Key Highlights

  • Diamondback Energy (NASDAQ:FANG): USD 2.331 billion second-quarter free cash flow, USD 16.0 billion buyback authorization, results expected November 2, 2026.
  • Devon Energy (NYSE:DVN): Coterra merger closed May 7, 2026, USD 8.0 billion buyback, results expected November 5, 2026.
  • Permian Resources (NYSE:PR): USD 751 million second-quarter free cash flow, 0.5 times leverage, 2026 oil guided to 197 thousand to 201 thousand barrels.
  • ConocoPhillips (NYSE:COP): USD 2.0 billion second-quarter buyback, 36% higher realized prices, results expected November 5, 2026.

Diamondback Energy (NASDAQ:FANG)

Diamondback Energy (NASDAQ:FANG) traded near USD 206.10 on October 26, 2026, up 0.17%, with a market value near USD 57.71 billion and a 39.93 trailing P/E; second-quarter adjusted free cash flow was USD 2.331 billion. Realized oil of USD 96.82 a barrel funded buybacks, a USD 1.10 dividend and a USD 1.6 billion net debt reduction, and the repurchase authorization was doubled to USD 16.0 billion. Net income attributable was USD 1.882 billion, or USD 6.65 a share, on capital spending of USD 996 million in the quarter. Oil guidance for 2026 was raised to 522 thousand barrels a day or more, and total output to 1,000 thousand barrels of oil equivalent a day or more. Diamondback Energy (NASDAQ:FANG) realized a negative USD 2.15 per thousand cubic feet on gas, hedges trimmed oil realizations, and a 39.93 trailing P/E leaves less room if crude falls. Third-quarter results are expected on November 2, 2026, after the close, with oil guided to 517 to 527 thousand barrels a day at Diamondback Energy (NASDAQ:FANG).

Devon Energy (NYSE:DVN)

Devon Energy (NYSE:DVN) traded near USD 51.53 on October 26, 2026, with a market value near USD 56.68 billion, a 12.20 trailing P/E and a 2.18% yield; second-quarter net earnings were USD 1.9 billion. The Coterra merger closed on May 7, 2026, third-quarter output is guided to 1,660 thousand to 1,690 thousand barrels of oil equivalent a day, and a USD 8.0 billion buyback runs to mid-2029. Adjusted free cash flow was USD 1.7 billion, and the quarterly dividend was raised 33% to USD 0.32 a share. Third-quarter oil production is guided to 550 thousand to 560 thousand barrels a day. Devon Energy (NYSE:DVN) must deliver at least USD 1.0 billion of synergies, and trailing metrics blend pre-merger quarters, so a crude retreat would expose any integration slippage. Third-quarter results are expected on November 5, 2026, after the close, as the first full combined quarter for Devon Energy (NYSE:DVN).

Permian Resources (NYSE:PR)

Permian Resources (NYSE:PR) traded near USD 25.54 on October 26, 2026, with a market value near USD 21.39 billion and a 16.95 trailing P/E; second-quarter adjusted free cash flow was USD 751 million. Production was 376.4 thousand barrels of oil equivalent a day, net debt to EBITDAX is about 0.5 times, and USD 875 million of legacy Earthstone notes were redeemed. Adjusted free cash flow was USD 751 million on cash capital spending of USD 521 million, and net income was USD 792.5 million. Production included 198.1 thousand barrels of oil, 86.2 thousand barrels of NGLs and 552.9 million cubic feet of gas a day. No buybacks were reported in the first half at Permian Resources (NYSE:PR), and the company disclosed no breakeven price, so downside from a Middle East settlement is harder to size. Second-half oil is expected above 200 thousand barrels a day with under USD 1 billion of capital spending, and a results date for Permian Resources (NYSE:PR) was not confirmed.

ConocoPhillips (NYSE:COP)

ConocoPhillips (NYSE:COP) traded near USD 150.95 on October 26, 2026, with a market value near USD 181.34 billion, a 20.00 trailing P/E and a 2.23% yield; second-quarter earnings were USD 3.23 a share. Realized prices rose 36% to USD 62.33 per barrel of oil equivalent, and the company spent USD 2.0 billion on buybacks, double the prior quarter, as part of USD 3.0 billion returned. Quarterly operating cash flow was USD 7.4 billion, and the company declared a USD 0.84 third-quarter dividend. Production was 2,248 thousand barrels of oil equivalent a day, down 143 thousand from a year earlier, and third-quarter output is guided to 2.29 to 2.32 million. Production for ConocoPhillips (NYSE:COP) was 143 thousand barrels of oil equivalent a day lower than a year earlier, and as a pure upstream name it has no refining cushion if Brent retreats from USD 114. The next report is expected on November 5, 2026, with third-quarter production guided to 2.29 to 2.32 million barrels of oil equivalent a day for ConocoPhillips (NYSE:COP).

Occidental Petroleum (NYSE:OXY)

Occidental Petroleum (NYSE:OXY) traded near USD 63.90 on October 26, 2026, down 0.42%, with a market value near USD 63.88 billion and a 18.93 trailing P/E; second-quarter net income was USD 2.8 billion. Free cash flow before working capital reached USD 3.0 billion at a realized crude price of USD 96.78 a barrel, and principal debt fell USD 1.9 billion to USD 11.8 billion. Operating cash flow from continuing operations was USD 5.1 billion and capital spending was USD 1.6 billion, leaving about USD 3.0 billion of free cash flow before working capital. Principal debt is moving toward a USD 10.0 billion milestone, and the quarterly dividend was paid on October 15, 2026. With USD 11.8 billion of debt, Occidental Petroleum (NYSE:OXY) would see cash flow and deleveraging slow faster than lower-debt peers if crude fell on a Middle East settlement. Results are expected on November 9, 2026, after the close, and investors will watch progress toward the USD 10.0 billion debt milestone at Occidental Petroleum (NYSE:OXY).

Where Things Stand

These five producers can look good while West Texas Intermediate stays above USD 100, because second-quarter free cash flow ranged from USD 751 million at Permian Resources to USD 3.0 billion at Occidental Petroleum. Differences lie in leverage, buyback pace and integration risk, with Devon still absorbing Coterra. The balance of evidence favors strong near-term cash generation, but every name would feel a crude retreat. Results between November 2 and November 9 are the next checks. The third-quarter guidance ranges, such as Devon's 1,660 thousand to 1,690 thousand barrels of oil equivalent a day and Diamondback's 517 thousand to 527 thousand barrels of oil a day, give investors measurable markers.