Reflecting On Upstream Natural Gas E&P Stocks’ Q4 Earnings: Range Resources (NYSE:RRC)

Tracing back to operations that began in 1860, CNX Resources (NYSE:CNX) drills for and produces natural gas from underground shale formations in Pennsylvania, Ohio, and West Virginia.

CNX Resources reported revenues of $450 million, up 8.9% year on year, outperforming analysts’ expectations by 5.1%. The business had an exceptional quarter with a beat of analysts’ EPS and EBITDA estimates.

The market seems happy with the results as the stock is up 7.1% since reporting. It currently trades at $39.32.

Is now the time to buy CNX Resources? Access our full analysis of the earnings results here, it’s free.

Holding roughly 521,000 net acres across West Virginia, Ohio, and Pennsylvania, Antero Resources (NYSE:AR) drills and produces natural gas, natural gas liquids, and oil from underground rock formations in the Appalachian Basin.

Antero Resources reported revenues of $1.29 billion, up 11.8% year on year, exceeding analysts’ expectations by 1.3%. Still, it was a softer quarter as it posted a significant miss of analysts’ EBITDA estimates and a significant miss of analysts’ EPS estimates.

Interestingly, the stock is up 5.7% since the results and currently trades at $37.11.

Read our full analysis of Antero Resources’s results here.

Operating in the Haynesville shale where a single well can produce millions of cubic feet of gas daily, Comstock Resources (NYSE:CRK) drills for and produces natural gas from underground shale rock formations in Louisiana and Texas.

Comstock Resources reported revenues of $361.8 million, up 5.9% year on year. This print came in 21.9% below analysts’ expectations. Overall, it was a slower quarter as it also logged a miss of analysts’ EBITDA estimates.

Comstock Resources had the weakest performance against analyst estimates and slowest revenue growth among its peers. The stock is down 14.2% since reporting and currently trades at $17.51.

Read our full, actionable report on Comstock Resources here, it’s free.

The largest natural gas producer in the United States by daily volume, EQT (NYSE:EQT) produces natural gas and natural gas liquids from wells drilled in the Appalachian Basin.

EQT reported revenues of $2.09 billion, up 15% year on year. This number lagged analysts’ expectations by 1.1%. Aside from that, it was a strong quarter as it logged a beat of analysts’ EPS estimates and an impressive beat of analysts’ EBITDA estimates.

The stock is flat since reporting and currently trades at $57.69.

Read our full, actionable report on EQT here, it’s free.

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These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability.

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