Earnings results often indicate what direction a company will take in the months ahead. With Q3 behind us, let’s have a look at Riley Exploration Permian (NYSE:REPX) and its peers.
US shale oil producers extract crude from tight rock formations using horizontal drilling and hydraulic fracturing (fracking) techniques, primarily in basins like the Permian, Bakken, and Eagle Ford. Tailwinds include short-cycle investment flexibility allowing rapid production adjustments, technological improvements enhancing well productivity, and proximity to refining and export infrastructure. Capital discipline has improved financial returns. Headwinds include commodity price sensitivity affecting drilling economics, accelerating well decline rates requiring continuous capital investment, and increasing regulatory and ESG scrutiny. Water usage, induced seismicity concerns, and evolving environmental regulations present ongoing operational challenges.
The 11 u.s. shale e&p stocks we track reported a favorable Q3. As a group, revenues beat analysts’ consensus estimates by 5.3%.
While some u.s. shale e&p stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 4.8% since the latest earnings results.
Riley Exploration Permian (NYSE:REPX)
Operating in counties where legacy oil fields have been producing since the early 1900s, Riley Exploration Permian (NYSE:REPX) drills for and produces oil and natural gas from horizontal wells in the Permian Basin of West Texas and New Mexico.
Riley Exploration Permian reported revenues of $201.2 million, up 88.3% year on year. This print exceeded analysts’ expectations by 8.8%. Overall, it was a very strong quarter for the company with a beat of analysts’ EPS estimates.
Bobby Riley, CEO and Chairman of the Board, stated, "Going forward, and based on current market conditions, we plan to continue investing significantly in the development of our assets, supported by our large and growing base of undeveloped inventory, improving third-party infrastructure conditions, and the currently supportive commodity price environment."
Riley Exploration Permian scored the fastest revenue growth among its peers. Investor expectations, however, were likely higher than Wall Street’s published projections, leaving some wishing for even better results (analysts’ consensus estimates are those published by big banks and advisory firms, not the investors who make buy and sell decisions). The stock is down 3.8% since reporting and currently trades at $41.27.
Best Q3: Crescent Energy (NYSE:CRGY)
Controlling over 1.4 million net acres across proven U.S. basins, Crescent Energy (NYSE:CRGY) extracts oil and natural gas from underground reservoirs in Texas and the Rocky Mountains.
Crescent Energy reported revenues of $1.35 billion, up 55.9% year on year, outperforming analysts’ expectations by 3.4%. The business had an impressive quarter with a beat of analysts’ EPS estimates.
Although it had a fine quarter compared to its peers, the market seems unhappy with the results as the stock is down 17.3% since reporting. It currently trades at $11.14.
Is now the time to buy Crescent Energy? Access our full analysis of the earnings results here, it’s free.
Weakest Q3: Viper Energy (NASDAQ:VNOM)
Operating a business model that requires no drilling rigs or production equipment of its own, Viper Energy (NASDAQ:VNOM) owns mineral and royalty interests in oil and gas properties, collecting revenue when operators extract resources from land.
Viper Energy reported revenues of $661 million, up 58.1% year on year, exceeding analysts’ expectations by 4%. Still, it was a mixed quarter as it posted a significant miss of analysts’ EBITDA estimates.
As expected, the stock is down 11.8% since the results and currently trades at $40.30.
Read our full analysis of Viper Energy’s results here.
Permian Resources (NYSE:PR)
Controlling roughly 450,000 net acres in America's most productive oil patch, Permian Resources (NYSE:PR) is an oil and natural gas producer that drills wells and extracts hydrocarbons from underground reservoirs in West Texas and New Mexico.
Permian Resources reported revenues of $1.96 billion, up 48.1% year on year. This result surpassed analysts’ expectations by 7.1%. Overall, it was an impressive quarter as it also recorded a beat of analysts’ EPS estimates.
The stock is down 2.5% since reporting and currently trades at $21.86.
Read our full, actionable report on Permian Resources here, it’s free.
Cactus (NYSE:WHD)
Named for the spiky wellhead equipment that reminded founders of desert cacti, Cactus (NYSE:WHD) manufactures wellheads, valves, and spoolable pipes used in drilling and producing oil and gas wells.
Cactus reported revenues of $430.9 million, up 63.2% year on year. This number met analysts’ expectations. Overall, it was a favorable quarter as it also put up a beat of analysts’ EPS estimates and a solid beat of analysts’ EBITDA estimates.
Cactus had the weakest performance against analyst estimates of the whole group. The stock is down 8% since reporting and currently trades at $59.19.
Read our full, actionable report on Cactus here, it’s free.
Market update
Over the past year, investors have been forced to repeatedly answer the same question: what is the market’s biggest risk? The answer has changed several times, and each shift has reshaped market leadership.
Late in 2025 and early 2026, artificial intelligence became the market’s primary uncertainty. Investors questioned whether AI would erode software pricing power and weaken competitive moats as AI made it easier to replicate once-differentiated products.
By the spring, technology took a back seat to geopolitics. The U.S. conflict with Iran briefly became the market’s dominant narrative, raising concerns about oil prices, inflation, and global growth. But as energy markets remained orderly and fears of a prolonged supply disruption faded, investors quickly turned their focus back to fundamentals.
Want to invest in winners with rock-solid fundamentals? Check out our 9 Best Market-Beating Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.