iberty Energy’s Q4 2025 earnings call made one message clear: tightening conditions are not being driven by higher rig counts, but by a growing mismatch between available horsepower and the demands of modern shale development.
Chevron’s 4Q 2025 results reinforced the strength of its U.S. growth strategy, delivering record production, strong operating cash flow, a 158% reserve replacement ratio, and a 4% dividend increase despite lower commodity prices. The Permian Basin — now producing roughly 1 million BOE/d — anchors Chevron’s short-cycle growth, while deepwater Gulf of America assets provide long-life, low-decline volumes that support durable cash flow through the cycle.
Even with lower oil prices in 2025, ExxonMobil delivered strong results through record production, disciplined capital spending, and industry-leading cost performance. Central to that success was the Permian Basin, where record output drove production growth and provided the cash-flow strength that allowed ExxonMobil to continue returning significant capital to shareholders.
2026 is shaping up as one of the strongest Western Canada drilling starts of the past three years, with wells drilled in the first 90 days materially exceeding both 2024 and 2025.
Driven by a sharp acceleration in Alberta activity, increased drilling by major operators like Cenovus and CNRL, and renewed momentum in core field centers such as Bonnyville, Grande Prairie, and Fort McMurray, early-year execution points to a stronger full-year outlook.
Midstream expansions at Wapiti, Simonette, and Pipestone signal that the Montney remains one of North America’s most durable growth basins, driven by liquids-rich economics and rising LNG-linked demand. Even with weak gas prices, producers are drilling and contracting capacity early — shifting the constraint from supply to infrastructure as the basin prepares for sustained growth through 2026 and beyond.
Cedar LNG is a floating LNG export facility near Kitimat, British Columbia, being developed by Pembina Pipeline and the Haisla Nation with up to 3.3 MTPA of liquefaction capacity and long-term, take-or-pay tolling contracts designed to deliver stable, fee-based cash flow. Pembina confirmed the project remains on time and on budget, has secured a 20-year agreement with PETRONAS for 1.0 MTPA, and expects to finalize the remaining capacity by the end of 2025.
Logan Energy is transitioning Gordondale into a true Montney-scale development, supported by steady well permitting, confirmed drilling activity, and a multi-year execution cadence rather than one-off drilling campaigns. The recent approval of a centralized multi-well facility — estimated at $30–40 million — confirms long-term commitment and positions the asset for sustained production growth.
The SM Energy–Civitas merger approval brings together a multi-basin drilling portfolio with clear 2025–2026 activity concentration in the Uinta Basin, DJ Basin, Permian core counties, and South Texas Eagle Ford.
With 361 combined drilling records since 2025, the merged company is positioned for disciplined, long-cycle development focused on inventory depth, operational flexibility, and stable drilling execution rather than aggressive growth.
Nile Midstream received Railroad Commission approval in January 2026 to operate the 18.5-mile Delta Crude Express crude oil pipeline across Crane, Upton, and Midland counties, strengthening its footprint in the Central Basin Platform. The permit highlights continued infrastructure investment in Crane County, where sustained drilling activity and proven economics continue to drive demand for localized crude gathering capacity.
The TORMUND Clean Brine Facility investment by Pioneer Water Management LLC supports low-cost, factory-style Permian development by converting produced water into a reliable, reusable supply that stabilizes drilling and completion operations. With 158 well permits issued, 138 wells drilled, and 65 open permits within a 20-mile radius, the facility aligns water infrastructure directly with sustained drilling activity and long-term manufacturing-driven shale development.
