thousand barrels per day recorded in the year-ago period.
SUN's Terminal Segment’s Performance
In Terminals, external revenues improved to $149 million from the year-ago figure of $103 million, driven by recently acquired assets. Segment adjusted EBITDA increased to $107 million from $66 million due to contributions from the Parkland and TanQuid acquisitions.
Throughput rose to 1,013 thousand barrels per day from 620 thousand barrels per day in the first quarter of 2025.
Sunoco's Refinery Shows Its Portfolio Role
External revenues for the segment were $146 million in the quarter. Segment adjusted EBITDA totaled $43 million, including a $10 million gain on sale of inventory.
Crude throughput averaged about 21 thousand barrels per day for the quarter. Meanwhile crude utilization was 38%.
Distributable Cash Flow of SUN
The adjusted distributable cash flow totaled $535 million, up from the year-ago level of $310 million.
Sunoco's Expenses & Capital Expenditure
The total cost of sales and operating expenses increased to $9.8 billion from $4.9 billion a year ago.
The partnership incurred capital expenditures of $199 million, comprising $106 million in growth capital and $93 million in maintenance capital.
Balance Sheet of SUN
As of March 31, 2026, Sunoco had cash and cash equivalents of $718 million and net long-term debt of $13.9 billion. Meanwhile, liquidity was $2.22 billion available under the revolving credit facility, while leverage was around 4.0X.
SUN’s Zacks Rank & Key Picks
SUN currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the energy sector are Chevron Corporation CVX, BP plc BP and Eni S.p.A. E. CVX, BP and E currently sport a Zacks Rank #1 (Strong Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
Chevronreported first-quarter 2026 adjusted earnings per share of $1.41, which beat the Zacks Consensus Estimate of 92 cents.
As of March 31, 2026, CVX reported $5.3 million in cash and cash equivalents. At the quarter's end, its total debt amounted to $45.4 billion.
BP reported first-quarter 2026 earnings of $1.24 per American Depositary Share, which beat the Zacks Consensus Estimate of 91 cents.
As of March 31, 2026, BP reported $35.7 million in cash and cash equivalents. At the quarter's end, its long-term debt totaled $25.3 billion.
Eni reported first-quarter 2026 adjusted earnings from continuing operations of 81 cents per American Depository Receipt, which missed the Zacks Consensus Estimate of $1.13.
As of March 31, 2026, E had a long-term debt of €21.7 billion and cash and cash equivalents of €8.3 billion.
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- MTDR Q1 Earnings Beat Estimates on Higher Production Volumes
May 11, 2026
Matador Resources Company (MTDR) reported first-quarter 2026 adjusted earnings of $1.53 per share, down 23.1% from $1.99 a year ago. The bottom line beat the Zacks Consensus Estimate of $1.24 by 23.4%.
Total revenues were $671.6 million, down 33.8% from $1,014 million in the year-ago quarter. The top line missed the Zacks Consensus Estimate of $883.3 million by 24.0%.
Better-than-expected quarterly earnings were driven by increased total production volumes and slightly lower operating expenses. The positives were partially offset by lower natural gas price realizations.
Matador Resources Company Price, Consensus and EPS SurpriseMatador Resources Company Price, Consensus and EPS Surprise
Matador Resources Company price-consensus-eps-surprise-chart | Matador Resources Company Quote
MTDR’s Upstream Business in Q1
Matador Resources is primarily involved in oil and gas exploration and production activities in the United States. The company’s overall financial performance is heavily dependent on the oil and gas pricing environment. Most of MTDR’s production comprises oil (58% of total first-quarter production), making oil prices a major factor in determining the company’s earnings.
The average oil production was 120,277 barrels per day (Bbl/D), reflecting a 4.6% increase from the prior-year figure of 115,030. The figure also beat our estimate of 116,217.3 Bbl/D. Natural gas production was recorded at 523.9 million cubic feet per day (MMcf/D), up from 501.6 MMcf/D recorded a year ago. The reported figure came in higher than our estimate of 519.7 MMcf/D.
Total oil equivalent production in the first quarter was 207,594 barrels of oil equivalent (BOE/D), reflecting a 4.5% increase from the year-ago quarter’s figure of 198,631 BOE/D. The figure also exceeded our projection of 202,834.8 BOE/D. The company’s production volumes exceeded the midpoint of the guidance range by 3%, primarily due to the sustained outperformance of Matador Resources’ producing wells and those brought into production in the first quarter of 2026.
Matador Resources turned 36 net operated wells to production in the quarter, including a large portion in late February and March.
Matador Resources Faces Waha Gas Price Collapse
A key pressure point in the quarter was natural gas pricing. Matador’s average realized natural gas price, excluding hedging, was 64 cents per thousand cubic feet (Mcf), sharply down from $3.56 per Mcf in the first quarter of 2025. The figure came in lower than our estimate of $2.74 per Mcf. The natural gas price decline was driven by a collapse in Waha prices, which forced roughly 3,000 BOE/D in voluntary shut-ins. Winter Storm Fern forced additional well shut-ins due to freezing conditions.
Story Continues
The average sales price for oil (excluding realized derivatives) was $72.83 per barrel, up from $72.38 a year ago. The commodity price was higher than our projection of $71.74 per barrel.
MTDR’s Operating Expenses
MTDR’s midstream operating expenses increased to $2.96 per BOE from the year-earlier level of $2.90.
Lease operating costs decreased to $5.76 per BOE from $5.84 a year ago. Our projection for the metric was $5.25 per BOE. General and administrative expenses increased to $2.09 per BOE from the year-earlier level of $1.89. Our estimate for the same was $1.89.
Transportation and processing costs declined to 79 cents per BOE from $1.12 per BOE in the year-ago quarter. Taxes other than income also declined to $3.79 per BOE from $4.31 recorded in the year-ago quarter.
Overall, total operating expenses per BOE were $31.06, lower than the prior-year figure of $31.83 and above our estimate of $29.79 per BOE.
Balance Sheet & Capital Spending of MTDR
As of March 31, 2026, MTDR had cash and restricted cash of $92.5 million and long-term debt of $4,782.4 million.
Matador Resources’ first-quarter total capital expenditures were $428.1 million, which is within the company’s guidance range of $415 million to $435 million. Meanwhile, the company spent $377.4 million on well drilling, completion and equipment.
MTDR 2026 Guidance Rises
Matador Resources increased its full-year 2026 production guidance while keeping its capital budget unchanged. The company now expects full-year 2026 oil production to be in the range of 123,000-125,000 Bbl/D and total production to be between 210,500 BOE/D and 216,000 BOE/D. Total capital expenditures are unchanged at $1.45 - $1.55 billion.
MTDR’s Zacks Rank & Other Key Picks
Matador Resources currently sports a Zacks Rank #1 (Strong Buy).
Some other top-ranked stocks from the Energy sector are Chevron Corporation CVX, BP plc BP and Eni S.p.A. E. CVX, BP and E each currently sport a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
Chevron reported first-quarter 2026 adjusted earnings per share of $1.41, which beat the Zacks Consensus Estimate of 92 cents.
As of March 31, 2026, CVX reported $5.3 million in cash and cash equivalents. At the quarter's end, its total debt amounted to $45.4 billion.
BP reported first-quarter 2026 earnings of $1.24 per American Depositary Share, which beat the Zacks Consensus Estimate of 91 cents.
As of March 31, 2026, BP reported $35.7 million in cash and cash equivalents. At the quarter's end, its long-term debt totaled $25.3 billion.
Eni reported first-quarter 2026 adjusted earnings from continuing operations of 81 cents per American Depository Receipt, which missed the Zacks Consensus Estimate of $1.13.
As of March 31, 2026, E had a long-term debt of €21.7 billion, and cash and cash equivalents of €8.3 billion.
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