# Oil & Gas Exploration & Production — company-by-company sector analysis > Oil & Gas Exploration & Production: Canadian Natural Resources Limited owns the largest revenue base; BKV Corporation has the fastest current growth. Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice. ## Bottom line Oil & Gas Exploration & Production has outperformed S&P 500 by 5.6% over 52 weeks and 14.7% over 13 weeks. 15 of 30 covered companies beat the S&P 500 on Mansfield relative strength, while 18 of 30 beat the sector itself. BKV Corporation has the fastest current revenue growth at 100%, across 20 of 30 comparable companies. ### Is the Oil & Gas Exploration & Production sector outperforming S&P 500? Oil & Gas Exploration & Production has outperformed S&P 500 by 5.6% over 52 weeks and 14.7% over 13 weeks. 15 of 30 covered companies beat the S&P 500 on Mansfield relative strength, while 18 of 30 beat the sector itself. ### Which Oil & Gas Exploration & Production company is largest by revenue? Canadian Natural Resources Limited leads with revenue of $38,633 million, based on 20 of 30 comparable companies through Mar 2026. ### Which Oil & Gas Exploration & Production company is growing fastest? BKV Corporation has the fastest current revenue growth at 100%, across 20 of 30 comparable companies. ### Which Oil & Gas Exploration & Production company has the strongest 4-Factor Sector Score? APA Corporation ranks first at 68.2/100 with 82% evidence confidence. The score prioritizes research; it is not a buy recommendation. ### Which Oil & Gas Exploration & Production company reports the most CAPEX? Woodside Energy Group Ltd reports the largest latest CAPEX at $3,093 million, with 30 of 30 companies comparable. ### Which Oil & Gas Exploration & Production company has the least gross debt? EOG Resources, Inc. has the lowest comparable gross debt at $0 million. ConocoPhillips has the highest at $23,327 million. ### Which Oil & Gas Exploration & Production company has the lowest comparable PEG? Diamondback Energy, Inc. has the lowest comparable Guarded PEG at 0.1, among 9 of 30 companies that pass the metric’s comparability rules. ### How much history does this Oil & Gas Exploration & Production comparison include? The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated. ### How is the 4-Factor Sector Score calculated? The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral. ## Sector relative strength Oil & Gas Exploration & Production has outperformed S&P 500 by 5.6% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 14.7%. 15 of 30 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is broad. Ovintiv Inc. is the strongest against the sector itself at +18%. 13-week sector return versus NIFTY 500: -15% 52-week sector return versus NIFTY 500: 5.6% Stocks leading NIFTY: 15/30 Stocks leading sector: 18/30 Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change. Companies: 30 Combined market value: ₹7.2 L Cr ## 4-Factor Sector Score An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment. 1. APA Corporation (APA): 68/100 — Favorable setup; evidence 82% - Growth & earnings 22.3/35 | Capital efficiency 17.1/25 | Valuation 14.9/20 | Relative strength 13.9/20 - Exact sum: 22.3 + 17.1 + 14.9 + 13.9 = 68.2 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 2. Ovintiv Inc. (OVV): 65/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 20.4/35 | Capital efficiency 16.0/25 | Valuation 9.4/20 | Relative strength 19.3/20 - Exact sum: 20.4 + 16 + 9.4 + 19.3 = 65.1 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 3. Black Stone Minerals, L.P. (BSM): 63/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 22.4/35 | Capital efficiency 13.9/25 | Valuation 13.9/20 | Relative strength 12.6/20 - Exact sum: 22.4 + 13.9 + 13.9 + 12.6 = 62.8 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 4. Canadian Natural Resources Limited (CNQ): 59/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 17.0/35 | Capital efficiency 14.2/25 | Valuation 11.6/20 | Relative strength 15.7/20 - Exact sum: 17 + 14.2 + 11.6 + 15.7 = 58.5 - Decision use: Price leads the evidence: RS versus the benchmark is 7%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 5. CNX Resources Corporation (CNX): 58/100 — Mixed-positive evidence; evidence 65% - Growth & earnings 26.2/35 | Capital efficiency 13.2/25 | Valuation 11.5/20 | Relative strength 7.4/20 - Exact sum: 26.2 + 13.2 + 11.5 + 7.4 = 58.3 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 6. Antero Resources Corporation (AR): 58/100 — Mixed-positive evidence; evidence 72% - Growth & earnings 27.9/35 | Capital efficiency 12.3/25 | Valuation 9.9/20 | Relative strength 7.8/20 - Exact sum: 27.9 + 12.3 + 9.9 + 7.8 = 57.9 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 7. Expand Energy Corporation (EXE): 58/100 — Mixed-positive evidence; evidence 65% - Growth & earnings 25.6/35 | Capital efficiency 14.4/25 | Valuation 11.3/20 | Relative strength 6.2/20 - Exact sum: 25.6 + 14.4 + 11.3 + 6.2 = 57.5 - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -19% and the one-year return is -13.2%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. 8. Texas Pacific Land Corporation (TPL): 56/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 20.6/35 | Capital efficiency 20.0/25 | Valuation 3.9/20 | Relative strength 11.6/20 - Exact sum: 20.6 + 20 + 3.9 + 11.6 = 56.1 - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression. 9. EOG Resources, Inc. (EOG): 56/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 16.7/35 | Capital efficiency 12.6/25 | Valuation 9.7/20 | Relative strength 16.8/20 - Exact sum: 16.7 + 12.6 + 9.7 + 16.8 = 55.8 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 10. Permian Resources Corporation (PR): 55/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 13.5/35 | Capital efficiency 14.4/25 | Valuation 11.5/20 | Relative strength 15.7/20 - Exact sum: 13.5 + 14.4 + 11.5 + 15.7 = 55.1 - Decision use: Price leads the evidence: RS versus the benchmark is 10.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 11. Vista Energy, S.A.B. de C.V. (VIST): 55/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 15.2/35 | Capital efficiency 13.5/25 | Valuation 11.2/20 | Relative strength 15.1/20 - Exact sum: 15.2 + 13.5 + 11.2 + 15.1 = 55 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 12. Range Resources Corporation (RRC): 54/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 20.3/35 | Capital efficiency 14.1/25 | Valuation 10.8/20 | Relative strength 8.6/20 - Exact sum: 20.3 + 14.1 + 10.8 + 8.6 = 53.8 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 13. Gulfport Energy Corporation (GPOR): 53/100 — Mixed-positive evidence; evidence 65% - Growth & earnings 25.0/35 | Capital efficiency 13.7/25 | Valuation 11.4/20 | Relative strength 3.2/20 - Exact sum: 25 + 13.7 + 11.4 + 3.2 = 53.3 - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -23.2% and the one-year return is -8.8%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. 14. SM Energy Company (SM): 49/100 — Mixed-negative evidence; evidence 82% - Growth & earnings 11.1/35 | Capital efficiency 5.8/25 | Valuation 13.1/20 | Relative strength 18.8/20 - Exact sum: 11.1 + 5.8 + 13.1 + 18.8 = 48.8 - Decision use: Price leads the evidence: RS versus the benchmark is 9.6%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 15. BKV Corporation (BKV): 49/100 — Mixed-negative evidence; evidence 65% - Growth & earnings 25.6/35 | Capital efficiency 10.6/25 | Valuation 11.1/20 | Relative strength 1.2/20 - Exact sum: 25.6 + 10.6 + 11.1 + 1.2 = 48.5 - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -15.8% and the one-year return is 17.5%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. 16. Diamondback Energy, Inc. (FANG): 48/100 — Mixed-negative evidence; evidence 82% - Growth & earnings 10.3/35 | Capital efficiency 10.0/25 | Valuation 13.3/20 | Relative strength 14.8/20 - Exact sum: 10.3 + 10 + 13.3 + 14.8 = 48.4 - Decision use: Price leads the evidence: RS versus the benchmark is 6.1%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 17. Chord Energy Corporation (CHRD): 48/100 — Mixed-negative evidence; evidence 72% - Growth & earnings 10.7/35 | Capital efficiency 14.0/25 | Valuation 8.6/20 | Relative strength 14.9/20 - Exact sum: 10.7 + 14 + 8.6 + 14.9 = 48.2 - Decision use: Price leads the evidence: RS versus the benchmark is 7.3%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 18. ConocoPhillips (COP): 48/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 14.7/35 | Capital efficiency 11.4/25 | Valuation 9.1/20 | Relative strength 12.9/20 - Exact sum: 14.7 + 11.4 + 9.1 + 12.9 = 48.1 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 19. Occidental Petroleum Corporation (OXY): 47/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 14.1/35 | Capital efficiency 9.5/25 | Valuation 10.2/20 | Relative strength 13.4/20 - Exact sum: 14.1 + 9.5 + 10.2 + 13.4 = 47.2 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 20. Magnolia Oil & Gas Corporation (MGY): 47/100 — Mixed-negative evidence; evidence 82% - Growth & earnings 14.0/35 | Capital efficiency 16.4/25 | Valuation 14.0/20 | Relative strength 2.4/20 - Exact sum: 14 + 16.4 + 14 + 2.4 = 46.8 - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. 21. Baytex Energy Corp. (BTE): 47/100 — Thin evidence · provisional; evidence 60% - Growth & earnings 12.8/35 | Capital efficiency 11.4/25 | Valuation 10.5/20 | Relative strength 12.1/20 - Exact sum: 12.8 + 11.4 + 10.5 + 12.1 = 46.8 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 22. EQT Corporation (EQT): 47/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 17.0/35 | Capital efficiency 12.8/25 | Valuation 10.3/20 | Relative strength 6.6/20 - Exact sum: 17 + 12.8 + 10.3 + 6.6 = 46.7 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 23. Crescent Energy Company (CRGY): 45/100 — Mixed-negative evidence; evidence 65% - Growth & earnings 20.9/35 | Capital efficiency 9.6/25 | Valuation 9.5/20 | Relative strength 4.6/20 - Exact sum: 20.9 + 9.6 + 9.5 + 4.6 = 44.6 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 24. Murphy Oil Corporation (MUR): 44/100 — Mixed-negative evidence; evidence 72% - Growth & earnings 12.6/35 | Capital efficiency 11.2/25 | Valuation 8.7/20 | Relative strength 11.9/20 - Exact sum: 12.6 + 11.2 + 8.7 + 11.9 = 44.4 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 25. Comstock Resources, Inc. (CRK): 44/100 — Mixed-negative evidence; evidence 65% - Growth & earnings 21.5/35 | Capital efficiency 9.4/25 | Valuation 11.0/20 | Relative strength 2.2/20 - Exact sum: 21.5 + 9.4 + 11 + 2.2 = 44.1 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 26. Devon Energy Corporation (DVN): 39/100 — Mixed-negative evidence; evidence 72% - Growth & earnings 11.7/35 | Capital efficiency 9.9/25 | Valuation 9.8/20 | Relative strength 7.2/20 - Exact sum: 11.7 + 9.9 + 9.8 + 7.2 = 38.6 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 27. Talos Energy Inc. (TALO): 37/100 — Thin evidence · provisional; evidence 57% - Growth & earnings 11.8/35 | Capital efficiency 4.8/25 | Valuation 8.8/20 | Relative strength 11.2/20 - Exact sum: 11.8 + 4.8 + 8.8 + 11.2 = 36.6 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 28. Matador Resources Company (MTDR): 30/100 — Adverse evidence; evidence 82% - Growth & earnings 8.9/35 | Capital efficiency 8.3/25 | Valuation 10.3/20 | Relative strength 2.6/20 - Exact sum: 8.9 + 8.3 + 10.3 + 2.6 = 30.1 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 29. California Resources Corporation (CRC): 23/100 — Adverse evidence; evidence 72% - Growth & earnings 4.4/35 | Capital efficiency 6.8/25 | Valuation 10.7/20 | Relative strength 1.4/20 - Exact sum: 4.4 + 6.8 + 10.7 + 1.4 = 23.3 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 30. Woodside Energy Group Ltd (WDS): 55/100 — Thin evidence · provisional; evidence 29% - Growth & earnings 17.5/35 | Capital efficiency 11.3/25 | Valuation 10.6/20 | Relative strength 15.5/20 - Exact sum: 17.5 + 11.3 + 10.6 + 15.5 = 54.9 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. ## Revenue Scale & Growth Durability What the numbers say: Canadian Natural Resources Limited is the scale leader at $38,633 million, 133.5% ahead of Devon Energy Corporation. BKV Corporation's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 125.3% from a $1,363 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale. Investor read: Canadian Natural Resources Limited is the scale benchmark; BKV Corporation is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns. This conclusion weakens if: Canadian Natural Resources Limited's growth falls below BKV Corporation's for two consecutive comparable reports while operating margin also compresses. Evidence: Canadian Natural Resources Limited · $38,633 million | 133.5% versus #2 · Devon Energy Corporation | 4/8 recent comparable periods | 20/30 companies · 554 observations Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress. ### Revenue — largest 1. Canadian Natural Resources Limited (CNQ): ₹38.6K Cr 2. Devon Energy Corporation (DVN): ₹16.5K Cr 3. Diamondback Energy, Inc. (FANG): ₹15.2K Cr 4. Expand Energy Corporation (EXE): ₹14.3K Cr 5. APA Corporation (APA): ₹8.6K Cr ### Revenue growth — fastest growers 1. BKV Corporation (BKV): 100% 2. CNX Resources Corporation (CNX): 100% 3. Expand Energy Corporation (EXE): 100% 4. Gulfport Energy Corporation (GPOR): 91% 5. Comstock Resources, Inc. (CRK): 60% ### 20-quarter Revenue history - COP: Sep 2021 ₹11.3K Cr | Dec 2021 ₹15.1K Cr | Mar 2022 ₹17.8K Cr | Jun 2022 ₹21.2K Cr | Sep 2022 ₹21.0K Cr | Dec 2022 ₹18.6K Cr | Mar 2023 ₹14.8K Cr | Jun 2023 ₹12.4K Cr | Sep 2023 ₹14.3K Cr | Dec 2023 ₹14.7K Cr | Mar 2024 ₹13.8K Cr | Jun 2024 ₹13.6K Cr | Sep 2024 ₹13.0K Cr | Dec 2024 ₹14.2K Cr | Mar 2025 ₹16.5K Cr | Jun 2025 ₹14.0K Cr | Sep 2025 ₹15.0K Cr | Dec 2025 ₹13.4K Cr | Mar 2026 ₹15.8K Cr | Jun 2026 — - CNQ: Sep 2021 ₹7.7K Cr | Dec 2021 ₹9.2K Cr | Mar 2022 ₹10.7K Cr | Jun 2022 ₹11.5K Cr | Sep 2022 ₹10.5K Cr | Dec 2022 ₹9.7K Cr | Mar 2023 ₹8.6K Cr | Jun 2023 ₹7.9K Cr | Sep 2023 ₹9.9K Cr | Dec 2023 ₹9.6K Cr | Mar 2024 ₹8.2K Cr | Jun 2024 ₹9.1K Cr | Sep 2024 ₹8.9K Cr | Dec 2024 ₹9.5K Cr | Mar 2025 ₹10.9K Cr | Jun 2025 ₹8.7K Cr | Sep 2025 ₹9.5K Cr | Dec 2025 ₹9.6K Cr | Mar 2026 ₹10.8K Cr | Jun 2026 — - EOG: Sep 2021 ₹4.8K Cr | Dec 2021 ₹6.0K Cr | Mar 2022 ₹4.0K Cr | Jun 2022 ₹7.4K Cr | Sep 2022 ₹7.6K Cr | Dec 2022 ₹6.7K Cr | Mar 2023 ₹6.0K Cr | Jun 2023 ₹5.6K Cr | Sep 2023 ₹6.2K Cr | Dec 2023 ₹6.4K Cr | Mar 2024 ₹6.1K Cr | Jun 2024 ₹6.0K Cr | Sep 2024 ₹6.0K Cr | Dec 2024 ₹5.6K Cr | Mar 2025 ₹5.7K Cr | Jun 2025 ₹5.5K Cr | Sep 2025 ₹5.8K Cr | Dec 2025 ₹5.6K Cr | Mar 2026 ₹6.9K Cr | Jun 2026 — - OXY: Sep 2021 ₹6.8K Cr | Dec 2021 ₹8.0K Cr | Mar 2022 ₹8.5K Cr | Jun 2022 ₹10.7K Cr | Sep 2022 ₹9.5K Cr | Dec 2022 ₹8.3K Cr | Mar 2023 ₹7.3K Cr | Jun 2023 ₹6.7K Cr | Sep 2023 ₹7.4K Cr | Dec 2023 ₹7.5K Cr | Mar 2024 ₹6.0K Cr | Jun 2024 ₹6.9K Cr | Sep 2024 ₹7.2K Cr | Dec 2024 ₹6.8K Cr | Mar 2025 ₹5.7K Cr | Jun 2025 ₹6.5K Cr | Sep 2025 ₹6.7K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹5.1K Cr | Jun 2026 — - FANG: Sep 2021 ₹1.9K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹2.4K Cr | Jun 2022 ₹2.8K Cr | Sep 2022 ₹2.4K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹2.3K Cr | Dec 2023 ₹2.2K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹2.5K Cr | Sep 2024 ₹2.6K Cr | Dec 2024 ₹3.7K Cr | Mar 2025 ₹4.0K Cr | Jun 2025 ₹3.7K Cr | Sep 2025 ₹3.9K Cr | Dec 2025 ₹3.4K Cr | Mar 2026 ₹4.2K Cr | Jun 2026 — - DVN: Sep 2021 ₹3.5K Cr | Dec 2021 ₹4.3K Cr | Mar 2022 ₹3.8K Cr | Jun 2022 ₹5.6K Cr | Sep 2022 ₹5.4K Cr | Dec 2022 ₹4.3K Cr | Mar 2023 ₹3.8K Cr | Jun 2023 ₹3.5K Cr | Sep 2023 ₹3.8K Cr | Dec 2023 ₹4.1K Cr | Mar 2024 ₹3.6K Cr | Jun 2024 ₹3.9K Cr | Sep 2024 ₹4.0K Cr | Dec 2024 ₹4.4K Cr | Mar 2025 ₹4.5K Cr | Jun 2025 ₹4.3K Cr | Sep 2025 ₹4.3K Cr | Dec 2025 ₹4.1K Cr | Mar 2026 ₹3.8K Cr | Jun 2026 — - WDS: Sep 2021 — | Dec 2021 ₹4.5K Cr | Mar 2022 — | Jun 2022 ₹5.8K Cr | Sep 2022 — | Dec 2022 ₹11.0K Cr | Mar 2023 — | Jun 2023 ₹7.4K Cr | Sep 2023 — | Dec 2023 ₹6.6K Cr | Mar 2024 — | Jun 2024 ₹6.0K Cr | Sep 2024 — | Dec 2024 ₹7.2K Cr | Mar 2025 — | Jun 2025 ₹6.6K Cr | Sep 2025 — | Dec 2025 ₹6.4K Cr | Mar 2026 — | Jun 2026 — - EQT: Sep 2021 ₹-1.5K Cr | Dec 2021 ₹3.8K Cr | Mar 2022 ₹-579 Cr | Jun 2022 ₹2.5K Cr | Sep 2022 ₹2.1K Cr | Dec 2022 ₹3.5K Cr | Mar 2023 ₹2.7K Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹953 Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹2.6K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹3.4K Cr | Jun 2026 — - TPL: Sep 2021 ₹124 Cr | Dec 2021 ₹147 Cr | Mar 2022 ₹147 Cr | Jun 2022 ₹176 Cr | Sep 2022 ₹191 Cr | Dec 2022 ₹153 Cr | Mar 2023 ₹146 Cr | Jun 2023 ₹161 Cr | Sep 2023 ₹158 Cr | Dec 2023 ₹167 Cr | Mar 2024 ₹174 Cr | Jun 2024 ₹172 Cr | Sep 2024 ₹174 Cr | Dec 2024 ₹186 Cr | Mar 2025 ₹196 Cr | Jun 2025 ₹188 Cr | Sep 2025 ₹203 Cr | Dec 2025 ₹212 Cr | Mar 2026 ₹237 Cr | Jun 2026 — - EXE: Sep 2021 — | Dec 2021 — | Mar 2022 ₹935 Cr | Jun 2022 ₹3.5K Cr | Sep 2022 ₹3.2K Cr | Dec 2022 ₹4.1K Cr | Mar 2023 ₹3.4K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹505 Cr | Sep 2024 ₹648 Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹3.7K Cr | Sep 2025 ₹3.0K Cr | Dec 2025 ₹3.3K Cr | Mar 2026 ₹4.4K Cr | Jun 2026 — - PR: Sep 2021 ₹289 Cr | Dec 2021 ₹316 Cr | Mar 2022 ₹347 Cr | Jun 2022 ₹473 Cr | Sep 2022 ₹550 Cr | Dec 2022 ₹762 Cr | Mar 2023 ₹616 Cr | Jun 2023 ₹623 Cr | Sep 2023 ₹759 Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 — - OVV: Sep 2021 ₹2.7K Cr | Dec 2021 ₹3.0K Cr | Mar 2022 ₹3.4K Cr | Jun 2022 ₹4.0K Cr | Sep 2022 ₹3.6K Cr | Dec 2022 ₹3.2K Cr | Mar 2023 ₹2.6K Cr | Jun 2023 ₹2.4K Cr | Sep 2023 ₹2.9K Cr | Dec 2023 ₹2.8K Cr | Mar 2024 ₹2.4K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹2.4K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.6K Cr | Jun 2026 — - APA: Sep 2021 ₹2.1K Cr | Dec 2021 ₹2.3K Cr | Mar 2022 ₹2.7K Cr | Jun 2022 ₹3.0K Cr | Sep 2022 ₹2.9K Cr | Dec 2022 ₹2.5K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹2.3K Cr | Dec 2023 ₹2.2K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹2.5K Cr | Sep 2024 ₹2.5K Cr | Dec 2024 ₹2.7K Cr | Mar 2025 ₹2.6K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹2.3K Cr | Jun 2026 — - AR: Sep 2021 ₹534 Cr | Dec 2021 ₹2.4K Cr | Mar 2022 ₹787 Cr | Jun 2022 ₹2.2K Cr | Sep 2022 ₹2.1K Cr | Dec 2022 ₹2.1K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹953 Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹979 Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 — - RRC: Sep 2021 ₹955 Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹818 Cr | Jun 2023 ₹513 Cr | Sep 2023 ₹571 Cr | Dec 2023 ₹650 Cr | Mar 2024 ₹596 Cr | Jun 2024 ₹510 Cr | Sep 2024 ₹565 Cr | Dec 2024 ₹677 Cr | Mar 2025 ₹846 Cr | Jun 2025 ₹700 Cr | Sep 2025 ₹655 Cr | Dec 2025 ₹787 Cr | Mar 2026 ₹1.1K Cr | Jun 2026 — - CHRD: Sep 2021 ₹369 Cr | Dec 2021 ₹522 Cr | Mar 2022 ₹653 Cr | Jun 2022 ₹789 Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹897 Cr | Jun 2023 ₹912 Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹965 Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 — - VIST: Sep 2021 ₹175 Cr | Dec 2021 ₹196 Cr | Mar 2022 ₹208 Cr | Jun 2022 ₹294 Cr | Sep 2022 ₹334 Cr | Dec 2022 ₹308 Cr | Mar 2023 ₹317 Cr | Jun 2023 ₹240 Cr | Sep 2023 ₹303 Cr | Dec 2023 ₹309 Cr | Mar 2024 ₹317 Cr | Jun 2024 ₹397 Cr | Sep 2024 ₹462 Cr | Dec 2024 ₹471 Cr | Mar 2025 ₹438 Cr | Jun 2025 ₹611 Cr | Sep 2025 ₹706 Cr | Dec 2025 ₹719 Cr | Mar 2026 ₹865 Cr | Jun 2026 — - SM: Sep 2021 ₹760 Cr | Dec 2021 ₹855 Cr | Mar 2022 ₹860 Cr | Jun 2022 ₹992 Cr | Sep 2022 ₹835 Cr | Dec 2022 ₹671 Cr | Mar 2023 ₹574 Cr | Jun 2023 ₹551 Cr | Sep 2023 ₹641 Cr | Dec 2023 ₹609 Cr | Mar 2024 ₹560 Cr | Jun 2024 ₹635 Cr | Sep 2024 ₹644 Cr | Dec 2024 ₹852 Cr | Mar 2025 ₹845 Cr | Jun 2025 ₹793 Cr | Sep 2025 ₹812 Cr | Dec 2025 ₹705 Cr | Mar 2026 ₹1.5K Cr | Jun 2026 — - MTDR: Sep 2021 ₹521 Cr | Dec 2021 ₹562 Cr | Mar 2022 ₹663 Cr | Jun 2022 ₹975 Cr | Sep 2022 ₹854 Cr | Dec 2022 ₹705 Cr | Mar 2023 ₹564 Cr | Jun 2023 ₹650 Cr | Sep 2023 ₹772 Cr | Dec 2023 ₹832 Cr | Mar 2024 ₹785 Cr | Jun 2024 ₹855 Cr | Sep 2024 ₹860 Cr | Dec 2024 ₹978 Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹926 Cr | Sep 2025 ₹915 Cr | Dec 2025 ₹810 Cr | Mar 2026 ₹942 Cr | Jun 2026 — - MGY: Sep 2021 ₹285 Cr | Dec 2021 ₹332 Cr | Mar 2022 ₹378 Cr | Jun 2022 ₹485 Cr | Sep 2022 ₹483 Cr | Dec 2022 ₹349 Cr | Mar 2023 ₹308 Cr | Jun 2023 ₹280 Cr | Sep 2023 ₹316 Cr | Dec 2023 ₹323 Cr | Mar 2024 ₹319 Cr | Jun 2024 ₹337 Cr | Sep 2024 ₹333 Cr | Dec 2024 ₹327 Cr | Mar 2025 ₹350 Cr | Jun 2025 ₹319 Cr | Sep 2025 ₹325 Cr | Dec 2025 ₹318 Cr | Mar 2026 ₹359 Cr | Jun 2026 — - MUR: Sep 2021 ₹688 Cr | Dec 2021 ₹762 Cr | Mar 2022 ₹871 Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹986 Cr | Mar 2023 ₹840 Cr | Jun 2023 ₹813 Cr | Sep 2023 ₹954 Cr | Dec 2023 ₹842 Cr | Mar 2024 ₹795 Cr | Jun 2024 ₹801 Cr | Sep 2024 ₹753 Cr | Dec 2024 ₹670 Cr | Mar 2025 ₹673 Cr | Jun 2025 ₹683 Cr | Sep 2025 ₹721 Cr | Dec 2025 ₹613 Cr | Mar 2026 ₹732 Cr | Jun 2026 — - CNX: Sep 2021 ₹-880 Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹-913 Cr | Jun 2022 ₹420 Cr | Sep 2022 ₹117 Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹840 Cr | Sep 2023 ₹351 Cr | Dec 2023 ₹969 Cr | Mar 2024 ₹385 Cr | Jun 2024 ₹321 Cr | Sep 2024 ₹424 Cr | Dec 2024 ₹137 Cr | Mar 2025 ₹82 Cr | Jun 2025 ₹962 Cr | Sep 2025 ₹584 Cr | Dec 2025 ₹610 Cr | Mar 2026 ₹787 Cr | Jun 2026 — - CRC: Sep 2021 ₹588 Cr | Dec 2021 ₹634 Cr | Mar 2022 ₹153 Cr | Jun 2022 ₹747 Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹682 Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹591 Cr | Sep 2023 ₹460 Cr | Dec 2023 ₹726 Cr | Mar 2024 ₹454 Cr | Jun 2024 ₹514 Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹877 Cr | Mar 2025 ₹912 Cr | Jun 2025 ₹978 Cr | Sep 2025 ₹855 Cr | Dec 2025 ₹924 Cr | Mar 2026 ₹119 Cr | Jun 2026 — - CRK: Sep 2021 ₹511 Cr | Dec 2021 ₹655 Cr | Mar 2022 ₹525 Cr | Jun 2022 ₹946 Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹923 Cr | Mar 2023 ₹490 Cr | Jun 2023 ₹288 Cr | Sep 2023 ₹377 Cr | Dec 2023 ₹411 Cr | Mar 2024 ₹336 Cr | Jun 2024 ₹247 Cr | Sep 2024 ₹304 Cr | Dec 2024 ₹367 Cr | Mar 2025 ₹513 Cr | Jun 2025 ₹470 Cr | Sep 2025 ₹450 Cr | Dec 2025 ₹787 Cr | Mar 2026 ₹587 Cr | Jun 2026 — - CRGY: Sep 2021 ₹366 Cr | Dec 2021 ₹463 Cr | Mar 2022 ₹599 Cr | Jun 2022 ₹908 Cr | Sep 2022 ₹865 Cr | Dec 2022 ₹685 Cr | Mar 2023 ₹590 Cr | Jun 2023 ₹492 Cr | Sep 2023 ₹642 Cr | Dec 2023 ₹658 Cr | Mar 2024 ₹657 Cr | Jun 2024 ₹653 Cr | Sep 2024 ₹745 Cr | Dec 2024 ₹875 Cr | Mar 2025 ₹950 Cr | Jun 2025 ₹898 Cr | Sep 2025 ₹867 Cr | Dec 2025 ₹865 Cr | Mar 2026 ₹1.2K Cr | Jun 2026 — - BSM: Sep 2021 ₹60 Cr | Dec 2021 ₹179 Cr | Mar 2022 ₹36 Cr | Jun 2022 ₹180 Cr | Sep 2022 ₹216 Cr | Dec 2022 ₹230 Cr | Mar 2023 ₹175 Cr | Jun 2023 ₹117 Cr | Sep 2023 ₹110 Cr | Dec 2023 ₹191 Cr | Mar 2024 ₹105 Cr | Jun 2024 ₹110 Cr | Sep 2024 ₹135 Cr | Dec 2024 ₹84 Cr | Mar 2025 ₹59 Cr | Jun 2025 ₹159 Cr | Sep 2025 ₹132 Cr | Dec 2025 ₹119 Cr | Mar 2026 ₹59 Cr | Jun 2026 — - BTE: Sep 2021 ₹398 Cr | Dec 2021 ₹452 Cr | Mar 2022 ₹551 Cr | Jun 2022 ₹683 Cr | Sep 2022 ₹565 Cr | Dec 2022 ₹527 Cr | Mar 2023 ₹462 Cr | Jun 2023 ₹491 Cr | Sep 2023 ₹923 Cr | Dec 2023 ₹837 Cr | Mar 2024 ₹775 Cr | Jun 2024 ₹893 Cr | Sep 2024 ₹851 Cr | Dec 2024 — | Mar 2025 ₹395 Cr | Jun 2025 ₹709 Cr | Sep 2025 ₹746 Cr | Dec 2025 — | Mar 2026 ₹401 Cr | Jun 2026 — - GPOR: Sep 2021 ₹-243 Cr | Dec 2021 — | Mar 2022 ₹-308 Cr | Jun 2022 ₹465 Cr | Sep 2022 ₹191 Cr | Dec 2022 ₹982 Cr | Mar 2023 ₹731 Cr | Jun 2023 ₹305 Cr | Sep 2023 ₹267 Cr | Dec 2023 ₹489 Cr | Mar 2024 ₹283 Cr | Jun 2024 ₹181 Cr | Sep 2024 ₹254 Cr | Dec 2024 ₹240 Cr | Mar 2025 ₹197 Cr | Jun 2025 ₹448 Cr | Sep 2025 ₹380 Cr | Dec 2025 ₹398 Cr | Mar 2026 ₹438 Cr | Jun 2026 — - BKV: Sep 2021 ₹-93 Cr | Dec 2021 ₹170 Cr | Mar 2022 ₹-86 Cr | Jun 2022 ₹301 Cr | Sep 2022 ₹304 Cr | Dec 2022 ₹511 Cr | Mar 2023 ₹316 Cr | Jun 2023 ₹171 Cr | Sep 2023 ₹191 Cr | Dec 2023 ₹302 Cr | Mar 2024 ₹152 Cr | Jun 2024 ₹136 Cr | Sep 2024 ₹173 Cr | Dec 2024 ₹120 Cr | Mar 2025 ₹176 Cr | Jun 2025 ₹322 Cr | Sep 2025 ₹278 Cr | Dec 2025 ₹330 Cr | Mar 2026 ₹433 Cr | Jun 2026 — - TALO: Sep 2021 ₹291 Cr | Dec 2021 ₹383 Cr | Mar 2022 ₹414 Cr | Jun 2022 ₹519 Cr | Sep 2022 ₹377 Cr | Dec 2022 ₹342 Cr | Mar 2023 ₹323 Cr | Jun 2023 ₹367 Cr | Sep 2023 ₹383 Cr | Dec 2023 ₹385 Cr | Mar 2024 ₹430 Cr | Jun 2024 ₹549 Cr | Sep 2024 ₹509 Cr | Dec 2024 ₹485 Cr | Mar 2025 ₹513 Cr | Jun 2025 ₹425 Cr | Sep 2025 ₹450 Cr | Dec 2025 — | Mar 2026 ₹472 Cr | Jun 2026 — ### 20-quarter Revenue growth history - COP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 121% | Sep 2022 86% | Dec 2022 23% | Mar 2023 -17% | Jun 2023 -42% | Sep 2023 -32% | Dec 2023 -21% | Mar 2024 -6.5% | Jun 2024 10% | Sep 2024 -8.5% | Dec 2024 -3.4% | Mar 2025 19% | Jun 2025 2.8% | Sep 2025 15% | Dec 2025 -5.9% | Mar 2026 -4.6% | Jun 2026 — - CNQ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 76% | Sep 2022 36% | Dec 2022 5.2% | Mar 2023 -19% | Jun 2023 -31% | Sep 2023 -5.4% | Dec 2023 -1.4% | Mar 2024 -4.5% | Jun 2024 15% | Sep 2024 -10% | Dec 2024 -0.9% | Mar 2025 33% | Jun 2025 -3.9% | Sep 2025 7.0% | Dec 2025 1.5% | Mar 2026 -1.2% | Jun 2026 — - EOG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 79% | Sep 2022 59% | Dec 2022 11% | Mar 2023 52% | Jun 2023 -25% | Sep 2023 -18% | Dec 2023 -5.4% | Mar 2024 1.3% | Jun 2024 8.1% | Sep 2024 -4.0% | Dec 2024 -12% | Mar 2025 -7.4% | Jun 2025 -9.1% | Sep 2025 -2.0% | Dec 2025 1.0% | Mar 2026 22% | Jun 2026 — - OXY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 79% | Sep 2022 39% | Dec 2022 4.0% | Mar 2023 -15% | Jun 2023 -37% | Sep 2023 -22% | Dec 2023 -9.6% | Mar 2024 -17% | Jun 2024 2.2% | Sep 2024 -3.3% | Dec 2024 -9.2% | Mar 2025 -4.5% | Jun 2025 -6.2% | Sep 2025 -6.1% | Dec 2025 -70% | Mar 2026 -11% | Jun 2026 — - FANG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 65% | Sep 2022 28% | Dec 2022 0.4% | Mar 2023 -20% | Jun 2023 -31% | Sep 2023 -4.0% | Dec 2023 9.8% | Mar 2024 16% | Jun 2024 29% | Sep 2024 13% | Dec 2024 67% | Mar 2025 82% | Jun 2025 48% | Sep 2025 48% | Dec 2025 -9.0% | Mar 2026 4.7% | Jun 2026 — - DVN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 133% | Sep 2022 57% | Dec 2022 0.6% | Mar 2023 0.3% | Jun 2023 -39% | Sep 2023 -29% | Dec 2023 -3.6% | Mar 2024 -5.9% | Jun 2024 13% | Sep 2024 4.9% | Dec 2024 6.2% | Mar 2025 24% | Jun 2025 9.4% | Sep 2025 7.6% | Dec 2025 -6.4% | Mar 2026 -14% | Jun 2026 — - WDS: Sep 2021 — | Dec 2021 163% | Mar 2022 — | Jun 2022 132% | Sep 2022 — | Dec 2022 147% | Mar 2023 — | Jun 2023 27% | Sep 2023 — | Dec 2023 -40% | Mar 2024 — | Jun 2024 -19% | Sep 2024 — | Dec 2024 9.1% | Mar 2025 — | Jun 2025 10% | Sep 2025 — | Dec 2025 -11% | Mar 2026 — | Jun 2026 — - EQT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -9.4% | Mar 2023 — | Jun 2023 -60% | Sep 2023 -43% | Dec 2023 -41% | Mar 2024 -47% | Jun 2024 -6.5% | Sep 2024 8.3% | Dec 2024 -20% | Mar 2025 23% | Jun 2025 168% | Sep 2025 53% | Dec 2025 47% | Mar 2026 94% | Jun 2026 — - TPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 83% | Sep 2022 54% | Dec 2022 4.1% | Mar 2023 -0.7% | Jun 2023 -8.5% | Sep 2023 -17% | Dec 2023 9.2% | Mar 2024 19% | Jun 2024 6.8% | Sep 2024 10% | Dec 2024 11% | Mar 2025 13% | Jun 2025 9.3% | Sep 2025 17% | Dec 2025 14% | Mar 2026 21% | Jun 2026 — - EXE: Sep 2021 — | Dec 2021 — | Mar 2022 6.3% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 260% | Jun 2023 -46% | Sep 2023 -52% | Dec 2023 -53% | Mar 2024 -68% | Jun 2024 -73% | Sep 2024 -57% | Dec 2024 2.7% | Mar 2025 103% | Jun 2025 631% | Sep 2025 358% | Dec 2025 64% | Mar 2026 100% | Jun 2026 — - PR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 103% | Sep 2022 90% | Dec 2022 141% | Mar 2023 78% | Jun 2023 32% | Sep 2023 38% | Dec 2023 47% | Mar 2024 102% | Jun 2024 100% | Sep 2024 60% | Dec 2024 15% | Mar 2025 11% | Jun 2025 -3.9% | Sep 2025 8.7% | Dec 2025 -9.8% | Mar 2026 0.9% | Jun 2026 — - OVV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 62% | Sep 2022 34% | Dec 2022 5.7% | Mar 2023 -24% | Jun 2023 -41% | Sep 2023 -20% | Dec 2023 -12% | Mar 2024 -7.9% | Jun 2024 -6.8% | Sep 2024 -25% | Dec 2024 -22% | Mar 2025 -0.5% | Jun 2025 1.0% | Sep 2025 -7.3% | Dec 2025 -6.0% | Mar 2026 8.5% | Jun 2026 — - APA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 74% | Sep 2022 40% | Dec 2022 7.5% | Mar 2023 -25% | Jun 2023 -41% | Sep 2023 -20% | Dec 2023 -12% | Mar 2024 -2.8% | Jun 2024 42% | Sep 2024 9.7% | Dec 2024 25% | Mar 2025 35% | Jun 2025 -14% | Sep 2025 -16% | Dec 2025 -27% | Mar 2026 -12% | Jun 2026 — - AR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 352% | Sep 2022 287% | Dec 2022 -13% | Mar 2023 79% | Jun 2023 -57% | Sep 2023 -45% | Dec 2023 -43% | Mar 2024 -20% | Jun 2024 2.7% | Sep 2024 -6.2% | Dec 2024 -2.1% | Mar 2025 21% | Jun 2025 32% | Sep 2025 15% | Dec 2025 21% | Mar 2026 44% | Jun 2026 — - RRC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 114% | Sep 2022 64% | Dec 2022 -6.3% | Mar 2023 -27% | Jun 2023 -65% | Sep 2023 -64% | Dec 2023 -45% | Mar 2024 -27% | Jun 2024 -0.6% | Sep 2024 -1.1% | Dec 2024 4.2% | Mar 2025 42% | Jun 2025 37% | Sep 2025 16% | Dec 2025 16% | Mar 2026 26% | Jun 2026 — - CHRD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 117% | Sep 2022 222% | Dec 2022 95% | Mar 2023 37% | Jun 2023 16% | Sep 2023 -5.6% | Dec 2023 -5.0% | Mar 2024 21% | Jun 2024 38% | Sep 2024 29% | Dec 2024 51% | Mar 2025 12% | Jun 2025 -6.3% | Sep 2025 -9.5% | Dec 2025 -20% | Mar 2026 37% | Jun 2026 — - VIST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 78% | Sep 2022 91% | Dec 2022 57% | Mar 2023 52% | Jun 2023 -18% | Sep 2023 -9.3% | Dec 2023 0.3% | Mar 2024 0.0% | Jun 2024 65% | Sep 2024 52% | Dec 2024 52% | Mar 2025 38% | Jun 2025 54% | Sep 2025 53% | Dec 2025 53% | Mar 2026 97% | Jun 2026 — - SM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 76% | Sep 2022 9.9% | Dec 2022 -22% | Mar 2023 -33% | Jun 2023 -44% | Sep 2023 -23% | Dec 2023 -9.2% | Mar 2024 -2.4% | Jun 2024 15% | Sep 2024 0.5% | Dec 2024 40% | Mar 2025 51% | Jun 2025 25% | Sep 2025 26% | Dec 2025 -17% | Mar 2026 75% | Jun 2026 — - MTDR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 120% | Sep 2022 64% | Dec 2022 25% | Mar 2023 -15% | Jun 2023 -33% | Sep 2023 -9.6% | Dec 2023 18% | Mar 2024 39% | Jun 2024 32% | Sep 2024 11% | Dec 2024 18% | Mar 2025 28% | Jun 2025 8.3% | Sep 2025 6.4% | Dec 2025 -17% | Mar 2026 -6.4% | Jun 2026 — - MGY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 92% | Sep 2022 69% | Dec 2022 5.1% | Mar 2023 -19% | Jun 2023 -42% | Sep 2023 -35% | Dec 2023 -7.5% | Mar 2024 3.6% | Jun 2024 20% | Sep 2024 5.4% | Dec 2024 1.2% | Mar 2025 9.7% | Jun 2025 -5.3% | Sep 2025 -2.4% | Dec 2025 -2.8% | Mar 2026 2.6% | Jun 2026 — - MUR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 58% | Sep 2022 69% | Dec 2022 29% | Mar 2023 -3.6% | Jun 2023 -32% | Sep 2023 -18% | Dec 2023 -15% | Mar 2024 -5.4% | Jun 2024 -1.5% | Sep 2024 -21% | Dec 2024 -20% | Mar 2025 -15% | Jun 2025 -15% | Sep 2025 -4.3% | Dec 2025 -8.5% | Mar 2026 8.8% | Jun 2026 — - CNX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 27% | Mar 2023 — | Jun 2023 100% | Sep 2023 200% | Dec 2023 -41% | Mar 2024 -70% | Jun 2024 -62% | Sep 2024 21% | Dec 2024 -86% | Mar 2025 -79% | Jun 2025 200% | Sep 2025 38% | Dec 2025 345% | Mar 2026 860% | Jun 2026 — - CRC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 146% | Sep 2022 91% | Dec 2022 7.6% | Mar 2023 569% | Jun 2023 -21% | Sep 2023 -59% | Dec 2023 6.5% | Mar 2024 -56% | Jun 2024 -13% | Sep 2024 194% | Dec 2024 21% | Mar 2025 101% | Jun 2025 90% | Sep 2025 -37% | Dec 2025 5.4% | Mar 2026 -87% | Jun 2026 — - CRK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 175% | Sep 2022 133% | Dec 2022 41% | Mar 2023 -6.7% | Jun 2023 -70% | Sep 2023 -68% | Dec 2023 -55% | Mar 2024 -31% | Jun 2024 -14% | Sep 2024 -19% | Dec 2024 -11% | Mar 2025 53% | Jun 2025 90% | Sep 2025 48% | Dec 2025 114% | Mar 2026 14% | Jun 2026 — - CRGY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 175% | Sep 2022 136% | Dec 2022 48% | Mar 2023 -1.5% | Jun 2023 -46% | Sep 2023 -26% | Dec 2023 -3.9% | Mar 2024 11% | Jun 2024 33% | Sep 2024 16% | Dec 2024 33% | Mar 2025 45% | Jun 2025 38% | Sep 2025 16% | Dec 2025 -1.1% | Mar 2026 25% | Jun 2026 — - BSM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 210% | Sep 2022 260% | Dec 2022 28% | Mar 2023 386% | Jun 2023 -35% | Sep 2023 -49% | Dec 2023 -17% | Mar 2024 -40% | Jun 2024 -6.0% | Sep 2024 23% | Dec 2024 -56% | Mar 2025 -44% | Jun 2025 45% | Sep 2025 -2.2% | Dec 2025 42% | Mar 2026 0.0% | Jun 2026 — - BTE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 89% | Sep 2022 42% | Dec 2022 17% | Mar 2023 -16% | Jun 2023 -28% | Sep 2023 63% | Dec 2023 59% | Mar 2024 68% | Jun 2024 82% | Sep 2024 -7.8% | Dec 2024 — | Mar 2025 -49% | Jun 2025 -21% | Sep 2025 -12% | Dec 2025 — | Mar 2026 1.5% | Jun 2026 — - GPOR: Sep 2021 — | Dec 2021 — | Mar 2022 -225% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -34% | Sep 2023 40% | Dec 2023 -50% | Mar 2024 -61% | Jun 2024 -41% | Sep 2024 -4.9% | Dec 2024 -51% | Mar 2025 -30% | Jun 2025 148% | Sep 2025 50% | Dec 2025 66% | Mar 2026 122% | Jun 2026 — - BKV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1,907% | Sep 2022 — | Dec 2022 201% | Mar 2023 — | Jun 2023 -43% | Sep 2023 -37% | Dec 2023 -41% | Mar 2024 -52% | Jun 2024 -20% | Sep 2024 -9.4% | Dec 2024 -60% | Mar 2025 16% | Jun 2025 137% | Sep 2025 61% | Dec 2025 175% | Mar 2026 146% | Jun 2026 — - TALO: Sep 2021 — | Dec 2021 — | Mar 2022 55% | Jun 2022 71% | Sep 2022 30% | Dec 2022 -11% | Mar 2023 -22% | Jun 2023 -29% | Sep 2023 1.6% | Dec 2023 13% | Mar 2024 33% | Jun 2024 50% | Sep 2024 33% | Dec 2024 26% | Mar 2025 19% | Jun 2025 -23% | Sep 2025 -12% | Dec 2025 — | Mar 2026 -8.0% | Jun 2026 — ## Operating Economics & Margin Trend What the numbers say: Texas Pacific Land Corporation leads opm at 77%; CNX Resources Corporation leads margin change at +347.8 percentage points. Investor read: Texas Pacific Land Corporation sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current margin change signal. Evidence: Texas Pacific Land Corporation · 77% | 27.5% versus #2 · CNX Resources Corporation | 2/8 recent comparable periods | 29/30 companies · 545 observations Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth. ### OPM — highest 1. Texas Pacific Land Corporation (TPL): 77% 2. CNX Resources Corporation (CNX): 60% 3. EQT Corporation (EQT): 60% 4. Gulfport Energy Corporation (GPOR): 52% 5. Range Resources Corporation (RRC): 47% ### Margin change — fastest expanders 1. CNX Resources Corporation (CNX): +347.8 pp 2. BKV Corporation (BKV): +76.8 pp 3. Expand Energy Corporation (EXE): +47.0 pp 4. Gulfport Energy Corporation (GPOR): +45.9 pp 5. EQT Corporation (EQT): +31.8 pp ### 20-quarter OPM history - COP: Sep 2021 31% | Dec 2021 24% | Mar 2022 37% | Jun 2022 33% | Sep 2022 33% | Dec 2022 26% | Mar 2023 27% | Jun 2023 24% | Sep 2023 26% | Dec 2023 27% | Mar 2024 24% | Jun 2024 25% | Sep 2024 22% | Dec 2024 19% | Mar 2025 25% | Jun 2025 18% | Sep 2025 18% | Dec 2025 12% | Mar 2026 21% | Jun 2026 — - CNQ: Sep 2021 36% | Dec 2021 38% | Mar 2022 38% | Jun 2022 44% | Sep 2022 43% | Dec 2022 12% | Mar 2023 28% | Jun 2023 21% | Sep 2023 36% | Dec 2023 30% | Mar 2024 21% | Jun 2024 28% | Sep 2024 32% | Dec 2024 27% | Mar 2025 30% | Jun 2025 24% | Sep 2025 11% | Dec 2025 19% | Mar 2026 25% | Jun 2026 — - EOG: Sep 2021 31% | Dec 2021 42% | Mar 2022 14% | Jun 2022 39% | Sep 2022 48% | Dec 2022 43% | Mar 2023 43% | Jun 2023 35% | Sep 2023 41% | Dec 2023 39% | Mar 2024 37% | Jun 2024 35% | Sep 2024 35% | Dec 2024 29% | Mar 2025 33% | Jun 2025 32% | Sep 2025 31% | Dec 2025 17% | Mar 2026 38% | Jun 2026 — - OXY: Sep 2021 22% | Dec 2021 28% | Mar 2022 37% | Jun 2022 45% | Sep 2022 39% | Dec 2022 30% | Mar 2023 26% | Jun 2023 20% | Sep 2023 26% | Dec 2023 41% | Mar 2024 17% | Jun 2024 24% | Sep 2024 24% | Dec 2024 12% | Mar 2025 24% | Jun 2025 15% | Sep 2025 19% | Dec 2025 18% | Mar 2026 13% | Jun 2026 — - FANG: Sep 2021 61% | Dec 2021 65% | Mar 2022 69% | Jun 2022 72% | Sep 2022 66% | Dec 2022 62% | Mar 2023 53% | Jun 2023 52% | Sep 2023 57% | Dec 2023 54% | Mar 2024 50% | Jun 2024 47% | Sep 2024 27% | Dec 2024 38% | Mar 2025 41% | Jun 2025 31% | Sep 2025 32% | Dec 2025 -82% | Mar 2026 2.7% | Jun 2026 — - DVN: Sep 2021 30% | Dec 2021 40% | Mar 2022 34% | Jun 2022 46% | Sep 2022 46% | Dec 2022 37% | Mar 2023 34% | Jun 2023 27% | Sep 2023 30% | Dec 2023 37% | Mar 2024 24% | Jun 2024 29% | Sep 2024 30% | Dec 2024 22% | Mar 2025 18% | Jun 2025 23% | Sep 2025 23% | Dec 2025 20% | Mar 2026 7.7% | Jun 2026 — - EQT: Sep 2021 178% | Dec 2021 64% | Mar 2022 326% | Jun 2022 54% | Sep 2022 45% | Dec 2022 67% | Mar 2023 61% | Jun 2023 -3.4% | Sep 2023 1.3% | Dec 2023 35% | Mar 2024 13% | Jun 2024 0.3% | Sep 2024 -22% | Dec 2024 48% | Mar 2025 29% | Jun 2025 44% | Sep 2025 31% | Dec 2025 43% | Mar 2026 60% | Jun 2026 — - TPL: Sep 2021 84% | Dec 2021 86% | Mar 2022 84% | Jun 2022 86% | Sep 2022 85% | Dec 2022 81% | Mar 2023 72% | Jun 2023 75% | Sep 2023 80% | Dec 2023 80% | Mar 2024 78% | Jun 2024 77% | Sep 2024 73% | Dec 2024 77% | Mar 2025 77% | Jun 2025 77% | Sep 2025 73% | Dec 2025 71% | Mar 2026 77% | Jun 2026 — - EXE: Sep 2021 — | Dec 2021 — | Mar 2022 -85% | Jun 2022 38% | Sep 2022 32% | Dec 2022 54% | Mar 2023 54% | Jun 2023 27% | Sep 2023 5.2% | Dec 2023 37% | Mar 2024 3.0% | Jun 2024 -58% | Sep 2024 -24% | Dec 2024 -19% | Mar 2025 -12% | Jun 2025 34% | Sep 2025 24% | Dec 2025 23% | Mar 2026 35% | Jun 2026 — - PR: Sep 2021 33% | Dec 2021 55% | Mar 2022 48% | Jun 2022 60% | Sep 2022 40% | Dec 2022 45% | Mar 2023 38% | Jun 2023 31% | Sep 2023 40% | Dec 2023 32% | Mar 2024 38% | Jun 2024 37% | Sep 2024 33% | Dec 2024 33% | Mar 2025 37% | Jun 2025 25% | Sep 2025 30% | Dec 2025 23% | Mar 2026 34% | Jun 2026 — - OVV: Sep 2021 0.2% | Dec 2021 47% | Mar 2022 -5.9% | Jun 2022 38% | Sep 2022 38% | Dec 2022 36% | Mar 2023 26% | Jun 2023 26% | Sep 2023 16% | Dec 2023 43% | Mar 2024 21% | Jun 2024 25% | Sep 2024 24% | Dec 2024 22% | Mar 2025 27% | Jun 2025 23% | Sep 2025 21% | Dec 2025 24% | Mar 2026 29% | Jun 2026 — - APA: Sep 2021 36% | Dec 2021 28% | Mar 2022 48% | Jun 2022 50% | Sep 2022 44% | Dec 2022 39% | Mar 2023 43% | Jun 2023 34% | Sep 2023 40% | Dec 2023 41% | Mar 2024 29% | Jun 2024 31% | Sep 2024 -9.8% | Dec 2024 30% | Mar 2025 28% | Jun 2025 30% | Sep 2025 31% | Dec 2025 28% | Mar 2026 43% | Jun 2026 — - AR: Sep 2021 -128% | Dec 2021 53% | Mar 2022 -26% | Jun 2022 48% | Sep 2022 38% | Dec 2022 44% | Mar 2023 24% | Jun 2023 -19% | Sep 2023 4.9% | Dec 2023 18% | Mar 2024 4.3% | Jun 2024 -8.2% | Sep 2024 -2.4% | Dec 2024 10% | Mar 2025 20% | Jun 2025 16% | Sep 2025 9.7% | Dec 2025 24% | Mar 2026 38% | Jun 2026 — - RRC: Sep 2021 35% | Dec 2021 53% | Mar 2022 43% | Jun 2022 57% | Sep 2022 59% | Dec 2022 50% | Mar 2023 33% | Jun 2023 -9.4% | Sep 2023 10% | Dec 2023 19% | Mar 2024 15% | Jun 2024 3.8% | Sep 2024 8.0% | Dec 2024 21% | Mar 2025 35% | Jun 2025 25% | Sep 2025 18% | Dec 2025 29% | Mar 2026 47% | Jun 2026 — - CHRD: Sep 2021 41% | Dec 2021 45% | Mar 2022 45% | Jun 2022 42% | Sep 2022 45% | Dec 2022 42% | Mar 2023 36% | Jun 2023 28% | Sep 2023 31% | Dec 2023 36% | Mar 2024 25% | Jun 2024 23% | Sep 2024 19% | Dec 2024 18% | Mar 2025 28% | Jun 2025 -34% | Sep 2025 13% | Dec 2025 7.9% | Mar 2026 20% | Jun 2026 — - VIST: Sep 2021 37% | Dec 2021 42% | Mar 2022 39% | Jun 2022 49% | Sep 2022 50% | Dec 2022 45% | Mar 2023 71% | Jun 2023 35% | Sep 2023 48% | Dec 2023 57% | Mar 2024 41% | Jun 2024 45% | Sep 2024 41% | Dec 2024 28% | Mar 2025 32% | Jun 2025 59% | Sep 2025 76% | Dec 2025 30% | Mar 2026 25% | Jun 2026 — - SM: Sep 2021 17% | Dec 2021 56% | Mar 2022 12% | Jun 2022 52% | Sep 2022 75% | Dec 2022 51% | Mar 2023 47% | Jun 2023 38% | Sep 2023 31% | Dec 2023 51% | Mar 2024 32% | Jun 2024 44% | Sep 2024 51% | Dec 2024 34% | Mar 2025 33% | Jun 2025 37% | Sep 2025 30% | Dec 2025 26% | Mar 2026 -20% | Jun 2026 — - MTDR: Sep 2021 44% | Dec 2021 58% | Mar 2022 47% | Jun 2022 61% | Sep 2022 57% | Dec 2022 53% | Mar 2023 45% | Jun 2023 39% | Sep 2023 44% | Dec 2023 44% | Mar 2024 41% | Jun 2024 43% | Sep 2024 46% | Dec 2024 37% | Mar 2025 39% | Jun 2025 31% | Sep 2025 33% | Dec 2025 30% | Mar 2026 5.0% | Jun 2026 — - MGY: Sep 2021 60% | Dec 2021 61% | Mar 2022 62% | Jun 2022 68% | Sep 2022 65% | Dec 2022 57% | Mar 2023 41% | Jun 2023 43% | Sep 2023 47% | Dec 2023 43% | Mar 2024 39% | Jun 2024 40% | Sep 2024 39% | Dec 2024 38% | Mar 2025 39% | Jun 2025 34% | Sep 2025 31% | Dec 2025 30% | Mar 2026 36% | Jun 2026 — - MUR: Sep 2021 33% | Dec 2021 41% | Mar 2022 -4.8% | Jun 2022 46% | Sep 2022 65% | Dec 2022 33% | Mar 2023 35% | Jun 2023 20% | Sep 2023 40% | Dec 2023 24% | Mar 2024 19% | Jun 2024 23% | Sep 2024 24% | Dec 2024 13% | Mar 2025 21% | Jun 2025 14% | Sep 2025 0.8% | Dec 2025 9.7% | Mar 2026 19% | Jun 2026 — - CNX: Sep 2021 135% | Dec 2021 73% | Mar 2022 135% | Jun 2022 21% | Sep 2022 -178% | Dec 2022 79% | Mar 2023 75% | Jun 2023 68% | Sep 2023 14% | Dec 2023 81% | Mar 2024 17% | Jun 2024 6.8% | Sep 2024 25% | Dec 2024 -43% | Mar 2025 -287% | Jun 2025 64% | Sep 2025 42% | Dec 2025 44% | Mar 2026 60% | Jun 2026 — - CRC: Sep 2021 21% | Dec 2021 52% | Mar 2022 -124% | Jun 2022 37% | Sep 2022 53% | Dec 2022 19% | Mar 2023 38% | Jun 2023 25% | Sep 2023 -3.3% | Dec 2023 39% | Mar 2024 -0.9% | Jun 2024 7.4% | Sep 2024 38% | Dec 2024 7.8% | Mar 2025 20% | Jun 2025 27% | Sep 2025 12% | Dec 2025 5.1% | Mar 2026 -598% | Jun 2026 — - CRK: Sep 2021 58% | Dec 2021 46% | Mar 2022 64% | Jun 2022 69% | Sep 2022 65% | Dec 2022 56% | Mar 2023 30% | Jun 2023 -5.9% | Sep 2023 13% | Dec 2023 12% | Mar 2024 -3.8% | Jun 2024 -38% | Sep 2024 -20% | Dec 2024 -0.5% | Mar 2025 25% | Jun 2025 19% | Sep 2025 11% | Dec 2025 48% | Mar 2026 30% | Jun 2026 — - CRGY: Sep 2021 37% | Dec 2021 35% | Mar 2022 44% | Jun 2022 55% | Sep 2022 48% | Dec 2022 15% | Mar 2023 26% | Jun 2023 13% | Sep 2023 22% | Dec 2023 -4.8% | Mar 2024 20% | Jun 2024 18% | Sep 2024 -1.0% | Dec 2024 -3.1% | Mar 2025 18% | Jun 2025 8.9% | Sep 2025 3.6% | Dec 2025 -6.2% | Mar 2026 28% | Jun 2026 — - BSM: Sep 2021 20% | Dec 2021 76% | Mar 2022 -16% | Jun 2022 74% | Sep 2022 79% | Dec 2022 80% | Mar 2023 77% | Jun 2023 67% | Sep 2023 56% | Dec 2023 77% | Mar 2024 61% | Jun 2024 63% | Sep 2024 69% | Dec 2024 57% | Mar 2025 29% | Jun 2025 77% | Sep 2025 71% | Dec 2025 63% | Mar 2026 28% | Jun 2026 — - BTE: Sep 2021 35% | Dec 2021 129% | Mar 2022 44% | Jun 2022 50% | Sep 2022 42% | Dec 2022 29% | Mar 2023 17% | Jun 2023 13% | Sep 2023 34% | Dec 2023 19% | Mar 2024 17% | Jun 2024 27% | Sep 2024 26% | Dec 2024 — | Mar 2025 23% | Jun 2025 15% | Sep 2025 19% | Dec 2025 — | Mar 2026 13% | Jun 2026 — - GPOR: Sep 2021 180% | Dec 2021 — | Mar 2022 160% | Jun 2022 59% | Sep 2022 -2.0% | Dec 2022 78% | Mar 2023 72% | Jun 2023 34% | Sep 2023 25% | Dec 2023 58% | Mar 2024 29% | Jun 2024 -10% | Sep 2024 5.7% | Dec 2024 -131% | Mar 2025 6.1% | Jun 2025 56% | Sep 2025 42% | Dec 2025 45% | Mar 2026 52% | Jun 2026 — - BKV: Sep 2021 241% | Dec 2021 34% | Mar 2022 256% | Jun 2022 52% | Sep 2022 24% | Dec 2022 58% | Mar 2023 40% | Jun 2023 -12% | Sep 2023 -2.8% | Dec 2023 19% | Mar 2024 -23% | Jun 2024 -32% | Sep 2024 -12% | Dec 2024 -47% | Mar 2025 -57% | Jun 2025 40% | Sep 2025 30% | Dec 2025 31% | Mar 2026 20% | Jun 2026 — - TALO: Sep 2021 32% | Dec 2021 33% | Mar 2022 53% | Jun 2022 53% | Sep 2022 44% | Dec 2022 23% | Mar 2023 2.4% | Jun 2023 11% | Sep 2023 33% | Dec 2023 9.0% | Mar 2024 16% | Jun 2024 9.9% | Sep 2024 4.6% | Dec 2024 5.6% | Mar 2025 8.5% | Jun 2025 -64% | Sep 2025 -19% | Dec 2025 — | Mar 2026 -25% | Jun 2026 — ### 20-quarter Margin change history - COP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +5.1 pp | Sep 2022 +2.2 pp | Dec 2022 +1.3 pp | Mar 2023 −10.2 pp | Jun 2023 −8.7 pp | Sep 2023 −6.9 pp | Dec 2023 +1.6 pp | Mar 2024 −2.7 pp | Jun 2024 +0.4 pp | Sep 2024 −4.5 pp | Dec 2024 −8.6 pp | Mar 2025 +0.6 pp | Jun 2025 −6.7 pp | Sep 2025 −4.0 pp | Dec 2025 −6.4 pp | Mar 2026 −4.2 pp | Jun 2026 — - CNQ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +19.2 pp | Sep 2022 +6.9 pp | Dec 2022 −25.9 pp | Mar 2023 −9.7 pp | Jun 2023 −22.7 pp | Sep 2023 −7.6 pp | Dec 2023 +17.7 pp | Mar 2024 −7.1 pp | Jun 2024 +7.1 pp | Sep 2024 −3.8 pp | Dec 2024 −2.1 pp | Mar 2025 +8.8 pp | Jun 2025 −4.6 pp | Sep 2025 −20.4 pp | Dec 2025 −8.7 pp | Mar 2026 −5.4 pp | Jun 2026 — - EOG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +10.9 pp | Sep 2022 +17.4 pp | Dec 2022 +0.7 pp | Mar 2023 +28.9 pp | Jun 2023 −3.9 pp | Sep 2023 −7.1 pp | Dec 2023 −3.1 pp | Mar 2024 −5.5 pp | Jun 2024 +0.1 pp | Sep 2024 −6.2 pp | Dec 2024 −10.9 pp | Mar 2025 −4.3 pp | Jun 2025 −3.5 pp | Sep 2025 −3.6 pp | Dec 2025 −11.8 pp | Mar 2026 +4.7 pp | Jun 2026 — - OXY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +35.0 pp | Sep 2022 +16.2 pp | Dec 2022 +1.2 pp | Mar 2023 −10.9 pp | Jun 2023 −24.1 pp | Sep 2023 −12.5 pp | Dec 2023 +11.1 pp | Mar 2024 −9.3 pp | Jun 2024 +3.5 pp | Sep 2024 −1.8 pp | Dec 2024 −28.5 pp | Mar 2025 +7.4 pp | Jun 2025 −8.6 pp | Sep 2025 −5.5 pp | Dec 2025 +5.5 pp | Mar 2026 −10.5 pp | Jun 2026 — - FANG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +14.7 pp | Sep 2022 +5.3 pp | Dec 2022 −2.9 pp | Mar 2023 −15.7 pp | Jun 2023 −19.4 pp | Sep 2023 −8.9 pp | Dec 2023 −7.8 pp | Mar 2024 −3.0 pp | Jun 2024 −5.5 pp | Sep 2024 −30.5 pp | Dec 2024 −16.1 pp | Mar 2025 −8.9 pp | Jun 2025 −15.6 pp | Sep 2025 +4.7 pp | Dec 2025 −120.4 pp | Mar 2026 −38.6 pp | Jun 2026 — - DVN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +34.1 pp | Sep 2022 +15.5 pp | Dec 2022 −2.6 pp | Mar 2023 +0.3 pp | Jun 2023 −18.5 pp | Sep 2023 −15.5 pp | Dec 2023 −0.2 pp | Mar 2024 −9.9 pp | Jun 2024 +1.7 pp | Sep 2024 −0.7 pp | Dec 2024 −14.6 pp | Mar 2025 −6.6 pp | Jun 2025 −6.1 pp | Sep 2025 −7.0 pp | Dec 2025 −1.9 pp | Mar 2026 −9.8 pp | Jun 2026 — - EQT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −414.2 pp | Sep 2022 −133.4 pp | Dec 2022 +2.7 pp | Mar 2023 −265.6 pp | Jun 2023 −57.3 pp | Sep 2023 −43.4 pp | Dec 2023 −31.3 pp | Mar 2024 −47.6 pp | Jun 2024 +3.7 pp | Sep 2024 −23.3 pp | Dec 2024 +12.7 pp | Mar 2025 +15.6 pp | Jun 2025 +44.0 pp | Sep 2025 +52.8 pp | Dec 2025 −5.6 pp | Mar 2026 +31.8 pp | Jun 2026 — - TPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +11.8 pp | Sep 2022 +1.3 pp | Dec 2022 −4.1 pp | Mar 2023 −12.7 pp | Jun 2023 −11.2 pp | Sep 2023 −4.4 pp | Dec 2023 −1.1 pp | Mar 2024 +6.4 pp | Jun 2024 +2.4 pp | Sep 2024 −7.0 pp | Dec 2024 −3.6 pp | Mar 2025 −1.5 pp | Jun 2025 −0.7 pp | Sep 2025 0.0 pp | Dec 2025 −6.2 pp | Mar 2026 +0.4 pp | Jun 2026 — - EXE: Sep 2021 — | Dec 2021 — | Mar 2022 −117.3 pp | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +138.9 pp | Jun 2023 −10.8 pp | Sep 2023 −26.6 pp | Dec 2023 −16.7 pp | Mar 2024 −51.0 pp | Jun 2024 −85.5 pp | Sep 2024 −29.1 pp | Dec 2024 −56.6 pp | Mar 2025 −15.2 pp | Jun 2025 +92.6 pp | Sep 2025 +48.3 pp | Dec 2025 +42.1 pp | Mar 2026 +47.0 pp | Jun 2026 — - PR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +30.7 pp | Sep 2022 +7.0 pp | Dec 2022 −10.3 pp | Mar 2023 −9.3 pp | Jun 2023 −28.9 pp | Sep 2023 0.0 pp | Dec 2023 −12.2 pp | Mar 2024 −0.6 pp | Jun 2024 +5.8 pp | Sep 2024 −7.9 pp | Dec 2024 +0.5 pp | Mar 2025 −1.1 pp | Jun 2025 −11.7 pp | Sep 2025 −2.9 pp | Dec 2025 −9.7 pp | Mar 2026 −2.9 pp | Jun 2026 — - OVV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +41.7 pp | Sep 2022 +37.5 pp | Dec 2022 −10.6 pp | Mar 2023 +32.3 pp | Jun 2023 −11.6 pp | Sep 2023 −21.7 pp | Dec 2023 +6.1 pp | Mar 2024 −5.7 pp | Jun 2024 −0.9 pp | Sep 2024 +8.2 pp | Dec 2024 −20.4 pp | Mar 2025 +6.7 pp | Jun 2025 −2.2 pp | Sep 2025 −3.7 pp | Dec 2025 +1.7 pp | Mar 2026 +1.8 pp | Jun 2026 — - APA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +17.5 pp | Sep 2022 +8.0 pp | Dec 2022 +11.3 pp | Mar 2023 −5.6 pp | Jun 2023 −15.9 pp | Sep 2023 −4.1 pp | Dec 2023 +2.0 pp | Mar 2024 −13.5 pp | Jun 2024 −3.8 pp | Sep 2024 −49.4 pp | Dec 2024 −11.7 pp | Mar 2025 −1.6 pp | Jun 2025 −0.3 pp | Sep 2025 +40.7 pp | Dec 2025 −1.4 pp | Mar 2026 +15.2 pp | Jun 2026 — - AR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +180.2 pp | Sep 2022 +165.6 pp | Dec 2022 −8.9 pp | Mar 2023 +49.5 pp | Jun 2023 −66.9 pp | Sep 2023 −32.6 pp | Dec 2023 −26.0 pp | Mar 2024 −19.2 pp | Jun 2024 +10.5 pp | Sep 2024 −7.3 pp | Dec 2024 −7.6 pp | Mar 2025 +15.8 pp | Jun 2025 +24.0 pp | Sep 2025 +12.1 pp | Dec 2025 +14.4 pp | Mar 2026 +17.4 pp | Jun 2026 — - RRC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +35.4 pp | Sep 2022 +24.7 pp | Dec 2022 −3.6 pp | Mar 2023 −10.4 pp | Jun 2023 −66.6 pp | Sep 2023 −49.2 pp | Dec 2023 −30.1 pp | Mar 2024 −17.4 pp | Jun 2024 +13.2 pp | Sep 2024 −2.0 pp | Dec 2024 +1.8 pp | Mar 2025 +19.5 pp | Jun 2025 +20.8 pp | Sep 2025 +9.5 pp | Dec 2025 +7.8 pp | Mar 2026 +11.9 pp | Jun 2026 — - CHRD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −47.4 pp | Sep 2022 +4.3 pp | Dec 2022 −3.2 pp | Mar 2023 −8.3 pp | Jun 2023 −14.4 pp | Sep 2023 −13.8 pp | Dec 2023 −6.1 pp | Mar 2024 −11.3 pp | Jun 2024 −4.6 pp | Sep 2024 −12.6 pp | Dec 2024 −17.4 pp | Mar 2025 +2.7 pp | Jun 2025 −57.1 pp | Sep 2025 −5.8 pp | Dec 2025 −10.3 pp | Mar 2026 −7.8 pp | Jun 2026 — - VIST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +17.9 pp | Sep 2022 +13.4 pp | Dec 2022 +3.1 pp | Mar 2023 +32.8 pp | Jun 2023 −14.2 pp | Sep 2023 −1.9 pp | Dec 2023 +12.1 pp | Mar 2024 −30.6 pp | Jun 2024 +10.6 pp | Sep 2024 −7.6 pp | Dec 2024 −29.6 pp | Mar 2025 −8.3 pp | Jun 2025 +13.7 pp | Sep 2025 +35.3 pp | Dec 2025 +2.1 pp | Mar 2026 −7.5 pp | Jun 2026 — - SM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +83.7 pp | Sep 2022 +57.9 pp | Dec 2022 −4.5 pp | Mar 2023 +35.6 pp | Jun 2023 −13.7 pp | Sep 2023 −44.0 pp | Dec 2023 −0.1 pp | Mar 2024 −15.5 pp | Jun 2024 +6.0 pp | Sep 2024 +20.9 pp | Dec 2024 −17.2 pp | Mar 2025 +0.8 pp | Jun 2025 −6.8 pp | Sep 2025 −21.0 pp | Dec 2025 −7.8 pp | Mar 2026 −52.8 pp | Jun 2026 — - MTDR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +28.2 pp | Sep 2022 +12.4 pp | Dec 2022 −5.1 pp | Mar 2023 −2.0 pp | Jun 2023 −22.2 pp | Sep 2023 −12.5 pp | Dec 2023 −8.8 pp | Mar 2024 −4.0 pp | Jun 2024 +3.7 pp | Sep 2024 +1.5 pp | Dec 2024 −7.1 pp | Mar 2025 −1.9 pp | Jun 2025 −11.3 pp | Sep 2025 −12.2 pp | Dec 2025 −6.8 pp | Mar 2026 −33.7 pp | Jun 2026 — - MGY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +16.4 pp | Sep 2022 +4.3 pp | Dec 2022 −4.1 pp | Mar 2023 −21.2 pp | Jun 2023 −24.4 pp | Sep 2023 −17.6 pp | Dec 2023 −13.9 pp | Mar 2024 −2.2 pp | Jun 2024 −3.4 pp | Sep 2024 −8.2 pp | Dec 2024 −4.8 pp | Mar 2025 −0.2 pp | Jun 2025 −6.1 pp | Sep 2025 −7.5 pp | Dec 2025 −8.4 pp | Mar 2026 −3.2 pp | Jun 2026 — - MUR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +44.8 pp | Sep 2022 +32.1 pp | Dec 2022 −7.8 pp | Mar 2023 +40.1 pp | Jun 2023 −25.8 pp | Sep 2023 −25.0 pp | Dec 2023 −8.8 pp | Mar 2024 −15.9 pp | Jun 2024 +2.7 pp | Sep 2024 −15.8 pp | Dec 2024 −11.4 pp | Mar 2025 +2.0 pp | Jun 2025 −9.5 pp | Sep 2025 −23.0 pp | Dec 2025 −3.0 pp | Mar 2026 −2.5 pp | Jun 2026 — - CNX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −299.3 pp | Sep 2022 −312.6 pp | Dec 2022 +6.1 pp | Mar 2023 −60.4 pp | Jun 2023 +46.3 pp | Sep 2023 +192.4 pp | Dec 2023 +1.7 pp | Mar 2024 −57.8 pp | Jun 2024 −60.9 pp | Sep 2024 +10.4 pp | Dec 2024 −123.3 pp | Mar 2025 −304.5 pp | Jun 2025 +57.2 pp | Sep 2025 +16.8 pp | Dec 2025 +86.7 pp | Mar 2026 +347.8 pp | Jun 2026 — - CRC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +66.8 pp | Sep 2022 +31.8 pp | Dec 2022 −33.0 pp | Mar 2023 +161.9 pp | Jun 2023 −12.3 pp | Sep 2023 −55.8 pp | Dec 2023 +19.6 pp | Mar 2024 −39.3 pp | Jun 2024 −17.5 pp | Sep 2024 +41.6 pp | Dec 2024 −31.2 pp | Mar 2025 +21.3 pp | Jun 2025 +19.9 pp | Sep 2025 −26.8 pp | Dec 2025 −2.7 pp | Mar 2026 −617.9 pp | Jun 2026 — - CRK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +26.0 pp | Sep 2022 +6.9 pp | Dec 2022 +10.8 pp | Mar 2023 −34.5 pp | Jun 2023 −74.5 pp | Sep 2023 −52.3 pp | Dec 2023 −44.0 pp | Mar 2024 −33.5 pp | Jun 2024 −31.6 pp | Sep 2024 −32.6 pp | Dec 2024 −12.9 pp | Mar 2025 +28.4 pp | Jun 2025 +56.5 pp | Sep 2025 +31.3 pp | Dec 2025 +48.8 pp | Mar 2026 +5.2 pp | Jun 2026 — - CRGY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +24.6 pp | Sep 2022 +11.8 pp | Dec 2022 −19.7 pp | Mar 2023 −18.4 pp | Jun 2023 −42.0 pp | Sep 2023 −26.3 pp | Dec 2023 −20.0 pp | Mar 2024 −5.1 pp | Jun 2024 +5.3 pp | Sep 2024 −23.0 pp | Dec 2024 +1.7 pp | Mar 2025 −2.3 pp | Jun 2025 −9.4 pp | Sep 2025 +4.6 pp | Dec 2025 −3.1 pp | Mar 2026 +9.6 pp | Jun 2026 — - BSM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +44.7 pp | Sep 2022 +58.8 pp | Dec 2022 +4.7 pp | Mar 2023 +93.2 pp | Jun 2023 −6.5 pp | Sep 2023 −22.2 pp | Dec 2023 −3.0 pp | Mar 2024 −16.8 pp | Jun 2024 −4.8 pp | Sep 2024 +12.7 pp | Dec 2024 −20.5 pp | Mar 2025 −31.6 pp | Jun 2025 +14.2 pp | Sep 2025 +1.9 pp | Dec 2025 +6.3 pp | Mar 2026 −1.0 pp | Jun 2026 — - BTE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −298.3 pp | Sep 2022 +6.5 pp | Dec 2022 −100.5 pp | Mar 2023 −27.0 pp | Jun 2023 −37.5 pp | Sep 2023 −7.7 pp | Dec 2023 −9.3 pp | Mar 2024 +0.3 pp | Jun 2024 +14.6 pp | Sep 2024 −8.3 pp | Dec 2024 — | Mar 2025 +6.5 pp | Jun 2025 −12.3 pp | Sep 2025 −6.9 pp | Dec 2025 — | Mar 2026 −10.5 pp | Jun 2026 — - GPOR: Sep 2021 — | Dec 2021 — | Mar 2022 +139.5 pp | Jun 2022 — | Sep 2022 −181.5 pp | Dec 2022 — | Mar 2023 −88.6 pp | Jun 2023 −25.4 pp | Sep 2023 +27.2 pp | Dec 2023 −20.0 pp | Mar 2024 −42.6 pp | Jun 2024 −43.7 pp | Sep 2024 −19.5 pp | Dec 2024 −189.1 pp | Mar 2025 −22.8 pp | Jun 2025 +66.0 pp | Sep 2025 +36.2 pp | Dec 2025 +176.2 pp | Mar 2026 +45.9 pp | Jun 2026 — - BKV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +725.8 pp | Sep 2022 −217.3 pp | Dec 2022 +23.9 pp | Mar 2023 −216.8 pp | Jun 2023 −63.9 pp | Sep 2023 −26.3 pp | Dec 2023 −38.7 pp | Mar 2024 −62.1 pp | Jun 2024 −19.7 pp | Sep 2024 −9.3 pp | Dec 2024 −66.3 pp | Mar 2025 −34.3 pp | Jun 2025 +71.6 pp | Sep 2025 +41.7 pp | Dec 2025 +77.5 pp | Mar 2026 +76.8 pp | Jun 2026 — - TALO: Sep 2021 — | Dec 2021 — | Mar 2022 +28.4 pp | Jun 2022 +22.5 pp | Sep 2022 +11.8 pp | Dec 2022 −9.5 pp | Mar 2023 −50.2 pp | Jun 2023 −42.2 pp | Sep 2023 −10.4 pp | Dec 2023 −14.0 pp | Mar 2024 +13.4 pp | Jun 2024 −1.1 pp | Sep 2024 −28.5 pp | Dec 2024 −3.4 pp | Mar 2025 −7.3 pp | Jun 2025 −74.3 pp | Sep 2025 −23.7 pp | Dec 2025 — | Mar 2026 −33.8 pp | Jun 2026 — ## Profit Scale & Acceleration What the numbers say: Canadian Natural Resources Limited leads with $9,710 million of TTM profit, 200.9% above Expand Energy Corporation. Antero Resources Corporation shows ≥100% on the scoring scale (215.7% uncapped) growth from a $1,064 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale. Investor read: Canadian Natural Resources Limited sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current profit growth signal. Evidence: Canadian Natural Resources Limited · $9,710 million | 200.9% versus #2 · Expand Energy Corporation | 4/8 recent comparable periods | 21/30 companies · 556 observations Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank. ### Net profit — largest 1. Canadian Natural Resources Limited (CNQ): ₹9.7K Cr 2. Expand Energy Corporation (EXE): ₹3.2K Cr 3. Devon Energy Corporation (DVN): ₹2.3K Cr 4. APA Corporation (APA): ₹1.8K Cr 5. CNX Resources Corporation (CNX): ₹1.2K Cr ### Profit growth — fastest growers 1. Antero Resources Corporation (AR): 100% 2. APA Corporation (APA): 37% 3. Black Stone Minerals, L.P. (BSM): 33% 4. Canadian Natural Resources Limited (CNQ): 28% 5. Texas Pacific Land Corporation (TPL): 9.1% ### 20-quarter Net profit history - COP: Sep 2021 ₹2.4K Cr | Dec 2021 ₹2.6K Cr | Mar 2022 ₹5.8K Cr | Jun 2022 ₹5.1K Cr | Sep 2022 ₹4.5K Cr | Dec 2022 ₹3.2K Cr | Mar 2023 ₹2.9K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.8K Cr | Dec 2023 ₹3.0K Cr | Mar 2024 ₹2.6K Cr | Jun 2024 ₹2.3K Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹2.8K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹2.2K Cr | Jun 2026 — - CNQ: Sep 2021 ₹2.2K Cr | Dec 2021 ₹2.5K Cr | Mar 2022 ₹3.1K Cr | Jun 2022 ₹3.5K Cr | Sep 2022 ₹2.8K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹2.3K Cr | Dec 2023 ₹2.6K Cr | Mar 2024 ₹987 Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹600 Cr | Dec 2025 ₹5.3K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 — - EOG: Sep 2021 ₹1.1K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹390 Cr | Jun 2022 ₹2.2K Cr | Sep 2022 ₹2.9K Cr | Dec 2022 ₹2.3K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹701 Cr | Mar 2026 ₹2.0K Cr | Jun 2026 — - OXY: Sep 2021 ₹830 Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹4.9K Cr | Jun 2022 ₹3.8K Cr | Sep 2022 ₹2.7K Cr | Dec 2022 ₹1.9K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹860 Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹706 Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹-150 Cr | Mar 2025 ₹830 Cr | Jun 2025 ₹468 Cr | Sep 2025 ₹842 Cr | Dec 2025 ₹-148 Cr | Mar 2026 ₹236 Cr | Jun 2026 — - FANG: Sep 2021 ₹674 Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹803 Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹746 Cr | Jun 2023 ₹586 Cr | Sep 2023 ₹993 Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹809 Cr | Jun 2024 ₹894 Cr | Sep 2024 ₹708 Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹739 Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹-1.8K Cr | Mar 2026 ₹144 Cr | Jun 2026 — - DVN: Sep 2021 ₹844 Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹995 Cr | Jun 2022 ₹1.9K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹698 Cr | Sep 2023 ₹920 Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹609 Cr | Jun 2024 ₹855 Cr | Sep 2024 ₹825 Cr | Dec 2024 ₹653 Cr | Mar 2025 ₹509 Cr | Jun 2025 ₹917 Cr | Sep 2025 ₹693 Cr | Dec 2025 ₹562 Cr | Mar 2026 ₹120 Cr | Jun 2026 — - WDS: Sep 2021 — | Dec 2021 ₹1.7K Cr | Mar 2022 — | Jun 2022 ₹1.7K Cr | Sep 2022 — | Dec 2022 ₹4.9K Cr | Mar 2023 — | Jun 2023 ₹1.8K Cr | Sep 2023 — | Dec 2023 ₹-44 Cr | Mar 2024 — | Jun 2024 ₹2.0K Cr | Sep 2024 — | Dec 2024 ₹1.7K Cr | Mar 2025 — | Jun 2025 ₹1.3K Cr | Sep 2025 — | Dec 2025 ₹1.4K Cr | Mar 2026 — | Jun 2026 — - EQT: Sep 2021 ₹-2.0K Cr | Dec 2021 ₹1.8K Cr | Mar 2022 ₹-1.5K Cr | Jun 2022 ₹894 Cr | Sep 2022 ₹687 Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹-67 Cr | Sep 2023 ₹81 Cr | Dec 2023 ₹501 Cr | Mar 2024 ₹103 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹-297 Cr | Dec 2024 ₹427 Cr | Mar 2025 ₹315 Cr | Jun 2025 ₹857 Cr | Sep 2025 ₹407 Cr | Dec 2025 ₹746 Cr | Mar 2026 ₹1.6K Cr | Jun 2026 — - TPL: Sep 2021 ₹84 Cr | Dec 2021 ₹79 Cr | Mar 2022 ₹98 Cr | Jun 2022 ₹119 Cr | Sep 2022 ₹130 Cr | Dec 2022 ₹100 Cr | Mar 2023 ₹87 Cr | Jun 2023 ₹100 Cr | Sep 2023 ₹106 Cr | Dec 2023 ₹113 Cr | Mar 2024 ₹114 Cr | Jun 2024 ₹115 Cr | Sep 2024 ₹107 Cr | Dec 2024 ₹118 Cr | Mar 2025 ₹121 Cr | Jun 2025 ₹116 Cr | Sep 2025 ₹121 Cr | Dec 2025 ₹123 Cr | Mar 2026 ₹143 Cr | Jun 2026 — - EXE: Sep 2021 — | Dec 2021 — | Mar 2022 ₹-764 Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹883 Cr | Dec 2022 ₹3.6K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹391 Cr | Sep 2023 ₹70 Cr | Dec 2023 ₹569 Cr | Mar 2024 ₹26 Cr | Jun 2024 ₹-227 Cr | Sep 2024 ₹-114 Cr | Dec 2024 ₹-399 Cr | Mar 2025 ₹-249 Cr | Jun 2025 ₹968 Cr | Sep 2025 ₹547 Cr | Dec 2025 ₹553 Cr | Mar 2026 ₹1.2K Cr | Jun 2026 — - PR: Sep 2021 ₹37 Cr | Dec 2021 ₹161 Cr | Mar 2022 ₹16 Cr | Jun 2022 ₹192 Cr | Sep 2022 ₹344 Cr | Dec 2022 ₹199 Cr | Mar 2023 ₹220 Cr | Jun 2023 ₹149 Cr | Sep 2023 ₹98 Cr | Dec 2023 ₹413 Cr | Mar 2024 ₹230 Cr | Jun 2024 ₹309 Cr | Sep 2024 ₹457 Cr | Dec 2024 ₹255 Cr | Mar 2025 ₹391 Cr | Jun 2025 ₹245 Cr | Sep 2025 ₹81 Cr | Dec 2025 ₹382 Cr | Mar 2026 ₹50 Cr | Jun 2026 — - OVV: Sep 2021 ₹-72 Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹-241 Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹487 Cr | Jun 2023 ₹336 Cr | Sep 2023 ₹406 Cr | Dec 2023 ₹856 Cr | Mar 2024 ₹338 Cr | Jun 2024 ₹340 Cr | Sep 2024 ₹507 Cr | Dec 2024 ₹-60 Cr | Mar 2025 ₹-159 Cr | Jun 2025 ₹307 Cr | Sep 2025 ₹148 Cr | Dec 2025 ₹946 Cr | Mar 2026 ₹-630 Cr | Jun 2026 — - APA: Sep 2021 ₹-30 Cr | Dec 2021 ₹485 Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹530 Cr | Dec 2022 ₹539 Cr | Mar 2023 ₹326 Cr | Jun 2023 ₹462 Cr | Sep 2023 ₹555 Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹212 Cr | Jun 2024 ₹620 Cr | Sep 2024 ₹-139 Cr | Dec 2024 ₹425 Cr | Mar 2025 ₹418 Cr | Jun 2025 ₹665 Cr | Sep 2025 ₹278 Cr | Dec 2025 ₹331 Cr | Mar 2026 ₹543 Cr | Jun 2026 — - AR: Sep 2021 ₹-567 Cr | Dec 2021 ₹958 Cr | Mar 2022 ₹-175 Cr | Jun 2022 ₹812 Cr | Sep 2022 ₹595 Cr | Dec 2022 ₹767 Cr | Mar 2023 ₹261 Cr | Jun 2023 ₹-68 Cr | Sep 2023 ₹33 Cr | Dec 2023 ₹201 Cr | Mar 2024 ₹35 Cr | Jun 2024 ₹-75 Cr | Sep 2024 ₹-25 Cr | Dec 2024 ₹218 Cr | Mar 2025 ₹219 Cr | Jun 2025 ₹167 Cr | Sep 2025 ₹86 Cr | Dec 2025 ₹263 Cr | Mar 2026 ₹548 Cr | Jun 2026 — - RRC: Sep 2021 ₹-350 Cr | Dec 2021 ₹891 Cr | Mar 2022 ₹-457 Cr | Jun 2022 ₹453 Cr | Sep 2022 ₹373 Cr | Dec 2022 ₹814 Cr | Mar 2023 ₹481 Cr | Jun 2023 ₹30 Cr | Sep 2023 ₹49 Cr | Dec 2023 ₹310 Cr | Mar 2024 ₹92 Cr | Jun 2024 ₹29 Cr | Sep 2024 ₹51 Cr | Dec 2024 ₹95 Cr | Mar 2025 ₹97 Cr | Jun 2025 ₹238 Cr | Sep 2025 ₹144 Cr | Dec 2025 ₹179 Cr | Mar 2026 ₹342 Cr | Jun 2026 — - CHRD: Sep 2021 ₹42 Cr | Dec 2021 ₹186 Cr | Mar 2022 ₹-23 Cr | Jun 2022 ₹130 Cr | Sep 2022 ₹939 Cr | Dec 2022 ₹291 Cr | Mar 2023 ₹481 Cr | Jun 2023 ₹355 Cr | Sep 2023 ₹340 Cr | Dec 2023 ₹478 Cr | Mar 2024 ₹314 Cr | Jun 2024 ₹369 Cr | Sep 2024 ₹384 Cr | Dec 2024 ₹308 Cr | Mar 2025 ₹366 Cr | Jun 2025 ₹-281 Cr | Sep 2025 ₹210 Cr | Dec 2025 ₹147 Cr | Mar 2026 ₹80 Cr | Jun 2026 — - VIST: Sep 2021 ₹5 Cr | Dec 2021 ₹36 Cr | Mar 2022 ₹16 Cr | Jun 2022 ₹102 Cr | Sep 2022 ₹77 Cr | Dec 2022 ₹76 Cr | Mar 2023 ₹129 Cr | Jun 2023 ₹52 Cr | Sep 2023 ₹83 Cr | Dec 2023 ₹133 Cr | Mar 2024 ₹79 Cr | Jun 2024 ₹140 Cr | Sep 2024 ₹165 Cr | Dec 2024 ₹94 Cr | Mar 2025 ₹83 Cr | Jun 2025 ₹235 Cr | Sep 2025 ₹315 Cr | Dec 2025 ₹86 Cr | Mar 2026 ₹108 Cr | Jun 2026 — - SM: Sep 2021 ₹86 Cr | Dec 2021 ₹425 Cr | Mar 2022 ₹49 Cr | Jun 2022 ₹323 Cr | Sep 2022 ₹481 Cr | Dec 2022 ₹258 Cr | Mar 2023 ₹199 Cr | Jun 2023 ₹150 Cr | Sep 2023 ₹222 Cr | Dec 2023 ₹247 Cr | Mar 2024 ₹131 Cr | Jun 2024 ₹210 Cr | Sep 2024 ₹241 Cr | Dec 2024 ₹188 Cr | Mar 2025 ₹182 Cr | Jun 2025 ₹202 Cr | Sep 2025 ₹155 Cr | Dec 2025 ₹109 Cr | Mar 2026 ₹-335 Cr | Jun 2026 — - MTDR: Sep 2021 ₹218 Cr | Dec 2021 ₹231 Cr | Mar 2022 ₹224 Cr | Jun 2022 ₹436 Cr | Sep 2022 ₹354 Cr | Dec 2022 ₹272 Cr | Mar 2023 ₹179 Cr | Jun 2023 ₹177 Cr | Sep 2023 ₹278 Cr | Dec 2023 ₹276 Cr | Mar 2024 ₹213 Cr | Jun 2024 ₹248 Cr | Sep 2024 ₹273 Cr | Dec 2024 ₹238 Cr | Mar 2025 ₹262 Cr | Jun 2025 ₹182 Cr | Sep 2025 ₹201 Cr | Dec 2025 ₹216 Cr | Mar 2026 ₹-16 Cr | Jun 2026 — - MGY: Sep 2021 ₹160 Cr | Dec 2021 ₹192 Cr | Mar 2022 ₹209 Cr | Jun 2022 ₹300 Cr | Sep 2022 ₹287 Cr | Dec 2022 ₹255 Cr | Mar 2023 ₹107 Cr | Jun 2023 ₹105 Cr | Sep 2023 ₹117 Cr | Dec 2023 ₹114 Cr | Mar 2024 ₹98 Cr | Jun 2024 ₹105 Cr | Sep 2024 ₹106 Cr | Dec 2024 ₹89 Cr | Mar 2025 ₹107 Cr | Jun 2025 ₹81 Cr | Sep 2025 ₹78 Cr | Dec 2025 ₹71 Cr | Mar 2026 ₹101 Cr | Jun 2026 — - MUR: Sep 2021 ₹138 Cr | Dec 2021 ₹205 Cr | Mar 2022 ₹-65 Cr | Jun 2022 ₹410 Cr | Sep 2022 ₹574 Cr | Dec 2022 ₹221 Cr | Mar 2023 ₹214 Cr | Jun 2023 ₹92 Cr | Sep 2023 ₹278 Cr | Dec 2023 ₹140 Cr | Mar 2024 ₹116 Cr | Jun 2024 ₹157 Cr | Sep 2024 ₹152 Cr | Dec 2024 ₹65 Cr | Mar 2025 ₹90 Cr | Jun 2025 ₹34 Cr | Sep 2025 ₹-8 Cr | Dec 2025 ₹22 Cr | Mar 2026 ₹69 Cr | Jun 2026 — - CNX: Sep 2021 ₹-873 Cr | Dec 2021 ₹630 Cr | Mar 2022 ₹-923 Cr | Jun 2022 ₹33 Cr | Sep 2022 ₹-427 Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹710 Cr | Jun 2023 ₹475 Cr | Sep 2023 ₹21 Cr | Dec 2023 ₹514 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹-18 Cr | Sep 2024 ₹66 Cr | Dec 2024 ₹-145 Cr | Mar 2025 ₹-198 Cr | Jun 2025 ₹433 Cr | Sep 2025 ₹202 Cr | Dec 2025 ₹196 Cr | Mar 2026 ₹348 Cr | Jun 2026 — - CRC: Sep 2021 ₹107 Cr | Dec 2021 ₹714 Cr | Mar 2022 ₹-175 Cr | Jun 2022 ₹190 Cr | Sep 2022 ₹426 Cr | Dec 2022 ₹83 Cr | Mar 2023 ₹301 Cr | Jun 2023 ₹97 Cr | Sep 2023 ₹-22 Cr | Dec 2023 ₹188 Cr | Mar 2024 ₹-10 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹345 Cr | Dec 2024 ₹33 Cr | Mar 2025 ₹115 Cr | Jun 2025 ₹172 Cr | Sep 2025 ₹64 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹-711 Cr | Jun 2026 — - CRK: Sep 2021 ₹-288 Cr | Dec 2021 ₹360 Cr | Mar 2022 ₹-111 Cr | Jun 2022 ₹377 Cr | Sep 2022 ₹356 Cr | Dec 2022 ₹520 Cr | Mar 2023 ₹135 Cr | Jun 2023 ₹-46 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹108 Cr | Mar 2024 ₹-14 Cr | Jun 2024 ₹-123 Cr | Sep 2024 ₹-26 Cr | Dec 2024 ₹-55 Cr | Mar 2025 ₹-115 Cr | Jun 2025 ₹131 Cr | Sep 2025 ₹118 Cr | Dec 2025 ₹287 Cr | Mar 2026 ₹112 Cr | Jun 2026 — - CRGY: Sep 2021 ₹-162 Cr | Dec 2021 ₹169 Cr | Mar 2022 ₹-406 Cr | Jun 2022 ₹282 Cr | Sep 2022 ₹555 Cr | Dec 2022 ₹49 Cr | Mar 2023 ₹256 Cr | Jun 2023 ₹57 Cr | Sep 2023 ₹-131 Cr | Dec 2023 ₹140 Cr | Mar 2024 ₹-32 Cr | Jun 2024 ₹70 Cr | Sep 2024 ₹-6 Cr | Dec 2024 ₹-170 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹162 Cr | Sep 2025 ₹-10 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹-419 Cr | Jun 2026 — - BSM: Sep 2021 ₹10 Cr | Dec 2021 ₹134 Cr | Mar 2022 ₹-7 Cr | Jun 2022 ₹132 Cr | Sep 2022 ₹168 Cr | Dec 2022 ₹183 Cr | Mar 2023 ₹134 Cr | Jun 2023 ₹78 Cr | Sep 2023 ₹62 Cr | Dec 2023 ₹148 Cr | Mar 2024 ₹64 Cr | Jun 2024 ₹68 Cr | Sep 2024 ₹93 Cr | Dec 2024 ₹46 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹120 Cr | Sep 2025 ₹92 Cr | Dec 2025 ₹72 Cr | Mar 2026 ₹13 Cr | Jun 2026 — - BTE: Sep 2021 ₹33 Cr | Dec 2021 ₹563 Cr | Mar 2022 ₹57 Cr | Jun 2022 ₹181 Cr | Sep 2022 ₹265 Cr | Dec 2022 ₹353 Cr | Mar 2023 ₹51 Cr | Jun 2023 ₹214 Cr | Sep 2023 ₹127 Cr | Dec 2023 ₹-626 Cr | Mar 2024 ₹-14 Cr | Jun 2024 ₹104 Cr | Sep 2024 ₹185 Cr | Dec 2024 ₹-38 Cr | Mar 2025 ₹70 Cr | Jun 2025 ₹152 Cr | Sep 2025 ₹32 Cr | Dec 2025 ₹-857 Cr | Mar 2026 ₹-67 Cr | Jun 2026 — - GPOR: Sep 2021 ₹-461 Cr | Dec 2021 — | Mar 2022 ₹-492 Cr | Jun 2022 ₹257 Cr | Sep 2022 ₹-18 Cr | Dec 2022 ₹749 Cr | Mar 2023 ₹523 Cr | Jun 2023 ₹94 Cr | Sep 2023 ₹608 Cr | Dec 2023 ₹246 Cr | Mar 2024 ₹52 Cr | Jun 2024 ₹-26 Cr | Sep 2024 ₹-14 Cr | Dec 2024 ₹-273 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹184 Cr | Sep 2025 ₹111 Cr | Dec 2025 ₹132 Cr | Mar 2026 ₹166 Cr | Jun 2026 — - BKV: Sep 2021 ₹-232 Cr | Dec 2021 ₹227 Cr | Mar 2022 ₹-192 Cr | Jun 2022 ₹273 Cr | Sep 2022 ₹74 Cr | Dec 2022 ₹256 Cr | Mar 2023 ₹96 Cr | Jun 2023 ₹-35 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹38 Cr | Mar 2024 ₹-39 Cr | Jun 2024 ₹-60 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹-57 Cr | Mar 2025 ₹-87 Cr | Jun 2025 ₹105 Cr | Sep 2025 ₹78 Cr | Dec 2025 ₹71 Cr | Mar 2026 ₹52 Cr | Jun 2026 — - TALO: Sep 2021 ₹-17 Cr | Dec 2021 ₹81 Cr | Mar 2022 ₹-66 Cr | Jun 2022 ₹195 Cr | Sep 2022 ₹250 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹90 Cr | Jun 2023 ₹14 Cr | Sep 2023 ₹-2 Cr | Dec 2023 ₹86 Cr | Mar 2024 ₹-112 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹88 Cr | Dec 2024 ₹-65 Cr | Mar 2025 ₹-10 Cr | Jun 2025 ₹-186 Cr | Sep 2025 ₹-96 Cr | Dec 2025 — | Mar 2026 ₹-256 Cr | Jun 2026 — ### 20-quarter Profit growth history - COP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 146% | Sep 2022 90% | Dec 2022 24% | Mar 2023 -49% | Jun 2023 -57% | Sep 2023 -38% | Dec 2023 -7.5% | Mar 2024 -13% | Jun 2024 4.4% | Sep 2024 -26% | Dec 2024 -23% | Mar 2025 12% | Jun 2025 -15% | Sep 2025 -16% | Dec 2025 -37% | Mar 2026 -23% | Jun 2026 — - CNQ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 126% | Sep 2022 28% | Dec 2022 -40% | Mar 2023 -42% | Jun 2023 -58% | Sep 2023 -17% | Dec 2023 73% | Mar 2024 -45% | Jun 2024 17% | Sep 2024 -3.3% | Dec 2024 -57% | Mar 2025 149% | Jun 2025 43% | Sep 2025 -74% | Dec 2025 366% | Mar 2026 -45% | Jun 2026 — - EOG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 147% | Sep 2022 161% | Dec 2022 15% | Mar 2023 419% | Jun 2023 -31% | Sep 2023 -29% | Dec 2023 -13% | Mar 2024 -12% | Jun 2024 8.8% | Sep 2024 -18% | Dec 2024 -37% | Mar 2025 -18% | Jun 2025 -20% | Sep 2025 -12% | Dec 2025 -44% | Mar 2026 35% | Jun 2026 — - OXY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 3,655% | Sep 2022 231% | Dec 2022 23% | Mar 2023 -74% | Jun 2023 -77% | Sep 2023 -50% | Dec 2023 -38% | Mar 2024 -44% | Jun 2024 36% | Sep 2024 -17% | Dec 2024 -113% | Mar 2025 18% | Jun 2025 -60% | Sep 2025 -26% | Dec 2025 — | Mar 2026 -72% | Jun 2026 — - FANG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 345% | Sep 2022 88% | Dec 2022 -2.2% | Mar 2023 -7.1% | Jun 2023 -60% | Sep 2023 -22% | Dec 2023 -1.7% | Mar 2024 8.5% | Jun 2024 53% | Sep 2024 -29% | Dec 2024 28% | Mar 2025 84% | Jun 2025 -17% | Sep 2025 53% | Dec 2025 -237% | Mar 2026 -90% | Jun 2026 — - DVN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 643% | Sep 2022 125% | Dec 2022 -20% | Mar 2023 0.8% | Jun 2023 -64% | Sep 2023 -52% | Dec 2023 -3.6% | Mar 2024 -39% | Jun 2024 22% | Sep 2024 -10% | Dec 2024 -44% | Mar 2025 -16% | Jun 2025 7.3% | Sep 2025 -16% | Dec 2025 -14% | Mar 2026 -76% | Jun 2026 — - WDS: Sep 2021 — | Dec 2021 2,589% | Mar 2022 — | Jun 2022 391% | Sep 2022 — | Dec 2022 189% | Mar 2023 — | Jun 2023 5.2% | Sep 2023 — | Dec 2023 -101% | Mar 2024 — | Jun 2024 12% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 -33% | Sep 2025 — | Dec 2025 -16% | Mar 2026 — | Jun 2026 — - EQT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -5.1% | Mar 2023 — | Jun 2023 -107% | Sep 2023 -88% | Dec 2023 -71% | Mar 2024 -92% | Jun 2024 — | Sep 2024 -467% | Dec 2024 -15% | Mar 2025 206% | Jun 2025 9,422% | Sep 2025 — | Dec 2025 75% | Mar 2026 393% | Jun 2026 — - TPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 109% | Sep 2022 55% | Dec 2022 27% | Mar 2023 -11% | Jun 2023 -16% | Sep 2023 -18% | Dec 2023 13% | Mar 2024 31% | Jun 2024 15% | Sep 2024 0.9% | Dec 2024 4.4% | Mar 2025 6.1% | Jun 2025 0.9% | Sep 2025 13% | Dec 2025 4.2% | Mar 2026 18% | Jun 2026 — - EXE: Sep 2021 — | Dec 2021 — | Mar 2022 -359% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -68% | Sep 2023 -92% | Dec 2023 -84% | Mar 2024 -98% | Jun 2024 -158% | Sep 2024 -263% | Dec 2024 -170% | Mar 2025 -1,058% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - PR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 830% | Dec 2022 24% | Mar 2023 1,275% | Jun 2023 -22% | Sep 2023 -72% | Dec 2023 108% | Mar 2024 4.6% | Jun 2024 107% | Sep 2024 366% | Dec 2024 -38% | Mar 2025 70% | Jun 2025 -21% | Sep 2025 -82% | Dec 2025 50% | Mar 2026 -87% | Jun 2026 — - OVV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -3.5% | Mar 2023 — | Jun 2023 -75% | Sep 2023 -66% | Dec 2023 -36% | Mar 2024 -31% | Jun 2024 1.2% | Sep 2024 25% | Dec 2024 -107% | Mar 2025 -147% | Jun 2025 -9.7% | Sep 2025 -71% | Dec 2025 — | Mar 2026 — | Jun 2026 — - APA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 162% | Sep 2022 — | Dec 2022 11% | Mar 2023 -83% | Jun 2023 -57% | Sep 2023 4.7% | Dec 2023 246% | Mar 2024 -35% | Jun 2024 34% | Sep 2024 -125% | Dec 2024 -77% | Mar 2025 97% | Jun 2025 7.3% | Sep 2025 — | Dec 2025 -22% | Mar 2026 30% | Jun 2026 — - AR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -20% | Mar 2023 — | Jun 2023 -108% | Sep 2023 -94% | Dec 2023 -74% | Mar 2024 -87% | Jun 2024 — | Sep 2024 -176% | Dec 2024 8.5% | Mar 2025 526% | Jun 2025 — | Sep 2025 — | Dec 2025 21% | Mar 2026 150% | Jun 2026 — - RRC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -8.6% | Mar 2023 — | Jun 2023 -93% | Sep 2023 -87% | Dec 2023 -62% | Mar 2024 -81% | Jun 2024 -3.3% | Sep 2024 4.1% | Dec 2024 -69% | Mar 2025 5.4% | Jun 2025 721% | Sep 2025 182% | Dec 2025 88% | Mar 2026 253% | Jun 2026 — - CHRD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 165% | Sep 2022 2,136% | Dec 2022 56% | Mar 2023 — | Jun 2023 173% | Sep 2023 -64% | Dec 2023 64% | Mar 2024 -35% | Jun 2024 3.9% | Sep 2024 13% | Dec 2024 -36% | Mar 2025 17% | Jun 2025 -176% | Sep 2025 -45% | Dec 2025 -52% | Mar 2026 -78% | Jun 2026 — - VIST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1,600% | Sep 2022 1,440% | Dec 2022 111% | Mar 2023 706% | Jun 2023 -49% | Sep 2023 7.8% | Dec 2023 75% | Mar 2024 -39% | Jun 2024 169% | Sep 2024 99% | Dec 2024 -29% | Mar 2025 5.1% | Jun 2025 68% | Sep 2025 91% | Dec 2025 -8.5% | Mar 2026 30% | Jun 2026 — - SM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 459% | Dec 2022 -39% | Mar 2023 306% | Jun 2023 -54% | Sep 2023 -54% | Dec 2023 -4.3% | Mar 2024 -34% | Jun 2024 40% | Sep 2024 8.6% | Dec 2024 -24% | Mar 2025 39% | Jun 2025 -3.8% | Sep 2025 -36% | Dec 2025 -42% | Mar 2026 -284% | Jun 2026 — - MTDR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 257% | Sep 2022 62% | Dec 2022 18% | Mar 2023 -20% | Jun 2023 -59% | Sep 2023 -21% | Dec 2023 1.5% | Mar 2024 19% | Jun 2024 40% | Sep 2024 -1.8% | Dec 2024 -14% | Mar 2025 23% | Jun 2025 -27% | Sep 2025 -26% | Dec 2025 -9.2% | Mar 2026 -106% | Jun 2026 — - MGY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 159% | Sep 2022 79% | Dec 2022 33% | Mar 2023 -49% | Jun 2023 -65% | Sep 2023 -59% | Dec 2023 -55% | Mar 2024 -8.4% | Jun 2024 0.0% | Sep 2024 -9.4% | Dec 2024 -22% | Mar 2025 9.2% | Jun 2025 -23% | Sep 2025 -26% | Dec 2025 -20% | Mar 2026 -5.6% | Jun 2026 — - MUR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 316% | Dec 2022 7.8% | Mar 2023 — | Jun 2023 -78% | Sep 2023 -52% | Dec 2023 -37% | Mar 2024 -46% | Jun 2024 71% | Sep 2024 -45% | Dec 2024 -54% | Mar 2025 -22% | Jun 2025 -78% | Sep 2025 -105% | Dec 2025 -66% | Mar 2026 -23% | Jun 2026 — - CNX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 87% | Mar 2023 — | Jun 2023 1,339% | Sep 2023 — | Dec 2023 -56% | Mar 2024 -99% | Jun 2024 -104% | Sep 2024 214% | Dec 2024 -128% | Mar 2025 -2,929% | Jun 2025 — | Sep 2025 206% | Dec 2025 — | Mar 2026 — | Jun 2026 — - CRC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 298% | Dec 2022 -88% | Mar 2023 — | Jun 2023 -49% | Sep 2023 -105% | Dec 2023 127% | Mar 2024 -103% | Jun 2024 -92% | Sep 2024 — | Dec 2024 -82% | Mar 2025 — | Jun 2025 2,050% | Sep 2025 -81% | Dec 2025 -64% | Mar 2026 -718% | Jun 2026 — - CRK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 44% | Mar 2023 — | Jun 2023 -112% | Sep 2023 -96% | Dec 2023 -79% | Mar 2024 -110% | Jun 2024 — | Sep 2024 -273% | Dec 2024 -151% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - CRGY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -71% | Mar 2023 — | Jun 2023 -80% | Sep 2023 -124% | Dec 2023 186% | Mar 2024 -113% | Jun 2024 23% | Sep 2024 — | Dec 2024 -221% | Mar 2025 — | Jun 2025 131% | Sep 2025 — | Dec 2025 — | Mar 2026 -7,083% | Jun 2026 — - BSM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 780% | Sep 2022 1,580% | Dec 2022 37% | Mar 2023 — | Jun 2023 -41% | Sep 2023 -63% | Dec 2023 -19% | Mar 2024 -52% | Jun 2024 -13% | Sep 2024 50% | Dec 2024 -69% | Mar 2025 -75% | Jun 2025 76% | Sep 2025 -1.1% | Dec 2025 57% | Mar 2026 -19% | Jun 2026 — - BTE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -83% | Sep 2022 703% | Dec 2022 -37% | Mar 2023 -11% | Jun 2023 18% | Sep 2023 -52% | Dec 2023 -277% | Mar 2024 -127% | Jun 2024 -51% | Sep 2024 46% | Dec 2024 — | Mar 2025 — | Jun 2025 46% | Sep 2025 -83% | Dec 2025 — | Mar 2026 -196% | Jun 2026 — - GPOR: Sep 2021 — | Dec 2021 — | Mar 2022 -5,567% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -63% | Sep 2023 — | Dec 2023 -67% | Mar 2024 -90% | Jun 2024 -128% | Sep 2024 -102% | Dec 2024 -211% | Mar 2025 -100% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - BKV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 13% | Mar 2023 — | Jun 2023 -113% | Sep 2023 -74% | Dec 2023 -85% | Mar 2024 -141% | Jun 2024 — | Sep 2024 -32% | Dec 2024 -250% | Mar 2025 — | Jun 2025 — | Sep 2025 500% | Dec 2025 — | Mar 2026 — | Jun 2026 — - TALO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -96% | Mar 2023 — | Jun 2023 -93% | Sep 2023 -101% | Dec 2023 2,767% | Mar 2024 -224% | Jun 2024 -14% | Sep 2024 — | Dec 2024 -176% | Mar 2025 — | Jun 2025 -1,650% | Sep 2025 -209% | Dec 2025 — | Mar 2026 — | Jun 2026 — ## Capacity Spending & Returns On It What the numbers say: Woodside Energy Group Ltd reports $3,093 million of CAPEX; California Resources Corporation has the highest covered intensity at 118.5%. Coverage is only 30 of 30 companies and 558 reported observations, so this is partial evidence—not a complete sector rank. Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation. This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns. Evidence: Woodside Energy Group Ltd · $3,093 million | 4.9% versus #2 · ConocoPhillips | 8/8 recent comparable periods | 30/30 companies · 558 observations Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns. ### CAPEX — largest spenders 1. Woodside Energy Group Ltd (WDS): ₹3.1K Cr — older report 2. ConocoPhillips (COP): ₹2.9K Cr 3. Canadian Natural Resources Limited (CNQ): ₹2.1K Cr 4. EOG Resources, Inc. (EOG): ₹1.6K Cr 5. Occidental Petroleum Corporation (OXY): ₹1.6K Cr ### CAPEX intensity — highest reinvestment intensity 1. California Resources Corporation (CRC): 119% 2. Comstock Resources, Inc. (CRK): 69% 3. Murphy Oil Corporation (MUR): 53% 4. Permian Resources Corporation (PR): 49% 5. Woodside Energy Group Ltd (WDS): 48% — older report ### 20-quarter CAPEX history - COP: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹3.2K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹2.5K Cr | Dec 2022 ₹2.5K Cr | Mar 2023 ₹2.9K Cr | Jun 2023 ₹2.9K Cr | Sep 2023 ₹2.5K Cr | Dec 2023 ₹2.9K Cr | Mar 2024 ₹2.9K Cr | Jun 2024 ₹3.0K Cr | Sep 2024 ₹2.9K Cr | Dec 2024 ₹3.3K Cr | Mar 2025 ₹3.4K Cr | Jun 2025 ₹3.3K Cr | Sep 2025 ₹2.9K Cr | Dec 2025 ₹3.0K Cr | Mar 2026 ₹2.9K Cr | Jun 2026 — - CNQ: Sep 2021 ₹953 Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹963 Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹2.1K Cr | Jun 2026 — - EOG: Sep 2021 ₹896 Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹1.0K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 — - OXY: Sep 2021 ₹656 Cr | Dec 2021 ₹937 Cr | Mar 2022 ₹858 Cr | Jun 2022 ₹972 Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹753 Cr | Mar 2026 ₹1.6K Cr | Jun 2026 — - FANG: Sep 2021 ₹391 Cr | Dec 2021 ₹434 Cr | Mar 2022 ₹437 Cr | Jun 2022 ₹468 Cr | Sep 2022 ₹491 Cr | Dec 2022 ₹527 Cr | Mar 2023 ₹657 Cr | Jun 2023 ₹711 Cr | Sep 2023 ₹645 Cr | Dec 2023 ₹649 Cr | Mar 2024 ₹609 Cr | Jun 2024 ₹637 Cr | Sep 2024 ₹688 Cr | Dec 2024 ₹933 Cr | Mar 2025 ₹942 Cr | Jun 2025 ₹864 Cr | Sep 2025 ₹774 Cr | Dec 2025 ₹943 Cr | Mar 2026 ₹933 Cr | Jun 2026 — - DVN: Sep 2021 ₹484 Cr | Dec 2021 ₹515 Cr | Mar 2022 ₹538 Cr | Jun 2022 ₹673 Cr | Sep 2022 ₹3.1K Cr | Dec 2022 ₹821 Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹905 Cr | Dec 2023 ₹920 Cr | Mar 2024 ₹902 Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹4.5K Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹942 Cr | Jun 2025 ₹972 Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹933 Cr | Mar 2026 ₹1.0K Cr | Jun 2026 — - WDS: Sep 2021 — | Dec 2021 ₹1.6K Cr | Mar 2022 — | Jun 2022 ₹998 Cr | Sep 2022 — | Dec 2022 ₹2.1K Cr | Mar 2023 — | Jun 2023 ₹2.5K Cr | Sep 2023 — | Dec 2023 ₹2.8K Cr | Mar 2024 — | Jun 2024 ₹2.4K Cr | Sep 2024 — | Dec 2024 ₹2.5K Cr | Mar 2025 — | Jun 2025 ₹4.9K Cr | Sep 2025 — | Dec 2025 ₹3.1K Cr | Mar 2026 — | Jun 2026 — - EQT: Sep 2021 ₹237 Cr | Dec 2021 ₹348 Cr | Mar 2022 ₹292 Cr | Jun 2022 ₹393 Cr | Sep 2022 ₹363 Cr | Dec 2022 ₹353 Cr | Mar 2023 ₹495 Cr | Jun 2023 ₹487 Cr | Sep 2023 ₹504 Cr | Dec 2023 ₹533 Cr | Mar 2024 ₹534 Cr | Jun 2024 ₹558 Cr | Sep 2024 ₹569 Cr | Dec 2024 ₹592 Cr | Mar 2025 ₹500 Cr | Jun 2025 ₹550 Cr | Sep 2025 ₹626 Cr | Dec 2025 ₹613 Cr | Mar 2026 ₹599 Cr | Jun 2026 ₹650 Cr - TPL: Sep 2021 ₹7 Cr | Dec 2021 ₹5 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹50 Cr | Dec 2025 ₹29 Cr | Mar 2026 ₹7 Cr | Jun 2026 — - EXE: Sep 2021 — | Dec 2021 — | Mar 2022 ₹344 Cr | Jun 2022 ₹415 Cr | Sep 2022 ₹540 Cr | Dec 2022 ₹524 Cr | Mar 2023 ₹497 Cr | Jun 2023 ₹530 Cr | Sep 2023 ₹423 Cr | Dec 2023 ₹379 Cr | Mar 2024 ₹421 Cr | Jun 2024 ₹302 Cr | Sep 2024 ₹298 Cr | Dec 2024 ₹536 Cr | Mar 2025 ₹563 Cr | Jun 2025 ₹657 Cr | Sep 2025 ₹775 Cr | Dec 2025 ₹741 Cr | Mar 2026 ₹711 Cr | Jun 2026 — - PR: Sep 2021 ₹93 Cr | Dec 2021 ₹107 Cr | Mar 2022 ₹84 Cr | Jun 2022 ₹145 Cr | Sep 2022 ₹176 Cr | Dec 2022 ₹378 Cr | Mar 2023 ₹417 Cr | Jun 2023 ₹406 Cr | Sep 2023 ₹391 Cr | Dec 2023 ₹579 Cr | Mar 2024 ₹619 Cr | Jun 2024 ₹683 Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹541 Cr | Mar 2025 ₹538 Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹666 Cr | Dec 2025 ₹723 Cr | Mar 2026 ₹673 Cr | Jun 2026 — - OVV: Sep 2021 ₹365 Cr | Dec 2021 ₹418 Cr | Mar 2022 ₹451 Cr | Jun 2022 ₹518 Cr | Sep 2022 ₹523 Cr | Dec 2022 ₹610 Cr | Mar 2023 ₹610 Cr | Jun 2023 ₹655 Cr | Sep 2023 ₹893 Cr | Dec 2023 ₹664 Cr | Mar 2024 ₹781 Cr | Jun 2024 ₹627 Cr | Sep 2024 ₹545 Cr | Dec 2024 ₹555 Cr | Mar 2025 ₹2.9K Cr | Jun 2025 ₹524 Cr | Sep 2025 ₹544 Cr | Dec 2025 ₹720 Cr | Mar 2026 ₹605 Cr | Jun 2026 ₹574 Cr - APA: Sep 2021 ₹235 Cr | Dec 2021 ₹314 Cr | Mar 2022 ₹378 Cr | Jun 2022 ₹389 Cr | Sep 2022 ₹431 Cr | Dec 2022 ₹35 Cr | Mar 2023 ₹549 Cr | Jun 2023 ₹580 Cr | Sep 2023 ₹629 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹530 Cr | Jun 2024 ₹756 Cr | Sep 2024 ₹931 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹790 Cr | Jun 2025 ₹667 Cr | Sep 2025 ₹719 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹546 Cr | Jun 2026 — - AR: Sep 2021 ₹205 Cr | Dec 2021 ₹205 Cr | Mar 2022 ₹216 Cr | Jun 2022 ₹261 Cr | Sep 2022 ₹245 Cr | Dec 2022 ₹223 Cr | Mar 2023 ₹351 Cr | Jun 2023 ₹286 Cr | Sep 2023 ₹275 Cr | Dec 2023 ₹220 Cr | Mar 2024 ₹222 Cr | Jun 2024 ₹192 Cr | Sep 2024 ₹174 Cr | Dec 2024 ₹128 Cr | Mar 2025 ₹206 Cr | Jun 2025 ₹208 Cr | Sep 2025 ₹203 Cr | Dec 2025 ₹203 Cr | Mar 2026 ₹206 Cr | Jun 2026 — - RRC: Sep 2021 ₹110 Cr | Dec 2021 ₹86 Cr | Mar 2022 ₹103 Cr | Jun 2022 ₹128 Cr | Sep 2022 ₹145 Cr | Dec 2022 ₹112 Cr | Mar 2023 ₹138 Cr | Jun 2023 ₹158 Cr | Sep 2023 ₹152 Cr | Dec 2023 ₹158 Cr | Mar 2024 ₹156 Cr | Jun 2024 ₹167 Cr | Sep 2024 ₹156 Cr | Dec 2024 ₹150 Cr | Mar 2025 ₹158 Cr | Jun 2025 ₹159 Cr | Sep 2025 ₹169 Cr | Dec 2025 ₹155 Cr | Mar 2026 ₹168 Cr | Jun 2026 ₹187 Cr - CHRD: Sep 2021 ₹58 Cr | Dec 2021 ₹70 Cr | Mar 2022 ₹49 Cr | Jun 2022 ₹65 Cr | Sep 2022 ₹189 Cr | Dec 2022 ₹228 Cr | Mar 2023 ₹172 Cr | Jun 2023 ₹235 Cr | Sep 2023 ₹235 Cr | Dec 2023 ₹263 Cr | Mar 2024 ₹222 Cr | Jun 2024 ₹317 Cr | Sep 2024 ₹339 Cr | Dec 2024 ₹302 Cr | Mar 2025 ₹309 Cr | Jun 2025 ₹395 Cr | Sep 2025 ₹340 Cr | Dec 2025 ₹303 Cr | Mar 2026 ₹351 Cr | Jun 2026 — - VIST: Sep 2021 ₹77 Cr | Dec 2021 ₹80 Cr | Mar 2022 ₹78 Cr | Jun 2022 ₹100 Cr | Sep 2022 ₹153 Cr | Dec 2022 ₹149 Cr | Mar 2023 ₹133 Cr | Jun 2023 ₹162 Cr | Sep 2023 ₹163 Cr | Dec 2023 ₹229 Cr | Mar 2024 ₹148 Cr | Jun 2024 ₹272 Cr | Sep 2024 ₹326 Cr | Dec 2024 ₹306 Cr | Mar 2025 ₹286 Cr | Jun 2025 ₹496 Cr | Sep 2025 ₹334 Cr | Dec 2025 ₹339 Cr | Mar 2026 ₹338 Cr | Jun 2026 ₹499 Cr - SM: Sep 2021 ₹180 Cr | Dec 2021 ₹125 Cr | Mar 2022 ₹150 Cr | Jun 2022 ₹216 Cr | Sep 2022 ₹226 Cr | Dec 2022 ₹288 Cr | Mar 2023 ₹241 Cr | Jun 2023 ₹309 Cr | Sep 2023 ₹217 Cr | Dec 2023 ₹222 Cr | Mar 2024 ₹332 Cr | Jun 2024 ₹323 Cr | Sep 2024 ₹302 Cr | Dec 2024 ₹354 Cr | Mar 2025 ₹414 Cr | Jun 2025 ₹410 Cr | Sep 2025 ₹398 Cr | Dec 2025 ₹216 Cr | Mar 2026 ₹555 Cr | Jun 2026 — - MTDR: Sep 2021 ₹122 Cr | Dec 2021 ₹136 Cr | Mar 2022 ₹220 Cr | Jun 2022 ₹198 Cr | Sep 2022 ₹254 Cr | Dec 2022 ₹256 Cr | Mar 2023 ₹240 Cr | Jun 2023 ₹335 Cr | Sep 2023 ₹359 Cr | Dec 2023 ₹428 Cr | Mar 2024 ₹342 Cr | Jun 2024 ₹428 Cr | Sep 2024 ₹359 Cr | Dec 2024 ₹384 Cr | Mar 2025 ₹452 Cr | Jun 2025 ₹455 Cr | Sep 2025 ₹426 Cr | Dec 2025 ₹511 Cr | Mar 2026 ₹397 Cr | Jun 2026 — - MGY: Sep 2021 ₹68 Cr | Dec 2021 ₹74 Cr | Mar 2022 ₹84 Cr | Jun 2022 ₹123 Cr | Sep 2022 ₹116 Cr | Dec 2022 ₹142 Cr | Mar 2023 ₹139 Cr | Jun 2023 ₹87 Cr | Sep 2023 ₹107 Cr | Dec 2023 ₹93 Cr | Mar 2024 ₹121 Cr | Jun 2024 ₹126 Cr | Sep 2024 ₹105 Cr | Dec 2024 ₹135 Cr | Mar 2025 ₹131 Cr | Jun 2025 ₹100 Cr | Sep 2025 ₹119 Cr | Dec 2025 ₹119 Cr | Mar 2026 ₹128 Cr | Jun 2026 — - MUR: Sep 2021 ₹118 Cr | Dec 2021 ₹109 Cr | Mar 2022 ₹245 Cr | Jun 2022 ₹308 Cr | Sep 2022 ₹248 Cr | Dec 2022 ₹185 Cr | Mar 2023 ₹345 Cr | Jun 2023 ₹349 Cr | Sep 2023 ₹208 Cr | Dec 2023 ₹164 Cr | Mar 2024 ₹249 Cr | Jun 2024 ₹268 Cr | Sep 2024 ₹216 Cr | Dec 2024 ₹167 Cr | Mar 2025 ₹368 Cr | Jun 2025 ₹310 Cr | Sep 2025 ₹149 Cr | Dec 2025 ₹194 Cr | Mar 2026 ₹388 Cr | Jun 2026 — - CNX: Sep 2021 ₹97 Cr | Dec 2021 ₹117 Cr | Mar 2022 ₹122 Cr | Jun 2022 ₹137 Cr | Sep 2022 ₹134 Cr | Dec 2022 ₹173 Cr | Mar 2023 ₹170 Cr | Jun 2023 ₹196 Cr | Sep 2023 ₹206 Cr | Dec 2023 ₹108 Cr | Mar 2024 ₹168 Cr | Jun 2024 ₹152 Cr | Sep 2024 ₹115 Cr | Dec 2024 ₹105 Cr | Mar 2025 ₹131 Cr | Jun 2025 ₹114 Cr | Sep 2025 ₹76 Cr | Dec 2025 ₹174 Cr | Mar 2026 ₹170 Cr | Jun 2026 — - CRC: Sep 2021 ₹46 Cr | Dec 2021 ₹64 Cr | Mar 2022 ₹96 Cr | Jun 2022 ₹90 Cr | Sep 2022 ₹111 Cr | Dec 2022 ₹79 Cr | Mar 2023 ₹60 Cr | Jun 2023 ₹41 Cr | Sep 2023 ₹28 Cr | Dec 2023 ₹69 Cr | Mar 2024 ₹58 Cr | Jun 2024 ₹28 Cr | Sep 2024 ₹73 Cr | Dec 2024 ₹67 Cr | Mar 2025 ₹76 Cr | Jun 2025 ₹50 Cr | Sep 2025 ₹86 Cr | Dec 2025 ₹75 Cr | Mar 2026 ₹141 Cr | Jun 2026 — - CRK: Sep 2021 ₹176 Cr | Dec 2021 ₹176 Cr | Mar 2022 ₹215 Cr | Jun 2022 ₹311 Cr | Sep 2022 ₹268 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹373 Cr | Jun 2023 ₹380 Cr | Sep 2023 ₹351 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹348 Cr | Jun 2024 ₹227 Cr | Sep 2024 ₹213 Cr | Dec 2024 ₹17 Cr | Mar 2025 ₹298 Cr | Jun 2025 ₹341 Cr | Sep 2025 ₹339 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹405 Cr | Jun 2026 — - CRGY: Sep 2021 ₹35 Cr | Dec 2021 ₹72 Cr | Mar 2022 ₹94 Cr | Jun 2022 ₹147 Cr | Sep 2022 ₹200 Cr | Dec 2022 ₹152 Cr | Mar 2023 ₹190 Cr | Jun 2023 ₹193 Cr | Sep 2023 ₹88 Cr | Dec 2023 ₹110 Cr | Mar 2024 ₹137 Cr | Jun 2024 ₹152 Cr | Sep 2024 ₹179 Cr | Dec 2024 ₹218 Cr | Mar 2025 ₹199 Cr | Jun 2025 ₹277 Cr | Sep 2025 ₹215 Cr | Dec 2025 ₹260 Cr | Mar 2026 ₹320 Cr | Jun 2026 — - BSM: Sep 2021 ₹1 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹24 Cr | Jun 2024 ₹28 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹48 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹30 Cr | Sep 2025 ₹21 Cr | Dec 2025 ₹55 Cr | Mar 2026 ₹12 Cr | Jun 2026 — - BTE: Sep 2021 ₹94 Cr | Dec 2021 ₹76 Cr | Mar 2022 ₹154 Cr | Jun 2022 ₹97 Cr | Sep 2022 ₹168 Cr | Dec 2022 ₹105 Cr | Mar 2023 ₹235 Cr | Jun 2023 ₹171 Cr | Sep 2023 ₹415 Cr | Dec 2023 ₹237 Cr | Mar 2024 ₹450 Cr | Jun 2024 ₹344 Cr | Sep 2024 ₹308 Cr | Dec 2024 ₹212 Cr | Mar 2025 ₹407 Cr | Jun 2025 ₹358 Cr | Sep 2025 ₹331 Cr | Dec 2025 ₹180 Cr | Mar 2026 ₹153 Cr | Jun 2026 — - GPOR: Sep 2021 — | Dec 2021 — | Mar 2022 ₹80 Cr | Jun 2022 ₹102 Cr | Sep 2022 ₹150 Cr | Dec 2022 ₹129 Cr | Mar 2023 ₹130 Cr | Jun 2023 ₹153 Cr | Sep 2023 ₹138 Cr | Dec 2023 ₹116 Cr | Mar 2024 ₹118 Cr | Jun 2024 ₹127 Cr | Sep 2024 ₹132 Cr | Dec 2024 ₹77 Cr | Mar 2025 ₹108 Cr | Jun 2025 ₹145 Cr | Sep 2025 ₹130 Cr | Dec 2025 ₹145 Cr | Mar 2026 ₹138 Cr | Jun 2026 — - BKV: Sep 2021 ₹13 Cr | Dec 2021 ₹41 Cr | Mar 2022 ₹29 Cr | Jun 2022 ₹49 Cr | Sep 2022 ₹50 Cr | Dec 2022 — | Mar 2023 ₹89 Cr | Jun 2023 ₹41 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹27 Cr | Mar 2024 ₹20 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹21 Cr | Dec 2024 ₹48 Cr | Mar 2025 ₹58 Cr | Jun 2025 ₹74 Cr | Sep 2025 ₹93 Cr | Dec 2025 ₹91 Cr | Mar 2026 ₹140 Cr | Jun 2026 — - TALO: Sep 2021 ₹86 Cr | Dec 2021 ₹82 Cr | Mar 2022 ₹54 Cr | Jun 2022 ₹74 Cr | Sep 2022 ₹82 Cr | Dec 2022 ₹114 Cr | Mar 2023 ₹104 Cr | Jun 2023 ₹195 Cr | Sep 2023 ₹140 Cr | Dec 2023 ₹123 Cr | Mar 2024 ₹146 Cr | Jun 2024 ₹123 Cr | Sep 2024 ₹86 Cr | Dec 2024 ₹154 Cr | Mar 2025 ₹129 Cr | Jun 2025 ₹147 Cr | Sep 2025 ₹85 Cr | Dec 2025 — | Mar 2026 ₹152 Cr | Jun 2026 — ### 20-quarter CAPEX intensity history - COP: Sep 2021 12% | Dec 2021 10% | Mar 2022 18% | Jun 2022 9.3% | Sep 2022 12% | Dec 2022 14% | Mar 2023 20% | Jun 2023 24% | Sep 2023 18% | Dec 2023 20% | Mar 2024 21% | Jun 2024 22% | Sep 2024 22% | Dec 2024 23% | Mar 2025 21% | Jun 2025 24% | Sep 2025 19% | Dec 2025 23% | Mar 2026 19% | Jun 2026 — - CNQ: Sep 2021 12% | Dec 2021 17% | Mar 2022 13% | Jun 2022 12% | Sep 2022 11% | Dec 2022 13% | Mar 2023 14% | Jun 2023 20% | Sep 2023 11% | Dec 2023 10% | Mar 2024 13% | Jun 2024 18% | Sep 2024 15% | Dec 2024 14% | Mar 2025 12% | Jun 2025 21% | Sep 2025 22% | Dec 2025 15% | Mar 2026 19% | Jun 2026 — - EOG: Sep 2021 19% | Dec 2021 17% | Mar 2022 25% | Jun 2022 19% | Sep 2022 16% | Dec 2022 20% | Mar 2023 27% | Jun 2023 27% | Sep 2023 24% | Dec 2023 24% | Mar 2024 30% | Jun 2024 28% | Sep 2024 25% | Dec 2024 24% | Mar 2025 26% | Jun 2025 33% | Sep 2025 28% | Dec 2025 29% | Mar 2026 24% | Jun 2026 — - OXY: Sep 2021 9.6% | Dec 2021 12% | Mar 2022 10% | Jun 2022 9.1% | Sep 2022 12% | Dec 2022 18% | Mar 2023 20% | Jun 2023 25% | Sep 2023 22% | Dec 2023 21% | Mar 2024 30% | Jun 2024 26% | Sep 2024 24% | Dec 2024 26% | Mar 2025 29% | Jun 2025 31% | Sep 2025 26% | Dec 2025 37% | Mar 2026 30% | Jun 2026 — - FANG: Sep 2021 21% | Dec 2021 22% | Mar 2022 18% | Jun 2022 17% | Sep 2022 20% | Dec 2022 26% | Mar 2023 34% | Jun 2023 37% | Sep 2023 28% | Dec 2023 29% | Mar 2024 27% | Jun 2024 26% | Sep 2024 26% | Dec 2024 25% | Mar 2025 23% | Jun 2025 24% | Sep 2025 20% | Dec 2025 28% | Mar 2026 22% | Jun 2026 — - DVN: Sep 2021 14% | Dec 2021 12% | Mar 2022 14% | Jun 2022 12% | Sep 2022 57% | Dec 2022 19% | Mar 2023 27% | Jun 2023 32% | Sep 2023 24% | Dec 2023 22% | Mar 2024 25% | Jun 2024 26% | Sep 2024 111% | Dec 2024 24% | Mar 2025 21% | Jun 2025 23% | Sep 2025 25% | Dec 2025 23% | Mar 2026 27% | Jun 2026 — - WDS: Sep 2021 — | Dec 2021 35% | Mar 2022 — | Jun 2022 17% | Sep 2022 — | Dec 2022 19% | Mar 2023 — | Jun 2023 33% | Sep 2023 — | Dec 2023 43% | Mar 2024 — | Jun 2024 40% | Sep 2024 — | Dec 2024 35% | Mar 2025 — | Jun 2025 74% | Sep 2025 — | Dec 2025 48% | Mar 2026 — | Jun 2026 — - EQT: Sep 2021 — | Dec 2021 9.1% | Mar 2022 — | Jun 2022 16% | Sep 2022 18% | Dec 2022 10% | Mar 2023 19% | Jun 2023 48% | Sep 2023 43% | Dec 2023 26% | Mar 2024 38% | Jun 2024 59% | Sep 2024 44% | Dec 2024 36% | Mar 2025 29% | Jun 2025 22% | Sep 2025 32% | Dec 2025 26% | Mar 2026 18% | Jun 2026 — - TPL: Sep 2021 5.6% | Dec 2021 3.4% | Mar 2022 2.7% | Jun 2022 1.7% | Sep 2022 3.1% | Dec 2022 4.6% | Mar 2023 1.4% | Jun 2023 2.5% | Sep 2023 3.2% | Dec 2023 2.4% | Mar 2024 1.1% | Jun 2024 4.1% | Sep 2024 4.6% | Dec 2024 7.5% | Mar 2025 4.6% | Jun 2025 4.3% | Sep 2025 25% | Dec 2025 14% | Mar 2026 3.0% | Jun 2026 — - EXE: Sep 2021 — | Dec 2021 — | Mar 2022 37% | Jun 2022 12% | Sep 2022 17% | Dec 2022 13% | Mar 2023 15% | Jun 2023 28% | Sep 2023 28% | Dec 2023 20% | Mar 2024 39% | Jun 2024 60% | Sep 2024 46% | Dec 2024 27% | Mar 2025 26% | Jun 2025 18% | Sep 2025 26% | Dec 2025 23% | Mar 2026 16% | Jun 2026 — - PR: Sep 2021 32% | Dec 2021 34% | Mar 2022 24% | Jun 2022 31% | Sep 2022 32% | Dec 2022 50% | Mar 2023 68% | Jun 2023 65% | Sep 2023 52% | Dec 2023 52% | Mar 2024 50% | Jun 2024 55% | Sep 2024 105% | Dec 2024 42% | Mar 2025 39% | Jun 2025 94% | Sep 2025 50% | Dec 2025 62% | Mar 2026 49% | Jun 2026 — - OVV: Sep 2021 13% | Dec 2021 14% | Mar 2022 13% | Jun 2022 13% | Sep 2022 14% | Dec 2022 19% | Mar 2023 24% | Jun 2023 28% | Sep 2023 31% | Dec 2023 24% | Mar 2024 33% | Jun 2024 29% | Sep 2024 25% | Dec 2024 25% | Mar 2025 123% | Jun 2025 24% | Sep 2025 27% | Dec 2025 35% | Mar 2026 24% | Jun 2026 — - APA: Sep 2021 11% | Dec 2021 14% | Mar 2022 14% | Jun 2022 13% | Sep 2022 15% | Dec 2022 1.4% | Mar 2023 27% | Jun 2023 32% | Sep 2023 27% | Dec 2023 0.4% | Mar 2024 27% | Jun 2024 30% | Sep 2024 37% | Dec 2024 0.1% | Mar 2025 30% | Jun 2025 31% | Sep 2025 34% | Dec 2025 0.3% | Mar 2026 24% | Jun 2026 — - AR: Sep 2021 38% | Dec 2021 8.6% | Mar 2022 27% | Jun 2022 12% | Sep 2022 12% | Dec 2022 11% | Mar 2023 25% | Jun 2023 30% | Sep 2023 24% | Dec 2023 18% | Mar 2024 20% | Jun 2024 20% | Sep 2024 17% | Dec 2024 11% | Mar 2025 15% | Jun 2025 16% | Sep 2025 17% | Dec 2025 14% | Mar 2026 11% | Jun 2026 — - RRC: Sep 2021 12% | Dec 2021 6.8% | Mar 2022 9.2% | Jun 2022 8.7% | Sep 2022 9.2% | Dec 2022 9.5% | Mar 2023 17% | Jun 2023 31% | Sep 2023 27% | Dec 2023 24% | Mar 2024 26% | Jun 2024 33% | Sep 2024 28% | Dec 2024 22% | Mar 2025 19% | Jun 2025 23% | Sep 2025 26% | Dec 2025 20% | Mar 2026 16% | Jun 2026 — - CHRD: Sep 2021 16% | Dec 2021 13% | Mar 2022 7.5% | Jun 2022 8.2% | Sep 2022 16% | Dec 2022 22% | Mar 2023 19% | Jun 2023 26% | Sep 2023 21% | Dec 2023 27% | Mar 2024 21% | Jun 2024 25% | Sep 2024 23% | Dec 2024 21% | Mar 2025 25% | Jun 2025 33% | Sep 2025 26% | Dec 2025 26% | Mar 2026 21% | Jun 2026 — - VIST: Sep 2021 44% | Dec 2021 41% | Mar 2022 38% | Jun 2022 34% | Sep 2022 46% | Dec 2022 48% | Mar 2023 42% | Jun 2023 68% | Sep 2023 54% | Dec 2023 74% | Mar 2024 47% | Jun 2024 69% | Sep 2024 71% | Dec 2024 65% | Mar 2025 65% | Jun 2025 81% | Sep 2025 47% | Dec 2025 47% | Mar 2026 39% | Jun 2026 — - SM: Sep 2021 24% | Dec 2021 15% | Mar 2022 17% | Jun 2022 22% | Sep 2022 27% | Dec 2022 43% | Mar 2023 42% | Jun 2023 56% | Sep 2023 34% | Dec 2023 37% | Mar 2024 59% | Jun 2024 51% | Sep 2024 47% | Dec 2024 42% | Mar 2025 49% | Jun 2025 52% | Sep 2025 49% | Dec 2025 31% | Mar 2026 38% | Jun 2026 — - MTDR: Sep 2021 23% | Dec 2021 24% | Mar 2022 33% | Jun 2022 20% | Sep 2022 30% | Dec 2022 36% | Mar 2023 43% | Jun 2023 52% | Sep 2023 47% | Dec 2023 51% | Mar 2024 44% | Jun 2024 50% | Sep 2024 42% | Dec 2024 39% | Mar 2025 45% | Jun 2025 49% | Sep 2025 47% | Dec 2025 63% | Mar 2026 42% | Jun 2026 — - MGY: Sep 2021 24% | Dec 2021 22% | Mar 2022 22% | Jun 2022 25% | Sep 2022 24% | Dec 2022 41% | Mar 2023 45% | Jun 2023 31% | Sep 2023 34% | Dec 2023 29% | Mar 2024 38% | Jun 2024 37% | Sep 2024 32% | Dec 2024 41% | Mar 2025 37% | Jun 2025 31% | Sep 2025 37% | Dec 2025 37% | Mar 2026 36% | Jun 2026 — - MUR: Sep 2021 17% | Dec 2021 14% | Mar 2022 28% | Jun 2022 26% | Sep 2022 21% | Dec 2022 19% | Mar 2023 41% | Jun 2023 43% | Sep 2023 22% | Dec 2023 20% | Mar 2024 31% | Jun 2024 34% | Sep 2024 29% | Dec 2024 25% | Mar 2025 55% | Jun 2025 45% | Sep 2025 21% | Dec 2025 32% | Mar 2026 53% | Jun 2026 — - CNX: Sep 2021 — | Dec 2021 9.1% | Mar 2022 — | Jun 2022 33% | Sep 2022 115% | Dec 2022 11% | Mar 2023 13% | Jun 2023 23% | Sep 2023 59% | Dec 2023 11% | Mar 2024 44% | Jun 2024 47% | Sep 2024 27% | Dec 2024 77% | Mar 2025 160% | Jun 2025 12% | Sep 2025 13% | Dec 2025 29% | Mar 2026 22% | Jun 2026 — - CRC: Sep 2021 7.8% | Dec 2021 10% | Mar 2022 63% | Jun 2022 12% | Sep 2022 9.9% | Dec 2022 12% | Mar 2023 5.9% | Jun 2023 6.9% | Sep 2023 6.1% | Dec 2023 9.5% | Mar 2024 13% | Jun 2024 5.4% | Sep 2024 5.4% | Dec 2024 7.6% | Mar 2025 8.3% | Jun 2025 5.1% | Sep 2025 10% | Dec 2025 8.1% | Mar 2026 119% | Jun 2026 — - CRK: Sep 2021 34% | Dec 2021 27% | Mar 2022 41% | Jun 2022 33% | Sep 2022 23% | Dec 2022 0.9% | Mar 2023 76% | Jun 2023 132% | Sep 2023 93% | Dec 2023 4.6% | Mar 2024 104% | Jun 2024 92% | Sep 2024 70% | Dec 2024 4.6% | Mar 2025 58% | Jun 2025 73% | Sep 2025 75% | Dec 2025 0.0% | Mar 2026 69% | Jun 2026 — - CRGY: Sep 2021 9.6% | Dec 2021 16% | Mar 2022 16% | Jun 2022 16% | Sep 2022 23% | Dec 2022 22% | Mar 2023 32% | Jun 2023 39% | Sep 2023 14% | Dec 2023 17% | Mar 2024 21% | Jun 2024 23% | Sep 2024 24% | Dec 2024 25% | Mar 2025 21% | Jun 2025 31% | Sep 2025 25% | Dec 2025 30% | Mar 2026 27% | Jun 2026 — - BSM: Sep 2021 1.7% | Dec 2021 0.0% | Mar 2022 11% | Jun 2022 3.3% | Sep 2022 0.9% | Dec 2022 0.4% | Mar 2023 1.1% | Jun 2023 0.9% | Sep 2023 1.8% | Dec 2023 7.9% | Mar 2024 23% | Jun 2024 26% | Sep 2024 11% | Dec 2024 57% | Mar 2025 22% | Jun 2025 19% | Sep 2025 16% | Dec 2025 46% | Mar 2026 20% | Jun 2026 — - BTE: Sep 2021 24% | Dec 2021 17% | Mar 2022 28% | Jun 2022 14% | Sep 2022 30% | Dec 2022 20% | Mar 2023 51% | Jun 2023 35% | Sep 2023 45% | Dec 2023 28% | Mar 2024 58% | Jun 2024 39% | Sep 2024 36% | Dec 2024 — | Mar 2025 103% | Jun 2025 51% | Sep 2025 44% | Dec 2025 — | Mar 2026 38% | Jun 2026 — - GPOR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 22% | Sep 2022 79% | Dec 2022 13% | Mar 2023 18% | Jun 2023 50% | Sep 2023 52% | Dec 2023 24% | Mar 2024 42% | Jun 2024 70% | Sep 2024 52% | Dec 2024 32% | Mar 2025 55% | Jun 2025 32% | Sep 2025 34% | Dec 2025 36% | Mar 2026 32% | Jun 2026 — - BKV: Sep 2021 — | Dec 2021 24% | Mar 2022 — | Jun 2022 16% | Sep 2022 16% | Dec 2022 — | Mar 2023 28% | Jun 2023 24% | Sep 2023 0.0% | Dec 2023 8.9% | Mar 2024 13% | Jun 2024 8.8% | Sep 2024 12% | Dec 2024 40% | Mar 2025 33% | Jun 2025 23% | Sep 2025 34% | Dec 2025 28% | Mar 2026 32% | Jun 2026 — - TALO: Sep 2021 30% | Dec 2021 21% | Mar 2022 13% | Jun 2022 14% | Sep 2022 22% | Dec 2022 33% | Mar 2023 32% | Jun 2023 53% | Sep 2023 37% | Dec 2023 32% | Mar 2024 34% | Jun 2024 22% | Sep 2024 17% | Dec 2024 32% | Mar 2025 25% | Jun 2025 35% | Sep 2025 19% | Dec 2025 — | Mar 2026 32% | Jun 2026 — ## Debt Load & Balance-Sheet Headroom What the numbers say: Baytex Energy Corp. has the clearest covered balance-sheet capacity with $612 million net cash and gross debt of $146 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information. Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt. This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods. Evidence: EOG Resources, Inc. · $0 million | null versus #2 · Occidental Petroleum Corporation | 5/8 recent comparable periods | 29/30 companies · 553 observations Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business. ### Gross debt — lowest gross debt 1. EOG Resources, Inc. (EOG): ₹0 Cr 2. Occidental Petroleum Corporation (OXY): ₹0 Cr 3. Texas Pacific Land Corporation (TPL): ₹16 Cr 4. APA Corporation (APA): ₹134 Cr 5. Baytex Energy Corp. (BTE): ₹146 Cr ### Net debt — lowest net debt 1. Baytex Energy Corp. (BTE): ₹-612 Cr 2. Texas Pacific Land Corporation (TPL): ₹-232 Cr 3. APA Corporation (APA): ₹-159 Cr 4. Black Stone Minerals, L.P. (BSM): ₹175 Cr 5. Magnolia Oil & Gas Corporation (MGY): ₹269 Cr ### 20-quarter Gross debt history - COP: Sep 2021 ₹19.7K Cr | Dec 2021 ₹19.9K Cr | Mar 2022 ₹18.7K Cr | Jun 2022 ₹17.0K Cr | Sep 2022 ₹17.0K Cr | Dec 2022 ₹16.6K Cr | Mar 2023 ₹16.6K Cr | Jun 2023 ₹16.4K Cr | Sep 2023 ₹19.1K Cr | Dec 2023 ₹18.9K Cr | Mar 2024 ₹18.4K Cr | Jun 2024 ₹18.4K Cr | Sep 2024 ₹18.3K Cr | Dec 2024 ₹24.3K Cr | Mar 2025 ₹23.8K Cr | Jun 2025 ₹23.5K Cr | Sep 2025 ₹23.5K Cr | Dec 2025 ₹23.4K Cr | Mar 2026 ₹23.3K Cr | Jun 2026 — - CNQ: Sep 2021 ₹16.8K Cr | Dec 2021 ₹14.7K Cr | Mar 2022 ₹13.9K Cr | Jun 2022 ₹12.6K Cr | Sep 2022 ₹12.9K Cr | Dec 2022 ₹11.4K Cr | Mar 2023 ₹12.0K Cr | Jun 2023 ₹12.2K Cr | Sep 2023 ₹11.6K Cr | Dec 2023 ₹10.8K Cr | Mar 2024 ₹11.0K Cr | Jun 2024 ₹10.1K Cr | Sep 2024 ₹10.0K Cr | Dec 2024 ₹18.8K Cr | Mar 2025 ₹17.4K Cr | Jun 2025 ₹17.1K Cr | Sep 2025 ₹17.3K Cr | Dec 2025 ₹16.6K Cr | Mar 2026 ₹17.0K Cr | Jun 2026 — - EOG: Sep 2021 ₹5.4K Cr | Dec 2021 ₹5.3K Cr | Mar 2022 ₹5.3K Cr | Jun 2022 ₹5.3K Cr | Sep 2022 ₹5.3K Cr | Dec 2022 ₹5.4K Cr | Mar 2023 ₹4.2K Cr | Jun 2023 ₹4.1K Cr | Sep 2023 ₹4.1K Cr | Dec 2023 ₹4.1K Cr | Mar 2024 ₹4.1K Cr | Jun 2024 ₹4.1K Cr | Sep 2024 ₹4.1K Cr | Dec 2024 ₹5.1K Cr | Mar 2025 ₹5.1K Cr | Jun 2025 ₹4.6K Cr | Sep 2025 ₹8.1K Cr | Dec 2025 ₹8.4K Cr | Mar 2026 ₹8.3K Cr | Jun 2026 ₹0 Cr - OXY: Sep 2021 ₹32.6K Cr | Dec 2021 ₹30.4K Cr | Mar 2022 ₹27.1K Cr | Jun 2022 ₹23.0K Cr | Sep 2022 ₹21.9K Cr | Dec 2022 ₹20.8K Cr | Mar 2023 ₹20.7K Cr | Jun 2023 ₹20.7K Cr | Sep 2023 ₹20.7K Cr | Dec 2023 ₹20.2K Cr | Mar 2024 ₹20.8K Cr | Jun 2024 ₹20.8K Cr | Sep 2024 ₹27.6K Cr | Dec 2024 ₹26.1K Cr | Mar 2025 ₹26.0K Cr | Jun 2025 ₹24.2K Cr | Sep 2025 ₹22.9K Cr | Dec 2025 ₹22.4K Cr | Mar 2026 ₹15.7K Cr | Jun 2026 ₹0 Cr - FANG: Sep 2021 ₹6.9K Cr | Dec 2021 ₹6.7K Cr | Mar 2022 ₹5.8K Cr | Jun 2022 ₹5.5K Cr | Sep 2022 ₹5.4K Cr | Dec 2022 ₹6.2K Cr | Mar 2023 ₹7.0K Cr | Jun 2023 ₹6.5K Cr | Sep 2023 ₹6.2K Cr | Dec 2023 ₹6.6K Cr | Mar 2024 ₹6.6K Cr | Jun 2024 ₹12.0K Cr | Sep 2024 ₹12.9K Cr | Dec 2024 ₹13.0K Cr | Mar 2025 ₹13.9K Cr | Jun 2025 ₹15.1K Cr | Sep 2025 ₹16.2K Cr | Dec 2025 ₹14.5K Cr | Mar 2026 ₹13.9K Cr | Jun 2026 — - DVN: Sep 2021 ₹6.7K Cr | Dec 2021 ₹6.7K Cr | Mar 2022 ₹6.7K Cr | Jun 2022 ₹6.7K Cr | Sep 2022 ₹6.7K Cr | Dec 2022 ₹6.7K Cr | Mar 2023 ₹6.7K Cr | Jun 2023 ₹6.7K Cr | Sep 2023 ₹6.5K Cr | Dec 2023 ₹6.5K Cr | Mar 2024 ₹6.4K Cr | Jun 2024 ₹6.5K Cr | Sep 2024 ₹9.2K Cr | Dec 2024 ₹9.2K Cr | Mar 2025 ₹9.0K Cr | Jun 2025 ₹9.0K Cr | Sep 2025 ₹8.5K Cr | Dec 2025 ₹8.6K Cr | Mar 2026 ₹8.6K Cr | Jun 2026 — - EQT: Sep 2021 ₹6.2K Cr | Dec 2021 ₹5.6K Cr | Mar 2022 ₹5.1K Cr | Jun 2022 ₹5.0K Cr | Sep 2022 ₹4.8K Cr | Dec 2022 ₹5.7K Cr | Mar 2023 ₹5.5K Cr | Jun 2023 ₹4.7K Cr | Sep 2023 ₹5.9K Cr | Dec 2023 ₹5.8K Cr | Mar 2024 ₹5.5K Cr | Jun 2024 ₹5.0K Cr | Sep 2024 ₹13.8K Cr | Dec 2024 ₹9.3K Cr | Mar 2025 ₹8.4K Cr | Jun 2025 ₹8.3K Cr | Sep 2025 ₹8.2K Cr | Dec 2025 ₹7.8K Cr | Mar 2026 ₹6.0K Cr | Jun 2026 ₹5.7K Cr - TPL: Sep 2021 ₹2 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹17 Cr | Dec 2025 ₹16 Cr | Mar 2026 ₹16 Cr | Jun 2026 — - EXE: Sep 2021 ₹2.3K Cr | Dec 2021 ₹2.3K Cr | Mar 2022 ₹2.8K Cr | Jun 2022 — | Sep 2022 ₹3.1K Cr | Dec 2022 ₹3.1K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹5.7K Cr | Mar 2025 ₹5.2K Cr | Jun 2025 ₹5.1K Cr | Sep 2025 ₹5.0K Cr | Dec 2025 ₹5.0K Cr | Mar 2026 ₹5.0K Cr | Jun 2026 — - PR: Sep 2021 ₹1.0K Cr | Dec 2021 ₹843 Cr | Mar 2022 ₹817 Cr | Jun 2022 ₹859 Cr | Sep 2022 ₹2.4K Cr | Dec 2022 ₹2.2K Cr | Mar 2023 ₹2.1K Cr | Jun 2023 ₹2.1K Cr | Sep 2023 ₹2.3K Cr | Dec 2023 ₹3.9K Cr | Mar 2024 ₹4.0K Cr | Jun 2024 ₹4.0K Cr | Sep 2024 ₹4.3K Cr | Dec 2024 ₹4.3K Cr | Mar 2025 ₹4.2K Cr | Jun 2025 ₹4.1K Cr | Sep 2025 ₹3.7K Cr | Dec 2025 ₹3.7K Cr | Mar 2026 ₹3.7K Cr | Jun 2026 — - OVV: Sep 2021 ₹5.8K Cr | Dec 2021 ₹5.8K Cr | Mar 2022 ₹5.8K Cr | Jun 2022 ₹4.9K Cr | Sep 2022 ₹4.5K Cr | Dec 2022 ₹4.5K Cr | Mar 2023 ₹4.7K Cr | Jun 2023 ₹7.1K Cr | Sep 2023 ₹7.1K Cr | Dec 2023 ₹6.7K Cr | Mar 2024 ₹7.1K Cr | Jun 2024 ₹7.0K Cr | Sep 2024 ₹6.8K Cr | Dec 2024 ₹6.3K Cr | Mar 2025 ₹6.8K Cr | Jun 2025 ₹6.6K Cr | Sep 2025 ₹6.4K Cr | Dec 2025 ₹6.4K Cr | Mar 2026 ₹7.8K Cr | Jun 2026 ₹4.9K Cr - APA: Sep 2021 ₹7.4K Cr | Dec 2021 ₹7.5K Cr | Mar 2022 ₹5.9K Cr | Jun 2022 ₹5.3K Cr | Sep 2022 ₹5.5K Cr | Dec 2022 ₹5.5K Cr | Mar 2023 ₹5.8K Cr | Jun 2023 ₹5.6K Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹5.2K Cr | Mar 2024 ₹5.2K Cr | Jun 2024 ₹6.7K Cr | Sep 2024 ₹6.4K Cr | Dec 2024 ₹6.0K Cr | Mar 2025 ₹5.4K Cr | Jun 2025 ₹4.6K Cr | Sep 2025 ₹4.5K Cr | Dec 2025 ₹213 Cr | Mar 2026 ₹134 Cr | Jun 2026 — - AR: Sep 2021 ₹5.3K Cr | Dec 2021 ₹5.5K Cr | Mar 2022 ₹5.2K Cr | Jun 2022 ₹4.9K Cr | Sep 2022 ₹4.7K Cr | Dec 2022 ₹4.6K Cr | Mar 2023 ₹4.7K Cr | Jun 2023 ₹4.8K Cr | Sep 2023 ₹4.7K Cr | Dec 2023 ₹4.5K Cr | Mar 2024 ₹4.4K Cr | Jun 2024 ₹4.4K Cr | Sep 2024 ₹4.3K Cr | Dec 2024 ₹4.0K Cr | Mar 2025 ₹3.8K Cr | Jun 2025 ₹3.5K Cr | Sep 2025 ₹3.6K Cr | Dec 2025 ₹3.5K Cr | Mar 2026 ₹4.8K Cr | Jun 2026 — - RRC: Sep 2021 ₹3.0K Cr | Dec 2021 ₹3.0K Cr | Mar 2022 ₹2.7K Cr | Jun 2022 ₹2.4K Cr | Sep 2022 ₹2.6K Cr | Dec 2022 ₹1.9K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹979 Cr | Jun 2026 ₹1.0K Cr - CHRD: Sep 2021 ₹1.0K Cr | Dec 2021 ₹407 Cr | Mar 2022 ₹405 Cr | Jun 2022 ₹404 Cr | Sep 2022 ₹420 Cr | Dec 2022 ₹417 Cr | Mar 2023 ₹428 Cr | Jun 2023 ₹426 Cr | Sep 2023 ₹431 Cr | Dec 2023 ₹428 Cr | Mar 2024 ₹426 Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹928 Cr | Dec 2024 ₹895 Cr | Mar 2025 ₹841 Cr | Jun 2025 ₹956 Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 — - VIST: Sep 2021 ₹36 Cr | Dec 2021 ₹641 Cr | Mar 2022 ₹630 Cr | Jun 2022 ₹639 Cr | Sep 2022 ₹575 Cr | Dec 2022 ₹579 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹687 Cr | Dec 2023 ₹687 Cr | Mar 2024 ₹960 Cr | Jun 2024 ₹960 Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹2.7K Cr | Sep 2025 ₹3.0K Cr | Dec 2025 ₹3.3K Cr | Mar 2026 ₹3.8K Cr | Jun 2026 ₹3.8K Cr - SM: Sep 2021 ₹2.1K Cr | Dec 2021 ₹2.1K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹2.8K Cr | Mar 2025 ₹2.7K Cr | Jun 2025 ₹2.7K Cr | Sep 2025 ₹2.7K Cr | Dec 2025 ₹2.7K Cr | Mar 2026 ₹8.0K Cr | Jun 2026 — - MTDR: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.2K Cr | Dec 2023 ₹2.2K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹3.6K Cr | Dec 2024 ₹3.3K Cr | Mar 2025 ₹3.2K Cr | Jun 2025 ₹3.3K Cr | Sep 2025 ₹3.2K Cr | Dec 2025 ₹3.4K Cr | Mar 2026 ₹3.5K Cr | Jun 2026 — - MGY: Sep 2021 ₹388 Cr | Dec 2021 ₹388 Cr | Mar 2022 ₹389 Cr | Jun 2022 ₹389 Cr | Sep 2022 ₹390 Cr | Dec 2022 ₹390 Cr | Mar 2023 ₹391 Cr | Jun 2023 ₹392 Cr | Sep 2023 ₹392 Cr | Dec 2023 ₹393 Cr | Mar 2024 ₹393 Cr | Jun 2024 ₹394 Cr | Sep 2024 ₹395 Cr | Dec 2024 ₹393 Cr | Mar 2025 ₹393 Cr | Jun 2025 ₹393 Cr | Sep 2025 ₹393 Cr | Dec 2025 ₹393 Cr | Mar 2026 ₹393 Cr | Jun 2026 — - MUR: Sep 2021 ₹3.6K Cr | Dec 2021 ₹3.4K Cr | Mar 2022 ₹3.4K Cr | Jun 2022 ₹3.1K Cr | Sep 2022 ₹2.8K Cr | Dec 2022 ₹2.8K Cr | Mar 2023 ₹2.7K Cr | Jun 2023 ₹2.7K Cr | Sep 2023 ₹2.4K Cr | Dec 2023 ₹2.1K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹2.1K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹2.2K Cr | Dec 2025 ₹2.2K Cr | Mar 2026 ₹2.3K Cr | Jun 2026 — - CNX: Sep 2021 ₹2.5K Cr | Dec 2021 ₹2.3K Cr | Mar 2022 ₹2.3K Cr | Jun 2022 ₹2.4K Cr | Sep 2022 ₹2.4K Cr | Dec 2022 ₹2.4K Cr | Mar 2023 ₹2.4K Cr | Jun 2023 ₹2.3K Cr | Sep 2023 ₹2.3K Cr | Dec 2023 ₹2.4K Cr | Mar 2024 ₹2.4K Cr | Jun 2024 ₹2.4K Cr | Sep 2024 ₹2.4K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹2.8K Cr | Jun 2025 ₹2.7K Cr | Sep 2025 ₹2.8K Cr | Dec 2025 ₹2.6K Cr | Mar 2026 ₹2.5K Cr | Jun 2026 — - CRC: Sep 2021 ₹589 Cr | Dec 2021 ₹589 Cr | Mar 2022 ₹590 Cr | Jun 2022 ₹591 Cr | Sep 2022 ₹591 Cr | Dec 2022 ₹592 Cr | Mar 2023 ₹592 Cr | Jun 2023 ₹593 Cr | Sep 2023 ₹589 Cr | Dec 2023 ₹540 Cr | Mar 2024 ₹541 Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 — - CRK: Sep 2021 ₹2.8K Cr | Dec 2021 ₹2.6K Cr | Mar 2022 ₹2.5K Cr | Jun 2022 ₹2.6K Cr | Sep 2022 ₹2.4K Cr | Dec 2022 ₹2.2K Cr | Mar 2023 ₹2.2K Cr | Jun 2023 ₹2.4K Cr | Sep 2023 ₹2.7K Cr | Dec 2023 ₹2.7K Cr | Mar 2024 ₹2.8K Cr | Jun 2024 ₹2.9K Cr | Sep 2024 ₹3.0K Cr | Dec 2024 ₹3.0K Cr | Mar 2025 ₹3.1K Cr | Jun 2025 ₹3.1K Cr | Sep 2025 ₹3.2K Cr | Dec 2025 ₹2.9K Cr | Mar 2026 ₹3.0K Cr | Jun 2026 — - CRGY: Sep 2021 ₹1.0K Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹2.4K Cr | Sep 2024 ₹3.2K Cr | Dec 2024 ₹3.1K Cr | Mar 2025 ₹3.6K Cr | Jun 2025 ₹3.4K Cr | Sep 2025 ₹3.2K Cr | Dec 2025 ₹5.5K Cr | Mar 2026 ₹5.2K Cr | Jun 2026 — - BSM: Sep 2021 ₹99 Cr | Dec 2021 ₹89 Cr | Mar 2022 ₹69 Cr | Jun 2022 ₹86 Cr | Sep 2022 ₹60 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹25 Cr | Mar 2025 ₹63 Cr | Jun 2025 ₹99 Cr | Sep 2025 ₹95 Cr | Dec 2025 ₹154 Cr | Mar 2026 ₹187 Cr | Jun 2026 — - BTE: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹937 Cr | Mar 2023 ₹963 Cr | Jun 2023 ₹2.6K Cr | Sep 2023 ₹2.7K Cr | Dec 2023 ₹2.4K Cr | Mar 2024 ₹2.5K Cr | Jun 2024 ₹2.5K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹118 Cr | Mar 2026 ₹146 Cr | Jun 2026 — - GPOR: Sep 2021 ₹713 Cr | Dec 2021 ₹713 Cr | Mar 2022 ₹574 Cr | Jun 2022 — | Sep 2022 ₹721 Cr | Dec 2022 ₹721 Cr | Mar 2023 ₹573 Cr | Jun 2023 ₹669 Cr | Sep 2023 ₹662 Cr | Dec 2023 ₹682 Cr | Mar 2024 ₹648 Cr | Jun 2024 ₹687 Cr | Sep 2024 ₹703 Cr | Dec 2024 ₹709 Cr | Mar 2025 ₹702 Cr | Jun 2025 ₹696 Cr | Sep 2025 ₹692 Cr | Dec 2025 ₹789 Cr | Mar 2026 ₹824 Cr | Jun 2026 — - BKV: Sep 2021 ₹166 Cr | Dec 2021 ₹166 Cr | Mar 2022 ₹791 Cr | Jun 2022 ₹791 Cr | Sep 2022 ₹773 Cr | Dec 2022 ₹729 Cr | Mar 2023 ₹690 Cr | Jun 2023 ₹652 Cr | Sep 2023 ₹667 Cr | Dec 2023 ₹654 Cr | Mar 2024 ₹654 Cr | Jun 2024 ₹410 Cr | Sep 2024 ₹190 Cr | Dec 2024 ₹165 Cr | Mar 2025 ₹200 Cr | Jun 2025 ₹200 Cr | Sep 2025 ₹487 Cr | Dec 2025 ₹487 Cr | Mar 2026 ₹1.3K Cr | Jun 2026 — - TALO: Sep 2021 ₹1.0K Cr | Dec 2021 ₹981 Cr | Mar 2022 ₹949 Cr | Jun 2022 ₹806 Cr | Sep 2022 ₹669 Cr | Dec 2022 ₹602 Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 — ### 20-quarter Net debt history - COP: Sep 2021 ₹7.7K Cr | Dec 2021 ₹13.3K Cr | Mar 2022 ₹11.6K Cr | Jun 2022 ₹8.8K Cr | Sep 2022 ₹6.5K Cr | Dec 2022 ₹7.4K Cr | Mar 2023 ₹8.0K Cr | Jun 2023 ₹9.6K Cr | Sep 2023 ₹9.6K Cr | Dec 2023 ₹12.3K Cr | Mar 2024 ₹12.4K Cr | Jun 2024 ₹12.3K Cr | Sep 2024 ₹11.5K Cr | Dec 2024 ₹18.2K Cr | Mar 2025 ₹16.5K Cr | Jun 2025 ₹18.2K Cr | Sep 2025 ₹17.2K Cr | Dec 2025 ₹16.5K Cr | Mar 2026 ₹17.0K Cr | Jun 2026 — - CNQ: Sep 2021 ₹15.6K Cr | Dec 2021 ₹13.6K Cr | Mar 2022 ₹13.4K Cr | Jun 2022 ₹12.0K Cr | Sep 2022 ₹12.0K Cr | Dec 2022 ₹10.0K Cr | Mar 2023 ₹11.4K Cr | Jun 2023 ₹11.5K Cr | Sep 2023 ₹11.0K Cr | Dec 2023 ₹9.4K Cr | Mar 2024 ₹9.7K Cr | Jun 2024 ₹9.2K Cr | Sep 2024 ₹9.3K Cr | Dec 2024 ₹18.7K Cr | Mar 2025 ₹17.3K Cr | Jun 2025 ₹17.0K Cr | Sep 2025 ₹17.2K Cr | Dec 2025 ₹15.9K Cr | Mar 2026 ₹16.2K Cr | Jun 2026 — - EOG: Sep 2021 ₹1.1K Cr | Dec 2021 ₹140 Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹2.2K Cr | Sep 2022 ₹47 Cr | Dec 2022 ₹-598 Cr | Mar 2023 ₹-844 Cr | Jun 2023 ₹-615 Cr | Sep 2023 ₹-1.2K Cr | Dec 2023 ₹-1.2K Cr | Mar 2024 ₹-1.2K Cr | Jun 2024 ₹-1.3K Cr | Sep 2024 ₹-2.0K Cr | Dec 2024 ₹-2.0K Cr | Mar 2025 ₹-1.5K Cr | Jun 2025 ₹-620 Cr | Sep 2025 ₹4.6K Cr | Dec 2025 ₹5.0K Cr | Mar 2026 ₹4.5K Cr | Jun 2026 — - OXY: Sep 2021 ₹30.5K Cr | Dec 2021 ₹27.6K Cr | Mar 2022 ₹25.2K Cr | Jun 2022 ₹21.6K Cr | Sep 2022 ₹20.7K Cr | Dec 2022 ₹19.8K Cr | Mar 2023 ₹19.5K Cr | Jun 2023 ₹20.2K Cr | Sep 2023 ₹20.1K Cr | Dec 2023 ₹18.8K Cr | Mar 2024 ₹19.6K Cr | Jun 2024 ₹19.0K Cr | Sep 2024 ₹25.9K Cr | Dec 2024 ₹24.0K Cr | Mar 2025 ₹23.4K Cr | Jun 2025 ₹21.8K Cr | Sep 2025 ₹20.7K Cr | Dec 2025 ₹20.4K Cr | Mar 2026 ₹11.9K Cr | Jun 2026 — - FANG: Sep 2021 ₹6.5K Cr | Dec 2021 ₹6.0K Cr | Mar 2022 ₹5.7K Cr | Jun 2022 ₹5.4K Cr | Sep 2022 ₹5.3K Cr | Dec 2022 ₹6.1K Cr | Mar 2023 ₹6.9K Cr | Jun 2023 ₹6.5K Cr | Sep 2023 ₹5.4K Cr | Dec 2023 ₹6.1K Cr | Mar 2024 ₹5.7K Cr | Jun 2024 ₹5.1K Cr | Sep 2024 ₹12.6K Cr | Dec 2024 ₹12.8K Cr | Mar 2025 ₹12.1K Cr | Jun 2025 ₹14.9K Cr | Sep 2025 ₹16.1K Cr | Dec 2025 ₹14.4K Cr | Mar 2026 ₹13.7K Cr | Jun 2026 — - DVN: Sep 2021 ₹4.4K Cr | Dec 2021 ₹4.5K Cr | Mar 2022 ₹4.1K Cr | Jun 2022 ₹3.3K Cr | Sep 2022 ₹5.4K Cr | Dec 2022 ₹5.2K Cr | Mar 2023 ₹5.8K Cr | Jun 2023 ₹6.2K Cr | Sep 2023 ₹5.7K Cr | Dec 2023 ₹5.6K Cr | Mar 2024 ₹5.3K Cr | Jun 2024 ₹5.3K Cr | Sep 2024 ₹8.5K Cr | Dec 2024 ₹8.4K Cr | Mar 2025 ₹7.7K Cr | Jun 2025 ₹7.2K Cr | Sep 2025 ₹7.3K Cr | Dec 2025 ₹7.2K Cr | Mar 2026 ₹6.8K Cr | Jun 2026 — - EQT: Sep 2021 ₹6.2K Cr | Dec 2021 ₹5.5K Cr | Mar 2022 ₹5.0K Cr | Jun 2022 ₹5.0K Cr | Sep 2022 ₹4.7K Cr | Dec 2022 ₹4.2K Cr | Mar 2023 ₹3.3K Cr | Jun 2023 ₹3.5K Cr | Sep 2023 ₹5.9K Cr | Dec 2023 ₹5.7K Cr | Mar 2024 ₹4.9K Cr | Jun 2024 ₹4.9K Cr | Sep 2024 ₹13.7K Cr | Dec 2024 ₹9.1K Cr | Mar 2025 ₹8.1K Cr | Jun 2025 ₹7.8K Cr | Sep 2025 ₹8.0K Cr | Dec 2025 ₹7.7K Cr | Mar 2026 ₹5.7K Cr | Jun 2026 ₹5.5K Cr - TPL: Sep 2021 ₹-371 Cr | Dec 2021 ₹-427 Cr | Mar 2022 ₹-507 Cr | Jun 2022 ₹-390 Cr | Sep 2022 ₹-447 Cr | Dec 2022 ₹-509 Cr | Mar 2023 ₹-591 Cr | Jun 2023 ₹-609 Cr | Sep 2023 ₹-654 Cr | Dec 2023 ₹-724 Cr | Mar 2024 ₹-837 Cr | Jun 2024 ₹-895 Cr | Sep 2024 ₹-534 Cr | Dec 2024 ₹-370 Cr | Mar 2025 ₹-460 Cr | Jun 2025 ₹-544 Cr | Sep 2025 ₹-515 Cr | Dec 2025 ₹-129 Cr | Mar 2026 ₹-232 Cr | Jun 2026 — - EXE: Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹2.8K Cr | Jun 2022 — | Sep 2022 ₹3.0K Cr | Dec 2022 ₹3.0K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹949 Cr | Mar 2024 ₹846 Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹973 Cr | Dec 2024 ₹5.4K Cr | Mar 2025 ₹4.9K Cr | Jun 2025 ₹4.4K Cr | Sep 2025 ₹4.4K Cr | Dec 2025 ₹4.4K Cr | Mar 2026 ₹2.8K Cr | Jun 2026 — - PR: Sep 2021 ₹1.0K Cr | Dec 2021 ₹834 Cr | Mar 2022 ₹766 Cr | Jun 2022 ₹658 Cr | Sep 2022 ₹2.3K Cr | Dec 2022 ₹2.2K Cr | Mar 2023 ₹2.1K Cr | Jun 2023 ₹2.1K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹3.8K Cr | Mar 2024 ₹4.0K Cr | Jun 2024 ₹3.9K Cr | Sep 2024 ₹4.0K Cr | Dec 2024 ₹3.8K Cr | Mar 2025 ₹3.5K Cr | Jun 2025 ₹3.7K Cr | Sep 2025 ₹3.6K Cr | Dec 2025 ₹3.5K Cr | Mar 2026 ₹3.5K Cr | Jun 2026 — - OVV: Sep 2021 ₹5.8K Cr | Dec 2021 ₹5.5K Cr | Mar 2022 ₹5.5K Cr | Jun 2022 ₹4.9K Cr | Sep 2022 ₹4.5K Cr | Dec 2022 ₹4.4K Cr | Mar 2023 ₹4.7K Cr | Jun 2023 ₹7.0K Cr | Sep 2023 ₹7.1K Cr | Dec 2023 ₹6.6K Cr | Mar 2024 ₹7.1K Cr | Jun 2024 ₹7.0K Cr | Sep 2024 ₹6.8K Cr | Dec 2024 ₹6.2K Cr | Mar 2025 ₹6.7K Cr | Jun 2025 ₹6.6K Cr | Sep 2025 ₹6.4K Cr | Dec 2025 ₹6.1K Cr | Mar 2026 ₹7.8K Cr | Jun 2026 ₹4.2K Cr - APA: Sep 2021 ₹7.0K Cr | Dec 2021 ₹7.2K Cr | Mar 2022 ₹5.7K Cr | Jun 2022 ₹5.0K Cr | Sep 2022 ₹5.3K Cr | Dec 2022 ₹5.2K Cr | Mar 2023 ₹5.6K Cr | Jun 2023 ₹5.4K Cr | Sep 2023 ₹-93 Cr | Dec 2023 ₹5.1K Cr | Mar 2024 ₹5.1K Cr | Jun 2024 ₹6.6K Cr | Sep 2024 ₹6.3K Cr | Dec 2024 ₹5.4K Cr | Mar 2025 ₹5.3K Cr | Jun 2025 ₹4.4K Cr | Sep 2025 ₹4.0K Cr | Dec 2025 ₹-303 Cr | Mar 2026 ₹-159 Cr | Jun 2026 — - AR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 ₹3.5K Cr | Dec 2025 — | Mar 2026 — | Jun 2026 — - RRC: Sep 2021 ₹3.0K Cr | Dec 2021 ₹2.7K Cr | Mar 2022 ₹2.6K Cr | Jun 2022 ₹2.4K Cr | Sep 2022 ₹2.4K Cr | Dec 2022 ₹1.9K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹979 Cr | Jun 2026 ₹1.0K Cr - CHRD: Sep 2021 ₹597 Cr | Dec 2021 ₹235 Cr | Mar 2022 ₹-5 Cr | Jun 2022 ₹-167 Cr | Sep 2022 ₹-239 Cr | Dec 2022 ₹-176 Cr | Mar 2023 ₹-164 Cr | Jun 2023 ₹211 Cr | Sep 2023 ₹166 Cr | Dec 2023 ₹110 Cr | Mar 2024 ₹130 Cr | Jun 2024 ₹904 Cr | Sep 2024 ₹876 Cr | Dec 2024 ₹858 Cr | Mar 2025 ₹805 Cr | Jun 2025 ₹916 Cr | Sep 2025 ₹880 Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 — - VIST: Sep 2021 ₹-54 Cr | Dec 2021 ₹326 Cr | Mar 2022 ₹422 Cr | Jun 2022 ₹388 Cr | Sep 2022 ₹392 Cr | Dec 2022 ₹335 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹474 Cr | Dec 2023 ₹474 Cr | Mar 2024 ₹632 Cr | Jun 2024 ₹632 Cr | Sep 2024 ₹764 Cr | Dec 2024 ₹780 Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹2.7K Cr | Dec 2025 ₹2.8K Cr | Mar 2026 ₹3.2K Cr | Jun 2026 ₹3.2K Cr - SM: Sep 2021 ₹2.0K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹959 Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹2.4K Cr | Mar 2025 ₹2.7K Cr | Jun 2025 ₹2.6K Cr | Sep 2025 ₹2.6K Cr | Dec 2025 ₹2.3K Cr | Mar 2026 ₹7.5K Cr | Jun 2026 — - MTDR: Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹793 Cr | Dec 2022 ₹655 Cr | Mar 2023 ₹776 Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.2K Cr | Dec 2023 ₹2.2K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹3.6K Cr | Dec 2024 ₹3.3K Cr | Mar 2025 ₹3.2K Cr | Jun 2025 ₹3.3K Cr | Sep 2025 ₹3.2K Cr | Dec 2025 ₹3.4K Cr | Mar 2026 ₹3.4K Cr | Jun 2026 — - MGY: Sep 2021 ₹143 Cr | Dec 2021 ₹21 Cr | Mar 2022 ₹43 Cr | Jun 2022 ₹-113 Cr | Sep 2022 ₹-300 Cr | Dec 2022 ₹-285 Cr | Mar 2023 ₹-276 Cr | Jun 2023 ₹-285 Cr | Sep 2023 ₹-226 Cr | Dec 2023 ₹-8 Cr | Mar 2024 ₹-6 Cr | Jun 2024 ₹118 Cr | Sep 2024 ₹119 Cr | Dec 2024 ₹133 Cr | Mar 2025 ₹145 Cr | Jun 2025 ₹141 Cr | Sep 2025 ₹113 Cr | Dec 2025 ₹126 Cr | Mar 2026 ₹269 Cr | Jun 2026 — - MUR: Sep 2021 ₹3.0K Cr | Dec 2021 ₹2.8K Cr | Mar 2022 ₹2.9K Cr | Jun 2022 ₹2.7K Cr | Sep 2022 ₹2.4K Cr | Dec 2022 ₹2.3K Cr | Mar 2023 ₹2.4K Cr | Jun 2023 ₹2.3K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 — - CNX: Sep 2021 ₹2.5K Cr | Dec 2021 ₹2.3K Cr | Mar 2022 ₹2.3K Cr | Jun 2022 ₹2.4K Cr | Sep 2022 ₹2.4K Cr | Dec 2022 ₹2.4K Cr | Mar 2023 ₹2.4K Cr | Jun 2023 ₹2.3K Cr | Sep 2023 ₹2.3K Cr | Dec 2023 ₹2.4K Cr | Mar 2024 ₹2.4K Cr | Jun 2024 ₹2.4K Cr | Sep 2024 ₹2.4K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹2.8K Cr | Jun 2025 ₹2.7K Cr | Sep 2025 ₹2.8K Cr | Dec 2025 ₹2.6K Cr | Mar 2026 ₹2.5K Cr | Jun 2026 — - CRC: Sep 2021 ₹400 Cr | Dec 2021 ₹284 Cr | Mar 2022 ₹262 Cr | Jun 2022 ₹267 Cr | Sep 2022 ₹233 Cr | Dec 2022 ₹285 Cr | Mar 2023 ₹115 Cr | Jun 2023 ₹145 Cr | Sep 2023 ₹110 Cr | Dec 2023 ₹44 Cr | Mar 2024 ₹138 Cr | Jun 2024 ₹130 Cr | Sep 2024 ₹890 Cr | Dec 2024 ₹760 Cr | Mar 2025 ₹796 Cr | Jun 2025 ₹938 Cr | Sep 2025 ₹815 Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 — - CRK: Sep 2021 ₹2.8K Cr | Dec 2021 ₹2.6K Cr | Mar 2022 ₹2.5K Cr | Jun 2022 ₹2.6K Cr | Sep 2022 ₹2.3K Cr | Dec 2022 ₹2.2K Cr | Mar 2023 ₹2.2K Cr | Jun 2023 ₹2.4K Cr | Sep 2023 ₹2.6K Cr | Dec 2023 ₹2.7K Cr | Mar 2024 ₹2.8K Cr | Jun 2024 ₹2.9K Cr | Sep 2024 ₹3.0K Cr | Dec 2024 ₹3.0K Cr | Mar 2025 ₹3.1K Cr | Jun 2025 ₹3.1K Cr | Sep 2025 ₹3.2K Cr | Dec 2025 ₹2.9K Cr | Mar 2026 ₹3.0K Cr | Jun 2026 — - CRGY: Sep 2021 ₹907 Cr | Dec 2021 ₹907 Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 — | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹3.1K Cr | Dec 2024 ₹2.9K Cr | Mar 2025 ₹3.6K Cr | Jun 2025 ₹3.4K Cr | Sep 2025 ₹3.2K Cr | Dec 2025 ₹5.5K Cr | Mar 2026 ₹5.2K Cr | Jun 2026 — - BSM: Sep 2021 ₹96 Cr | Dec 2021 ₹80 Cr | Mar 2022 ₹62 Cr | Jun 2022 ₹74 Cr | Sep 2022 ₹59 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹-19 Cr | Jun 2023 ₹-47 Cr | Sep 2023 ₹-56 Cr | Dec 2023 ₹-70 Cr | Mar 2024 ₹-40 Cr | Jun 2024 ₹-27 Cr | Sep 2024 ₹-21 Cr | Dec 2024 ₹22 Cr | Mar 2025 ₹61 Cr | Jun 2025 ₹96 Cr | Sep 2025 ₹92 Cr | Dec 2025 ₹153 Cr | Mar 2026 ₹175 Cr | Jun 2026 — - BTE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹1.1K Cr | Dec 2022 ₹932 Cr | Mar 2023 ₹957 Cr | Jun 2023 ₹2.5K Cr | Sep 2023 ₹2.6K Cr | Dec 2023 ₹2.4K Cr | Mar 2024 ₹2.4K Cr | Jun 2024 ₹2.4K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹-835 Cr | Mar 2026 ₹-612 Cr | Jun 2026 — - GPOR: Sep 2021 ₹710 Cr | Dec 2021 ₹710 Cr | Mar 2022 ₹568 Cr | Jun 2022 — | Sep 2022 ₹714 Cr | Dec 2022 ₹714 Cr | Mar 2023 ₹570 Cr | Jun 2023 ₹664 Cr | Sep 2023 ₹654 Cr | Dec 2023 ₹680 Cr | Mar 2024 ₹640 Cr | Jun 2024 ₹686 Cr | Sep 2024 ₹700 Cr | Dec 2024 ₹708 Cr | Mar 2025 ₹697 Cr | Jun 2025 ₹692 Cr | Sep 2025 ₹689 Cr | Dec 2025 ₹787 Cr | Mar 2026 ₹821 Cr | Jun 2026 — - BKV: Sep 2021 ₹31 Cr | Dec 2021 ₹31 Cr | Mar 2022 ₹622 Cr | Jun 2022 ₹622 Cr | Sep 2022 ₹606 Cr | Dec 2022 ₹576 Cr | Mar 2023 ₹649 Cr | Jun 2023 ₹630 Cr | Sep 2023 ₹613 Cr | Dec 2023 ₹629 Cr | Mar 2024 ₹632 Cr | Jun 2024 ₹401 Cr | Sep 2024 ₹159 Cr | Dec 2024 ₹150 Cr | Mar 2025 ₹185 Cr | Jun 2025 ₹179 Cr | Sep 2025 ₹404 Cr | Dec 2025 ₹288 Cr | Mar 2026 ₹977 Cr | Jun 2026 — - TALO: Sep 2021 ₹944 Cr | Dec 2021 ₹911 Cr | Mar 2022 ₹871 Cr | Jun 2022 ₹698 Cr | Sep 2022 ₹605 Cr | Dec 2022 ₹558 Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹884 Cr | Sep 2025 ₹913 Cr | Dec 2025 ₹879 Cr | Mar 2026 ₹856 Cr | Jun 2026 — ## Return On Capital Employed What the numbers say: Ovintiv Inc. leads ROCE at 15.4%, 2.9 percentage points above Texas Pacific Land Corporation. CNX Resources Corporation has the strongest latest improvement at +9.2 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability. Investor read: Ovintiv Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current roce change signal. Evidence: Ovintiv Inc. · 15.4% | 23.2% versus #2 · Texas Pacific Land Corporation | 1/8 recent comparable periods | 30/30 companies · 574 observations Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability. ### ROCE — highest 1. Ovintiv Inc. (OVV): 15% 2. Texas Pacific Land Corporation (TPL): 13% 3. Gulfport Energy Corporation (GPOR): 8.9% 4. Vista Energy, S.A.B. de C.V. (VIST): 8.9% 5. APA Corporation (APA): 6.4% ### ROCE change — fastest improvers 1. CNX Resources Corporation (CNX): +9.2 pp 2. Gulfport Energy Corporation (GPOR): +8.5 pp 3. BKV Corporation (BKV): +7.7 pp 4. Expand Energy Corporation (EXE): +7.5 pp 5. Antero Resources Corporation (AR): +3.5 pp ### 20-quarter ROCE history - COP: Sep 2021 5.2% | Dec 2021 5.4% | Mar 2022 8.4% | Jun 2022 8.8% | Sep 2022 8.8% | Dec 2022 5.9% | Mar 2023 5.0% | Jun 2023 3.7% | Sep 2023 4.5% | Dec 2023 4.8% | Mar 2024 4.1% | Jun 2024 4.0% | Sep 2024 3.3% | Dec 2024 2.7% | Mar 2025 4.2% | Jun 2025 2.5% | Sep 2025 2.7% | Dec 2025 1.5% | Mar 2026 3.0% | Jun 2026 0.0% - CNQ: Sep 2021 4.0% | Dec 2021 5.0% | Mar 2022 5.9% | Jun 2022 7.4% | Sep 2022 6.6% | Dec 2022 1.7% | Mar 2023 3.6% | Jun 2023 2.5% | Sep 2023 5.2% | Dec 2023 4.1% | Mar 2024 2.6% | Jun 2024 3.8% | Sep 2024 4.2% | Dec 2024 3.6% | Mar 2025 4.6% | Jun 2025 2.9% | Sep 2025 1.5% | Dec 2025 2.2% | Mar 2026 3.3% | Jun 2026 — - EOG: Sep 2021 4.5% | Dec 2021 7.6% | Mar 2022 1.7% | Jun 2022 8.9% | Sep 2022 11% | Dec 2022 8.1% | Mar 2023 7.5% | Jun 2023 5.6% | Sep 2023 6.9% | Dec 2023 6.6% | Mar 2024 5.9% | Jun 2024 5.4% | Sep 2024 5.1% | Dec 2024 3.9% | Mar 2025 4.5% | Jun 2025 4.3% | Sep 2025 4.1% | Dec 2025 2.1% | Mar 2026 5.8% | Jun 2026 0.0% - OXY: Sep 2021 2.2% | Dec 2021 3.3% | Mar 2022 4.6% | Jun 2022 7.1% | Sep 2022 5.6% | Dec 2022 3.8% | Mar 2023 2.9% | Jun 2023 2.1% | Sep 2023 3.0% | Dec 2023 4.7% | Mar 2024 1.5% | Jun 2024 2.5% | Sep 2024 2.5% | Dec 2024 1.2% | Mar 2025 2.0% | Jun 2025 1.4% | Sep 2025 1.7% | Dec 2025 0.5% | Mar 2026 0.9% | Jun 2026 0.0% - FANG: Sep 2021 6.1% | Dec 2021 6.9% | Mar 2022 8.0% | Jun 2022 9.4% | Sep 2022 7.5% | Dec 2022 5.5% | Mar 2023 4.3% | Jun 2023 4.2% | Sep 2023 5.6% | Dec 2023 4.7% | Mar 2024 4.2% | Jun 2024 3.9% | Sep 2024 1.6% | Dec 2024 3.2% | Mar 2025 3.6% | Jun 2025 2.2% | Sep 2025 1.9% | Dec 2025 -4.3% | Mar 2026 0.2% | Jun 2026 — - DVN: Sep 2021 8.0% | Dec 2021 13% | Mar 2022 7.2% | Jun 2022 14% | Sep 2022 13% | Dec 2022 8.3% | Mar 2023 6.8% | Jun 2023 4.7% | Sep 2023 5.7% | Dec 2023 7.2% | Mar 2024 4.1% | Jun 2024 5.3% | Sep 2024 5.0% | Dec 2024 4.0% | Mar 2025 3.2% | Jun 2025 3.9% | Sep 2025 3.6% | Dec 2025 3.1% | Mar 2026 1.1% | Jun 2026 — - WDS: Sep 2021 6.2% | Dec 2021 6.2% | Mar 2022 4.2% | Jun 2022 4.2% | Sep 2022 8.1% | Dec 2022 8.1% | Mar 2023 2.8% | Jun 2023 2.8% | Sep 2023 0.5% | Dec 2023 0.5% | Mar 2024 2.3% | Jun 2024 2.3% | Sep 2024 2.0% | Dec 2024 2.0% | Mar 2025 1.6% | Jun 2025 1.6% | Sep 2025 1.8% | Dec 2025 1.8% | Mar 2026 — | Jun 2026 — - EQT: Sep 2021 -17% | Dec 2021 15% | Mar 2022 -12% | Jun 2022 8.9% | Sep 2022 5.8% | Dec 2022 13% | Mar 2023 9.4% | Jun 2023 -0.2% | Sep 2023 0.1% | Dec 2023 3.4% | Mar 2024 0.8% | Jun 2024 0.0% | Sep 2024 -0.9% | Dec 2024 2.6% | Mar 2025 1.7% | Jun 2025 3.8% | Sep 2025 1.6% | Dec 2025 2.7% | Mar 2026 5.4% | Jun 2026 1.0% - TPL: Sep 2021 17% | Dec 2021 20% | Mar 2022 18% | Jun 2022 23% | Sep 2022 22% | Dec 2022 16% | Mar 2023 13% | Jun 2023 15% | Sep 2023 14% | Dec 2023 14% | Mar 2024 13% | Jun 2024 12% | Sep 2024 12% | Dec 2024 12% | Mar 2025 12% | Jun 2025 11% | Sep 2025 12% | Dec 2025 11% | Mar 2026 13% | Jun 2026 — - EXE: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 -11% | Jun 2022 — | Sep 2022 9.4% | Dec 2022 21% | Mar 2023 17% | Jun 2023 8.1% | Sep 2023 0.6% | Dec 2023 5.6% | Mar 2024 0.2% | Jun 2024 -2.3% | Sep 2024 -1.2% | Dec 2024 -2.0% | Mar 2025 -1.4% | Jun 2025 6.8% | Sep 2025 3.9% | Dec 2025 3.0% | Mar 2026 6.1% | Jun 2026 — - PR: Sep 2021 2.6% | Dec 2021 4.7% | Mar 2022 4.5% | Jun 2022 7.5% | Sep 2022 3.8% | Dec 2022 5.9% | Mar 2023 4.0% | Jun 2023 3.2% | Sep 2023 3.7% | Dec 2023 3.4% | Mar 2024 4.3% | Jun 2024 4.1% | Sep 2024 3.3% | Dec 2024 2.9% | Mar 2025 3.4% | Jun 2025 2.0% | Sep 2025 2.5% | Dec 2025 1.7% | Mar 2026 2.9% | Jun 2026 — - OVV: Sep 2021 2.3% | Dec 2021 14% | Mar 2022 10% | Jun 2022 25% | Sep 2022 37% | Dec 2022 31% | Mar 2023 38% | Jun 2023 24% | Sep 2023 18% | Dec 2023 17% | Mar 2024 16% | Jun 2024 16% | Sep 2024 16% | Dec 2024 12% | Mar 2025 14% | Jun 2025 13% | Sep 2025 12% | Dec 2025 12% | Mar 2026 11% | Jun 2026 15% - APA: Sep 2021 6.4% | Dec 2021 5.7% | Mar 2022 12% | Jun 2022 14% | Sep 2022 11% | Dec 2022 9.1% | Mar 2023 8.1% | Jun 2023 6.0% | Sep 2023 8.5% | Dec 2023 7.7% | Mar 2024 4.8% | Jun 2024 5.6% | Sep 2024 -1.8% | Dec 2024 5.5% | Mar 2025 5.1% | Jun 2025 4.1% | Sep 2025 4.1% | Dec 2025 3.5% | Mar 2026 6.4% | Jun 2026 — - AR: Sep 2021 -6.0% | Dec 2021 11% | Mar 2022 -1.8% | Jun 2022 9.4% | Sep 2022 6.9% | Dec 2022 7.5% | Mar 2023 2.8% | Jun 2023 -1.5% | Sep 2023 0.5% | Dec 2023 1.3% | Mar 2024 0.4% | Jun 2024 -0.7% | Sep 2024 -0.2% | Dec 2024 0.5% | Mar 2025 2.3% | Jun 2025 1.8% | Sep 2025 1.0% | Dec 2025 2.5% | Mar 2026 5.8% | Jun 2026 — - RRC: Sep 2021 6.6% | Dec 2021 12% | Mar 2022 9.9% | Jun 2022 17% | Sep 2022 20% | Dec 2022 11% | Mar 2023 5.2% | Jun 2023 -0.9% | Sep 2023 1.0% | Dec 2023 2.1% | Mar 2024 1.4% | Jun 2024 0.3% | Sep 2024 0.7% | Dec 2024 2.3% | Mar 2025 4.6% | Jun 2025 2.7% | Sep 2025 1.8% | Dec 2025 3.6% | Mar 2026 7.8% | Jun 2026 2.8% - CHRD: Sep 2021 7.1% | Dec 2021 13% | Mar 2022 15% | Jun 2022 16% | Sep 2022 15% | Dec 2022 12% | Mar 2023 8.7% | Jun 2023 7.0% | Sep 2023 6.7% | Dec 2023 6.2% | Mar 2024 4.9% | Jun 2024 3.4% | Sep 2024 3.2% | Dec 2024 3.1% | Mar 2025 4.0% | Jun 2025 -3.6% | Sep 2025 1.5% | Dec 2025 0.8% | Mar 2026 2.9% | Jun 2026 — - VIST: Sep 2021 7.6% | Dec 2021 7.0% | Mar 2022 6.8% | Jun 2022 12% | Sep 2022 17% | Dec 2022 9.5% | Mar 2023 35% | Jun 2023 12% | Sep 2023 8.1% | Dec 2023 9.1% | Mar 2024 11% | Jun 2024 15% | Sep 2024 8.0% | Dec 2024 4.8% | Mar 2025 4.9% | Jun 2025 10% | Sep 2025 13% | Dec 2025 4.6% | Mar 2026 4.6% | Jun 2026 8.9% - SM: Sep 2021 2.9% | Dec 2021 11% | Mar 2022 2.4% | Jun 2022 12% | Sep 2022 14% | Dec 2022 7.2% | Mar 2023 5.6% | Jun 2023 4.3% | Sep 2023 3.8% | Dec 2023 5.7% | Mar 2024 3.2% | Jun 2024 4.9% | Sep 2024 5.1% | Dec 2024 4.2% | Mar 2025 4.0% | Jun 2025 4.2% | Sep 2025 3.2% | Dec 2025 2.3% | Mar 2026 -2.6% | Jun 2026 — - MTDR: Sep 2021 6.6% | Dec 2021 9.0% | Mar 2022 8.4% | Jun 2022 15% | Sep 2022 12% | Dec 2022 8.5% | Mar 2023 5.5% | Jun 2023 4.7% | Sep 2023 6.0% | Dec 2023 6.1% | Mar 2024 5.1% | Jun 2024 5.2% | Sep 2024 4.8% | Dec 2024 4.3% | Mar 2025 4.5% | Jun 2025 3.2% | Sep 2025 3.1% | Dec 2025 2.4% | Mar 2026 0.5% | Jun 2026 — - MGY: Sep 2021 13% | Dec 2021 14% | Mar 2022 16% | Jun 2022 21% | Sep 2022 19% | Dec 2022 11% | Mar 2023 6.6% | Jun 2023 6.0% | Sep 2023 6.9% | Dec 2023 5.9% | Mar 2024 5.3% | Jun 2024 5.6% | Sep 2024 5.3% | Dec 2024 5.0% | Mar 2025 5.4% | Jun 2025 4.3% | Sep 2025 4.0% | Dec 2025 3.7% | Mar 2026 4.9% | Jun 2026 — - MUR: Sep 2021 2.3% | Dec 2021 3.3% | Mar 2022 -0.5% | Jun 2022 6.0% | Sep 2022 8.3% | Dec 2022 3.6% | Mar 2023 3.3% | Jun 2023 1.8% | Sep 2023 4.2% | Dec 2023 2.3% | Mar 2024 1.7% | Jun 2024 2.0% | Sep 2024 2.0% | Dec 2024 1.0% | Mar 2025 1.6% | Jun 2025 1.0% | Sep 2025 0.1% | Dec 2025 0.7% | Mar 2026 1.6% | Jun 2026 — - CNX: Sep 2021 -17% | Dec 2021 13% | Mar 2022 -18% | Jun 2022 1.3% | Sep 2022 -3.2% | Dec 2022 18% | Mar 2023 14% | Jun 2023 7.8% | Sep 2023 0.7% | Dec 2023 10% | Mar 2024 0.9% | Jun 2024 0.3% | Sep 2024 1.4% | Dec 2024 -0.8% | Mar 2025 -3.1% | Jun 2025 7.9% | Sep 2025 3.1% | Dec 2025 3.5% | Mar 2026 6.1% | Jun 2026 — - CRC: Sep 2021 4.0% | Dec 2021 12% | Mar 2022 -7.3% | Jun 2022 11% | Sep 2022 22% | Dec 2022 4.4% | Mar 2023 13% | Jun 2023 4.8% | Sep 2023 -0.5% | Dec 2023 8.8% | Mar 2024 -0.1% | Jun 2024 1.1% | Sep 2024 11% | Dec 2024 1.4% | Mar 2025 4.1% | Jun 2025 5.5% | Sep 2025 1.6% | Dec 2025 0.8% | Mar 2026 -12% | Jun 2026 — - CRK: Sep 2021 7.4% | Dec 2021 7.3% | Mar 2022 8.3% | Jun 2022 15% | Sep 2022 19% | Dec 2022 12% | Mar 2023 3.3% | Jun 2023 -0.4% | Sep 2023 1.0% | Dec 2023 1.0% | Mar 2024 -0.2% | Jun 2024 -1.7% | Sep 2024 -1.1% | Dec 2024 0.0% | Mar 2025 2.2% | Jun 2025 1.5% | Sep 2025 0.8% | Dec 2025 6.3% | Mar 2026 2.9% | Jun 2026 — - CRGY: Sep 2021 3.2% | Dec 2021 3.9% | Mar 2022 11% | Jun 2022 20% | Sep 2022 8.6% | Dec 2022 2.2% | Mar 2023 2.9% | Jun 2023 1.2% | Sep 2023 2.5% | Dec 2023 -0.6% | Mar 2024 2.4% | Jun 2024 2.0% | Sep 2024 -0.1% | Dec 2024 -0.4% | Mar 2025 2.3% | Jun 2025 1.0% | Sep 2025 0.4% | Dec 2025 -0.5% | Mar 2026 3.4% | Jun 2026 — - BSM: Sep 2021 1.0% | Dec 2021 11% | Mar 2022 -0.5% | Jun 2022 12% | Sep 2022 15% | Dec 2022 15% | Mar 2023 12% | Jun 2023 6.6% | Sep 2023 5.2% | Dec 2023 12% | Mar 2024 5.2% | Jun 2024 5.7% | Sep 2024 7.8% | Dec 2024 3.9% | Mar 2025 1.4% | Jun 2025 10% | Sep 2025 7.7% | Dec 2025 6.0% | Mar 2026 1.3% | Jun 2026 — - BTE: Sep 2021 4.0% | Dec 2021 15% | Mar 2022 6.5% | Jun 2022 8.3% | Sep 2022 5.4% | Dec 2022 3.2% | Mar 2023 1.7% | Jun 2023 1.0% | Sep 2023 4.9% | Dec 2023 2.8% | Mar 2024 2.2% | Jun 2024 3.2% | Sep 2024 2.9% | Dec 2024 -1.6% | Mar 2025 1.3% | Jun 2025 1.5% | Sep 2025 2.0% | Dec 2025 -0.8% | Mar 2026 1.0% | Jun 2026 — - GPOR: Sep 2021 -24% | Dec 2021 0.0% | Mar 2022 -33% | Jun 2022 — | Sep 2022 -0.2% | Dec 2022 47% | Mar 2023 34% | Jun 2023 9.4% | Sep 2023 3.0% | Dec 2023 12% | Mar 2024 3.3% | Jun 2024 -0.7% | Sep 2024 0.5% | Dec 2024 -12% | Mar 2025 0.4% | Jun 2025 9.2% | Sep 2025 5.8% | Dec 2025 6.9% | Mar 2026 8.9% | Jun 2026 — - BKV: Sep 2021 -19% | Dec 2021 17% | Mar 2022 -23% | Jun 2022 16% | Sep 2022 4.8% | Dec 2022 19% | Mar 2023 6.1% | Jun 2023 -1.0% | Sep 2023 -0.3% | Dec 2023 2.7% | Mar 2024 -1.6% | Jun 2024 -2.1% | Sep 2024 -1.0% | Dec 2024 -2.6% | Mar 2025 -4.7% | Jun 2025 6.0% | Sep 2025 3.4% | Dec 2025 4.0% | Mar 2026 3.0% | Jun 2026 — - TALO: Sep 2021 3.8% | Dec 2021 5.5% | Mar 2022 9.7% | Jun 2022 13% | Sep 2022 7.4% | Dec 2022 3.4% | Mar 2023 0.3% | Jun 2023 1.3% | Sep 2023 4.0% | Dec 2023 1.0% | Mar 2024 1.4% | Jun 2024 1.1% | Sep 2024 0.5% | Dec 2024 0.6% | Mar 2025 0.8% | Jun 2025 -5.0% | Sep 2025 -1.7% | Dec 2025 0.0% | Mar 2026 -2.4% | Jun 2026 — ### 20-quarter ROCE change history - COP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.6 pp | Dec 2022 +0.5 pp | Mar 2023 −3.4 pp | Jun 2023 −5.1 pp | Sep 2023 −4.3 pp | Dec 2023 −1.1 pp | Mar 2024 −0.9 pp | Jun 2024 +0.3 pp | Sep 2024 −1.2 pp | Dec 2024 −2.1 pp | Mar 2025 +0.1 pp | Jun 2025 −1.5 pp | Sep 2025 −0.6 pp | Dec 2025 −1.2 pp | Mar 2026 −1.2 pp | Jun 2026 −2.5 pp - CNQ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.6 pp | Dec 2022 −3.3 pp | Mar 2023 −2.3 pp | Jun 2023 −4.9 pp | Sep 2023 −1.4 pp | Dec 2023 +2.4 pp | Mar 2024 −1.0 pp | Jun 2024 +1.3 pp | Sep 2024 −1.0 pp | Dec 2024 −0.5 pp | Mar 2025 +2.0 pp | Jun 2025 −0.9 pp | Sep 2025 −2.7 pp | Dec 2025 −1.4 pp | Mar 2026 −1.3 pp | Jun 2026 — - EOG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +6.2 pp | Dec 2022 +0.5 pp | Mar 2023 +5.8 pp | Jun 2023 −3.3 pp | Sep 2023 −3.8 pp | Dec 2023 −1.5 pp | Mar 2024 −1.6 pp | Jun 2024 −0.2 pp | Sep 2024 −1.8 pp | Dec 2024 −2.7 pp | Mar 2025 −1.4 pp | Jun 2025 −1.1 pp | Sep 2025 −1.0 pp | Dec 2025 −1.8 pp | Mar 2026 +1.3 pp | Jun 2026 −4.3 pp - OXY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.4 pp | Dec 2022 +0.5 pp | Mar 2023 −1.7 pp | Jun 2023 −5.0 pp | Sep 2023 −2.6 pp | Dec 2023 +0.9 pp | Mar 2024 −1.4 pp | Jun 2024 +0.4 pp | Sep 2024 −0.5 pp | Dec 2024 −3.5 pp | Mar 2025 +0.5 pp | Jun 2025 −1.1 pp | Sep 2025 −0.8 pp | Dec 2025 −0.7 pp | Mar 2026 −1.1 pp | Jun 2026 −1.4 pp - FANG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.4 pp | Dec 2022 −1.4 pp | Mar 2023 −3.7 pp | Jun 2023 −5.2 pp | Sep 2023 −1.9 pp | Dec 2023 −0.8 pp | Mar 2024 −0.1 pp | Jun 2024 −0.3 pp | Sep 2024 −4.0 pp | Dec 2024 −1.5 pp | Mar 2025 −0.6 pp | Jun 2025 −1.7 pp | Sep 2025 +0.3 pp | Dec 2025 −7.5 pp | Mar 2026 −3.4 pp | Jun 2026 — - DVN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.2 pp | Dec 2022 −4.6 pp | Mar 2023 −0.4 pp | Jun 2023 −9.6 pp | Sep 2023 −7.5 pp | Dec 2023 −1.1 pp | Mar 2024 −2.7 pp | Jun 2024 +0.6 pp | Sep 2024 −0.7 pp | Dec 2024 −3.2 pp | Mar 2025 −0.9 pp | Jun 2025 −1.4 pp | Sep 2025 −1.4 pp | Dec 2025 −0.9 pp | Mar 2026 −2.1 pp | Jun 2026 — - WDS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.9 pp | Dec 2022 +1.9 pp | Mar 2023 −1.4 pp | Jun 2023 −1.4 pp | Sep 2023 −7.6 pp | Dec 2023 −7.6 pp | Mar 2024 −0.5 pp | Jun 2024 −0.5 pp | Sep 2024 +1.5 pp | Dec 2024 +1.5 pp | Mar 2025 −0.7 pp | Jun 2025 −0.7 pp | Sep 2025 −0.2 pp | Dec 2025 −0.2 pp | Mar 2026 — | Jun 2026 — - EQT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +22.4 pp | Dec 2022 −1.9 pp | Mar 2023 +21.8 pp | Jun 2023 −9.1 pp | Sep 2023 −5.7 pp | Dec 2023 −9.7 pp | Mar 2024 −8.6 pp | Jun 2024 +0.2 pp | Sep 2024 −1.0 pp | Dec 2024 −0.8 pp | Mar 2025 +0.9 pp | Jun 2025 +3.8 pp | Sep 2025 +2.5 pp | Dec 2025 +0.1 pp | Mar 2026 +3.7 pp | Jun 2026 −2.8 pp - TPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.5 pp | Dec 2022 −3.9 pp | Mar 2023 −5.7 pp | Jun 2023 −8.5 pp | Sep 2023 −8.3 pp | Dec 2023 −2.3 pp | Mar 2024 +0.6 pp | Jun 2024 −2.5 pp | Sep 2024 −2.2 pp | Dec 2024 −1.4 pp | Mar 2025 −0.9 pp | Jun 2025 −1.1 pp | Sep 2025 −0.2 pp | Dec 2025 −1.5 pp | Mar 2026 +0.3 pp | Jun 2026 — - EXE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +9.4 pp | Dec 2022 +20.9 pp | Mar 2023 +28.0 pp | Jun 2023 — | Sep 2023 −8.8 pp | Dec 2023 −15.3 pp | Mar 2024 −16.7 pp | Jun 2024 −10.4 pp | Sep 2024 −1.8 pp | Dec 2024 −7.6 pp | Mar 2025 −1.6 pp | Jun 2025 +9.1 pp | Sep 2025 +5.1 pp | Dec 2025 +5.0 pp | Mar 2026 +7.5 pp | Jun 2026 — - PR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.2 pp | Dec 2022 +1.2 pp | Mar 2023 −0.5 pp | Jun 2023 −4.3 pp | Sep 2023 −0.1 pp | Dec 2023 −2.5 pp | Mar 2024 +0.3 pp | Jun 2024 +0.9 pp | Sep 2024 −0.4 pp | Dec 2024 −0.5 pp | Mar 2025 −0.9 pp | Jun 2025 −2.1 pp | Sep 2025 −0.8 pp | Dec 2025 −1.2 pp | Mar 2026 −0.5 pp | Jun 2026 — - OVV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +34.9 pp | Dec 2022 +17.8 pp | Mar 2023 +27.5 pp | Jun 2023 −1.4 pp | Sep 2023 −19.3 pp | Dec 2023 −14.2 pp | Mar 2024 −21.7 pp | Jun 2024 −7.4 pp | Sep 2024 −1.6 pp | Dec 2024 −4.8 pp | Mar 2025 −2.7 pp | Jun 2025 −3.4 pp | Sep 2025 −4.0 pp | Dec 2025 −0.7 pp | Mar 2026 −2.3 pp | Jun 2026 +2.5 pp - APA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.0 pp | Dec 2022 +3.4 pp | Mar 2023 −3.6 pp | Jun 2023 −8.0 pp | Sep 2023 −2.9 pp | Dec 2023 −1.4 pp | Mar 2024 −3.3 pp | Jun 2024 −0.4 pp | Sep 2024 −10.3 pp | Dec 2024 −2.2 pp | Mar 2025 +0.3 pp | Jun 2025 −1.5 pp | Sep 2025 +5.9 pp | Dec 2025 −2.0 pp | Mar 2026 +1.3 pp | Jun 2026 — - AR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +12.9 pp | Dec 2022 −3.0 pp | Mar 2023 +4.6 pp | Jun 2023 −10.9 pp | Sep 2023 −6.4 pp | Dec 2023 −6.2 pp | Mar 2024 −2.4 pp | Jun 2024 +0.8 pp | Sep 2024 −0.7 pp | Dec 2024 −0.8 pp | Mar 2025 +1.9 pp | Jun 2025 +2.5 pp | Sep 2025 +1.2 pp | Dec 2025 +2.0 pp | Mar 2026 +3.5 pp | Jun 2026 — - RRC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +13.0 pp | Dec 2022 −1.7 pp | Mar 2023 −4.7 pp | Jun 2023 −17.8 pp | Sep 2023 −18.6 pp | Dec 2023 −8.4 pp | Mar 2024 −3.8 pp | Jun 2024 +1.2 pp | Sep 2024 −0.3 pp | Dec 2024 +0.2 pp | Mar 2025 +3.2 pp | Jun 2025 +2.4 pp | Sep 2025 +1.1 pp | Dec 2025 +1.3 pp | Mar 2026 +3.2 pp | Jun 2026 +0.1 pp - CHRD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +7.4 pp | Dec 2022 −0.9 pp | Mar 2023 −6.3 pp | Jun 2023 −9.3 pp | Sep 2023 −7.8 pp | Dec 2023 −5.8 pp | Mar 2024 −3.8 pp | Jun 2024 −3.6 pp | Sep 2024 −3.5 pp | Dec 2024 −3.1 pp | Mar 2025 −0.9 pp | Jun 2025 −7.0 pp | Sep 2025 −1.7 pp | Dec 2025 −2.3 pp | Mar 2026 −1.1 pp | Jun 2026 — - VIST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +9.2 pp | Dec 2022 +2.5 pp | Mar 2023 +28.2 pp | Jun 2023 +0.8 pp | Sep 2023 −8.7 pp | Dec 2023 −0.4 pp | Mar 2024 −24.3 pp | Jun 2024 +2.5 pp | Sep 2024 −0.1 pp | Dec 2024 −4.3 pp | Mar 2025 −5.8 pp | Jun 2025 −4.4 pp | Sep 2025 +5.4 pp | Dec 2025 −0.2 pp | Mar 2026 −0.3 pp | Jun 2026 −1.5 pp - SM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +11.2 pp | Dec 2022 −3.7 pp | Mar 2023 +3.2 pp | Jun 2023 −8.0 pp | Sep 2023 −10.3 pp | Dec 2023 −1.5 pp | Mar 2024 −2.4 pp | Jun 2024 +0.6 pp | Sep 2024 +1.3 pp | Dec 2024 −1.5 pp | Mar 2025 +0.8 pp | Jun 2025 −0.7 pp | Sep 2025 −1.9 pp | Dec 2025 −1.9 pp | Mar 2026 −6.6 pp | Jun 2026 — - MTDR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.2 pp | Dec 2022 −0.5 pp | Mar 2023 −2.9 pp | Jun 2023 −10.6 pp | Sep 2023 −5.8 pp | Dec 2023 −2.4 pp | Mar 2024 −0.4 pp | Jun 2024 +0.5 pp | Sep 2024 −1.2 pp | Dec 2024 −1.8 pp | Mar 2025 −0.6 pp | Jun 2025 −2.0 pp | Sep 2025 −1.7 pp | Dec 2025 −1.9 pp | Mar 2026 −4.0 pp | Jun 2026 — - MGY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.9 pp | Dec 2022 −3.7 pp | Mar 2023 −9.7 pp | Jun 2023 −15.3 pp | Sep 2023 −11.7 pp | Dec 2023 −4.6 pp | Mar 2024 −1.3 pp | Jun 2024 −0.4 pp | Sep 2024 −1.6 pp | Dec 2024 −0.9 pp | Mar 2025 +0.1 pp | Jun 2025 −1.3 pp | Sep 2025 −1.3 pp | Dec 2025 −1.3 pp | Mar 2026 −0.5 pp | Jun 2026 — - MUR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +6.0 pp | Dec 2022 +0.3 pp | Mar 2023 +3.8 pp | Jun 2023 −4.2 pp | Sep 2023 −4.1 pp | Dec 2023 −1.3 pp | Mar 2024 −1.6 pp | Jun 2024 +0.2 pp | Sep 2024 −2.2 pp | Dec 2024 −1.3 pp | Mar 2025 −0.1 pp | Jun 2025 −1.0 pp | Sep 2025 −1.9 pp | Dec 2025 −0.3 pp | Mar 2026 0.0 pp | Jun 2026 — - CNX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +13.6 pp | Dec 2022 +5.2 pp | Mar 2023 +31.9 pp | Jun 2023 +6.5 pp | Sep 2023 +3.9 pp | Dec 2023 −7.6 pp | Mar 2024 −13.0 pp | Jun 2024 −7.5 pp | Sep 2024 +0.7 pp | Dec 2024 −11.2 pp | Mar 2025 −4.0 pp | Jun 2025 +7.6 pp | Sep 2025 +1.7 pp | Dec 2025 +4.3 pp | Mar 2026 +9.2 pp | Jun 2026 — - CRC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +17.7 pp | Dec 2022 −7.5 pp | Mar 2023 +20.2 pp | Jun 2023 −6.0 pp | Sep 2023 −22.2 pp | Dec 2023 +4.4 pp | Mar 2024 −13.0 pp | Jun 2024 −3.7 pp | Sep 2024 +11.4 pp | Dec 2024 −7.4 pp | Mar 2025 +4.2 pp | Jun 2025 +4.4 pp | Sep 2025 −9.3 pp | Dec 2025 −0.6 pp | Mar 2026 −16.4 pp | Jun 2026 — - CRK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +11.1 pp | Dec 2022 +4.3 pp | Mar 2023 −5.0 pp | Jun 2023 −15.8 pp | Sep 2023 −17.5 pp | Dec 2023 −10.6 pp | Mar 2024 −3.5 pp | Jun 2024 −1.3 pp | Sep 2024 −2.1 pp | Dec 2024 −1.0 pp | Mar 2025 +2.4 pp | Jun 2025 +3.2 pp | Sep 2025 +1.9 pp | Dec 2025 +6.3 pp | Mar 2026 +0.7 pp | Jun 2026 — - CRGY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.4 pp | Dec 2022 −1.7 pp | Mar 2023 −7.7 pp | Jun 2023 −18.9 pp | Sep 2023 −6.1 pp | Dec 2023 −2.8 pp | Mar 2024 −0.5 pp | Jun 2024 +0.8 pp | Sep 2024 −2.6 pp | Dec 2024 +0.2 pp | Mar 2025 −0.1 pp | Jun 2025 −1.0 pp | Sep 2025 +0.5 pp | Dec 2025 −0.1 pp | Mar 2026 +1.1 pp | Jun 2026 — - BSM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +13.7 pp | Dec 2022 +3.9 pp | Mar 2023 +12.0 pp | Jun 2023 −5.0 pp | Sep 2023 −9.5 pp | Dec 2023 −3.4 pp | Mar 2024 −6.3 pp | Jun 2024 −0.9 pp | Sep 2024 +2.6 pp | Dec 2024 −8.0 pp | Mar 2025 −3.8 pp | Jun 2025 +4.4 pp | Sep 2025 −0.1 pp | Dec 2025 +2.1 pp | Mar 2026 −0.1 pp | Jun 2026 — - BTE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.4 pp | Dec 2022 −12.0 pp | Mar 2023 −4.8 pp | Jun 2023 −7.3 pp | Sep 2023 −0.5 pp | Dec 2023 −0.4 pp | Mar 2024 +0.5 pp | Jun 2024 +2.2 pp | Sep 2024 −2.0 pp | Dec 2024 −4.4 pp | Mar 2025 −0.9 pp | Jun 2025 −1.7 pp | Sep 2025 −0.9 pp | Dec 2025 +0.8 pp | Mar 2026 −0.3 pp | Jun 2026 — - GPOR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +24.1 pp | Dec 2022 +46.7 pp | Mar 2023 +67.0 pp | Jun 2023 — | Sep 2023 +3.2 pp | Dec 2023 −34.6 pp | Mar 2024 −31.0 pp | Jun 2024 −10.1 pp | Sep 2024 −2.5 pp | Dec 2024 −23.7 pp | Mar 2025 −2.9 pp | Jun 2025 +9.9 pp | Sep 2025 +5.3 pp | Dec 2025 +18.5 pp | Mar 2026 +8.5 pp | Jun 2026 — - BKV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +23.5 pp | Dec 2022 +1.4 pp | Mar 2023 +29.1 pp | Jun 2023 −17.4 pp | Sep 2023 −5.1 pp | Dec 2023 −15.8 pp | Mar 2024 −7.7 pp | Jun 2024 −1.1 pp | Sep 2024 −0.7 pp | Dec 2024 −5.3 pp | Mar 2025 −3.1 pp | Jun 2025 +8.1 pp | Sep 2025 +4.4 pp | Dec 2025 +6.6 pp | Mar 2026 +7.7 pp | Jun 2026 — - TALO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.6 pp | Dec 2022 −2.1 pp | Mar 2023 −9.4 pp | Jun 2023 −11.4 pp | Sep 2023 −3.4 pp | Dec 2023 −2.4 pp | Mar 2024 +1.1 pp | Jun 2024 −0.2 pp | Sep 2024 −3.5 pp | Dec 2024 −0.4 pp | Mar 2025 −0.6 pp | Jun 2025 −6.1 pp | Sep 2025 −2.2 pp | Dec 2025 −0.6 pp | Mar 2026 −3.2 pp | Jun 2026 — ## Valuation Against Growth & Quality What the numbers say: Diamondback Energy, Inc. has the lowest comparable Guarded PEG at 0.1×, 0% below Magnolia Oil & Gas Corporation. Only 9 of 30 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree. Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy. This conclusion weakens if: The next two comparable reports reverse the current p/e signal. Evidence: Diamondback Energy, Inc. · 0.1× | 0% versus #2 · Magnolia Oil & Gas Corporation | 0/8 recent comparable periods | 9/30 companies · 53 observations Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction. ### Guarded PEG — lowest PEG 1. Diamondback Energy, Inc. (FANG): 0.1 2. Magnolia Oil & Gas Corporation (MGY): 0.1 3. APA Corporation (APA): 0.2 4. Black Stone Minerals, L.P. (BSM): 0.3 5. SM Energy Company (SM): 0.4 ### P/E — lowest P/E 1. CNX Resources Corporation (CNX): 5.4 2. Gulfport Energy Corporation (GPOR): 7.2 3. Expand Energy Corporation (EXE): 8.2 4. Vista Energy, S.A.B. de C.V. (VIST): 8.4 5. BKV Corporation (BKV): 8.6 ### 20-quarter Guarded PEG history - COP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.3 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - CNQ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.3 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.3 | Dec 2024 — | Mar 2025 2.3 | Jun 2025 0.9 | Sep 2025 — | Dec 2025 — | Mar 2026 0.5 | Jun 2026 — - EOG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.2 | Sep 2023 1.7 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - OXY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.2 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - FANG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.1 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - EQT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 1.8 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - TPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.7 | Jun 2023 1.5 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 4.8 | Sep 2024 3.1 | Dec 2024 4.6 | Mar 2025 10.4 | Jun 2025 — | Sep 2025 7.1 | Dec 2025 6.6 | Mar 2026 6.9 | Jun 2026 — - PR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.5 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.4 | Mar 2025 0.2 | Jun 2025 0.4 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - OVV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.1 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.5 | Mar 2026 — | Jun 2026 — - APA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.2 | Jun 2023 — | Sep 2023 — | Dec 2023 0.3 | Mar 2024 — | Jun 2024 0.1 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.2 | Jun 2026 — - RRC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.4 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.8 | Dec 2025 — | Mar 2026 — | Jun 2026 — - VIST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.2 | Dec 2023 0.2 | Mar 2024 — | Jun 2024 0.4 | Sep 2024 0.2 | Dec 2024 0.6 | Mar 2025 0.3 | Jun 2025 0.3 | Sep 2025 0.2 | Dec 2025 0.2 | Mar 2026 0.3 | Jun 2026 — - SM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.2 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.4 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - MTDR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.1 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.9 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - MGY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.1 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - CRC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.1 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.1 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - BSM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 1.0 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.9 | Mar 2026 0.3 | Jun 2026 — - BTE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.4 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — ### 20-quarter P/E history - COP: Sep 2021 20.4 | Dec 2021 11.9 | Mar 2022 10.3 | Jun 2022 7.4 | Sep 2022 7.4 | Dec 2022 8.1 | Mar 2023 7.9 | Jun 2023 10.0 | Sep 2023 13.1 | Dec 2023 12.8 | Mar 2024 14.4 | Jun 2024 12.8 | Sep 2024 13.5 | Dec 2024 12.7 | Mar 2025 13.3 | Jun 2025 12.1 | Sep 2025 13.4 | Dec 2025 14.7 | Mar 2026 22.4 | Jun 2026 23.9 - CNQ: Sep 2021 9.2 | Dec 2021 8.1 | Mar 2022 9.6 | Jun 2022 7.0 | Sep 2022 6.3 | Dec 2022 7.9 | Mar 2023 8.8 | Jun 2023 11.0 | Sep 2023 13.7 | Dec 2023 11.6 | Mar 2024 15.2 | Jun 2024 13.8 | Sep 2024 12.7 | Dec 2024 15.6 | Mar 2025 12.4 | Jun 2025 10.9 | Sep 2025 14.0 | Dec 2025 9.0 | Mar 2026 14.6 | Jun 2026 — - EOG: Sep 2021 15.5 | Dec 2021 11.1 | Mar 2022 15.9 | Jun 2022 11.3 | Sep 2022 8.8 | Dec 2022 9.8 | Mar 2023 7.2 | Jun 2023 7.7 | Sep 2023 9.4 | Dec 2023 9.3 | Mar 2024 10.1 | Jun 2024 9.7 | Sep 2024 9.9 | Dec 2024 10.9 | Mar 2025 11.9 | Jun 2025 11.6 | Sep 2025 11.2 | Dec 2025 11.5 | Mar 2026 14.2 | Jun 2026 — - OXY: Sep 2021 — | Dec 2021 18.4 | Mar 2022 8.6 | Jun 2022 5.8 | Sep 2022 5.1 | Dec 2022 5.1 | Mar 2023 7.2 | Jun 2023 10.0 | Sep 2023 14.2 | Dec 2023 15.3 | Mar 2024 17.8 | Jun 2024 15.5 | Sep 2024 13.4 | Dec 2024 20.3 | Mar 2025 19.9 | Jun 2025 24.6 | Sep 2025 34.2 | Dec 2025 25.5 | Mar 2026 16.4 | Jun 2026 13.0 - FANG: Sep 2021 49.8 | Dec 2021 8.8 | Mar 2022 9.1 | Jun 2022 5.7 | Sep 2022 4.9 | Dec 2022 5.6 | Mar 2023 5.8 | Jun 2023 7.1 | Sep 2023 9.1 | Dec 2023 8.9 | Mar 2024 11.2 | Jun 2024 10.4 | Sep 2024 9.9 | Dec 2024 10.6 | Mar 2025 9.8 | Jun 2025 9.8 | Sep 2025 9.9 | Dec 2025 26.2 | Mar 2026 230.0 | Jun 2026 — - DVN: Sep 2021 21.3 | Dec 2021 10.5 | Mar 2022 11.1 | Jun 2022 7.0 | Sep 2022 6.3 | Dec 2022 6.7 | Mar 2023 5.5 | Jun 2023 6.6 | Sep 2023 8.2 | Dec 2023 7.8 | Mar 2024 9.6 | Jun 2024 8.6 | Sep 2024 7.3 | Dec 2024 7.2 | Mar 2025 8.5 | Jun 2025 7.1 | Sep 2025 8.3 | Dec 2025 8.8 | Mar 2026 14.0 | Jun 2026 — - WDS: Sep 2021 14.0 | Dec 2021 7.8 | Mar 2022 9.2 | Jun 2022 6.8 | Sep 2022 5.4 | Dec 2022 5.7 | Mar 2023 5.6 | Jun 2023 6.2 | Sep 2023 10.1 | Dec 2023 24.3 | Mar 2024 21.7 | Jun 2024 19.4 | Sep 2024 12.1 | Dec 2024 8.4 | Mar 2025 8.5 | Jun 2025 10.0 | Sep 2025 10.2 | Dec 2025 11.0 | Mar 2026 — | Jun 2026 — - EQT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 9.8 | Dec 2022 7.7 | Mar 2023 2.8 | Jun 2023 4.6 | Sep 2023 5.5 | Dec 2023 9.2 | Mar 2024 26.9 | Jun 2024 23.4 | Sep 2024 43.6 | Dec 2024 102.5 | Mar 2025 93.7 | Jun 2025 31.5 | Sep 2025 18.6 | Dec 2025 16.2 | Mar 2026 12.1 | Jun 2026 12.3 - TPL: Sep 2021 43.5 | Dec 2021 35.9 | Mar 2022 35.2 | Jun 2022 32.0 | Sep 2022 32.3 | Dec 2022 40.6 | Mar 2023 30.2 | Jun 2023 24.4 | Sep 2023 35.8 | Dec 2023 29.8 | Mar 2024 30.8 | Jun 2024 37.8 | Sep 2024 45.4 | Dec 2024 56.1 | Mar 2025 66.3 | Jun 2025 52.6 | Sep 2025 45.1 | Dec 2025 41.2 | Mar 2026 65.0 | Jun 2026 — - EXE: Sep 2021 — | Dec 2021 8.0 | Mar 2022 — | Jun 2022 8.5 | Sep 2022 4.9 | Dec 2022 2.8 | Mar 2023 1.6 | Jun 2023 2.0 | Sep 2023 2.3 | Dec 2023 4.6 | Mar 2024 12.0 | Jun 2024 27.8 | Sep 2024 50.8 | Dec 2024 — | Mar 2025 — | Jun 2025 299.9 | Sep 2025 30.2 | Dec 2025 14.6 | Mar 2026 8.2 | Jun 2026 — - PR: Sep 2021 — | Dec 2021 13.0 | Mar 2022 13.7 | Jun 2022 4.7 | Sep 2022 3.7 | Dec 2022 5.8 | Mar 2023 5.6 | Jun 2023 7.4 | Sep 2023 15.3 | Dec 2023 11.0 | Mar 2024 16.1 | Jun 2024 12.9 | Sep 2024 8.3 | Dec 2024 9.9 | Mar 2025 8.6 | Jun 2025 8.8 | Sep 2025 11.7 | Dec 2025 11.0 | Mar 2026 24.8 | Jun 2026 — - OVV: Sep 2021 — | Dec 2021 6.2 | Mar 2022 — | Jun 2022 4.7 | Sep 2022 3.2 | Dec 2022 3.5 | Mar 2023 2.0 | Jun 2023 3.2 | Sep 2023 5.1 | Dec 2023 5.7 | Mar 2024 7.2 | Jun 2024 6.4 | Sep 2024 4.9 | Dec 2024 — | Mar 2025 — | Jun 2025 16.6 | Sep 2025 44.0 | Dec 2025 8.0 | Mar 2026 — | Jun 2026 16.1 - APA: Sep 2021 14.3 | Dec 2021 10.4 | Mar 2022 5.9 | Jun 2022 3.9 | Sep 2022 3.3 | Dec 2022 4.2 | Mar 2023 4.0 | Jun 2023 4.6 | Sep 2023 5.4 | Dec 2023 3.9 | Mar 2024 3.9 | Jun 2024 3.2 | Sep 2024 3.5 | Dec 2024 10.2 | Mar 2025 7.6 | Jun 2025 6.1 | Sep 2025 5.8 | Dec 2025 6.1 | Mar 2026 9.9 | Jun 2026 — - AR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 11.4 | Sep 2022 5.0 | Dec 2022 5.5 | Mar 2023 3.3 | Jun 2023 5.2 | Sep 2023 9.1 | Dec 2023 35.4 | Mar 2024 263.6 | Jun 2024 251.0 | Sep 2024 — | Dec 2024 194.7 | Mar 2025 52.5 | Jun 2025 26.3 | Sep 2025 17.9 | Dec 2025 17.0 | Mar 2026 13.8 | Jun 2026 — - RRC: Sep 2021 — | Dec 2021 11.1 | Mar 2022 — | Jun 2022 12.8 | Sep 2022 5.2 | Dec 2022 5.3 | Mar 2023 3.1 | Jun 2023 4.3 | Sep 2023 5.8 | Dec 2023 8.5 | Mar 2024 17.5 | Jun 2024 17.0 | Sep 2024 15.5 | Dec 2024 33.0 | Mar 2025 35.7 | Jun 2025 20.4 | Sep 2025 15.8 | Dec 2025 12.9 | Mar 2026 12.0 | Jun 2026 10.3 - CHRD: Sep 2021 — | Dec 2021 13.8 | Mar 2022 10.9 | Jun 2022 7.5 | Sep 2022 3.8 | Dec 2022 3.1 | Mar 2023 3.1 | Jun 2023 3.6 | Sep 2023 6.4 | Dec 2023 7.1 | Mar 2024 8.4 | Jun 2024 8.1 | Sep 2024 6.7 | Dec 2024 7.3 | Mar 2025 7.6 | Jun 2025 24.8 | Sep 2025 38.5 | Dec 2025 125.3 | Mar 2026 — | Jun 2026 — - VIST: Sep 2021 1,006.0 | Dec 2021 9.8 | Mar 2022 13.8 | Jun 2022 4.4 | Sep 2022 4.2 | Dec 2022 5.7 | Mar 2023 5.1 | Jun 2023 7.2 | Sep 2023 8.9 | Dec 2023 7.4 | Mar 2024 12.0 | Jun 2024 10.5 | Sep 2024 8.6 | Dec 2024 11.7 | Mar 2025 9.7 | Jun 2025 8.6 | Sep 2025 5.1 | Dec 2025 7.3 | Mar 2026 11.0 | Jun 2026 8.4 - SM: Sep 2021 — | Dec 2021 101.7 | Mar 2022 14.8 | Jun 2022 4.8 | Sep 2022 3.7 | Dec 2022 3.9 | Mar 2023 2.8 | Jun 2023 3.6 | Sep 2023 5.8 | Dec 2023 5.6 | Mar 2024 7.8 | Jun 2024 6.2 | Sep 2024 5.6 | Dec 2024 5.8 | Mar 2025 4.2 | Jun 2025 3.5 | Sep 2025 3.9 | Dec 2025 3.3 | Mar 2026 13.1 | Jun 2026 — - MTDR: Sep 2021 16.3 | Dec 2021 7.5 | Mar 2022 8.6 | Jun 2022 5.4 | Sep 2022 5.0 | Dec 2022 5.7 | Mar 2023 4.9 | Jun 2023 6.8 | Sep 2023 8.5 | Dec 2023 8.1 | Mar 2024 9.2 | Jun 2024 7.7 | Sep 2024 6.6 | Dec 2024 7.9 | Mar 2025 6.9 | Jun 2025 7.0 | Sep 2025 7.2 | Dec 2025 7.0 | Mar 2026 16.2 | Jun 2026 — - MGY: Sep 2021 10.7 | Dec 2021 8.0 | Mar 2022 8.2 | Jun 2022 5.7 | Sep 2022 4.6 | Dec 2022 5.0 | Mar 2023 5.1 | Jun 2023 6.0 | Sep 2023 8.4 | Dec 2023 10.4 | Mar 2024 12.9 | Jun 2024 12.4 | Sep 2024 12.1 | Dec 2024 12.1 | Mar 2025 12.6 | Jun 2025 11.8 | Sep 2025 13.3 | Dec 2025 12.7 | Mar 2026 18.4 | Jun 2026 — - MUR: Sep 2021 — | Dec 2021 — | Mar 2022 63.1 | Jun 2022 9.2 | Sep 2022 5.9 | Dec 2022 7.0 | Mar 2023 4.6 | Jun 2023 5.9 | Sep 2023 9.6 | Dec 2023 10.1 | Mar 2024 12.7 | Jun 2024 10.8 | Sep 2024 10.9 | Dec 2024 11.2 | Mar 2025 10.9 | Jun 2025 11.7 | Sep 2025 29.0 | Dec 2025 43.4 | Mar 2026 69.9 | Jun 2026 — - CNX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 2.2 | Jun 2023 1.9 | Sep 2023 1.9 | Dec 2023 2.2 | Mar 2024 4.4 | Jun 2024 8.7 | Sep 2024 10.7 | Dec 2024 — | Mar 2025 — | Jun 2025 57.1 | Sep 2025 22.5 | Dec 2025 9.2 | Mar 2026 5.4 | Jun 2026 — - CRC: Sep 2021 — | Dec 2021 5.8 | Mar 2022 7.0 | Jun 2022 3.8 | Sep 2022 2.7 | Dec 2022 6.5 | Mar 2023 2.8 | Jun 2023 3.6 | Sep 2023 8.2 | Dec 2023 7.0 | Mar 2024 15.8 | Jun 2024 23.7 | Sep 2024 8.3 | Dec 2024 11.2 | Mar 2025 8.0 | Jun 2025 6.2 | Sep 2025 12.4 | Dec 2025 10.8 | Mar 2026 — | Jun 2026 — - CRK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 13.4 | Sep 2022 5.0 | Dec 2022 3.3 | Mar 2023 2.2 | Jun 2023 3.3 | Sep 2023 4.9 | Dec 2023 11.6 | Mar 2024 42.2 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 79.3 | Dec 2025 16.2 | Mar 2026 9.6 | Jun 2026 — - CRGY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 8.7 | Dec 2022 5.5 | Mar 2023 2.1 | Jun 2023 2.4 | Sep 2023 14.7 | Dec 2023 13.0 | Mar 2024 — | Jun 2024 592.5 | Sep 2024 17.7 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 15.5 | Mar 2026 — | Jun 2026 — - BSM: Sep 2021 44.6 | Dec 2021 13.4 | Mar 2022 21.0 | Jun 2022 11.6 | Sep 2022 8.3 | Dec 2022 8.0 | Mar 2023 5.7 | Jun 2023 6.3 | Sep 2023 8.5 | Dec 2023 8.5 | Mar 2024 10.4 | Jun 2024 10.6 | Sep 2024 9.3 | Dec 2024 12.7 | Mar 2025 16.6 | Jun 2025 11.3 | Sep 2025 11.4 | Dec 2025 10.4 | Mar 2026 11.9 | Jun 2026 — - BTE: Sep 2021 1.6 | Dec 2021 1.4 | Mar 2022 1.8 | Jun 2022 4.3 | Sep 2022 3.1 | Dec 2022 4.0 | Mar 2023 3.3 | Jun 2023 2.8 | Sep 2023 4.8 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 12.8 | Mar 2025 8.0 | Jun 2025 5.2 | Sep 2025 11.6 | Dec 2025 — | Mar 2026 — | Jun 2026 — - GPOR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 10.4 | Dec 2022 3.6 | Mar 2023 1.2 | Jun 2023 1.8 | Sep 2023 1.4 | Dec 2023 2.0 | Mar 2024 3.6 | Jun 2024 3.8 | Sep 2024 13.6 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 9.7 | Mar 2026 7.2 | Jun 2026 — - BKV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 48.2 | Dec 2025 13.7 | Mar 2026 8.6 | Jun 2026 — - TALO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 6.7 | Sep 2022 3.0 | Dec 2022 4.1 | Mar 2023 2.4 | Jun 2023 3.5 | Sep 2023 17.3 | Dec 2023 9.2 | Mar 2024 174.1 | Jun 2024 303.8 | Sep 2024 18.8 | Dec 2024 — | Mar 2025 69.4 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — ## Enterprise Value & Book Value What the numbers say: Talos Energy Inc. leads ev/ebitda at 2.79×; Woodside Energy Group Ltd leads p/bv at 0.83×. Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy. This conclusion weakens if: The next two comparable reports reverse the current p/bv signal. Evidence: Talos Energy Inc. · 2.79× | 7.9% versus #2 · CNX Resources Corporation | 0/8 recent comparable periods | 30/30 companies · 544 observations Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts. ### EV/EBITDA — lowest EV/EBITDA 1. Talos Energy Inc. (TALO): 2.8 2. CNX Resources Corporation (CNX): 3.0 3. APA Corporation (APA): 3.1 4. Baytex Energy Corp. (BTE): 3.3 5. Expand Energy Corporation (EXE): 4.0 ### P/BV — lowest P/BV 1. Woodside Energy Group Ltd (WDS): 0.8 — older report 2. Crescent Energy Company (CRGY): 1.0 3. Chord Energy Corporation (CHRD): 1.0 4. SM Energy Company (SM): 1.1 5. Murphy Oil Corporation (MUR): 1.2 ### 20-quarter EV/EBITDA history - COP: Sep 2021 7.5 | Dec 2021 5.9 | Mar 2022 6.0 | Jun 2022 4.4 | Sep 2022 4.3 | Dec 2022 4.6 | Mar 2023 4.2 | Jun 2023 5.0 | Sep 2023 6.5 | Dec 2023 6.5 | Mar 2024 7.2 | Jun 2024 6.2 | Sep 2024 5.8 | Dec 2024 6.6 | Mar 2025 4.2 | Jun 2025 3.6 | Sep 2025 5.9 | Dec 2025 7.0 | Mar 2026 5.5 | Jun 2026 5.4 - CNQ: Sep 2021 5.7 | Dec 2021 4.9 | Mar 2022 5.8 | Jun 2022 4.3 | Sep 2022 3.7 | Dec 2022 4.2 | Mar 2023 4.6 | Jun 2023 5.4 | Sep 2023 6.6 | Dec 2023 13.5 | Mar 2024 6.5 | Jun 2024 5.1 | Sep 2024 4.3 | Dec 2024 6.8 | Mar 2025 6.0 | Jun 2025 6.0 | Sep 2025 6.2 | Dec 2025 6.4 | Mar 2026 9.3 | Jun 2026 — - EOG: Sep 2021 6.3 | Dec 2021 5.3 | Mar 2022 7.6 | Jun 2022 6.1 | Sep 2022 5.0 | Dec 2022 5.6 | Mar 2023 4.3 | Jun 2023 4.6 | Sep 2023 5.4 | Dec 2023 5.3 | Mar 2024 5.5 | Jun 2024 5.3 | Sep 2024 5.2 | Dec 2024 5.4 | Mar 2025 5.9 | Jun 2025 5.7 | Sep 2025 6.4 | Dec 2025 5.7 | Mar 2026 7.0 | Jun 2026 — - OXY: Sep 2021 7.4 | Dec 2021 5.0 | Mar 2022 5.7 | Jun 2022 4.5 | Sep 2022 4.1 | Dec 2022 4.1 | Mar 2023 4.3 | Jun 2023 4.9 | Sep 2023 5.8 | Dec 2023 6.8 | Mar 2024 4.8 | Jun 2024 4.8 | Sep 2024 4.8 | Dec 2024 9.0 | Mar 2025 5.5 | Jun 2025 5.2 | Sep 2025 6.2 | Dec 2025 6.0 | Mar 2026 7.7 | Jun 2026 6.1 - FANG: Sep 2021 7.7 | Dec 2021 5.0 | Mar 2022 4.9 | Jun 2022 3.7 | Sep 2022 3.5 | Dec 2022 4.0 | Mar 2023 4.4 | Jun 2023 4.8 | Sep 2023 5.4 | Dec 2023 5.5 | Mar 2024 6.5 | Jun 2024 6.3 | Sep 2024 10.1 | Dec 2024 8.6 | Mar 2025 7.3 | Jun 2025 6.4 | Sep 2025 6.2 | Dec 2025 10.0 | Mar 2026 15.3 | Jun 2026 — - DVN: Sep 2021 9.0 | Dec 2021 6.5 | Mar 2022 6.6 | Jun 2022 4.5 | Sep 2022 4.4 | Dec 2022 4.5 | Mar 2023 3.7 | Jun 2023 4.3 | Sep 2023 4.8 | Dec 2023 4.6 | Mar 2024 5.2 | Jun 2024 4.7 | Sep 2024 4.5 | Dec 2024 4.0 | Mar 2025 4.3 | Jun 2025 3.7 | Sep 2025 4.0 | Dec 2025 4.2 | Mar 2026 5.7 | Jun 2026 — - WDS: Sep 2021 5.4 | Dec 2021 3.9 | Mar 2022 4.2 | Jun 2022 3.6 | Sep 2022 4.0 | Dec 2022 3.9 | Mar 2023 3.7 | Jun 2023 3.7 | Sep 2023 4.9 | Dec 2023 6.1 | Mar 2024 6.1 | Jun 2024 6.0 | Sep 2024 5.1 | Dec 2024 4.1 | Mar 2025 4.2 | Jun 2025 4.4 | Sep 2025 4.4 | Dec 2025 4.6 | Mar 2026 — | Jun 2026 — - EQT: Sep 2021 — | Dec 2021 42.2 | Mar 2022 — | Jun 2022 5.7 | Sep 2022 3.3 | Dec 2022 3.8 | Mar 2023 5.0 | Jun 2023 2.9 | Sep 2023 13.7 | Dec 2023 5.4 | Mar 2024 11.5 | Jun 2024 11.1 | Sep 2024 15.1 | Dec 2024 14.2 | Mar 2025 13.3 | Jun 2025 10.1 | Sep 2025 8.2 | Dec 2025 7.5 | Mar 2026 6.6 | Jun 2026 6.3 - TPL: Sep 2021 29.3 | Dec 2021 24.4 | Mar 2022 22.6 | Jun 2022 21.3 | Sep 2022 22.8 | Dec 2022 30.4 | Mar 2023 22.4 | Jun 2023 18.1 | Sep 2023 27.2 | Dec 2023 22.6 | Mar 2024 23.4 | Jun 2024 29.3 | Sep 2024 36.1 | Dec 2024 44.4 | Mar 2025 51.2 | Jun 2025 39.1 | Sep 2025 32.8 | Dec 2025 30.1 | Mar 2026 47.2 | Jun 2026 — - EXE: Sep 2021 16,14,45,000.0 | Dec 2021 4.8 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 2.8 | Mar 2023 1.5 | Jun 2023 1.7 | Sep 2023 2.0 | Dec 2023 2.4 | Mar 2024 4.3 | Jun 2024 5.8 | Sep 2024 6.8 | Dec 2024 30.7 | Mar 2025 33.4 | Jun 2025 11.0 | Sep 2025 7.1 | Dec 2025 5.7 | Mar 2026 4.0 | Jun 2026 — - PR: Sep 2021 6.8 | Dec 2021 3.8 | Mar 2022 3.9 | Jun 2022 2.4 | Sep 2022 5.9 | Dec 2022 5.2 | Mar 2023 4.9 | Jun 2023 4.9 | Sep 2023 4.9 | Dec 2023 6.7 | Mar 2024 6.5 | Jun 2024 5.3 | Sep 2024 4.5 | Dec 2024 4.4 | Mar 2025 4.0 | Jun 2025 4.2 | Sep 2025 4.0 | Dec 2025 4.4 | Mar 2026 6.1 | Jun 2026 — - OVV: Sep 2021 9.4 | Dec 2021 5.3 | Mar 2022 8.5 | Jun 2022 4.4 | Sep 2022 3.2 | Dec 2022 3.4 | Mar 2023 2.2 | Jun 2023 2.9 | Sep 2023 4.5 | Dec 2023 4.0 | Mar 2024 4.3 | Jun 2024 4.0 | Sep 2024 3.3 | Dec 2024 4.0 | Mar 2025 3.9 | Jun 2025 3.8 | Sep 2025 4.0 | Dec 2025 3.8 | Mar 2026 5.3 | Jun 2026 4.7 - APA: Sep 2021 5.0 | Dec 2021 4.7 | Mar 2022 4.3 | Jun 2022 3.1 | Sep 2022 2.9 | Dec 2022 3.3 | Mar 2023 3.0 | Jun 2023 3.3 | Sep 2023 2.8 | Dec 2023 3.5 | Mar 2024 3.5 | Jun 2024 3.7 | Sep 2024 4.1 | Dec 2024 3.6 | Mar 2025 2.5 | Jun 2025 2.2 | Sep 2025 2.6 | Dec 2025 1.9 | Mar 2026 3.1 | Jun 2026 — - AR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 16.7 | Sep 2022 3.2 | Dec 2022 3.4 | Mar 2023 6.8 | Jun 2023 4.7 | Sep 2023 19.2 | Dec 2023 10.4 | Mar 2024 20.0 | Jun 2024 20.8 | Sep 2024 20.9 | Dec 2024 22.9 | Mar 2025 25.3 | Jun 2025 17.2 | Sep 2025 13.0 | Dec 2025 7.3 | Mar 2026 16.5 | Jun 2026 — - RRC: Sep 2021 8.8 | Dec 2021 4.4 | Mar 2022 5.1 | Jun 2022 3.2 | Sep 2022 2.6 | Dec 2022 2.5 | Mar 2023 2.7 | Jun 2023 4.2 | Sep 2023 7.8 | Dec 2023 12.1 | Mar 2024 17.2 | Jun 2024 15.0 | Sep 2024 14.1 | Dec 2024 15.5 | Mar 2025 12.8 | Jun 2025 10.8 | Sep 2025 9.4 | Dec 2025 8.2 | Mar 2026 8.4 | Jun 2026 6.9 - CHRD: Sep 2021 6.2 | Dec 2021 3.0 | Mar 2022 2.5 | Jun 2022 1.9 | Sep 2022 3.3 | Dec 2022 2.8 | Mar 2023 2.6 | Jun 2023 3.1 | Sep 2023 3.6 | Dec 2023 3.7 | Mar 2024 4.1 | Jun 2024 5.7 | Sep 2024 4.2 | Dec 2024 3.6 | Mar 2025 3.0 | Jun 2025 3.4 | Sep 2025 3.6 | Dec 2025 3.9 | Mar 2026 5.5 | Jun 2026 — - VIST: Sep 2021 1.3 | Dec 2021 2.0 | Mar 2022 2.6 | Jun 2022 1.8 | Sep 2022 1.8 | Dec 2022 2.3 | Mar 2023 1.9 | Jun 2023 2.5 | Sep 2023 3.9 | Dec 2023 3.6 | Mar 2024 5.5 | Jun 2024 5.2 | Sep 2024 4.7 | Dec 2024 5.6 | Mar 2025 4.9 | Jun 2025 5.5 | Sep 2025 3.5 | Dec 2025 3.9 | Mar 2026 5.1 | Jun 2026 4.1 - SM: Sep 2021 16.1 | Dec 2021 5.5 | Mar 2022 5.0 | Jun 2022 2.8 | Sep 2022 2.4 | Dec 2022 2.5 | Mar 2023 1.9 | Jun 2023 2.4 | Sep 2023 3.5 | Dec 2023 3.2 | Mar 2024 4.3 | Jun 2024 3.6 | Sep 2024 3.1 | Dec 2024 3.6 | Mar 2025 3.0 | Jun 2025 2.5 | Sep 2025 2.4 | Dec 2025 2.0 | Mar 2026 8.4 | Jun 2026 — - MTDR: Sep 2021 8.1 | Dec 2021 5.3 | Mar 2022 5.8 | Jun 2022 3.7 | Sep 2022 3.2 | Dec 2022 3.5 | Mar 2023 3.0 | Jun 2023 4.5 | Sep 2023 5.1 | Dec 2023 4.8 | Mar 2024 5.1 | Jun 2024 4.3 | Sep 2024 4.3 | Dec 2024 4.4 | Mar 2025 3.9 | Jun 2025 3.8 | Sep 2025 3.6 | Dec 2025 3.7 | Mar 2026 5.6 | Jun 2026 — - MGY: Sep 2021 5.5 | Dec 2021 4.5 | Mar 2022 5.0 | Jun 2022 3.5 | Sep 2022 2.8 | Dec 2022 3.3 | Mar 2023 3.3 | Jun 2023 3.7 | Sep 2023 4.7 | Dec 2023 4.8 | Mar 2024 5.6 | Jun 2024 5.4 | Sep 2024 5.2 | Dec 2024 5.0 | Mar 2025 5.2 | Jun 2025 4.7 | Sep 2025 5.1 | Dec 2025 4.7 | Mar 2026 7.0 | Jun 2026 — - MUR: Sep 2021 — | Dec 2021 25.0 | Mar 2022 16.7 | Jun 2022 6.6 | Sep 2022 4.7 | Dec 2022 5.8 | Mar 2023 4.4 | Jun 2023 5.9 | Sep 2023 7.9 | Dec 2023 8.1 | Mar 2024 9.5 | Jun 2024 8.7 | Sep 2024 9.2 | Dec 2024 10.3 | Mar 2025 9.7 | Jun 2025 9.7 | Sep 2025 18.3 | Dec 2025 21.3 | Mar 2026 19.4 | Jun 2026 — - CNX: Sep 2021 — | Dec 2021 136.8 | Mar 2022 — | Jun 2022 — | Sep 2022 75.0 | Dec 2022 13.1 | Mar 2023 2.0 | Jun 2023 1.7 | Sep 2023 1.8 | Dec 2023 2.0 | Mar 2024 2.7 | Jun 2024 3.5 | Sep 2024 4.0 | Dec 2024 57.4 | Mar 2025 13.1 | Jun 2025 6.3 | Sep 2025 4.9 | Dec 2025 6.5 | Mar 2026 3.0 | Jun 2026 — - CRC: Sep 2021 79.0 | Dec 2021 7.3 | Mar 2022 9.7 | Jun 2022 4.2 | Sep 2022 2.5 | Dec 2022 3.4 | Mar 2023 1.8 | Jun 2023 2.2 | Sep 2023 4.5 | Dec 2023 3.7 | Mar 2024 6.2 | Jun 2024 7.2 | Sep 2024 4.9 | Dec 2024 5.4 | Mar 2025 3.7 | Jun 2025 3.0 | Sep 2025 4.6 | Dec 2025 4.6 | Mar 2026 34.7 | Jun 2026 — - CRK: Sep 2021 4.6 | Dec 2021 3.4 | Mar 2022 3.7 | Jun 2022 2.7 | Sep 2022 2.6 | Dec 2022 2.2 | Mar 2023 2.0 | Jun 2023 2.9 | Sep 2023 4.6 | Dec 2023 6.2 | Mar 2024 7.6 | Jun 2024 8.4 | Sep 2024 9.6 | Dec 2024 13.5 | Mar 2025 12.4 | Jun 2025 12.8 | Sep 2025 9.7 | Dec 2025 7.8 | Mar 2026 7.3 | Jun 2026 — - CRGY: Sep 2021 — | Dec 2021 4.7 | Mar 2022 4.5 | Jun 2022 2.9 | Sep 2022 2.5 | Dec 2022 2.4 | Mar 2023 2.5 | Jun 2023 3.1 | Sep 2023 4.3 | Dec 2023 4.8 | Mar 2024 4.5 | Jun 2024 3.9 | Sep 2024 6.0 | Dec 2024 5.9 | Mar 2025 5.3 | Jun 2025 4.1 | Sep 2025 3.8 | Dec 2025 5.9 | Mar 2026 6.0 | Jun 2026 — - BSM: Sep 2021 20.0 | Dec 2021 10.4 | Mar 2022 14.5 | Jun 2022 9.8 | Sep 2022 7.5 | Dec 2022 7.2 | Mar 2023 5.3 | Jun 2023 5.8 | Sep 2023 7.6 | Dec 2023 7.6 | Mar 2024 9.1 | Jun 2024 9.2 | Sep 2024 8.2 | Dec 2024 10.6 | Mar 2025 13.3 | Jun 2025 9.9 | Sep 2025 9.9 | Dec 2025 9.4 | Mar 2026 10.7 | Jun 2026 — - BTE: Sep 2021 1.5 | Dec 2021 1.4 | Mar 2022 3.7 | Jun 2022 3.2 | Sep 2022 2.8 | Dec 2022 2.3 | Mar 2023 2.6 | Jun 2023 5.4 | Sep 2023 5.4 | Dec 2023 7.2 | Mar 2024 3.4 | Jun 2024 2.8 | Sep 2024 2.5 | Dec 2024 4.4 | Mar 2025 2.9 | Jun 2025 2.8 | Sep 2025 3.4 | Dec 2025 2.6 | Mar 2026 3.3 | Jun 2026 — - GPOR: Sep 2021 — | Dec 2021 22.1 | Mar 2022 — | Jun 2022 5.8 | Sep 2022 9.0 | Dec 2022 2.0 | Mar 2023 2.4 | Jun 2023 2.6 | Sep 2023 2.6 | Dec 2023 2.1 | Mar 2024 5.3 | Jun 2024 7.4 | Sep 2024 7.8 | Dec 2024 26.2 | Mar 2025 62.0 | Jun 2025 12.8 | Sep 2025 9.6 | Dec 2025 3.8 | Mar 2026 13.9 | Jun 2026 — - BKV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 7.6 | Dec 2024 34.2 | Mar 2025 — | Jun 2025 — | Sep 2025 11.4 | Dec 2025 6.9 | Mar 2026 9.3 | Jun 2026 — - TALO: Sep 2021 5.0 | Dec 2021 2.1 | Mar 2022 2.2 | Jun 2022 1.7 | Sep 2022 1.6 | Dec 2022 1.8 | Mar 2023 2.8 | Jun 2023 3.1 | Sep 2023 3.3 | Dec 2023 2.9 | Mar 2024 3.7 | Jun 2024 3.0 | Sep 2024 2.6 | Dec 2024 2.1 | Mar 2025 2.0 | Jun 2025 2.3 | Sep 2025 2.8 | Dec 2025 — | Mar 2026 — | Jun 2026 — ### 20-quarter P/BV history - COP: Sep 2021 2.0 | Dec 2021 2.1 | Mar 2022 2.6 | Jun 2022 2.3 | Sep 2022 2.6 | Dec 2022 3.0 | Mar 2023 2.5 | Jun 2023 2.6 | Sep 2023 3.0 | Dec 2023 2.8 | Mar 2024 3.1 | Jun 2024 2.7 | Sep 2024 2.4 | Dec 2024 2.0 | Mar 2025 2.0 | Jun 2025 1.7 | Sep 2025 1.8 | Dec 2025 1.8 | Mar 2026 2.5 | Jun 2026 — - CNQ: Sep 2021 1.5 | Dec 2021 1.7 | Mar 2022 2.3 | Jun 2022 2.0 | Sep 2022 1.9 | Dec 2022 2.2 | Mar 2023 2.1 | Jun 2023 2.1 | Sep 2023 2.4 | Dec 2023 2.3 | Mar 2024 2.8 | Jun 2024 2.6 | Sep 2024 2.4 | Dec 2024 2.4 | Mar 2025 2.3 | Jun 2025 2.2 | Sep 2025 2.3 | Dec 2025 2.2 | Mar 2026 3.2 | Jun 2026 — - EOG: Sep 2021 2.2 | Dec 2021 2.3 | Mar 2022 3.2 | Jun 2022 2.9 | Sep 2022 2.8 | Dec 2022 3.1 | Mar 2023 2.6 | Jun 2023 2.5 | Sep 2023 2.7 | Dec 2023 2.5 | Mar 2024 2.6 | Jun 2024 2.5 | Sep 2024 2.4 | Dec 2024 2.3 | Mar 2025 2.4 | Jun 2025 2.2 | Sep 2025 2.0 | Dec 2025 1.9 | Mar 2026 2.5 | Jun 2026 — - OXY: Sep 2021 1.5 | Dec 2021 1.3 | Mar 2022 2.1 | Jun 2022 2.0 | Sep 2022 1.9 | Dec 2022 1.9 | Mar 2023 1.9 | Jun 2023 1.8 | Sep 2023 1.9 | Dec 2023 1.7 | Mar 2024 1.9 | Jun 2024 1.8 | Sep 2024 1.4 | Dec 2024 1.4 | Mar 2025 1.3 | Jun 2025 1.2 | Sep 2025 1.3 | Dec 2025 1.1 | Mar 2026 1.7 | Jun 2026 — - FANG: Sep 2021 1.5 | Dec 2021 1.6 | Mar 2022 1.9 | Jun 2022 1.6 | Sep 2022 1.5 | Dec 2022 1.6 | Mar 2023 1.6 | Jun 2023 1.5 | Sep 2023 1.7 | Dec 2023 1.7 | Mar 2024 2.1 | Jun 2024 2.1 | Sep 2024 1.4 | Dec 2024 1.3 | Mar 2025 1.2 | Jun 2025 1.0 | Sep 2025 1.1 | Dec 2025 1.2 | Mar 2026 1.5 | Jun 2026 — - DVN: Sep 2021 2.7 | Dec 2021 3.2 | Mar 2022 4.2 | Jun 2022 3.6 | Sep 2022 3.6 | Dec 2022 3.6 | Mar 2023 3.0 | Jun 2023 2.8 | Sep 2023 2.6 | Dec 2023 2.4 | Mar 2024 2.6 | Jun 2024 2.4 | Sep 2024 1.8 | Dec 2024 1.5 | Mar 2025 1.7 | Jun 2025 1.3 | Sep 2025 1.4 | Dec 2025 1.5 | Mar 2026 2.0 | Jun 2026 — - WDS: Sep 2021 1.2 | Dec 2021 1.2 | Mar 2022 0.7 | Jun 2022 0.7 | Sep 2022 1.1 | Dec 2022 1.3 | Mar 2023 1.2 | Jun 2023 1.2 | Sep 2023 1.3 | Dec 2023 1.2 | Mar 2024 1.1 | Jun 2024 1.0 | Sep 2024 0.9 | Dec 2024 0.8 | Mar 2025 0.8 | Jun 2025 0.8 | Sep 2025 0.8 | Dec 2025 0.8 | Mar 2026 — | Jun 2026 — - EQT: Sep 2021 0.9 | Dec 2021 0.8 | Mar 2022 1.6 | Jun 2022 1.4 | Sep 2022 1.6 | Dec 2022 1.1 | Mar 2023 1.0 | Jun 2023 1.2 | Sep 2023 1.2 | Dec 2023 1.1 | Mar 2024 1.1 | Jun 2024 1.1 | Sep 2024 1.1 | Dec 2024 1.3 | Mar 2025 1.5 | Jun 2025 1.6 | Sep 2025 1.5 | Dec 2025 1.4 | Mar 2026 1.6 | Jun 2026 1.3 - TPL: Sep 2021 15.6 | Dec 2021 14.8 | Mar 2022 14.4 | Jun 2022 17.8 | Sep 2022 19.0 | Dec 2022 23.3 | Mar 2023 15.8 | Jun 2023 11.4 | Sep 2023 14.5 | Dec 2023 11.6 | Mar 2024 11.9 | Jun 2024 14.0 | Sep 2024 19.3 | Dec 2024 22.4 | Mar 2025 25.3 | Jun 2025 18.8 | Sep 2025 15.7 | Dec 2025 13.6 | Mar 2026 21.0 | Jun 2026 — - EXE: Sep 2021 1.1 | Dec 2021 1.3 | Mar 2022 2.1 | Jun 2022 — | Sep 2022 1.3 | Dec 2022 1.4 | Mar 2023 1.0 | Jun 2023 1.1 | Sep 2023 1.1 | Dec 2023 0.9 | Mar 2024 1.1 | Jun 2024 1.0 | Sep 2024 1.1 | Dec 2024 1.3 | Mar 2025 1.5 | Jun 2025 1.6 | Sep 2025 1.4 | Dec 2025 1.4 | Mar 2026 1.4 | Jun 2026 — - PR: Sep 2021 0.8 | Dec 2021 0.6 | Mar 2022 0.9 | Jun 2022 0.6 | Sep 2022 0.7 | Dec 2022 0.9 | Mar 2023 1.0 | Jun 2023 1.1 | Sep 2023 1.3 | Dec 2023 1.2 | Mar 2024 1.5 | Jun 2024 1.3 | Sep 2024 1.1 | Dec 2024 1.1 | Mar 2025 1.0 | Jun 2025 1.0 | Sep 2025 1.0 | Dec 2025 1.0 | Mar 2026 1.6 | Jun 2026 — - OVV: Sep 2021 2.3 | Dec 2021 1.7 | Mar 2022 3.0 | Jun 2022 2.0 | Sep 2022 1.8 | Dec 2022 1.6 | Mar 2023 1.1 | Jun 2023 1.1 | Sep 2023 1.4 | Dec 2023 1.2 | Mar 2024 1.4 | Jun 2024 1.2 | Sep 2024 0.9 | Dec 2024 1.0 | Mar 2025 1.1 | Jun 2025 1.0 | Sep 2025 1.0 | Dec 2025 0.9 | Mar 2026 1.5 | Jun 2026 1.3 - APA: Sep 2021 -7.4 | Dec 2021 -5.9 | Mar 2022 -781.4 | Jun 2022 19.9 | Sep 2022 18.4 | Dec 2022 34.4 | Mar 2023 25.1 | Jun 2023 14.8 | Sep 2023 11.7 | Dec 2023 4.1 | Mar 2024 4.0 | Jun 2024 2.0 | Sep 2024 1.8 | Dec 2024 1.6 | Mar 2025 1.4 | Jun 2025 1.1 | Sep 2025 1.5 | Dec 2025 1.3 | Mar 2026 2.2 | Jun 2026 — - AR: Sep 2021 1.2 | Dec 2021 1.0 | Mar 2022 1.7 | Jun 2022 1.6 | Sep 2022 1.5 | Dec 2022 1.4 | Mar 2023 1.0 | Jun 2023 1.0 | Sep 2023 1.1 | Dec 2023 1.0 | Mar 2024 1.3 | Jun 2024 1.5 | Sep 2024 1.3 | Dec 2024 1.6 | Mar 2025 1.8 | Jun 2025 1.7 | Sep 2025 1.4 | Dec 2025 1.4 | Mar 2026 1.6 | Jun 2026 — - RRC: Sep 2021 4.8 | Dec 2021 2.1 | Mar 2022 4.8 | Jun 2022 3.1 | Sep 2022 2.8 | Dec 2022 2.1 | Mar 2023 1.9 | Jun 2023 2.1 | Sep 2023 2.3 | Dec 2023 2.0 | Mar 2024 2.2 | Jun 2024 2.1 | Sep 2024 1.9 | Dec 2024 2.2 | Mar 2025 2.4 | Jun 2025 2.4 | Sep 2025 2.1 | Dec 2025 1.9 | Mar 2026 2.3 | Jun 2026 1.8 - CHRD: Sep 2021 2.2 | Dec 2021 2.4 | Mar 2022 2.0 | Jun 2022 2.0 | Sep 2022 1.3 | Dec 2022 1.2 | Mar 2023 1.2 | Jun 2023 1.3 | Sep 2023 1.4 | Dec 2023 1.4 | Mar 2024 1.5 | Jun 2024 1.2 | Sep 2024 0.9 | Dec 2024 0.8 | Mar 2025 0.8 | Jun 2025 0.7 | Sep 2025 0.7 | Dec 2025 0.7 | Mar 2026 1.0 | Jun 2026 — - VIST: Sep 2021 0.8 | Dec 2021 0.8 | Mar 2022 1.4 | Jun 2022 1.0 | Sep 2022 1.1 | Dec 2022 1.6 | Mar 2023 — | Jun 2023 — | Sep 2023 2.3 | Dec 2023 2.3 | Mar 2024 2.8 | Jun 2024 3.1 | Sep 2024 2.8 | Dec 2024 3.2 | Mar 2025 2.7 | Jun 2025 2.4 | Sep 2025 1.5 | Dec 2025 2.0 | Mar 2026 3.1 | Jun 2026 1.9 - SM: Sep 2021 2.0 | Dec 2021 1.8 | Mar 2022 2.3 | Jun 2022 1.7 | Sep 2022 1.6 | Dec 2022 1.4 | Mar 2023 1.1 | Jun 2023 1.1 | Sep 2023 1.4 | Dec 2023 1.2 | Mar 2024 1.6 | Jun 2024 1.3 | Sep 2024 1.1 | Dec 2024 1.1 | Mar 2025 0.8 | Jun 2025 0.6 | Sep 2025 0.6 | Dec 2025 0.5 | Mar 2026 1.1 | Jun 2026 — - MTDR: Sep 2021 2.6 | Dec 2021 2.3 | Mar 2022 3.0 | Jun 2022 2.2 | Sep 2022 2.0 | Dec 2022 2.2 | Mar 2023 1.8 | Jun 2023 1.8 | Sep 2023 1.9 | Dec 2023 1.7 | Mar 2024 1.9 | Jun 2024 1.6 | Sep 2024 1.3 | Dec 2024 1.4 | Mar 2025 1.2 | Jun 2025 1.1 | Sep 2025 1.0 | Dec 2025 0.9 | Mar 2026 1.4 | Jun 2026 — - MGY: Sep 2021 4.6 | Dec 2021 4.1 | Mar 2022 4.9 | Jun 2022 3.6 | Sep 2022 2.9 | Dec 2022 2.9 | Mar 2023 2.6 | Jun 2023 2.4 | Sep 2023 2.6 | Dec 2023 2.3 | Mar 2024 2.8 | Jun 2024 2.6 | Sep 2024 2.5 | Dec 2024 2.3 | Mar 2025 2.5 | Jun 2025 2.2 | Sep 2025 2.3 | Dec 2025 2.0 | Mar 2026 2.9 | Jun 2026 — - MUR: Sep 2021 1.0 | Dec 2021 1.0 | Mar 2022 1.6 | Jun 2022 1.1 | Sep 2022 1.2 | Dec 2022 1.3 | Mar 2023 1.1 | Jun 2023 1.1 | Sep 2023 1.3 | Dec 2023 1.2 | Mar 2024 1.3 | Jun 2024 1.2 | Sep 2024 0.9 | Dec 2024 0.9 | Mar 2025 0.8 | Jun 2025 0.6 | Sep 2025 0.8 | Dec 2025 0.9 | Mar 2026 1.2 | Jun 2026 — - CNX: Sep 2021 0.8 | Dec 2021 0.8 | Mar 2022 1.6 | Jun 2022 1.2 | Sep 2022 1.4 | Dec 2022 1.0 | Mar 2023 0.8 | Jun 2023 0.7 | Sep 2023 0.9 | Dec 2023 0.7 | Mar 2024 0.8 | Jun 2024 0.9 | Sep 2024 1.1 | Dec 2024 1.3 | Mar 2025 1.2 | Jun 2025 1.2 | Sep 2025 1.1 | Dec 2025 1.2 | Mar 2026 1.2 | Jun 2026 — - CRC: Sep 2021 3.2 | Dec 2021 2.0 | Mar 2022 2.4 | Jun 2022 1.9 | Sep 2022 1.5 | Dec 2022 1.7 | Mar 2023 1.3 | Jun 2023 1.5 | Sep 2023 1.9 | Dec 2023 1.7 | Mar 2024 1.8 | Jun 2024 1.8 | Sep 2024 1.3 | Dec 2024 1.3 | Mar 2025 1.1 | Jun 2025 1.1 | Sep 2025 1.3 | Dec 2025 1.1 | Mar 2026 2.1 | Jun 2026 — - CRK: Sep 2021 3.7 | Dec 2021 1.9 | Mar 2022 3.4 | Jun 2022 2.2 | Sep 2022 2.5 | Dec 2022 1.7 | Mar 2023 1.3 | Jun 2023 1.4 | Sep 2023 1.4 | Dec 2023 1.0 | Mar 2024 1.1 | Jun 2024 1.3 | Sep 2024 1.4 | Dec 2024 2.4 | Mar 2025 2.8 | Jun 2025 3.6 | Sep 2025 2.5 | Dec 2025 2.6 | Mar 2026 2.3 | Jun 2026 — - CRGY: Sep 2021 — | Dec 2021 0.8 | Mar 2022 1.7 | Jun 2022 0.9 | Sep 2022 0.8 | Dec 2022 0.7 | Mar 2023 0.6 | Jun 2023 0.5 | Sep 2023 0.7 | Dec 2023 0.7 | Mar 2024 0.6 | Jun 2024 0.6 | Sep 2024 0.6 | Dec 2024 0.9 | Mar 2025 0.7 | Jun 2025 0.5 | Sep 2025 0.5 | Dec 2025 0.5 | Mar 2026 1.0 | Jun 2026 — - BSM: Sep 2021 2.6 | Dec 2021 2.0 | Mar 2022 2.8 | Jun 2022 2.8 | Sep 2022 2.9 | Dec 2022 2.9 | Mar 2023 2.7 | Jun 2023 2.8 | Sep 2023 3.1 | Dec 2023 2.8 | Mar 2024 2.9 | Jun 2024 2.8 | Sep 2024 2.7 | Dec 2024 2.7 | Mar 2025 3.0 | Jun 2025 2.5 | Sep 2025 2.5 | Dec 2025 2.5 | Mar 2026 3.0 | Jun 2026 — - BTE: Sep 2021 1.2 | Dec 2021 1.0 | Mar 2022 1.4 | Jun 2022 1.5 | Sep 2022 1.2 | Dec 2022 1.1 | Mar 2023 0.9 | Jun 2023 0.8 | Sep 2023 1.1 | Dec 2023 1.0 | Mar 2024 1.0 | Jun 2024 1.0 | Sep 2024 0.8 | Dec 2024 0.7 | Mar 2025 0.6 | Jun 2025 0.5 | Sep 2025 0.6 | Dec 2025 1.4 | Mar 2026 2.1 | Jun 2026 — - GPOR: Sep 2021 3.2 | Dec 2021 2.8 | Mar 2022 37.7 | Jun 2022 — | Sep 2022 2.1 | Dec 2022 1.7 | Mar 2023 1.1 | Jun 2023 1.4 | Sep 2023 1.1 | Dec 2023 1.1 | Mar 2024 1.3 | Jun 2024 1.3 | Sep 2024 1.3 | Dec 2024 1.9 | Mar 2025 2.0 | Jun 2025 2.0 | Sep 2025 1.9 | Dec 2025 2.1 | Mar 2026 2.1 | Jun 2026 — - BKV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.0 | Dec 2024 1.3 | Mar 2025 1.2 | Jun 2025 1.3 | Sep 2025 1.2 | Dec 2025 1.3 | Mar 2026 1.4 | Jun 2026 — - TALO: Sep 2021 1.7 | Dec 2021 1.1 | Mar 2022 1.9 | Jun 2022 1.4 | Sep 2022 1.2 | Dec 2022 1.3 | Mar 2023 0.9 | Jun 2023 0.8 | Sep 2023 1.0 | Dec 2023 0.8 | Mar 2024 0.9 | Jun 2024 0.8 | Sep 2024 0.7 | Dec 2024 0.6 | Mar 2025 0.6 | Jun 2025 0.6 | Sep 2025 0.8 | Dec 2025 0.9 | Mar 2026 1.4 | Jun 2026 — ## Market action Baytex Energy Corp. has the strongest one-year price move in Oil & Gas Exploration & Production at +91%. Ovintiv Inc. leads on Mansfield relative strength against the S&P 500 at +15.8%. 15 of 30 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28. ### Strongest one-year price performers 1. Baytex Energy Corp. (BTE): 91% 2. APA Corporation (APA): 89% 3. Talos Energy Inc. (TALO): 72% 4. Murphy Oil Corporation (MUR): 55% 5. Ovintiv Inc. (OVV): 50% ### Strongest relative strength versus NIFTY 500 1. Ovintiv Inc. (OVV): 16% 2. Permian Resources Corporation (PR): 11% 3. APA Corporation (APA): 10% 4. SM Energy Company (SM): 9.6% 5. Woodside Energy Group Ltd (WDS): 8.9% ## What can make this comparison misleading? - A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason. - A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment. - The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed. - An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion. - 1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker. ## Every company - ConocoPhillips (COP) — market value ₹1.4 L Cr; latest fundamentals Jun 2026 - Canadian Natural Resources Limited (CNQ) — market value ₹92.2K Cr; latest fundamentals Mar 2026 - EOG Resources, Inc. (EOG) — market value ₹74.4K Cr; latest fundamentals Jun 2026 - Occidental Petroleum Corporation (OXY) — market value ₹53.6K Cr; latest fundamentals Jun 2026 - Diamondback Energy, Inc. (FANG) — market value ₹53.5K Cr; latest fundamentals Mar 2026 - Devon Energy Corporation (DVN) — market value ₹49.2K Cr; latest fundamentals Mar 2026 - Woodside Energy Group Ltd (WDS) — market value ₹42.8K Cr; latest fundamentals Dec 2025 - EQT Corporation (EQT) — market value ₹32.3K Cr; latest fundamentals Jun 2026 - Texas Pacific Land Corporation (TPL) — market value ₹26.9K Cr; latest fundamentals Mar 2026 - Expand Energy Corporation (EXE) — market value ₹21.2K Cr; latest fundamentals Mar 2026 - Permian Resources Corporation (PR) — market value ₹16.5K Cr; latest fundamentals Mar 2026 - Ovintiv Inc. (OVV) — market value ₹16.3K Cr; latest fundamentals Jun 2026 - APA Corporation (APA) — market value ₹12.3K Cr; latest fundamentals Mar 2026 - Antero Resources Corporation (AR) — market value ₹10.5K Cr; latest fundamentals Mar 2026 - Range Resources Corporation (RRC) — market value ₹8.9K Cr; latest fundamentals Jun 2026 - Chord Energy Corporation (CHRD) — market value ₹7.3K Cr; latest fundamentals Mar 2026 - Vista Energy, S.A.B. de C.V. (VIST) — market value ₹7.2K Cr; latest fundamentals Jun 2026 - SM Energy Company (SM) — market value ₹7.1K Cr; latest fundamentals Mar 2026 - Matador Resources Company (MTDR) — market value ₹5.7K Cr; latest fundamentals Mar 2026 - Magnolia Oil & Gas Corporation (MGY) — market value ₹5.5K Cr; latest fundamentals Mar 2026 - Murphy Oil Corporation (MUR) — market value ₹5.3K Cr; latest fundamentals Mar 2026 - CNX Resources Corporation (CNX) — market value ₹4.8K Cr; latest fundamentals Mar 2026 - California Resources Corporation (CRC) — market value ₹4.4K Cr; latest fundamentals Mar 2026 - Comstock Resources, Inc. (CRK) — market value ₹3.6K Cr; latest fundamentals Mar 2026 - Crescent Energy Company (CRGY) — market value ₹3.4K Cr; latest fundamentals Mar 2026 - Black Stone Minerals, L.P. (BSM) — market value ₹3.1K Cr; latest fundamentals Mar 2026 - Baytex Energy Corp. (BTE) — market value ₹2.9K Cr; latest fundamentals Mar 2026 - Gulfport Energy Corporation (GPOR) — market value ₹2.8K Cr; latest fundamentals Mar 2026 - BKV Corporation (BKV) — market value ₹2.6K Cr; latest fundamentals Mar 2026 - Talos Energy Inc. (TALO) — market value ₹2.3K Cr; latest fundamentals Mar 2026 ## Methodology and freshness Fundamentals through Jun 2026; prices through 2026-07-28. Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable. ## Frequently asked questions ### Which Oil & Gas Exploration & Production company is the biggest? Canadian Natural Resources Limited is the largest, with trailing-twelve-month revenue of $38,633 million, ahead of Devon Energy Corporation at $16,543 million. That covers 20 of 30 companies with comparable reporting through Mar 2026. ### Which Oil & Gas Exploration & Production company is growing fastest? BKV Corporation has the fastest revenue growth at 100% year on year, across 20 of 30 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend. ### Which Oil & Gas Exploration & Production company has the best profit margins? Texas Pacific Land Corporation has the highest operating margin at 77%, from 29 of 30 comparable companies. CNX Resources Corporation shows the biggest recent improvement, at +347.8 percentage points. A high margin matters most when it is holding or rising, not when it is peaking. ### Which Oil & Gas Exploration & Production company makes the most profit? Canadian Natural Resources Limited earns the most, at $9,710 million of trailing-twelve-month net profit, from 21 of 30 comparable companies. Antero Resources Corporation has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed. ### Which Oil & Gas Exploration & Production company earns the highest return on capital? Ovintiv Inc. leads on return on capital employed at 15.4%, across 30 of 30 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year. ### Which Oil & Gas Exploration & Production stock is the cheapest? On guarded PEG — where a LOWER number is cheaper — Diamondback Energy, Inc. screens cheapest at 0.1×. Only 9 of 30 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own. ### Which Oil & Gas Exploration & Production company has the strongest balance sheet? EOG Resources, Inc. carries the lowest comparable gross debt at $0 million, from 29 of 30 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment. ### Which Oil & Gas Exploration & Production company is investing most in new capacity? Woodside Energy Group Ltd reports the largest capital spending at $3,093 million, across 30 of 30 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation. ### Is the Oil & Gas Exploration & Production sector beating the market? Oil & Gas Exploration & Production has outperformed S&P 500 by 5.6% over the last 52 weeks and 14.7% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 15 of 30 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it. ### Which Oil & Gas Exploration & Production stock has the strongest price momentum? Ovintiv Inc. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all. ### Which Oil & Gas Exploration & Production company scores highest for research priority? APA Corporation scores 68.2 out of 100 with 82% evidence confidence, from 22.3 points on growth and earnings, 17.1 on capital efficiency, 14.9 on valuation and 13.9 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research. ### How many Oil & Gas Exploration & Production companies does this comparison cover, and over what period? It compares 30 listed companies over up to 20 reported quarters of fundamentals and 6 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data. ### What is the total market cap of the Oil & Gas Exploration & Production sector? The 30 Oil & Gas Exploration & Production companies on this page carry $717,662 million of combined market value. ConocoPhillips is the largest at $139,007 million, about 19% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28. ### What is the Oil & Gas Exploration & Production sector's P/E ratio? The median price-to-earnings ratio across the 30 Oil & Gas Exploration & Production companies on this page is 13.8×, measured on the 30 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28. ### How is the Oil & Gas Exploration & Production sector performing? 15 of the 30 covered Oil & Gas Exploration & Production companies are beating S&P 500 on Mansfield relative strength. The sector itself is 5.6% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28. ### How many Oil & Gas Exploration & Production stocks are listed in the US? This comparison covers 30 listed Oil & Gas Exploration & Production companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data. ### Why are some values on this page blank? A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad. ### Is this investment advice? No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser. Narrative sector analysis: https://www.sectoralpha.in/sectors/oil-gas-exploration-production