HAL

Halliburton stock has nearly doubled over the past five years, and the current valuation checks still lean on the cheap side for a business that has already delivered strong medium term gains. A roughly 96.9% return over five years suggests Halliburton has already rewarded patient holders, so the question is how much of the story is now reflected in the price. The recently awarded bp contract for the Bumerangue field in Brazil can support investor confidence in Halliburton's technology led services, while any slowdown in drilling activity or project awards may limit how much investors are willing to pay for the stock. A high value score of 5.0 out of 6 means the broader valuation checks lean cheap rather than expensive for Halliburton at around US$36 per share. For investors, the debate is whether Halliburton's strong five year share price performance and recent contract wins still leave enough valuation upside to make the current level attractive. Compare Halliburton's recent performance with a curated list of other stocks that score well on value and fundamentals by scanning the 44 high quality undervalued stocks. The P/E ratio suits Halliburton because earnings are a key anchor for how investors usually value established service providers in the energy sector. Halliburton currently trades on a P/E of about 18.8x, which is well below the Energy Services industry average of roughly 26.2x and also under the broader peer group average of about 37.9x. That puts the stock at a sizeable discount to many earnings based peers, even after the strong five year share price performance. The fair P/E multiple for Halliburton, based on factors such as its industry, margins, size and risk profile, is estimated at about 22.4x. Compared with the current 18.8x, the market is pricing Halliburton below this tailored benchmark, which suggests that earnings may not be fully reflected in the share price. Despite the recent bp contract for the Bumerangue field contributing to sentiment around Halliburton's technology-led services, the shares still trade at a lower P/E than both the industry average and the modelled fair ratio. On this P/E measure, Halliburton stock appears undervalued relative to both its sector and its own earnings profile. See what the numbers say about this price — find out in our valuation breakdown. Simply Wall St Narratives pick up where the Halliburton valuation puzzle leaves off by spelling out which future assumptions on growth, margins and earnings would need to hold for the stock to be worth materially more or less than today’s price. Each one treats fair value as a thesis about Halliburton's business that can be tracked over time, rather than a single static number, and they live on Simply Wall St’s Community page. Community views on Halliburton are split between a technology and international growth story and a tougher long term energy transition overhang. Bull case: 16% undervalued Read the full Bull Case to see why Halliburton could be undervalued Bear case: 8% overvalued Read the full Bear Case to see why Halliburton could be overvalued Do you think there's more to the story for Halliburton? Head over to our Community to see what others are saying! Halliburton screens as undervalued on earnings-based multiples, even after a strong run over the past five years. The high value score reinforces the idea that the current price still bakes in a degree of caution compared with sector peers. From here, the crux is whether Halliburton can keep converting its technology-led offering and recent contract wins into resilient earnings and margins. If that holds and energy transition headwinds remain manageable, the current discount could look like an opportunity rather than a warning. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include HAL. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

A month has gone by since the last earnings report for ProPetro Holding (PUMP). Shares have added about 3.3% in that time frame, underperforming the S&P 500. Will the recent positive trend continue leading up to its next earnings release, or is ProPetro due for a pullback? Well, first let's take a quick look at the latest earnings report in order to get a better handle on the recent drivers for ProPetro Holding Corp. before we dive into how investors and analysts have reacted as of late. ProPetro Holding reported a second-quarter 2026 loss of 7 cents per share, wider than the Zacks Consensus Estimate of a loss of 1 cent. This was due to higher fleet activation costs, unexpected downtime on an out-of-basin project, severe weather in the Permian Basin during June and increased operating expenses, which weighed on earnings. The bottom line was unchanged from the year-ago quarter’s loss of 7 cents. Revenues of $306 million beat the Zacks consensus estimate of $301 million by 1.8%, primarily due to higher-than-expected Power Generation, Hydraulic Fracturing and Cementing segment revenues, which beat consensus estimates by 97%, 0.5% and 10%, respectively. However, the metric declined 6.2% year over year from $326.2 million in the prior-year quarter, primarily due to lower Wireline revenues, which missed the consensus estimate by 4.9%. Adjusted EBITDA totaled $44.8 million, up 23% from $36.4 million in the prior quarter. The metric represented roughly 15% of revenues and included $15.8 million of operating lease expense related to the company’s FORCE electric fleets. However, the metric missed our estimate of $46.2 million. ProPetro conducts its operations through four reporting segments: Hydraulic Fracturing, Wireline, Cementing and Power Generation. Total revenues increased 13% sequentially from $271 million, primarily due to higher completions utilization and incremental PROPWR deployments. Hydraulic fracturing revenues totaled $207.2 million, up 15.6% from $179.3 million in the prior quarter. However, the figure missed our estimate of $210.2 million. This segment accounted for approximately 68% of ProPetro’s consolidated second-quarter revenues. Adjusted EBITDA from hydraulic fracturing increased 19.3% sequentially to $44.2 million. However, performance was affected by upfront maintenance and deployment costs associated with activating the 12th fleet, significant downtime on a temporary out-of-basin customer project and severe Permian Basin weather in June. Wireline revenues totaled $57.5 million, down 6.9% from the previous quarter. However, the figure beat our estimate of $55.2 million.  Adjusted EBITDA from the segment declined 16.2% sequentially to $11.4 million. Management nevertheless described wireline utilization, pricing and margins as resilient. Cementing revenues increased 15.2% sequentially to $32 million. The figure beat our estimate of $30.5 million. Segment adjusted EBITDA surged to $5.5 million from $2.1 million, supported by improving activity and higher Permian Basin drilling levels. Power generation revenues rose to $9.3 million from $2.2 million in the prior quarter. The figure beat our estimate of $1.1 million. The segment’s adjusted EBITDA loss narrowed to $0.7 million from $5.3 million. PROPWR also generated positive EBITDA during the quarter’s final two months. Total costs and expenses were $309 million for the second quarter, which was down 6.2% from the prior-year quarter’s level.Cost of services, excluding depreciation and amortization, totaled $234 million. General and administrative expenses increased to $33.1 million from $27.2 million sequentially, primarily due to costs associated with PROPWR’s growth and financing activities. Depreciation and amortization rose to $43.5 million from $40.6 million in the prior quarter. The company reported a net loss of $8.1 million compared with a loss of $3.6 million in the first quarter. Net cash provided by operating activities increased to $66 million from $3 million. The improvement reflected higher adjusted EBITDA and approximately $20 million of working-capital tailwinds. Free cash flow from the completions business totaled $51.1 million. As of June 30, 2026, ProPetro had $784 million in cash and cash equivalents, including proceeds from its $690 million convertible senior notes offering. Total liquidity was $905 million, including $121 million of available borrowing capacity under the ABL Credit Facility. Long-term debt amounted to $764.9 million. The total debt-to-total capital was 44.4%. Capital expenditures paid were $61 million, while incurred capital expenditures totaled $71 million. Approximately $24 million supported completions, while $47 million funded PROPWR equipment orders. In the past month, investors have witnessed a downward trend in estimates review. The consensus estimate has shifted -115% due to these changes. Currently, ProPetro has a average Growth Score of C, though it is lagging a lot on the Momentum Score front with an F. However, the stock was allocated a grade of B on the value side, putting it in the second quintile for value investors. Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in. Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Interestingly, ProPetro has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. ProPetro is part of the Zacks Oil and Gas - Field Services industry. Over the past month, Halliburton (HAL), a stock from the same industry, has gained 12.2%. The company reported its results for the quarter ended June 2026 more than a month ago. Halliburton reported revenues of $5.71 billion in the last reported quarter, representing a year-over-year change of +3.7%. EPS of $0.55 for the same period compares with $0.55 a year ago. For the current quarter, Halliburton is expected to post earnings of $0.58 per share, indicating no change from the year-ago quarter. The Zacks Consensus Estimate has changed -0.4% over the last 30 days. Halliburton has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of C. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ProPetro Holding Corp. (PUMP) : Free Stock Analysis Report Halliburton Company (HAL) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

A month has gone by since the last earnings report for Baker Hughes (BKR). Shares have added about 2.3% in that time frame, underperforming the S&P 500. But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Baker Hughes due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts. Baker Hughes Company reported second-quarter 2026 adjusted earnings of 64 cents per share, up 2% year over year. The figure beat the Zacks Consensus Estimate of 51 cents by 25.5%. Revenues of $6.74 billion surpassed the consensus mark of $6.49 billion by 3.9%. However, the figure declined 2% from the year-ago quarter. Better-than-expected quarterly results reflected strong OFSE execution, firm IET profitability and record order momentum. Remaining performance obligations, a measure of contracted future work, reached $40.06 billion, up 18% year over year. The increase reflected a record Industrial & Energy Technology (“IET”) backlog, which rose to $37.09 billion and an increased Oilfield Services & Equipment (“OFSE”) backlog, up 10% year over year. Orders across all business segments totaled $10.5 billion, up 49% from $7.03 billion recorded a year ago, driven by record order intake from the IET business segment. Notably, IET orders nearly doubled from the prior-year period, supported by continued momentum in Gas Technology Equipment and Gas Technology Services. The company posted a total book-to-bill ratio of 1.6, indicating that orders exceeded current-quarter revenues. Industrial & Energy Technology revenues were $3.29 billion, flat year over year. Lower Gas Technology Equipment and Industrial Solutions revenues, including the effect of the PSI disposition, affected segment results in the quarter, offset by growth across the other product lines. Segment EBITDA increased 16% from the year-ago quarter to $678 million. The EBITDA margin expanded 280 basis points to 20.6%, driven by pricing, productivity, cost-out initiatives and favorable foreign exchange movements. The positives were partly offset by lower volume and inflation. Oilfield Services & Equipment revenues fell 5% year over year to $3.45 billion, mainly due to the SPC divestment and Middle East disruptions. North America revenues increased 1%, while International revenues declined 6% year over year. OFSE EBITDA declined 11% to $605 million, while the margin contracted 120 basis points to 17.5%. Sequentially, however, revenues and EBITDA each rose 7%, driven by higher volume, pricing, cost actions and foreign exchange. Adjusted EBITDA increased 2% year over year to $1.23 billion. The adjusted EBITDA margin improved 70 basis points to 18.3%, with company-wide results exceeding the midpoint of management's guidance. Operating cash flow was $1.35 billion compared with $510 million in the corresponding period of 2025. Free cash flow in the second quarter totaled $1.11 billion compared with $239 million a year earlier. Net capital expenditures were $236 million, including $135 million for OFSE and $85 million for IET. BKR ended June with cash and cash equivalents of $15.73 billion. Long-term debt stood at $15.48 billion at the end of the second quarter, reflecting the financing associated with the all-cash Chart Industries acquisition. The company paid $228 million in dividends during the second quarter and made no share repurchases. Management remains focused on deleveraging after the Chart closing and targets net debt to adjusted EBITDA of 1x-1.5x within 24 months. The company completed the Chart acquisition, adding thermal management, air and gas handling, compression and lifecycle-service capabilities. Baker Hughes expects Chart to become a third reporting segment beginning in the third quarter of 2026. Management expects run-rate cost synergies of $95 million in year one, $230 million in year two and $325 million in year three. The integration plan also targets commercial benefits from a larger installed base, expanded aftermarket reach and broader digital penetration. For the third quarter of 2026, Baker Hughes expects revenues of $6.57-$7.17 billion and adjusted EBITDA of $1.12-$1.30 billion. OFSE revenues are projected at $3.40-$3.70 billion, while IET revenues are forecast at $3.17-$3.47 billion. For 2026, the company now expects revenues of $26.65-$28.05 billion and adjusted EBITDA of $4.6-$5.1 billion. IET order guidance was raised to $17.5-$19.5 billion, and the Horizon 2 IET order target increased to more than $45 billion for 2026-2028. The outlook excludes guidance for the Chart segment. It assumes that Middle East activity remains broadly consistent through year-end and that logistics inflation and supply-chain challenges remain in line with recent trends. It turns out, estimates review have trended upward during the past month. The consensus estimate has shifted 17.06% due to these changes. Currently, Baker Hughes has a nice Growth Score of B, though it is lagging a bit on the Momentum Score front with a C. Following the exact same course, the stock has a grade of C on the value side, putting it in the middle 20% for this investment strategy. Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in. Estimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Notably, Baker Hughes has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. Baker Hughes belongs to the Zacks Oil and Gas - Field Services industry. Another stock from the same industry, Halliburton (HAL), has gained 7.8% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026. Halliburton reported revenues of $5.71 billion in the last reported quarter, representing a year-over-year change of +3.7%. EPS of $0.55 for the same period compares with $0.55 a year ago. For the current quarter, Halliburton is expected to post earnings of $0.58 per share, indicating no change from the year-ago quarter. The Zacks Consensus Estimate has changed -0.5% over the last 30 days. The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Halliburton. Also, the stock has a VGM Score of D. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Baker Hughes Company (BKR) : Free Stock Analysis Report Halliburton Company (HAL) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Earlier this week, Halliburton reported quarterly revenue of US$5.71 billion, up 3.7% year on year, with both sales and EPS exceeding analysts’ expectations amid stronger drilling activity and demand for efficiency-focused oilfield technologies. Around the same time, Halliburton Labs expanded its collaborative ecosystem by adding Electroflow, Osmoses, and SiTration, underscoring the company’s support for early-stage technologies in battery materials, resource recovery, and gas separations that aim to address evolving energy and industrial needs. We’ll now examine how Halliburton’s better‑than‑expected earnings, supported by strong oilfield service demand, may influence its existing investment narrative. Capitalize on the AI infrastructure supercycle with our selection of the 55 best 'picks and shovels' of the AI gold rush converting record-breaking demand into massive cash flow. To own Halliburton, you generally need to believe that oilfield services and related technologies remain essential as global energy systems evolve, and that Halliburton can earn solid returns from that demand. The recent earnings beat and modest share price reaction suggest the near term catalyst is still operational execution and contract wins, while the biggest risk remains a structural shift away from oil and gas. This quarter’s results support the existing narrative but do not materially change those core drivers. The Halliburton Labs announcement, bringing Electroflow, Osmoses, and SiTration into its ecosystem, ties directly into the risk that underinvestment in lower carbon and digital technologies could hurt Halliburton over time. By working with early stage companies in battery materials, resource recovery, and gas separations, Halliburton is at least keeping a foothold in areas that might complement its core oilfield services and support future catalysts around technology led efficiency and diversification. Yet even with strong quarterly numbers, investors should be aware that tightening decarbonization policies and shifting capital away from fossil fuels could still... Read the full narrative on Halliburton (it's free!) Halliburton's narrative projects $24.7 billion revenue and $2.6 billion earnings by 2029. Uncover how Halliburton's forecasts yield a $44.24 fair value, a 25% upside to its current price. The most bearish analysts saw Halliburton growing revenue only about 1 percent a year to roughly US$23.1 billion, which is a much more cautious story than the consensus. That view sits in clear tension with the upside case around digital oilfield adoption and Halliburton Labs, and it highlights how differently you can interpret the same business before considering what this latest earnings beat might mean for the next few years. Explore 5 other fair value estimates on Halliburton - why the stock might be worth over 2x more than the current price! Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts. A great starting point for your Halliburton research is our analysis highlighting 4 key rewards and 2 important warning signs that could impact your investment decision. Our free Halliburton research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Halliburton's overall financial health at a glance. These stocks are moving-our analysis flagged them today. Act fast before the price catches up: Uncover the next big thing with 22 elite penny stocks that balance risk and reward. AI is about to change healthcare. These 41 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10b in market cap - there's still time to get in early. Invest in the nuclear renaissance through our list of 92 elite nuclear energy infrastructure plays powering the global AI revolution. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include HAL. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

It has been about a month since the last earnings report for Liberty Energy (LBRT). Shares have lost about 1.9% in that time frame, underperforming the S&P 500. Will the recent negative trend continue leading up to its next earnings release, or is Liberty Energy due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the latest earnings report in order to get a better handle on the important catalysts. Liberty Energy reported a second-quarter 2026 adjusted net profit of 9 cents per share, beating the Zacks Consensus Estimate of 7 cents. The outperformance was driven by the company’s focus on AI-driven technology advancements and strong operational execution. However, the bottom line decreased from the year-ago quarter’s profit of 12 cents due to increased year-over-year costs and expenses. LBRT's revenues totaled $1.2 billion, which beat the Zacks Consensus Estimate of $1.1 billion. The top line also increased from the prior-year quarter’s $1 billion by 14%, supported by record utilization and a modest pricing uplift along with higher product sales. Liberty Energy’s adjusted EBITDA was $151 million, representing a 16% decrease from the year-ago quarter’s $181 million. However, the figure beat our model estimate of $120.1 million. Ahead of the earnings release, Liberty Energy’s board of directors approved a cash dividend of 9 cents per share on Class A common stock. The dividend will be payable on Sept. 18, 2026, to its shareholders on record as of Sept. 4. The company distributed $15 million in cash dividends to its shareholders this quarter. Liberty Energy reported total costs and expenses of $1.2 billion in the second quarter, increasing 17% from the year-ago quarter’s level. Moreover, our estimate for the metric was pegged at $1 billion. During this quarter, Liberty Energy continued to strengthen its long-term growth strategy through several strategic initiatives. The company formed a strategic alliance with SLB to deliver modular infrastructure and integrated power generation solutions for global data center projects while advancing related technologies. It also launched Liberty Wholesale Commodities (LWC), expanding its ChorusSM platform through direct participation in ERCOT power markets. To support its power generation roadmap through 2030, Liberty Energy secured additional long-term equipment purchase agreements with leading OEMs. The company is also deploying its first digiPrimeSM fleet in Canada for a cross-border customer and has begun commercial operations of its proprietary SLXRRYTM last-mile sand slurry delivery system, which lowers delivered sand costs while reducing truck traffic, road wear, dust and emissions. Liberty Energy announced a joint venture with PowerBridge to develop powered data center campuses, initially supporting a planned 2-GW facility in West Texas. The partnership will combine PowerBridge’s digital campus infrastructure with Liberty Power Innovations’ modular power generation and energy management capabilities to accelerate deployment for hyperscale and AI customers. As of June 30, Liberty Energy had approximately $555.4 million in cash and cash equivalents. The pressure pumper’s long-term debt of $1.3 billion represented a debt-to-capitalization of 39.5%. Further, the company’s total liquidity, including availability under the credit facility, amounted to $1 billion. In the reported quarter, the company spent $221.5 million on its capital program, down from our estimate of $296 million. LBRT’s management highlighted the company’s continued progress in strengthening its integrated power platform while reinforcing its leadership in completion services. The company emphasized that its LPI platform combines advanced power system architecture with energy market optimization, enabling flexible integration of power generation equipment from multiple global manufacturers. During the quarter, LBRT expanded its supply chain by securing additional equipment purchase agreements with Bergen Engines, Wärtsilä and other leading suppliers, enhancing its ability to optimize power generation across diverse operating environments. The formation of Liberty Wholesale Commodities (LWC) further extends the company’s Chorus offering by enabling direct participation in ERCOT power markets while integrating on-site generation with both ERCOT and PJM markets for large-load customers. Management believes these initiatives strengthen the company’s ability to deliver resilient, integrated energy solutions while creating a differentiated competitive advantage. The company also reiterated its commitment to disciplined capital allocation, operational excellence and long-term investments that enhance shareholder value. Looking ahead, management remains constructive on the long-term outlook for North American energy despite near-term geopolitical and macroeconomic uncertainties. The company expects heightened concerns surrounding global energy security and supply diversification to increase demand for North American oil, natural gas and refined products, supported by expanding LNG demand, storage infrastructure investments and replenishment of strategic reserves. While oil markets experienced considerable volatility during the quarter due to Middle East conflicts and supply chain disruptions, management believes these events reinforce the strategic importance of reliable North American energy supplies. In the oilfield services business, modest improvements in frac activity and pricing, combined with sustained demand for next-generation technologies, are expected to support market recovery, although producer spending is likely to remain measured amid commodity price volatility. At the same time, accelerating investments in AI-driven data centers and industrial power infrastructure continue to create significant opportunities for the company’s integrated power business. Management noted that customers increasingly seek partners capable of delivering end-to-end power solutions encompassing infrastructure development, energy management and long-term operational support. Entering the third quarter, LBRT remains encouraged by recent business momentum and is focused on executing growth opportunities across the evolving energy ecosystem while prudently navigating an uncertain global environment. It turns out, estimates review have trended upward during the past month. The consensus estimate has shifted 11.7% due to these changes. Currently, Liberty Energy has a poor Growth Score of F, however its Momentum Score is doing a lot better with an A. Charting a somewhat similar path, the stock was allocated a grade of B on the value side, putting it in the second quintile for this investment strategy. Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in. Estimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Interestingly, Liberty Energy has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. Liberty Energy is part of the Zacks Oil and Gas - Field Services industry. Over the past month, Halliburton (HAL), a stock from the same industry, has gained 9.1%. The company reported its results for the quarter ended June 2026 more than a month ago. Halliburton reported revenues of $5.71 billion in the last reported quarter, representing a year-over-year change of +3.7%. EPS of $0.55 for the same period compares with $0.55 a year ago. Halliburton is expected to post earnings of $0.58 per share for the current quarter, representing no change from the year-ago quarter. Over the last 30 days, the Zacks Consensus Estimate has changed -3.5%. Halliburton has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of D. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Liberty Energy Inc. (LBRT) : Free Stock Analysis Report Halliburton Company (HAL) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

It has been about a month since the last earnings report for Halliburton (HAL). Shares have added about 6% in that time frame, outperforming the S&P 500. But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Halliburton due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the latest earnings report in order to get a better handle on the important catalysts. Halliburton reported second-quarter 2026 adjusted net income per share of 55 cents, marginally beating the Zacks Consensus Estimate of 54 cents. The outperformance was backed by year-over-year revenue growth. However, the bottom line was flat compared with the prior-year level. Meanwhile, the Houston, TX-based oil and gas equipment and services company’s second-quarter revenues of $5.7 billion were up 3.7% year over year and beat the Zacks Consensus Estimate of $5.5 billion. The outperformance was driven by higher revenues in both segments of the company — the Completion and Production segment and the Drilling and Evaluation segment. North America revenues increased by $17 million year over year to $2.3 billion, driven by higher stimulation activity and increased well construction activity in the United States and higher fluids activity in the Gulf of America, also beating our projection by around $29 million. On the other hand, revenues from Halliburton’s international operations increased 5.7% from the year-ago period to $3.4 billion. The Completion and Production segment earned $474 million in operating income, lower than last year’s $513 million. The figure also missed our estimate of $480 million. The underperformance of the segment was due to lower specialty chemicals activity in North America resulting from the sale of a portion of the chemical business, decreased cementing activity in Latin America and lower activity across multiple product service lines in the Middle East. The Drilling and Evaluation unit’s profit increased to $338 million in the second quarter of 2026 from $312 million in the same period of 2025. The figure also beat our estimate of $322 million. This rise was backed by increased drilling-related services and higher wireline activity in North America and Europe/Africa and increased drilling-related services in Asia. Halliburton reported second-quarter capital expenditure of $235 million. As of June 30, 2026, the company had approximately $2 billion in cash/cash equivalents and $7.1 billion in long-term debt, representing a debt-to-capitalization of 39%. HAL bought back $200 million worth of its stock and invested $46 million in the SAP S/4 migration during the second quarter of 2026. The company generated $824 million of cash flow from operations in the second quarter, leading to a free cash flow of $668 million. Halliburton's management remains optimistic about the company's growth prospects, supported by its differentiated technology portfolio and strong value proposition. Management expects these strengths to drive revenue growth and margin expansion over the coming quarters. Internationally, the company is encouraged by recent contract wins and a robust pipeline of future opportunities, with demand for its services and technologies increasing across all regions. In North America, management noted a recovery during the quarter and anticipates further gradual improvement through the remainder of the year. Halliburton also reaffirmed its commitment to capital discipline and delivering strong shareholder returns, viewing these priorities as key drivers of its long-term success. In the past month, investors have witnessed a downward trend in estimates review. At this time, Halliburton has a subpar Growth Score of D, though it is lagging a bit on the Momentum Score front with an F. However, the stock has a score of B on the value side, putting it in the top 40% for value investors. Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in. Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Interestingly, Halliburton has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Halliburton Company (HAL) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

California Resources Corporation CRC reported second-quarter 2026 adjusted earnings of 99 cents per share, down 10.0% from $1.10 a year ago and the figure also missed the Zacks Consensus Estimate of $1.31 by 24.43%, mainly due to temporary takeaway constraints, weaker oil differentials and higher transportation and operating costs. Long Beach, CA-based oil and gas exploration and production company’s oil, natural gas and natural gas liquids revenues of $1.06 billion rose 50.4% from $702 million and beat the Zacks Consensus Estimate of $979 million by 7.87%. California Resources Corporation price-consensus-eps-surprise-chart | California Resources Corporation Quote CRC’s board of directors declared a quarterly cash dividend of 40.5 cents per share of common stock, payable on Sept. 18, 2026, to its shareholders of record as of Sept. 4. During this quarter, CRC returned $36 million to its shareholders through dividends. California Resources' average net production was 149 thousand barrels of oil equivalent per day (MBoe/d), up from 137 MBoe/d in the year-ago quarter. Net oil production averaged 120 thousand barrels per day, while NGL production was 10 thousand barrels per day. Natural gas output averaged 115 million cubic feet per day. Oil represented 81% of total production. The realized oil price before derivative settlements was $91.55 per barrel, while NGL and natural gas realizations were $49.62 per barrel and $1.84 per Mcf, respectively. CRC built about 137 thousand barrels of oil inventory because of temporary takeaway constraints. The inventory build, weaker differentials and higher operating and transportation costs reduced adjusted EBITDAX and operating cash flow before working-capital changes by about $25 million. Total operating expenses were $786 million, up 10.5% from $711 million a year earlier.Operating costs were $347 million, up 17.6% from $295 million a year earlier. General and administrative expenses increased 22.8% to $97 million. Adjusted G&A expenses, however, declined to $89 million from $99 million in the first quarter, reflecting Berry-related efficiencies. The company implemented more than 100% of its 2026 Berry synergy target six months ahead of schedule, representing $103 million of annualized savings. California drilling efficiency improved about 25% and nearly 80% of wells drilled year to date outperformed the type curve, with average initial production more than 10% above expectations. CRC lowered its long-term drilling, completions and workover maintenance-capital estimate by about 5% to $450-$475 million with six rigs. Net cash provided by operating activities was $263 million, up 59.4% from $165 million in the prior-year quarter. Free cash flow totaled $114 million, while capital investments were $149 million, including $101 million for drilling, completions and workovers. CRC ended June with $1.32 billion of liquidity, consisting of $43 million of available cash and $1.28 billion of borrowing capacity, with a debt-to-capitalization of 27.4%. During the quarter, it issued $550 million of 7.25% senior notes due 2035 and redeemed its remaining 8.25% senior notes due 2029. CRC agreed to acquire Crimson Midstream Holdings for $63 million in cash. The transaction adds roughly 2,000 miles of California crude-oil pipelines and storage assets, expanding the company's access to higher-value markets and third-party throughput. The company also acquired the Line 100 system earlier in 2026. That network includes a 118-mile crude pipeline with 60 thousand barrels per day of capacity and more than 1 million barrels of storage. Management expects the Crimson deal to strengthen market access and commercial flexibility. Carbon TerraVault I began carbon dioxide (CO2) injection and generated first revenues during the quarter. Management said the project is capturing and injecting about 270 metric tons of CO2 per day and is targeting an annualized rate of roughly 100,000 tons. CRC also partnered with Beacon Data Centers on the proposed Golden Valley Technology Hub at Elk Hills. The planned campus would have 275 megawatts of capacity and use power from CRC's existing Elk Hills plant. The company has submitted a conditional-use permit and expects the environmental review process to advance later in 2026. For the third quarter, CRC expects net production of 151-154 MBoe/d, capital investments of $150-$170 million and adjusted EBITDAX of $285-$325 million. Oil is expected to represent 80% of output. For 2026, the company maintained capital-investment guidance of $520-$560 million and expects net production of 150-155 MBoe/d. Adjusted EBITDAX is projected at $1.2-$1.3 billion. CRC cut expected drilling, completions and workover capital by $10 million to $370-$390 million while continuing to target about 1% entry-to-exit gross production growth. CRC currently holds a Zacks Rank #5 (Strong Sell). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. While we have discussed CRC’s second-quarter results in detail, let us take a look at three other key reports in the energy space. Houston, TX-based oil and gas equipment and services provider Halliburton HAL posted second-quarter 2026 adjusted net income per share of 55 cents, marginally beating the Zacks Consensus Estimate of 54 cents. The outperformance was backed by year-over-year revenue growth. However, the bottom line was flat compared with the prior-year level. As of June 30, 2026, Halliburton had approximately $2 billion in cash and cash equivalents and $7.1 billion in long-term debt, representing a debt-to-capitalization of 39%. Fort Worth, TX-based oil and gas exploration and production company Range Resources Corporation RRC reported second-quarter 2026 adjusted earnings of 79 cents per share, up 19.7% from 66 cents a year ago. Range Resources’ bottom line topped the Zacks Consensus Estimate of 56 cents by 41.1%. Strong quarterly results are driven by higher production and improved price realization. Range Resources’ net debt was $880.8 million at June 30, 2026, down 28% from $1.22 billion at year-end 2025. It repurchased $78 million of shares and paid $24 million in dividends during the quarter. Houston, TX-based oil and gas storage and transportation company Kinder Morgan, Inc. KMI reported second-quarter 2026 adjusted earnings of 37 cents per share, beating the Zacks Consensus Estimate of 31 cents by 19.35%. Earnings increased 32.1% from 28 cents per share in the year-ago quarter. Strong quarterly results benefited from broad-based segment growth, led by higher natural gas transportation and gathering volumes. Natural gas transport volumes rose 7%, while gathering volumes increased 26%. As of June 30, 2026, Kinder Morgan reported $89 million in cash and cash equivalents. Kinder Morgan’s net debt stood at $32.03 billion at quarter-end. The net debt-to-adjusted EBITDA ratio improved to 3.6X from 3.8X at the end of 2025. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report California Resources Corporation (CRC) : Free Stock Analysis Report Halliburton Company (HAL) : Free Stock Analysis Report Range Resources Corporation (RRC) : Free Stock Analysis Report Kinder Morgan, Inc. (KMI) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Cheniere Energy, Inc. LNG reported second-quarter 2026 adjusted earnings of $3.02 per share, beating the Zacks Consensus Estimate of $2.89 by 4.5%. Higher liquefied natural gas ("LNG") volumes and stronger margins supported the quarter. However, adjusted earnings decreased 58.6% from the year-ago quarter, primarily reflecting the exclusion of significant non-cash derivative fair-value gains from the adjusted figure. TX-based LNG producer and exporter company’s total revenues of $5.73 billion beat the Zacks Consensus Estimate of $5.03 billion by 14% and rose 23.5% year over year, driven by a 9.7% increase in LNG revenues. Cheniere Energy, Inc. price-consensus-eps-surprise-chart | Cheniere Energy, Inc. Quote LNG volumes loaded reached 672 trillion British thermal units (TBtu), up 22.2% year over year, as new Corpus Christi Stage 3 capacity and improved operating reliability lifted production. Cheniere exported 184 cargoes in the quarter, up 19.5% from 154 a year earlier. The company also reported second-quarter production records at both the Corpus Christi and Sabine Pass facilities. Corpus Christi Stage 3 continued to ramp ahead of schedule. Midscale Train 6 achieved substantial completion in June, while commissioning of Train 7 began and first LNG was expected imminently at the time of the earnings release. Management also cited reduced downtime and improved maintenance execution as contributors to production outperformance. Consolidated adjusted EBITDA was $1.8 billion, up 27.4% from $1.42 billion a year ago. The increase reflected higher total margins on LNG delivered, driven by increased volumes recognized in income and higher margins per MMBtu. Distributable cash flow totaled $1.17 billion, compared with about $920 million in the prior-year quarter, an increase of 27.2%. The company recognized 660 TBtu of LNG volumes in the quarter, including commissioning volumes, with some cargo deliveries shifted into the third quarter because of rerouting from Europe to Asia. Total operating costs and expenses declined 31.7% year over year to $1.44 billion. Cost of sales fell 60.7% to $439 million, with the quarter including about $2.4 billion of gains from changes in the fair value of commodity derivatives before contractual delivery or termination. Operating and maintenance expense declined 4.7% to $533 million, while depreciation, amortization and accretion expense rose 15.5% to $380 million. The Corpus Christi Stage 3 project was 98.4% complete as of June 30, 2026. Train 7 is expected to reach substantial completion in the second half of 2026, completing the seven-train Stage 3 project. The Midscale Trains 8 and 9 project was 48.3% complete and remains targeted for substantial completion in the second half of 2028. Separately, Sabine Pass Expansion Phase 1 is fully commercialized and has an approximately $4.7 billion EPC contract with Bechtel. The project is designed to add more than 6 million tons per annum of production capacity, with an early-2027 final investment decision expected after regulatory approvals. Cheniere raised its 2026 consolidated adjusted EBITDA guidance to $7.90-$8.40 billion from $7.25-$7.75 billion. Distributable cash flow guidance increased to $5.30-$5.80 billion from $4.75-$5.25 billion. The company also tightened its 2026 production outlook to 53-54 million tons from 52-54 million tons. Management said the 0.5-million-ton increase in the production midpoint contributed about $300 million to the guidance increase. Higher margins on spot sales and optimization activities also supported the revised outlook, while less than 1 million tons of 2026 volumes remained unsold. This Zacks Rank #3 (Hold) company deployed approximately $884 million under its capital allocation plan during the quarter. It repurchased about 2.2 million shares for approximately $550 million and declared a quarterly dividend of 55.5 cents per share, payable on Aug. 18, 2026. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. The company invested about $1.1 billion in growth capital during the quarter, including $219 million funded with equity. As of June 30, 2026, Cheniere had $1.10 billion in cash and cash equivalents and total available liquidity of $7.48 billion, including $5.96 billion of available credit commitments. Its net long-term debt amounted to $22.63 billion, with a debt-to-capitalization of 66.3%. While we have discussed LNG’s second-quarter results in detail, let us take a look at three other key reports in this space. Houston, TX-based oil and gas equipment and services provider Halliburton HAL posted second-quarter 2026 adjusted net income per share of 55 cents, marginally beating the Zacks Consensus Estimate of 54 cents. The outperformance was backed by year-over-year revenue growth. However, the bottom line was flat compared with the prior-year level. As of June 30, 2026, Halliburton had approximately $2 billion in cash and cash equivalents and $7.1 billion in long-term debt, representing a debt-to-capitalization of 39%. Fort Worth, TX-based oil and gas exploration and production company Range Resources Corporation RRC reported second-quarter 2026 adjusted earnings of 79 cents per share, up 19.7% from 66 cents a year ago. Range Resources’ bottom line topped the Zacks Consensus Estimate of 56 cents by 41.1%. Strong quarterly results are driven by higher production and improved price realization. The company’s net debt was $880.8 million at June 30, 2026, down 28% from $1.22 billion at year-end 2025. Range Resources repurchased $78 million of shares and paid $24 million in dividends during the quarter. Houston, TX-based oil and gas storage and transportation company Kinder Morgan, Inc. KMI reported second-quarter 2026 adjusted earnings of 37 cents per share, beating the Zacks Consensus Estimate of 31 cents by 19.35%. Earnings increased 32.1% from 28 cents per share in the year-ago quarter. Strong quarterly results benefited from broad-based segment growth, led by higher natural gas transportation and gathering volumes. Natural gas transport volumes rose 7%, while gathering volumes increased 26%. As of June 30, 2026, Kinder Morgan reported $89 million in cash and cash equivalents. Kinder Morgan’s net debt stood at $32.03 billion at quarter-end. The net debt-to-adjusted EBITDA ratio improved to 3.6X from 3.8X at the end of 2025. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Cheniere Energy, Inc. (LNG) : Free Stock Analysis Report Halliburton Company (HAL) : Free Stock Analysis Report Range Resources Corporation (RRC) : Free Stock Analysis Report Kinder Morgan, Inc. (KMI) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Motor fuel retailer Murphy USA Inc. MUSA reported second-quarter 2026 earnings of $11.27 per share, up 53.1% from $7.36 a year ago and ahead of the Zacks Consensus Estimate of $9.40 by 19.89%. The El Dorado, AR-based company’s total operating revenues surged 36% year over year to $6.81 billion and beat the Zacks Consensus Estimate of $5.90 billion by 15.34%. Murphy USA Inc. price-consensus-eps-surprise-chart | Murphy USA Inc. Quote Results benefited from stronger fuel economics, higher total retail volumes and merchandise contribution growth. Same-store fuel volumes increased 0.5%, while total retail gallons advanced 3.9%. Total fuel contribution increased 32% year over year to $518.8 million. Moreover, the reported figure beat our estimate of $447.4 million. Retail fuel contribution climbed 25% to $448.9 million as retail fuel margins expanded to 35.1 cents per gallon from 29.2 cents in the prior-year quarter.  Both Retail fuel contribution and margins exceeded our estimates of $362 million and 29 cents per gallon, respectively. All-in fuel contribution reached 40.6 cents per gallon, up from 32 cents a year earlier. Fuel supply, including RINs, contributed 5.5 cents per gallon compared with 2.8 cents. Management noted that tighter supply conditions supported stronger spot-to-rack spreads, while higher RIN prices aided results, though that timing benefit is not expected to persist through the second half. Total merchandise contribution rose 4% to $227.4 million, supported by higher merchandise sales and improved unit margins. Merchandise sales increased to $1.13 billion from $1.09 billion, while unit margin edged up to 20.1% from 20%. Nicotine remained the main growth engine. Same-store nicotine sales and margins increased 2.4% and 4.6%, respectively. Cigarette sales and margins returned to growth, while nicotine-pouch unit volume more than doubled. Non-nicotine same-store sales declined 1.4%, although margins improved 0.2%. Store and other operating expenses increased to $308.7 million from $275.2 million. Higher payment fees accounted for roughly two-thirds of the quarterly increase as higher retail fuel prices raised transaction costs. Employee-related expenses and new-store operating costs also contributed to the increase. Still, store operating expenses excluding payment fees and rent rose only 1.1% on an average-per-store-month basis to $36,500. SG&A increased to $60.5 million from $50.9 million, primarily reflecting employee-related expenses and higher incentive accruals. MUSA added six new-to-industry stores during the quarter and ended June with 1,806 locations. At quarter-end, 36 stores were under construction, including 32 new-to-industry sites and four raze-and-rebuild projects. Management expects 2026 new-store additions to be closer to 45, the low end of its 45-55 range, absent tuck-in acquisitions. The company also reduced planned raze-and-rebuild activity to about 10 stores and is directing more resources toward new development, its land pipeline and stores scheduled to open in 2027. Operating cash flow totaled $235 million in the quarter. Murphy USA ended June with $175.4 million in cash and cash equivalents and roughly $2.17 billion of long-term debt, with a debt-to-total capital of about 73.6%. Its revolving credit facility was undrawn at quarter-end. This Zacks Rank #3 (Hold) company repurchased about 143,100 shares for $76.8 million at an average price of $536.60 and paid a quarterly dividend of 64 cents per share. Capital expenditures are now expected near the high end of the $475-$525 million range as spending shifts toward growth, land purchases and proactive maintenance. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Management expects merchandise contribution to finish near the low end of the $890-$900 million range. Store operating expenses excluding payment fees, rent and SG&A are also tracking toward the low ends of their respective guided ranges, while the tax rate is expected near the high end of 23-25%. First-half all-in fuel margins averaged 37.9 cents per gallon. Assuming a relatively conservative 35-cent margin in the second half, management expects full-year net income of about $636 million and adjusted EBITDA of approximately $1.25 billion. Management also indicated that sustained fuel-price declines could create upside to both volumes and margins by improving MUSA's ability to differentiate on price. While we have discussed MUSA’s second-quarter results in detail, let us take a look at three other key reports in the energy space. Houston, TX-based oil and gas equipment and services provider Halliburton HAL posted second-quarter 2026 adjusted net income per share of 55 cents, marginally beating the Zacks Consensus Estimate of 54 cents. The outperformance was backed by year-over-year revenue growth. However, the bottom line was flat compared with the prior-year level. As of June 30, 2026, Halliburton had approximately $2 billion in cash and cash equivalents and $7.1 billion in long-term debt, representing a debt-to-capitalization of 39%. Fort Worth, TX-based oil and gas exploration and production company Range Resources Corporation RRC reported second-quarter 2026 adjusted earnings of 79 cents per share, up 19.7% from 66 cents a year ago. Range Resources’ bottom line topped the Zacks Consensus Estimate of 56 cents by 41.1%. Strong quarterly results are driven by higher production and improved price realization. Range Resources’ net debt was $880.8 million at June 30, 2026, down 28% from $1.22 billion at year-end 2025. It repurchased $78 million of shares and paid $24 million in dividends during the quarter. Houston, TX-based oil and gas storage and transportation company Kinder Morgan, Inc. KMI reported second-quarter 2026 adjusted earnings of 37 cents per share, beating the Zacks Consensus Estimate of 31 cents by 19.35%. Earnings increased 32.1% from 28 cents per share in the year-ago quarter. Strong quarterly results benefited from broad-based segment growth, led by higher natural gas transportation and gathering volumes. Natural gas transport volumes rose 7%, while gathering volumes increased 26%. As of June 30, 2026, Kinder Morgan reported $89 million in cash and cash equivalents. Kinder Morgan’s net debt stood at $32.03 billion at quarter-end. The net debt-to-adjusted EBITDA ratio improved to 3.6X from 3.8X at the end of 2025. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Murphy USA Inc. (MUSA) : Free Stock Analysis Report Halliburton Company (HAL) : Free Stock Analysis Report Range Resources Corporation (RRC) : Free Stock Analysis Report Kinder Morgan, Inc. (KMI) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Delek US Holdings, Inc. DK reported second-quarter 2026 adjusted earnings of $5.48 per share, surpassing the Zacks Consensus Estimate of $2.21 by 148%. The bottom line also improved from the year-ago adjusted loss of 56 cents, supported by stronger year-over-year performance across both segments. Brentwood, TN-based oil and gas refining and marketing company’s net revenues increased 47.8% year over year to $4.1 billion, beating the Zacks Consensus Estimate of $3 billion by 34.8%. This was due to better-than-expected performance from the refining and logistics segments, which exceeded our consensus marks by 37.24% and 29.57%, respectively. Delek US Holdings, Inc. price-consensus-eps-surprise-chart | Delek US Holdings, Inc. Quote The strong quarterly performance was primarily supported by higher refining margins amid increased crack spreads. Total refining throughput averaged 315,555 barrels per day. Adjusted EBITDA increased to $638.7 million from $177.9 million a year earlier. Moreover, the reported figure beat our estimate of $72 million. Refining segment net revenues, excluding intercompany fees and revenues, increased to $3.9 billion from $2.6 billion in the prior-year quarter. The segment reported adjusted EBITDA of $566.2 million compared with $114.8 million a year ago. Moreover, the reported figure beat our estimate of $287.8 million. The significant year-over-year improvement was driven by stronger refining margins, supported by higher crack spreads. Delek US’ benchmark crack spreads increased an average of 136% from the prior-year level. Total refining production margin rose to $569.6 million from $231.1 million. Production margin per throughput barrel increased to $19.84 from $8.03 a year earlier. Adjusted refining margin totaled $569.1 million compared with $256.8 million in the year-ago quarter. Crude utilization was 100.2% compared with 100.9% a year ago. Management highlighted improved performance at the Big Spring refinery following the first-quarter turnaround. The company also has no planned refinery turnarounds for the remainder of 2026, positioning its refining system to capture the current margin environment. This unit represents Delek US’ majority interest in Delek Logistics Partners DKL, a publicly traded master limited partnership that owns, operates, develops and acquires pipelines and other midstream assets. The logistics segment generated net revenues, excluding intercompany fees and revenues, of $179.9 million compared with $132.3 million in the prior-year period. Adjusted EBITDA increased 12.6% year over year to a record $143.5 million. However, the reported figure missed our estimate of $149.4 million. This improvement reflected higher margins in the wholesale business and increased interest income related to sales-type leases. Delaware Gathering natural gas gathering and processing volumes rose to 80,715 Mcf per day from 60,940 Mcf, while crude gathering volumes increased to 157,156 barrels per day from 137,167 barrels. Total operating costs and expenses increased 35.3% year over year to $3.8 billion. Operating expenses, excluding depreciation and amortization, were $220.1 million compared with $209.8 million a year earlier. General and administrative expenses declined to $56.7 million from $76.6 million. Delek US recorded restructuring costs of $10.9 million during the quarter. Cash provided by operating activities was $262.9 million in the second quarter compared with $51.4 million a year ago. The quarter included $137.9 million of unfavorable working-capital changes. Investing activities used $176.2 million, while financing activities resulted in an $82.2 million outflow. As of June 30, 2026, the company had cash and cash equivalents of $628.6 million and consolidated long-term debt of $3.2 billion, with a debt-to-total capital of about 88.3%. Excluding Delek Logistics, Delek US had $614.9 million in cash and $817 million of long-term debt. During the quarter, DK repurchased $20 million of common stock and paid $15.6 million in dividends. For the third quarter of 2026, Delek US expects throughput of 72,000-77,000 barrels per day at Tyler, 78,000-83,000 barrels at El Dorado, 68,000-73,000 barrels at Big Spring and 78,000-83,000 barrels at Krotz Springs. The implied system throughput target is 296,000-316,000 barrels per day. On the cost side, this Zacks Rank #2 (Buy) company expects operating expenses of $220-$230 million, general and administrative expenses of $50-$55 million, depreciation and amortization of $110-$120 million and net interest expense of $75-$85 million for the third quarter. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Delek US’ Enterprise Optimization Plan continues to focus on improving free cash flow. The company expects the program to generate at least $220 million of annual free cash flow improvement, with the majority coming from margin enhancement across refining, logistics and wholesale operations. Management estimated that the program contributed approximately $60 million to second-quarter results. Delek Logistics also reaffirmed the 2026 adjusted EBITDA guidance of $520-$560 million as it continues advancing the midstream growth and economic separation initiatives. While we have discussed DK’s second-quarter results in detail, let us take a look at two other key reports in this space. Houston, TX-based oil and gas equipment and services provider Halliburton HAL posted second-quarter 2026 adjusted net income per share of 55 cents, marginally beating the Zacks Consensus Estimate of 54 cents. The outperformance was backed by year-over-year revenue growth. However, the bottom line was flat compared with the prior-year level. As of June 30, 2026, Halliburton had approximately $2 billion in cash and cash equivalents and $7.1 billion in long-term debt, representing a debt-to-capitalization of 39%. Fort Worth, TX-based oil and gas exploration and production company Range Resources Corporation RRC reported second-quarter 2026 adjusted earnings of 79 cents per share, up 19.7% from 66 cents a year ago. Range Resources’ bottom line topped the Zacks Consensus Estimate of 56 cents by 41.1%. Strong quarterly results are driven by higher production and improved price realization. The company’s net debt was $880.8 million at June 30, 2026, down 28% from $1.22 billion at year-end 2025. Range Resources repurchased $78 million of shares and paid $24 million in dividends during the quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Delek US Holdings, Inc. (DK) : Free Stock Analysis Report Halliburton Company (HAL) : Free Stock Analysis Report Range Resources Corporation (RRC) : Free Stock Analysis Report Delek Logistics Partners, L.P. (DKL) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Crescent Energy Company CRGY reported second-quarter 2026 adjusted earnings of 63 cents per share, beating the Zacks Consensus Estimate of 45 cents by 40%. The bottom line also increased from the year-ago adjusted earnings of 43 cents. The outperformance was supported by strong production, higher oil realizations and continued operating efficiencies. Houston, TX-based oil and gas exploration and production company’s revenues of $1.4 billion beat the Zacks Consensus Estimate of $1.22 billion by 14.25%. The top line also increased sharply from $898 million in the year-ago quarter. Crescent Energy Company price-consensus-eps-surprise-chart | Crescent Energy Company Quote The quarter was marked by solid production, lower operating costs and record cash generation. Crescent produced 335 thousand barrels of oil equivalent per day (MBoe/d), which beat our consensus mark of 331 MBoe/d, while adjusted operating expenses were about 9% below the prior annual guidance midpoint. Total production averaged 335 MBoe/d, up from 263 MBoe/d in the year-ago quarter. Oil production increased to 140 thousand barrels per day (MBbls/d) from 108 MBbls/d. The figure was also above our consensus estimate of 136 MBbls/d. Natural gas production rose to 715 million cubic feet per day (MMcf/d) from 644 MMcf/d, while NGL production increased to 76 MBbls/d from 48 MBbls/d. Natural gas production was 2.5% below our consensus estimate, while NGL production was 7.6% above our consensus estimate. During the quarter, Crescent drilled 43 gross operated wells and brought 32 gross operated wells online. Capital expenditures, excluding acquisitions, totaled $284 million. Crescent continued to make progress in the Permian, where it has moved from the stabilization phase following the acquisition into optimization. Permian production totaled 124 MBoe/d, with oil accounting for 42% of volumes. Capital spending in the basin was $104 million. Crescent drilled nine gross wells and turned 12 gross wells in line during the quarter. Importantly, the company increased its Permian synergy target to $250-$300 million, roughly three times the original target of $90-$100 million. Approximately $190 million of annualized synergies have already been captured. The gains are being driven by lower well and operating costs, improved workover and artificial-lift programs, better field operations and commercial optimization. Management expects a large portion of the updated synergy target to be captured as the company exits 2026 and moves into 2027. The Eagle Ford business produced 169 MBoe/d, with oil representing 39% of volumes. Capital spending totaled $147 million. Crescent drilled 26 gross wells and brought 16 gross wells online during the quarter. Operational efficiencies remain a key driver in the basin. Well costs have declined more than 25% since 2023, while workover and artificial-lift optimization are supporting base production. CRGY is also seeing encouraging results from the Austin Chalk, which could expand its economic drilling inventory. CRGY continued to improve drilling and completion efficiency in the Uinta Basin. Year-to-date drilling efficiency increased to roughly 1,600 feet per day from about 1,300 feet in the 2025 program. Completion efficiency increased to approximately 3,000 lateral feet per day from about 1,600 feet. Simulfrac utilization reached 100% of gross wells turned in line, while drilling, completion and facilities costs declined to below $800 per foot from approximately $950 in the 2025 program. These efficiencies are helping CRGY lower development costs and improve returns across its portfolio. Oil remained the largest revenue contributor at $1.23 billion,more than doubling from $602.5 million in the year-ago quarter. The figure was also above our consensus estimate by 18.9%.Natural gas revenues declined to $33.8 million from $159 million, while NGL revenues increased to $129.4 million from $98.1 million. Midstream and other revenues totaled $5 million compared with $38.4 million a year earlier.  Natural gas revenues declined 61.2%, and NGL revenues declined 5.8%, while Midstream and other revenues declined 17% compared with our Consensus estimates. Average realized oil prices before derivative settlements were $96.61 per barrel, up significantly from $61.47 a year ago. Natural gas realizations, however, declined to 52 cents per Mcf from $2.71. NGL prices fell to $18.67 per barrel from $22.59. The company's total realized price before derivative settlements increased to $45.63 per Boe from $35.96 a year ago. CRGY generated record adjusted EBITDAX of $798 million, up from $513.9 million in the year-ago quarter. Levered free cash flow reached a record $418 million, while operating cash flow totaled a record $707 million. The company ended June with approximately $2.2 billion of liquidity. Total debt was approximately $5.17 billion, while net debt stood at $4.9 billion. Consolidated net leverage was 1.6 times. CRGY further strengthened its balance sheet in July by redeeming the remaining $259 million of its 7.75% senior notes due 2029 at par. The transaction reduced interest expense and eliminated the company's nearest debt maturity. Pro forma liquidity following the redemption was expected to remain around $2 billion. CRGY's board of directors declared a fixed quarterly dividend of 12 cents per share. As of June 30, CRGY had approximately $336 million remaining under its share-repurchase authorization. The minerals and royalties business produced 13 MBoe/d, more than doubling from 6 MBoe/d in the prior-year quarter. Oil production from the business increased to 6 MBbls/d from 2 MBbls/d. Average realized prices before derivatives totaled $51.45 per Boe, compared with $34.95 a year earlier. Operating expenses were $4.26 per Boe compared with $5.40 in the prior-year period.  The business generated $49.4 million of adjusted EBITDAX during the quarter compared with $15.9 million a year earlier. This Zacks Rank #3 (Hold) company raised its 2026 total production guidance to 327-335 MBoe/d from 320-335 MBoe/d. The expected oil mix remains 40-42%. The company lowered adjusted operating expense guidance to $11-$12 per Boe from $11.50-$12.50. Production tax guidance was reduced to 5-6% of commodity revenues from 6-7%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Importantly, Crescent maintained its development capital guidance at $1.325-$1.425 billion, despite the higher production outlook. The combination of increased volumes and lower operating costs is expected to support additional free cash flow. At current commodity prices, management expects to generate more than $1 billion of levered free cash flow in 2026. Crescent intends to use its financial flexibility to maintain the dividend, reduce debt and pursue accretive acquisitions or opportunistic share repurchases. While we have discussed CRGY’s second-quarter results in detail, let us take a look at three other key reports in this space. San Antonio, TX-based oil and gas refining and marketing service provider, Valero Energy Corporation VLO, reported second-quarter 2025 adjusted earnings of $2.28 per share, which beat the Zacks Consensus Estimate of $1.73. However, the bottom line declined from the year-ago quarter’s level of $2.71. The better-than-expected quarterly results can be attributed to an increase in refining margins per barrel of throughput and lower total cost of sales. The positives were partially offset by a decline in refining throughput volumes and renewable diesel sales volumes. The company had cash and cash equivalents of $4.5 billion at the end of the second quarter. As of June 30, 2025, it had a total debt of $8.4 billion and finance-lease obligations of $2.3 billion. Houston, TX-based oil and gas equipment and services provider, Halliburton Company HAL, reported second-quarter 2025 adjusted net income of 55 cents per share, which was in line with the Zacks Consensus Estimate but below the year-ago quarter’s profit of 80 cents (adjusted). The numbers reflect softer activity in the North American region, partly offset by international growth. As of June 30, 2025, the company had approximately $2 billion in cash/cash equivalents and $7.2 billion in long-term debt, representing a debt-to-capitalization ratio of 40.4. Halliburton reported second-quarter capital expenditure of $354 million, up from our projection of $338.2 million. Norway-based integrated oil and gas operator, Equinor ASA EQNR, reported second-quarter 2025 adjusted earnings per share of 64 cents, which missed the Zacks Consensus Estimate of 66 cents. The bottom line declined 25% from the year-ago quarter’s level of 84 cents. Weak quarterly results can be attributed to lower liquids production across major segments and reduced liquids prices. Natural declines and portfolio divestments in Nigeria and Azerbaijan also contributed to the decrease in overall production. As of June 30, 2025, the company reported $9,472 million in cash and cash equivalents. Its long-term debt was $24,505 million. During the same time, Equinor generated a negative net cash flow of $2,579 million compared with $4,022 million in the year-ago period. Equinor’s capital expenditures amounted to $3.4 billion in the second quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Crescent Energy Company (CRGY) : Free Stock Analysis Report Halliburton Company (HAL) : Free Stock Analysis Report Valero Energy Corporation (VLO) : Free Stock Analysis Report Equinor ASA (EQNR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Independent oil refiner and marketer Marathon Petroleum Corporation MPC reported second-quarter 2026 earnings of $17.73 per share, which beat the Zacks Consensus Estimate of $14.52 by 22.1%. Earnings per share also surged 347.7% from the year-ago level of $3.96 per share, primarily reflecting significantly stronger Refining & Marketing performance. Findlay, OH-based Marathon Petroleum reported revenues and other income of $52.34 billion, up 53.5% year over year and above the Zacks Consensus Estimate of $34.83 billion by 50.3%. Refining & Marketing margin rose sharply to $36.33 per barrel from $17.58 a year ago, and also beat our consensus mark by 11.17% Murphy USA Inc. price-consensus-eps-surprise-chart | Murphy USA Inc. Quote Refining & Marketing (R&M): This segment reported adjusted EBITDA of $6.66 billion, up significantly from $1.89 billion in the year-ago quarter, and the reported figure was also 14.75% above our consensus estimate. The improvement primarily reflected higher crack spreads across all regions. Adjusted EBITDA per barrel increased to $24.84 from $6.79 a year earlier. Midstream: This unit mainly reflects Marathon Petroleum’s general partner and majority limited partner interests in MPLX LP MPLX — a publicly traded master limited partnership that owns, operates, develops and acquires pipelines and other midstream assets. Segment adjusted EBITDA was $1.78 billion, up 8.3% from $1.64 billion in the second quarter of 2025, and the reported figure was also 5.51% above our consensus estimate. This increase was primarily driven by higher rates and throughputs, including contributions from equity affiliates and acquisitions, partly offset by the divestiture of non-core gathering and processing assets. The Renewable Diesel segment reported adjusted EBITDA of $258 million against a loss of $19 million in the corresponding period of 2025, and the reported figure was also 186.45% above our consensus estimate. The improvement reflected a stronger margin environment, higher throughputs and improved regulatory credit values. Renewable Diesel margin increased to $321 million from $49 million a year ago. Following the completion of the Martinez turnaround in the first quarter, utilization reached 95% in the reported quarter. Management also highlighted feedstock optimization as a contributor to the segment's performance. Crude capacity utilization during the quarter was 94% compared with 97% in the year-ago period. Net refinery throughput was 2,944 thousand barrels per day (mbpd), down from 3,060 mbpd a year earlier. However, refined product sales volumes increased slightly to 3,842 mbpd from 3,835 mbpd. MPC achieved Refining & Marketing margin capture of 112%. Management attributed the strong capture to crude sourcing and optimization, inventory discipline, favorable clean-product margins and higher jet production. Refining operating costs increased to $5.72 per barrel from $5.34, while planned turnaround costs totaled $275 million compared with $250 million a year ago. Marathon Petroleum reported total costs and expenses of $45.02 billion in the second quarter of 2026 compared with $31.90 billion in the year-ago period. Capital expenditures and investments totaled $1.39 billion, up from $1.07 billion a year earlier, with $1.02 billion directed toward the Midstream segment. As of June 30, 2026, the company had cash and cash equivalents of $7.77 billion and total consolidated debt of $32.82 billion, with a debt-to-capitalization of 56.1%. MPC returned more than $2.8 billion of capital to its shareholders during the quarter, including $2.53 billion in share repurchases. The company had $6.1 billion remaining under its share repurchase authorizations. MPC's 2026 capital spending outlook, excluding MPLX, remains $1.5 billion. Approximately 65% of the planned spending is focused on value-enhancing investments, while the remaining 35% is allocated to sustaining operations. During the second quarter, the El Paso yield improvement and Robinson product flexibility investments were placed in service. The Robinson project enables approximately 10 thousand barrels per day of incremental jet fuel production, while the El Paso investment enhances the refinery's ability to produce specialty gasoline for key markets. For the third quarter of 2026, MPC expects crude oil throughput of 2,820 mbpd and total refinery throughput of 3,005 mbpd. Refinery utilization is projected at 94%. This Zacks Rank #2 (Buy) company expects refining operating costs of $5.60 per barrel, distribution costs of $1.65 billion and planned turnaround costs of $290 million. Corporate expenses are projected at $260 million, including approximately $30 million of depreciation and amortization.  You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. While we have discussed MPC’s second-quarter results in detail, let us take a look at two other key reports in this space. San Antonio, TX-based oil and gas refining and marketing service provider, Valero Energy Corporation VLO, reported second-quarter 2025 adjusted earnings of $2.28 per share, which beat the Zacks Consensus Estimate of $1.73. However, the bottom line declined from the year-ago quarter’s level of $2.71. The better-than-expected quarterly results can be attributed to an increase in refining margins per barrel of throughput and lower total cost of sales. The positives were partially offset by a decline in refining throughput volumes and renewable diesel sales volumes. The company had cash and cash equivalents of $4.5 billion at the end of the second quarter. As of June 30, 2025, it had a total debt of $8.4 billion and finance-lease obligations of $2.3 billion. Houston, TX-based oil and gas equipment and services provider, Halliburton Company HAL, reported second-quarter 2025 adjusted net income of 55 cents per share, which was in line with the Zacks Consensus Estimate but below the year-ago quarter’s profit of 80 cents (adjusted). The numbers reflect softer activity in the North American region, partly offset by international growth. As of June 30, 2025, the company had approximately $2 billion in cash/cash equivalents and $7.2 billion in long-term debt, representing a debt-to-capitalization ratio of 40.4. Halliburton reported second-quarter capital expenditure of $354 million, up from our projection of $338.2 million. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Marathon Petroleum Corporation (MPC) : Free Stock Analysis Report Halliburton Company (HAL) : Free Stock Analysis Report Valero Energy Corporation (VLO) : Free Stock Analysis Report MPLX LP (MPLX) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research