- Diamondback Energy Q1 Earnings Beat Estimates, Dividend Raised
May 8, 2026
Diamondback Energy, Inc. FANG reported first-quarter 2026 adjusted earnings per share (EPS) of $4.23, which beat the Zacks Consensus Estimate of $3.55, driven by strong production. However, the company’s bottom line declined from the year-ago adjusted profit of $4.54. The underperformance was due to a 91.5% drop in the year-over-year realized natural gas prices.
This Midland, TX-based oil and gas exploration and production company’s revenues of $4.2 billion increased 4.7% from the year-ago quarter and topped the Zacks Consensus Estimate by 10.6%, fueled primarily by higher sales of oil, natural gas and natural gas liquids, increased sales of purchased oil and higher revenues from other operating income.
Diamondback Energy, Inc. Price, Consensus and EPS SurpriseDiamondback Energy, Inc. Price, Consensus and EPS Surprise
Diamondback Energy, Inc. price-consensus-eps-surprise-chart | Diamondback Energy, Inc. Quote
In the first quarter of 2026, Diamondback Energy generated free cash flow of about $1.7 billion, while adjusted free cash flow stood at $1.74 billion. Over the same period, it bought back nearly 3.3 million common shares for roughly $548 million at an average price of $167.61 per share, excluding excise taxes. This included a $509 million transaction to repurchase 3 million shares from SGF FANG Holdings, LP.
Overall, shareholder returns totaled approximately $859 million through a combination of share repurchases and the declared base dividend for the quarter, accounting for 50% of adjusted free cash flow.
FANG’s board of directors approved a 5% increase to the company's base quarterly dividend, raising it to $1.10 per common share for the first quarter of 2026, payable on May 21, 2026, to stockholders of record on May 14.
FANG’s Q1 Production & Realized Prices
FANG’s production of oil and natural gas averaged 979,356 barrels of oil equivalent per day (BOE/d), comprising 53.2% oil. The figure was up 15.1% from the year-ago quarter and beat our estimate of 951,053.3 BOE/d. While crude and natural gas output increased 9.5% and 17.7% year over year, respectively, natural gas liquids volumes climbed 26.9%.
The average realized oil price during the quarter was $73.47 per barrel, 3.5% higher than the year-ago realization of $70.95. The figure also beat our estimate of $51.71 per barrel. Meanwhile, the average realized natural gas price decreased to 18 cents per thousand cubic feet from $2.11 in the prior year. The figure was also below our estimate of $1.71. Overall, the upstream oil and gas company fetched $43.40 per barrel compared with $47.77 a year ago.
FANG’s Costs & Financial Position
Diamondback Energy’s first-quarter cash operating cost was $11.26 per BOE compared with $10.48 in the prior-year quarter and our estimate of $11.34. The increase in costs compared with the year-ago period reflected a rise in lease operating expenses to $6.21 per BOE from $5.33 in the first quarter of 2025 and an increase in Production and ad valorem taxes to $3.04 per BOE from $2.98 in the prior-year quarter.
Story Continues
However, FANG’s gathering, processing and transportation expenses decreased 6.2% year over year to $1.36 per BOE. Cash G&A expenses also fell in the first quarter of 2026 to 65 cents per BOE from 72 cents in the corresponding period of 2025.
Diamondback Energy logged $933 million in capital expenditure — spending $784 million on operated drilling and completion additions to oil and natural gas properties, and $149 million on non-operated additions. The company booked $1.7 billion in adjusted free cash flow in the first quarter.
As of March 31, the Permian-focused operator had approximately $174 million in cash and cash equivalents and $13.1 billion in long-term debt, representing a debt-to-capitalization of 23.6%.
FANG’s Q2 & 2026 Guidance
Diamondback Energy updated its 2026 guidance following a strong first-quarter operational performance and improved production outlook. The company raised its full-year oil production guidance to more than 520 MBO/d from the earlier range of 500-510 MBO/d, while total production guidance was increased to more than 972 MBOE/d from 926-962 MBOE/d. Management indicated that the revised outlook reflects approximately 5% year-over-year organic production growth. To support this higher activity level, FANG also increased its 2026 cash capital expenditure budget to around $3.9 billion from the prior estimate of roughly $3.75 billion, with operated drilling and completion spending now expected at about $3.31 billion.
In addition, this Zacks Rank #1 (Strong Buy) company provided second-quarter oil production guidance of 515-525 MBO/d. Despite the higher capital plan, Diamondback Energy lowered portions of its cost outlook, including DD&A and interest expense guidance, highlighting improved operational efficiencies and balance sheet management.
You can see the complete list of today’s Zacks #1 Rank stocks here.
Important Energy Earnings at a Glance
While we have discussed FANG’s first-quarter results in detail, let us take a look at three other key reports in the energy space.
Patterson-UTI Energy, Inc. PTEN reported a first-quarter 2026 adjusted net loss of 6 cents per share, narrower than the Zacks Consensus Estimate of a 10-cent loss. However, the bottom line decreased from the year-ago quarter's breakeven result due to a decrease in operating income in its Drilling Services, Completion Services and Drilling Products segments.
Total revenues of $1.1 billion beat the Zacks Consensus Estimate by 3.1%. This was driven by higher-than-expected revenues from the Drilling Services and Completion Services segments. The Drilling Services and Completion Services segments reported revenues of $351.7 million and $679.6 million, which beat the consensus mark of $350 million and $37.1 million, respectively. However, the top line decreased about 12.8% year over year. This underperformance can be attributed to the decrease in year-over-year segment revenues.
As of March 31, 2026, the company had cash and cash equivalents worth $337.2 million and long-term debt of $1.2 billion. Its debt-to-capitalization was 27.8%.
NOV Inc. NOV reported first-quarter 2026 adjusted earnings of 15 cents per share, which missed the Zacks Consensus Estimate of 17 cents. The bottom line also decreased 21% from the year-ago quarter’s 19 cents.
The oil and gas equipment and services company’s total revenues of $2.05 billion beat the Zacks Consensus Estimate by $2 million but fell 2.4% from the year-ago quarter’s figure of $2.1 billion.
The lower-than-expected quarterly earnings of the company were primarily attributable to conflict in the Middle East, which disrupted logistics, delayed deliveries and increased operational costs.
As of March 31, the company had cash and cash equivalents of $1.3 billion and long-term debt of $1.7 billion with a debt-to-capitalization of 21.2%. NOV had $1.5 billion available on its primary revolving credit facility during the same time.
Nabors Industries Ltd. NBR reported a first-quarter 2026 adjusted loss of $1.54 per share, narrower than the Zacks Consensus Estimate of a loss of $2.39. Additionally, the metric is significantly above the prior-year quarter’s reported loss of $7.5 per share. This outperformance was mainly driven by higher adjusted operating income from its International Drilling segment.
The oil and gas drilling company’s operating revenues of $783.5 million beat the Zacks Consensus Estimate of $779 million. The top line also increased from the year-ago quarter’s $736.2 million, primarily supported by higher contributions from the U.S. Drilling, International Drilling and Drilling Solutions segments.
As of March 31, 2026, Nabors had $500.9 million in cash and short-term investments. Long-term debt was about $2.1 billion, with a debt-to-capitalization of 78.8%.
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- Barclays sees the best setup for energy services in 20 years, names best stocks
May 7, 2026
Investing.com -- Barclays has upgraded its energy services industry view to Positive, arguing that the Middle East supply shock will prove to be a market-defining event that drives structurally higher oil prices and a multiyear upstream spending cycle.
This will create what the bank believes will be "the best setup for Energy Services since the early 2000s."
Analyst J. David Anderson upgraded Halliburton, Patterson-UTI Energy, ProPetro, Transocean, Noble, and Seadrill to Overweight, while downgrading Baker Hughes to Equal Weight and NOV to Underweight.
Barclays drew a direct comparison to the Arab Embargo of 1973 and the Iranian Revolution of 1978-79, saying the current supply shock "can only be compared" to those market-defining episodes, both of which led to lasting structural shifts in energy investment and policy.
On upstream spending, Barclays now expects growth of 9%-10% in 2027 and at least double-digit growth in 2028, a sharp revision from its prior forecast of 3%-5% growth.
"With little spare capacity across equipment and services globally, pricing power leverage should then start to shift toward services," Anderson wrote.
Within its upgrades, Barclays flagged U.S. onshore-leveraged names, Halliburton, Patterson-UTI, and ProPetro, as offering the most earnings torque to higher oil prices, forecasting 600 active U.S. rigs by end-2027.
On the offshore side, Transocean, Noble, and Seadrill were highlighted as potential "biggest winners," with Barclays now forecasting 131 active deepwater rigs by end-2027, up from 122 currently.
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- Northern Oil Q1 Earnings & Revenues Beat Estimates, Down Y/Y
May 6, 2026
Northern Oil and Gas, Inc. NOG reported first-quarter 2026 adjusted earnings per share of 74 cents, which beat the Zacks Consensus Estimate of 71 cents. The outperformance reflects strong production. However, the bottom line declined from the year-ago adjusted profit of $1.33 due to weaker natural gas prices and a 77% increase in operating expenses.
The Minnetonka, MN-based oil and gas exploration and production company reported oil and gas sales of $539.9 million, beating the Zacks Consensus Estimate of $511 million, supported by higher crude oil realizations. However, the top line decreased from the year-ago figure of $576.9 million. The year-over-year decline was mainly due to lower oil and gas sales during this quarter.
Northern Oil and Gas, Inc. Price, Consensus and EPS SurpriseNorthern Oil and Gas, Inc. Price, Consensus and EPS Surprise
Northern Oil and Gas, Inc. price-consensus-eps-surprise-chart | Northern Oil and Gas, Inc. Quote
In February, NOG closed the joint Ohio Utica acquisition of upstream and midstream assets with an adjusted ownership split of 40% for $464.6 million, including the previously paid $58.8 million deposit.
In March, NOG completed a common stock offering of 8.3 million shares of common stock, generating net proceeds of $227.9 million. Funds raised in the offering were applied to the outstanding borrowings on the company’s revolving credit facility.
NOG’s Q1 Production Details
The first-quarter production increased 10% year over year to 148,303 barrels of oil equivalent per day (Boe/d). Additionally, the figure beat our estimate of 141,049 Boe/d.
While oil volume totaled 73,567 Bod (a 6% decrease year over year), natural gas (and natural gas liquids) amounted to 448,444 thousand cubic feet per day (a 33% increase). Our model estimate for oil volume and natural gas production was pegged at 70,000 Bod and 411,400 thousand cubic feet per day, respectively.
The average sales price for crude was $66.32 per barrel, indicating a 2% increase from the prior-year quarter’s level of $64.92. Moreover, the figure beat our expectation of $52.51 per barrel.
The average realized natural gas price was $2.50 per thousand cubic feet compared with $3.86 in the year-earlier period. Our model estimate for the same was pinned at $4.58 per thousand cubic feet.
NOG’s Costs & Expenses
Total operating expenses in the quarter rose to $660 million from $372.8 million in the year-ago period. This was mainly on account of a surge in production expenses, general and administrative expenses, impairment of oil and gas assets, and other expenses. The metric came above our estimate of $636.2 million.
Story Continues
Capital Expenditures of NOG
The company reported capital expenditures of $270.1 million for the first quarter, excluding non-budgeted acquisitions and other unplanned items. Of this total, $226.5 million was dedicated to drilling and completion activities on organic assets, while $43.6 million was allocated to Ground Game efforts, including associated development costs.
During the first quarter, NOG placed 17.1 net wells into production.
NOG’s Financial Position
This Zacks Rank #3 (Hold) company’s free cash flow for the quarter totaled $30.4 million.
As of March 31, 2026, Northern Oil had $37 million in cash and cash equivalents. The company had a long-term debt of $2.6 billion, with a debt-to-capitalization of 58.8%.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Important Energy Earnings at a Glance
While we have discussed NOG’s first-quarter results in detail, let us take a look at three other key reports in the energy space.
Patterson-UTI Energy, Inc. PTEN reported a first-quarter 2026 adjusted net loss of 6 cents per share, narrower than the Zacks Consensus Estimate of a 10-cent loss. However, the bottom line decreased from the year-ago quarter's breakeven result due to a decrease in operating income in its Drilling Services, Completion Services and Drilling Products segments.
Total revenues of $1.1 billion beat the Zacks Consensus Estimate by 3.1%. This was driven by higher-than-expected revenues from the Drilling Services and Completion Services segments. The Drilling Services and Completion Services segments reported revenues of $351.7 million and $679.6 million, which beat the consensus mark of $350 million and $37.1 million, respectively. However, the top line decreased about 12.8% year over year. This underperformance can be attributed to the decrease in year-over-year segment revenues.
As of March 31, 2026, the company had cash and cash equivalents worth $337.2 million and long-term debt of $1.2 billion. Its debt-to-capitalization was 27.8%.
NOV Inc. NOV reported first-quarter 2026 adjusted earnings of 15 cents per share, which missed the Zacks Consensus Estimate of 17 cents. The bottom line also decreased 21% from the year-ago quarter’s 19 cents.
The oil and gas equipment and services company’s total revenues of $2.05 billion beat the Zacks Consensus Estimate by $2 million but fell 2.4% from the year-ago quarter’s figure of $2.1 billion.
The lower-than-expected quarterly earnings of the company were primarily attributable to conflict in the Middle East, which disrupted logistics, delayed deliveries and increased operational costs.
As of March 31, the company had cash and cash equivalents of $1.3 billion and long-term debt of $1.7 billion with a debt-to-capitalization of 21.2%. NOV had $1.5 billion available on its primary revolving credit facility during the same time.
Nabors Industries Ltd. NBR reported a first-quarter 2026 adjusted loss of $1.54 per share, narrower than the Zacks Consensus Estimate of a loss of $2.39. Additionally, the metric is significantly above the prior-year quarter’s reported loss of $7.5 per share. This outperformance was mainly driven by higher adjusted operating income from its International Drilling segment.
The oil and gas drilling company’s operating revenues of $783.5 million beat the Zacks Consensus Estimate of $779 million. The top line also increased from the year-ago quarter’s $736.2 million, primarily supported by higher contributions from the U.S. Drilling, International Drilling and Drilling Solutions segments.
As of March 31, 2026, Nabors had $500.9 million in cash and short-term investments. Long-term debt was about $2.1 billion, with a debt-to-capitalization of 78.8%.
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- Imperial Oil Q1 Earnings Miss Estimates, Revenues Rise YoY
May 6, 2026
Imperial Oil Limited IMO reported first-quarter 2026 adjusted earnings per share of $1.41, which missed the Zacks Consensus Estimate of $1.67 and decreased from the year-ago quarter’s $1.75 due to lower net income in the upstream segment and a lower average realized price for synthetic crude.
Revenues of $9.1 billion missed the Zacks Consensus Estimate of $9.8 billion due to weak performance in both the Upstream and Downstream segments. However, the top line increased from the year-ago quarter’s level of $8.7 billion.
Imperial Oil Limited Price, Consensus and EPS SurpriseImperial Oil Limited Price, Consensus and EPS Surprise
Imperial Oil Limited price-consensus-eps-surprise-chart | Imperial Oil Limited Quote
During the quarter, Imperial Oil returned C$350 million to its shareholders through dividend payments.
On May 1, 2026, the Calgary-based integrated oil and gas company declared a quarterly dividend of 87 Canadian cents per share on its outstanding common shares, payable on July 1, 2026, to its shareholders of record as of June 4.
IMO’s Segmental Information
Upstream: Revenues of C$4 billion decreased from the prior-year level of C$4.5 billion. The segment reported a net income of C$470 million compared with C$731 million in the year-ago quarter.
The company recorded average upstream production of 419,000 gross oil-equivalent barrels per day (boe/d) in the first quarter, which increased from the prior-year level of 418,000 boe/d. However, the figure missed our expectation of 436,000 boe/d.
IMO recorded total gross bitumen production at Kearl averaged 259,000 barrels per day (183,000 barrels Imperial Oil's share), up from 256,000 barrels per day (181,000 barrels Imperial Oil's share) in the first quarter of 2025.
The company also posted gross bitumen production at Cold Lake, averaging 155,000 barrels per day (bpd), which was an increase from 154,000 bpd in the first quarter of 2025.
IMO’s share of gross production from Syncrude averaged 72,000 bpd, down from 73,000 bpd in the first quarter of 2025. Lower volumes at Syncrude were caused by unplanned coker downtime.
Bitumen price realizations totaled C$68.21 per barrel compared with C$75.31 in the year-ago period. IMO received an average realized price of C$96.13 per barrel for synthetic oil compared with the prior-year quarter’s C$98.79. For conventional crude oil, it received C$52.44 per barrel compared with C$48.70 in the corresponding period of 2025.
Downstream: Revenues of C$13.9 billion decreased from the prior-year level of C$14 billion. Net income totaled C$611 million compared with C$584 million in the year-ago period.
Story Continues
The company recorded petroleum product sales of 441,000 bpd, compared to 455,000 bpd in the first quarter of 2025. The figure missed our expectation of 494,000 bpd. The refinery throughput in the first quarter averaged 384,000 bpd, down from the prior-year quarter’s level of 397,000 bpd. Moreover, the figure missed our estimate of 412,000 bpd. Imperial Oil recorded lower refinery throughput, primarily due to unplanned downtime and a disruption of synthetic crude feedstock caused by Syncrude's coker outage. The capacity utilization of 88% was down from the year-ago level of 91%. The figure also missed our estimate.
Chemical: Revenues of C$336 million decreased from C$372 million in the first quarter of 2025. Net income totaled C$24 million compared with C$31 million in the year-ago period.
IMO’s Total Costs & Capex
Total expenses of C$11.2 billion increased from the year-ago quarter’s C$10.8 billion.
In the quarter under review, this Zacks Rank #1 (Strong Buy) company’s capital and exploration expenditures totaled C$478 million, up from the year-ago quarter’s C$398 million.
You can see the complete list of today’s Zacks #1 Rank stocks here.
Financial Performance for IMO
Cash flow from operating activities was C$756 million compared with C$1.5 billion in the year-ago quarter.
As of March 31, 2026, Imperial Oil had cash and cash equivalents of C$1 billion. Total debt of the company amounted to C$4 billion, with a debt-to-capitalization of 14.9%.
IMO’s Outlook for 2026
IMO has already disclosed a capital and exploration spending budget ranging between C$2 billion and C$2.2 billion for 2026. Within its Upstream segment, production is anticipated to be in the range of 441,000-460,000 gross oil-equivalent barrels per day for the same year. Meanwhile, throughput in the Downstream segment is projected to be in the range of 395,000-405,000 barrels per day, accompanied by a capacity utilization rate of 91-93% throughout 2026.
Important Earnings at a Glance
While we have discussed IMO’s first-quarter results in detail, let us take a look at three other key reports in this space.
Patterson-UTI Energy, Inc. PTEN reported a first-quarter 2026 adjusted net loss of 6 cents per share, narrower than the Zacks Consensus Estimate of a 10-cent loss. However, the bottom line decreased from the year-ago quarter's breakeven result due to a decrease in operating income in its Drilling Services, Completion Services and Drilling Products segments.
Total revenues of $1.1 billion beat the Zacks Consensus Estimate by 3.1%. This was driven by higher-than-expected revenues from the Drilling Services and Completion Services segments. The Drilling Services and Completion Services segments reported revenues of $351.7 million and $679.6 million, which beat the consensus mark of $350 million and $37.1 million, respectively. However, the top line decreased about 12.8% year over year. This underperformance can be attributed to the decrease in year-over-year segment revenues.
As of March 31, 2026, the company had cash and cash equivalents worth $337.2 million and long-term debt of $1.2 billion. Its debt-to-capitalization was 27.8%.
NOV Inc. NOV reported first-quarter 2026 adjusted earnings of 15 cents per share, which missed the Zacks Consensus Estimate of 17 cents. The bottom line also decreased 21% from the year-ago quarter’s 19 cents.
The oil and gas equipment and services company’s total revenues of $2.05 billion beat the Zacks Consensus Estimate by $2 million but fell 2.4% from the year-ago quarter’s figure of $2.1 billion.
The lower-than-expected quarterly earnings of the company were primarily attributable to conflict in the Middle East, which disrupted logistics, delayed deliveries and increased operational costs.
As of March 31, the company had cash and cash equivalents of $1.3 billion and long-term debt of $1.7 billion with a debt-to-capitalization of 21.2%. NOV had $1.5 billion available on its primary revolving credit facility during the same time.
Nabors Industries Ltd. NBR reported a first-quarter 2026 adjusted loss of $1.54 per share, narrower than the Zacks Consensus Estimate of a loss of $2.39. Additionally, the metric is significantly above the prior-year quarter’s reported loss of $7.5 per share. This outperformance was mainly driven by higher adjusted operating income from its International Drilling segment.
The oil and gas drilling company’s operating revenues of $783.5 million beat the Zacks Consensus Estimate of $779 million. The top line also increased from the year-ago quarter’s $736.2 million, primarily supported by higher contributions from the U.S. Drilling, International Drilling and Drilling Solutions segments.
As of March 31, 2026, Nabors had $500.9 million in cash and short-term investments. Long-term debt was about $2.1 billion, with a debt-to-capitalization of 78.8%.
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- The 5 Most Interesting Analyst Questions From NOV’s Q1 Earnings Call
May 4, 2026
NOV’s first quarter was marked by operational headwinds stemming from the ongoing conflict in the Middle East, which management cited as the primary driver of underperformance relative to profit expectations. Logistics constraints, higher freight costs, and shipment delays notably impacted both capital equipment and aftermarket operations, particularly in the final month of the quarter. CEO Jose Bayardo emphasized that most disruptions were timing-related, stating, “deliveries have now occurred and others have been delayed rather than canceled,” and highlighted the resilience of NOV’s global team in managing through the chaos. Management’s tone was cautious, openly acknowledging that the unpredictable supply chain and elevated operating costs weighed heavily on margins.
Is now the time to buy NOV? Find out in our full research report (it’s free).
NOV (NOV) Q1 CY2026 Highlights:
Revenue: $2.05 billion vs analyst estimates of $2.06 billion (2.4% year-on-year decline, in line) Adjusted EPS: $0.11 vs analyst expectations of $0.15 (25.8% miss) Adjusted EBITDA: $177 million vs analyst estimates of $177.5 million (8.6% margin, in line) Operating Margin: 2.3%, down from 7.2% in the same quarter last year Other production: up 19% year on year Market Capitalization: $7.13 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From NOV’s Q1 Earnings Call
Arun Jayaram (J.P. Morgan Securities) asked about growth prospects for the subsea flexible pipe business and the rationale for expanding capacity in Brazil. CEO Jose Bayardo explained that strong backlog and an upcoming replacement cycle in offshore Brazil, alongside global demand, justify the investment. Arun Jayaram (J.P. Morgan Securities) inquired about the expected impact of Middle East disruptions in the second quarter. Bayardo clarified that while some logistics challenges persist, the situation has improved, and the company assumes the Strait remains closed for Q2 planning. James Michael Rollyson (Raymond James) pressed for details on the breadth of the anticipated recovery and whether NOV could benefit from a more synchronized industry upcycle. Bayardo described an environment where “all eight cylinders” of NOV’s business could finally fire, driven by recovering activity across geographies and segments. James Michael Rollyson (Raymond James) questioned the sustainability of margin improvements given recent cost headwinds. CFO Rodney Reed stated that ongoing cost reductions and portfolio strengths should drive margin recovery as market conditions improve, but tariffs and inflation remain challenges. Marc Bianchi (TD Cowen) probed the effect of recent tariff rulings and whether the company expects material cost relief. Reed responded that a Supreme Court decision could generate a refund, but the process is ongoing, and incremental tariff costs remain a risk in the interim.
Story Continues
Catalysts in Upcoming Quarters
Looking ahead, the StockStory team will be watching (1) the pace at which deferred Middle East orders are fulfilled and whether logistics constraints continue to ease, (2) the conversion of robust offshore pipeline orders into revenue, particularly in Brazil and deepwater projects, and (3) the effectiveness of cost-cutting initiatives in offsetting ongoing inflation and tariff pressures. Progress on these fronts will be critical for margin recovery and long-term earnings leverage.
NOV currently trades at $19.88, down from $20.82 just before the earnings. Is the company at an inflection point that warrants a buy or sell? The answer lies in our full research report (it’s free for active Edge members).
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- Expand Energy Q1 Earnings Beat Estimates on Strong Production
May 4, 2026
Expand Energy Corporation EXE reported first-quarter 2026 adjusted earnings per share of $3.83, beating the Zacks Consensus Estimate of $3.69. The company’s bottom line increased from the year-ago adjusted profit of $2.02, fueled by strong production and higher natural gas price realization.
Expand Energy’s ‘natural gas, oil and NGL’ revenues of $3.3 billion surpassed the Zacks Consensus Estimate of $3.1 billion. The top line was also higher than the year-ago figure of $2.3 billion.
Expand Energy Corporation Price, Consensus and EPS SurpriseExpand Energy Corporation Price, Consensus and EPS Surprise
Expand Energy Corporation price-consensus-eps-surprise-chart | Expand Energy Corporation Quote
During the first quarter of 2026, Expand Energy signed a 20-year Sales and Purchase Agreement (SPA) with Delfin FLNG Vessel 1 for about 1.15 million tons of LNG offtake per year, extending the company’s market reach to growing global demand centers.
EXE’s Production & Price Realizations
The company reported the average first-quarter daily production (comprising 93% natural gas) of 7,436 million cubic feet of gas equivalent (MMcfe/day), increasing 9.5% from the year-ago level of 6,788 MMcfe/day. The daily production levels surpassed the Zacks Consensus Estimate of 7,431 MMcfe/day. Natural gas volume for the period came in at 6,914 MMcfe/day, up 10.6% year over year. The consensus mark called for 6,864 MMcf/day of natural gas. EXE’s oil production was 15 thousand barrels per day (MBbl/d), while NGL output totaled 72 MBbl/d.
The average sales price for natural gas during the first quarter was $4.92 per Mcf, up 37.4% from the prior-year realization of $3.58 per Mcf, and it was also above the consensus mark of $4.75. The average realized oil price was $64.37 per barrel compared with the consensus mark of $62. Meanwhile, the average realized NGL price was $25.49 per barrel, above the Zacks Consensus Estimate of$25.36.
EXE’s Q1 Costs & Expenses
Total operating expenses in the quarter rose to $2.9 billion from the year-ago quarter’s $2.5 billion. This was mainly due to an increase in gathering, processing and transportation, exploration and marketing expenses. The company’s gathering, processing and transportation, exploration and marketing costs of $690 million, $14 million and $1.1 billion during the first quarter of 2026 rose from the year-ago levels of $563 million, $7 million and $919 million, respectively.
Dividend & Share Repurchases
In the first quarter, the company plans to pay its quarterly base dividend of 57.5 cents per share on June 04, 2026, to its shareholders of record on May 14. Furthermore, Expand Energy plans to focus on reducing debt in 2026 to reinforce its balance sheet and enhance financial flexibility during market lows while continuing to reward shareholders through its base dividend and share buybacks.
Story Continues
Year-to-date through April 24, 2026, Expand Energy has redeemed approximately $1.3 billion of gross debt and executed $150 million of share repurchases.
Financial Position
Cash flow from operations totaled $2.4 billion, which almost doubled from the prior-year quarter levels of $1.1 billion, while Expand Energy’s capital expenditure totaled $707 million, leading to a free cash flow of $1.7 billion. It also paid out $141 million in dividends during the period.
As of March 31, 2026, the company had $2.2 million in cash and cash equivalents. Expand Energy had a long-term debt of $4.1 billion, reflecting a debt-to-capitalization of 17.5%.
Expand Energy’s Guidance for Q2 & 2026
Expand Energy is targeting an average daily production in the range of 7,400-7,500 MMcfe for the second quarter of 2026 and 7,400-7,600 MMcfe for full-year 2026. The company has budgeted its capital spending between $770 million and $845 million for the upcoming quarter, while for 2026, the figure is projected to be between $2.75 billion and $2.95 billion.
Expand Energy currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Important Earnings at a Glance
While we have discussed EXE’s first-quarter results in detail, let us take a look at three other reports in this space.
Patterson-UTI Energy, Inc. PTEN reported a first-quarter 2026 adjusted net loss of 6 cents per share, narrower than the Zacks Consensus Estimate of a 10-cent loss. However, the bottom line decreased from the year-ago quarter's breakeven result due to a decrease in operating income in its Drilling Services, Completion Services and Drilling Products segments.
Total revenues of $1.1 billion beat the Zacks Consensus Estimate by 3.1%. This was driven by higher-than-expected revenues from the Drilling Services and Completion Services segments. The Drilling Services and Completion Services segments reported revenues of $351.7 million and $679.6 million, which beat the consensus mark of $350 million and $37.1 million, respectively. However, the top line decreased about 12.8% year over year. This underperformance can be attributed to the decrease in year-over-year segment revenues.
As of March 31, 2026, the company had cash and cash equivalents worth $337.2 million and long-term debt of $1.2 billion. Its debt-to-capitalization was 27.8%.
NOV Inc. NOV reported first-quarter 2026 adjusted earnings of 15 cents per share, which missed the Zacks Consensus Estimate of 17 cents. The bottom line also decreased 21% from the year-ago quarter’s 19 cents.
The oil and gas equipment and services company’s total revenues of $2.05 billion beat the Zacks Consensus Estimate by $2 million but fell 2.4% from the year-ago quarter’s figure of $2.1 billion.
The lower-than-expected quarterly earnings of the company were primarily attributable to conflict in the Middle East, which disrupted logistics, delayed deliveries and increased operational costs.
As of March 31, the company had cash and cash equivalents of $1.3 billion and long-term debt of $1.7 billion with a debt-to-capitalization of 21.2%. NOV had $1.5 billion available on its primary revolving credit facility during the same time.
Nabors Industries Ltd. NBR reported a first-quarter 2026 adjusted loss of $1.54 per share, narrower than the Zacks Consensus Estimate of a loss of $2.39. Additionally, the metric is significantly above the prior-year quarter’s reported loss of $7.5 per share. This outperformance was mainly driven by higher adjusted operating income from its International Drilling segment.
The oil and gas drilling company’s operating revenues of $783.5 million beat the Zacks Consensus Estimate of $779 million. The top line also increased from the year-ago quarter’s $736.2 million, primarily supported by higher contributions from the U.S. Drilling, International Drilling and Drilling Solutions segments.
As of March 31, 2026, Nabors had $500.9 million in cash and short-term investments. Long-term debt was about $2.1 billion, with a debt-to-capitalization of 78.8%.
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- Solaris Energy Q1 Earnings Crush Estimates on Power Growth
May 4, 2026
Solaris Energy Infrastructure SEI posted first-quarter 2026 adjusted earnings of 44 cents per share, up 120% year over year and ahead of the Zacks Consensus Estimate by 69.2%. The oilfield equipment and mobile power solutions provider’s revenues were $196.2 million, up 55.3% from the year-ago quarter and above the consensus by 8.5%. Leasing revenues rose to $105.4 million, while service revenues were $90.9 million, reflecting higher scale across operations. By segment, Power Solutions revenues increased to $128.5 million, while Logistics Solutions delivered $67.7 million.
The quarter reflected stronger activity in both businesses, with Power Solutions averaging about 910 MW of capacity earning revenues and Logistics running 104 fully utilized systems. Management also highlighted continued contracting momentum tied to behind-the-meter data center power demand.
Net income was $32.1 million in the quarter. On a non-GAAP basis, adjusted EBITDA was $83.6 million, up from $46.9 million in the year-ago period, driven primarily by higher Power Solutions activity levels and a modest lift in Logistics profitability.
Solaris Energy Infrastructure, Inc. Price, Consensus and EPS SurpriseSolaris Energy Infrastructure, Inc. Price, Consensus and EPS Surprise
Solaris Energy Infrastructure, Inc. price-consensus-eps-surprise-chart | Solaris Energy Infrastructure, Inc. Quote
Solaris Expanded Power Footprint With Longer-Dated Contracts
A central theme in the quarter was Solaris’ push toward longer-term behind-the-meter power arrangements for large technology customers. Subsequent to the quarter, on April 24, 2026, the company entered into an agreement to provide more than 600 MW of capacity, including balance of plant, for a 10-year term with a five-year extension option, with deployments expected to begin in late 2026 and scale through 2028.
In its investor materials, Solaris framed its contracted power base as exceeding 2,000 MW across multi-year partnerships with global technology leaders and highlighted a pro forma fleet of 3.1 GW expected to be delivered by the end of 2029.
Solaris Highlighted Balance-of-Plant Upside and Scope Expansion
Beyond just supplying power capacity, management highlighted a “turnkey” approach that includes not only generation but also supporting equipment and services. Recent long-term contracts cover a wider range of needs, such as distribution, storage and other infrastructure. This allows the company to invest more per project and potentially earn higher returns over the life of the contract.
Supporting this outlook, SEI has a strong pipeline of additional projects worth roughly $800 million to over $1 billion. If these are secured and completed, they could generate about $160 million to $200 million in recurring EBITDA.
Story Continues
SEI Raised Near-Term EBITDA Outlook and Updated Capital Items
For the second quarter of 2026, the Zacks Rank #3 (Hold) company raised total adjusted EBITDA guidance to $83-$93 million from $76-$84 million previously, and established third-quarter adjusted EBITDA guidance of $80-$95 million. Solaris also provided non-operational guideposts, including net interest expense of $5-$8 million for second-quarter 2026 and $12-$15 million for third-quarter 2026, and D&A of $32-$35 million for second-quarter 2026 and $35-$38 million for third-quarter 2026.
You can see the complete list of today’s Zacks #1 Rank stocks here.
On the capital and shareholder return front, Solaris approved a quarterly dividend of 12 cents per share payable June 12, 2026, and noted it upsized a previously announced $300 million credit facility to allow up to $500 million of commitments. At quarter-end, cash attributable to Solaris was $337.5 million, while long-term debt attributable to Solaris (net of current portion) was $395.4 million, with a debt-to-capitalization of 26.4%.
Some Key Oilfield Service Earnings
While we have discussed SEI’s first-quarter results in detail, let’s see how some other oilfield service companies have fared this earnings season.
NOV Inc. NOV reported first-quarter 2026 adjusted earnings of 15 cents per share, which missed the Zacks Consensus Estimate of 17 cents. The bottom line also decreased 21% from the year-ago quarter’s 19 cents. NOV’s total revenues of $2.1 billion beat the Zacks Consensus Estimate by 2 million but fell 2.4% from the year-ago quarter’s figure of $2.1 billion.
The lower-than-expected quarterly earnings of NOV were primarily attributable to conflict in the Middle East, which disrupted logistics, delayed deliveries and increased operational costs. In the first quarter, NOV repurchased approximately 3.5 million shares of common stock for a total of $67 million. The company also returned $33 million in dividends, resulting in a total of $100 million in capital to its shareholders during the quarter.
Oceaneering International OII reported an adjusted profit of 30 cents per share for the first quarter of 2026, missing the Zacks Consensus Estimate of 35 cents. Moreover, the bottom line decreased from 43 cents in the year-ago quarter. This was due to lower operating income from its Offshore Projects Group and Integrity Management & Digital Solutions segments.
As of March 31, 2026, Oceaneering had cash and cash equivalents worth $607.5 million and $688.9 million, respectively, along with a long-term debt of about $488.8 million. The debt-to-capitalization was 30.5%. Oceaneering also reported adjusted EBITDA of $83.7 million, a 13.4% decrease year over year.
Liberty Energy LBRT reported a first-quarter 2026 adjusted net profit of 6 cents per share, in contrast to the Zacks Consensus Estimate of a loss of 13 cents. The outperformance was driven by the company’s focus on technological innovation and strong operational execution. Moreover, Liberty Energy’s bottom line increased from the year-ago quarter’s profit of 4 cents.
LBRT's revenues totaled $1 billion, which beat the Zacks Consensus Estimate of $949 million. The top line also increased from the prior-year quarter’s $977 million by 4%, supported by elevated activity levels. Liberty Energy reported total costs and expenses of $998.9 million in the first quarter, increasing 4.1% from the year-ago quarter’s level.
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- Solaris Energy Q1 Earnings Crush Estimates on Power Growth
May 4, 2026 · zacks.com
SEI's Q1 profit jumped 120%, and revenues rose 55% as Power Solutions scaled, aided by behind-the-meter data center power demand.
- Assessing NOV (NOV) Valuation As Mixed Short Term Returns Follow Strong Longer Term Gains
May 4, 2026
Get insights on thousands of stocks from the global community of over 7 million individual investors at Simply Wall St.
What NOV’s Recent Performance Signals for Investors
NOV (NOV) has drawn fresh attention after a stretch of mixed short term returns, with the stock down over the past week but higher over the past month and past 3 months.
At a last close of $19.86 and a market cap of about $7.1b, NOV sits against a backdrop of reported annual revenue of $8,693.0 million and net income of $91.0 million. These figures help frame how investors might think about its current valuation.
See our latest analysis for NOV.
While the 1 day share price return of 2.93% and 7 day share price return of 3.12% have been weak, the 1 year total shareholder return of 68.32% alongside a 21.02% year to date share price return points to momentum that has, so far, held up over a longer stretch.
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With NOV trading at $19.86, an intrinsic value estimate implying about a 32% discount and a modest gap to a US$21.10 analyst target, the key question is simple: is this genuine value or has the market already pencilled in future growth?
Most Popular Narrative: 3.8% Undervalued
With NOV last closing at $19.86 against a narrative fair value of $20.65, the most followed view sees a modest gap that hinges on long cycle energy projects and margin repair.
Anticipated acceleration in offshore oil and gas activity beginning in 2026, with deepwater projects increasingly becoming the incremental source of global production, is expected to drive significant demand for NOV's high spec drilling and production technologies, positioning the company for robust revenue and margin growth as project backlogs convert. (Revenue, net margins)
Read the complete narrative.
The fair value story leans heavily on gradually rising revenues, a meaningful step up in profit margins, and a lower future earnings multiple than many peers. Curious which assumptions really move the model and how sensitive that $20.65 figure is to them.
Result: Fair Value of $20.65 (UNDERVALUED)
Have a read of the narrative in full and understand what's behind the forecasts.
However, this depends on offshore and international projects arriving on time, while any prolonged weakness in key drilling markets or pricing pressure could quickly challenge that fair value story.
Find out about the key risks to this NOV narrative.
Another Lens on NOV’s Valuation
The fair value narrative leans on future cash flows and discount rates, but today’s price of $19.86 also sits against a much higher P/E ratio of 78.3x, compared with a fair ratio of 30.1x, the US Energy Services industry at 26.9x, and peers at 37.8x. That gap suggests investors are paying a rich earnings multiple, even while other models point to undervaluation. The question is which signal should matter more to you right now.
Story Continues
See what the numbers say about this price — find out in our valuation breakdown.NYSE:NOV P/E Ratio as at May 2026
Next Steps
Mixed signals or early opportunity: either way, this is the moment to look under the hood yourself and weigh both the upside and the warning signs, starting with 2 key rewards and 4 important warning signs
Looking for more investment ideas?
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include NOV.
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- Heavy Buybacks and Softer Outlook Might Change The Case For Investing In NOV (NOV)
May 4, 2026
In the first quarter of 2026, NOV Inc. reported revenue of US$2,052 million and net income of US$19 million, alongside a completed share repurchase of 40,475,436 shares for US$611.23 million under its April 2024 buyback program. Despite returning substantial capital through buybacks, NOV has guided to a 4%–6% year-over-year revenue decline for the second quarter of 2026, highlighting pressure on its near-term earnings profile. We will now examine how this combination of softer earnings, cautious revenue guidance, and extensive buybacks reshapes NOV's previously fair investment outlook narrative.
Find 51 companies with promising cash flow potential yet trading below their fair value.
NOV Investment Narrative Recap
To own NOV today, you need to believe its offshore, international and infrastructure exposure can offset softer periods in traditional oilfield spending and margin pressure. The latest update of modest Q1 profits, a guided 4% to 6% revenue decline for Q2 2026, and heavy past buybacks does not change that core thesis, but it does sharpen the near term risk that weaker earnings and lower margins could limit the benefit of those capital returns.
The most relevant recent announcement here is the completion of NOV’s April 2024 buyback program, with 40,475,436 shares repurchased for US$611.23 million. Combined with the dividend increase to US$0.09 per share, NOV is clearly emphasizing capital returns at the same time as it guides to lower near term revenue, which makes the current pressure on profitability and margins an especially important catalyst to watch.
Yet behind the capital returns, investors should be aware that the real concern is whether weaker earnings and lower margins amid softer activity could...
Read the full narrative on NOV (it's free!)
NOV's narrative projects $9.3 billion revenue and $528.1 million earnings by 2029.
Uncover how NOV's forecasts yield a $20.65 fair value, a 4% upside to its current price.
Exploring Other PerspectivesNOV 1-Year Stock Price Chart
Some of the most optimistic analysts were expecting NOV to reach about US$587.9 million in earnings by 2029, yet today’s weaker margins and tariff risks show how differently you and those bullish forecasts might view the same business.
Explore 5 other fair value estimates on NOV - why the stock might be worth as much as 46% more than the current price!
Form Your Own Verdict
Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts.
A great starting point for your NOV research is our analysis highlighting 2 key rewards and 4 important warning signs that could impact your investment decision. Our free NOV research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate NOV's overall financial health at a glance.
Story Continues
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include NOV.
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