AFE Leaks

Antero 3Q: record 4.234 Bcfe/d production (+23% y/y), $634M adjusted EBITDAX (+99%). Optimized 400 MMcf/d of firm transport. anteroresources.com/news-eve… #AFELeaks

ProPetro 3Q revenue rose 16% q/q to USD 355M; adjusted EBITDA rose 33% to USD 60M as completions utilization and PROPWR deployments increased. SEC: sec.gov/Archives/edgar/data/… #AFELeaks

NOV reported USD 2.23B of 3Q revenue and USD 281M adjusted EBITDA. Its DAYTONA motor drilled 6,322 ft in the Haynesville at 131 ft/hr. SEC: sec.gov/Archives/edgar/data/… #AFELeaks

EQT reported 583 Bcfe of Q3 sales volume, with 21 Bcfe of strategic curtailments. Q4 outlook: 550–600 Bcfe and 16–26 net wells turned online. SEC: sec.gov/Archives/edgar/data/… #AFELeaks

Baker Hughes: 3Q OFSE orders USD 4.05B (+19% q/q); North America revenue USD 955M (+2% q/q, -3% y/y). International-led orders, modest NA service cadence. SEC: sec.gov/Archives/edgar/data/… #AFELeaks

Expand reported 7.54 Bcfe/d in Q3; 2026 plan is 11–12 rigs and ~USD 3B capex. Gas-supply cadence stays in focus. via SEC sec.gov/Archives/edgar/data/… #AFELeaks

Noble Q3 revenue was USD 729M and adjusted EBITDA USD 201M. Roughly USD 560M of awards since July lifted backlog to USD 6.7B, supporting utilization. SEC: sec.gov/Archives/edgar/data/… #AFELeaks

Oilfield Services Earnings Kickoff afeleaks.substack.com/p/oilf…

Baker Hughes: U.S. rigs held at 603; oil +1 to 460, gas -1 to 132. Permian stayed 272; Eagle Ford +2 to 51. Activity, not a production forecast. via OilPrice oilprice.com/Energy/Energy-G… #AFELeaks

SLB 3Q North America revenue: USD 2.40B, +7% q/q. SLB cited U.S. unconventional demand for production chemicals and artificial lift. via SLB sec.gov/Archives/edgar/data/… #AFELeaks

Phoenix Energy One permits secured junior lien notes and waives its 0.90x current-ratio minimum through Dec. 31. via SEC sec.gov/Archives/edgar/data/… #AFELeaks

Weatherford 3Q North America revenue: USD 236M, +15% q/q on higher U.S. land and Canada completions activity. Still -3% y/y. SEC: sec.gov/Archives/edgar/data/… #AFELeaks

Hess Midstream's investor call: The contract-liability accounting nets to a small number in 2027, so the ~$900M baseline EBITDA is close to cash. Adjusted FCF of ~$575M covers a ~$415M distribution with ~$160M left over. Leverage moves from ~3x to 3.75–4.0x because EBITDA resets lower; debt stays roughly flat. Chevron gives up ~$260M a year of HESM distributions and the GP in exchange for lower Bakken fees through 2045 and $200M. HESM will stop publishing its Bakken minimum revenue commitments, the clearest public read on Chevron's drilling plans. The 2030 commitment gets set next year and won't be disclosed. State spud and rig data become the main check.

Chevron will divest Hess Midstream interests and DJ Basin crude-midstream assets; it estimates a USD 3–4B after-tax special-item loss at closing. via Chevron 8-K sec.gov/Archives/edgar… #AFELeaks

Matador's Lea County Woodford Tests Hit the AFE Leaks Db afeleaks.substack.com/p/mata…

HighPeak Energy Heads to Market afeleaks.substack.com/p/high…

Expand Energy disclosed USD 500M of 5.650% senior notes due 2031, expected to close Sept. 17. SEC EDGAR: sec.gov/Archives/edgar/data/… #AFELeaks

Chord agreed to sell its non-operated Marcellus position to POSCO International for USD 550M. The package includes about 32,000 net acres and 121 MMcf/d of trailing-12-month residue-gas production; Chord expects a Q4 close and says the portfolio will then be exclusively Williston-focused. prnewswire.com/news-releases…

BKV closed a Barnett acquisition with 65+ MMcfe/d, ~0.35 Tcfe of PDP reserves and 117,000 net acres. via BKV bkv.com/news/bkv-acquisition… #AFELeaks