Dafinchi AI

Texas Pacific Land Corporation

TPL

Energy & Utilities

1w

Permian Basin's Long-Term Resource Outlook and Innovation

Despite a slowdown in activity due to lower oil prices, management emphasizes that Permian's resource remains abundant, with over 60,000 locations breakeven below $60 oil and $3 gas, representing over 30 billion barrels of oil.
Permian production has grown from less than 2 million barrels per day a decade ago to approximately 6.5 million barrels today, accounting for about half of U.S. oil and more than every OPEC nation except Saudi Arabia.
Industry innovations such as increased lateral length, proppant loading, water recycling, and new well designs like horseshoe wells are extending the basin's resource life and improving well economics, even with fewer rigs.
The company highlights ongoing boundary extensions and new formation developments, supported by increased leasing activity, indicating a vibrant and expanding industry despite recent activity reductions.

Halliburton Company

HAL

Energy & Utilities

4w

Market Outlook and Short-term Market Softness

Jeff Miller highlighted that the oilfield services market is softer than previously expected due to trade uncertainties, geopolitical unrest, and accelerated OPEC+ production cuts.
North American operators are planning significant schedule gaps in H2 2025.
International markets, especially large NOCs, are reducing activity and discretionary spend.
Despite short-term softness, demand fundamentals for oil and gas remain strong, with expectations of market improvement as OPEC+ production is absorbed.

Diamondback Energy, Inc.

FANG

Energy & Utilities

2w

Diamondback's Industry Consolidation Strategy and M&A Outlook

Diamondback views itself as the natural consolidator in the Permian, emphasizing its ability to execute acquisitions at lower costs and integrate seamlessly, citing the recent Endeavor acquisition which nearly doubled the company's size.
The company considers itself the consolidator of choice until proven otherwise and remains focused on selective, high-quality acquisitions, especially targeting sub-$40 breakeven inventory.
Diamondback maintains a patient approach to M&A, with a focus on high-quality inventory, and sees additional consolidation opportunities in the Permian, particularly in Viper Energy, which is pursuing a roll-up strategy.

Northern Oil and Gas, Inc.

NOG

Energy & Utilities

2w

Strategic Shift Toward Inorganic Growth and M&A Opportunities

The company has a record-high backlog of potential acquisitions valued at over $8 billion, covering various structures, basins, and scales.
Management emphasizes long-term value creation through acquisitions, with a focus on long-dated inventory providing resilience against short-term price volatility.
The company is involved in more than 10 ongoing M&A processes, including gas-related opportunities, co-bids, and non-op packages, indicating a strategic pivot towards consolidation.
They see inorganic activity as more controllable and predictable, with a higher potential for long-term returns, especially in a volatile price environment.

Northern Oil and Gas, Inc.

NOG

Energy & Utilities

2w

Financial Performance Summary

Adjusted EBITDA was $440.4 million including a $48.6 million legal settlement impact.
CapEx was $210 million, 16% lower sequentially, allocated 34% Permian, 25% Williston, 15% Uinta, and 26% Appalachia.
Fitch upgraded NOG's credit rating to BB-.
Free cash flow excluding the legal settlement was approximately $126 million, marking the 22nd consecutive quarter of positive free cash flow totaling over $1.8 billion.
Lease operating costs per BOE rose 6% to $9.95 due to higher expenses in Williston and Permian regions.
Liquidity at quarter end was over $1.1 billion, including $26 million cash and $1.1 billion available on revolving credit.
NOG delivered a solid Q2 2025 with total average daily production of approximately 134,000 BOE per day, up 9% versus Q2 2024 and flat sequentially.
NOG recorded a $115.6 million noncash impairment charge due to lower oil prices, leading to reduced DD&A guidance per BOE.
Oil production was approximately 77,000 barrels per day, up 10.5% year-over-year and down 2% sequentially due to lower Williston activity.
Uinta Basin volumes increased 18.5% sequentially, and Appalachian JV wells started contributing in the back half of the quarter with record gas volumes of approximately 343 mmcf per day.

Patterson-UTI Energy, Inc.

PTEN

Energy & Utilities

3w

Market Volatility and Macro Uncertainty Impacting Oil and Gas Activity

Oil prices fluctuated between mid-$50s and mid-$70s per barrel due to trade policy fears, OPEC+ production signals, and geopolitical risks, creating market volatility.
Customer drilling and completion activity remains cautious, with expectations of potential negative impacts on U.S. oil production and natural gas demand, especially as LNG facilities come online.
Management emphasizes the unsettled macro environment and its influence on customer behavior and industry activity levels.

Select Energy Services, Inc.

WTTR

Energy & Utilities

1w

Strategic Growth in Water Infrastructure with Long-term Contracts

Signed several new long-term agreements for large gathering, recycling, distribution, and disposal projects in the Northern Delaware Basin.
Added approximately 60,000 acres of leasehold dedication and 385,000 acres under right of first refusal agreements.
Contracts encompass full water cycle including gathering, recycling, disposal, and distribution.
Contracts support expansion of recycling facilities and pipeline infrastructure.
Expectation of 20% YoY growth in water infrastructure revenue in 2026, building on double-digit growth in 2025.

Oil States International, Inc.

OIS

Energy & Utilities

2w

Resilience of Offshore and International Markets Amid Geopolitical Instability

Oil States highlighted the resilience of offshore and international markets despite geopolitical instability, lower crude oil prices, and fluctuating U.S. trade policies.
The company achieved the midpoint of its EBITDA guidance due to strong product and service mix, driven by offshore activity and backlog growth.
Management emphasized that offshore project visibility is high, with projects being multi-year and multi-decade developments, less impacted by short-term macroeconomic issues.

W&T Offshore, Inc.

WTI

Energy & Utilities

2w

Financial Performance Summary

Adjusted EBITDA grew by 9% to $35 million compared to Q1 2025.
Capital expenditures in Q2 2025 were $10 million; asset retirement costs totaled $12 million.
Liquidity increased to $171 million as of June 30, 2025.
Midyear 2025 SEC proved reserves were 123 million barrels of oil equivalent, slightly down from 127 million at year-end 2024 due to production but partially offset by 1.8 million barrels of positive revisions.
Pretax PV-10 value of midyear 2025 proved reserves was flat at $1.2 billion compared to year-end 2024.
Total debt reduced from $393 million at year-end 2024 to $350 million at the end of Q2 2025; net debt reduced from $284 million to $229 million.
Total lease operating expenses were $77 million, within guidance.
Unrestricted cash grew to over $120 million while net debt was lowered by about $15 million to under $230 million.
W&T Offshore increased production by 10% quarter-over-quarter to 33,500 barrels of oil equivalent per day in Q2 2025, within guidance range.