Key Highlights

  • Four gas and midstream names report between October 27 and October 29, 2026, with Henry Hub at USD 3.24 in mid-October and WTI near USD 102 in early trading on October 26.
  • Expand Energy (NASDAQ:EXE) reports after the close on October 27, 2026, one day after Danny Brown became CEO, with a P/E of 7.92 and a 2.47% yield, and it fell 1.59% on October 26 as EQT agreed to buy Range.
  • Antero Resources (NYSE:AR) reports on October 28 with third quarter production guided at 4.25 to 4.3 billion cubic feet equivalent per day, and it has about USD 880 million of buyback authorization left as of June 30.
  • Antero Midstream (NYSE:AM) reports and goes ex-dividend on October 28. DT Midstream (NYSE:DTM) reports before the open on October 29, with 2026 EBITDA guidance of USD 1.155 billion to USD 1.225 billion.

Expand Energy (NASDAQ:EXE): First Report Under a New CEO

Expand Energy (NASDAQ:EXE) reports third quarter results after the market close on October 27, 2026, with a call to follow. The shares traded at USD 91.75 on October 26, down 1.59%, with a market value of USD 21.24 billion. In the second quarter production was about 7.48 billion cubic feet equivalent per day, free cash flow was USD 343 million, buybacks were about USD 530 million and net debt was USD 3.075 billion. Management had reaffirmed 2026 production of 7.4 to 7.6 billion and capital of USD 2.75 billion to USD 2.95 billion. Investors will watch the buyback pace, the first comments from Brown and any response to EQT and Range, which would form a group above 9 billion cubic feet equivalent per day. Goldman Sachs raised its target to USD 117 from USD 110 with a Buy rating in mid-October, while Morgan Stanley trimmed to USD 124 from USD 129 with an Overweight rating. The 52-week range runs from USD 83.25 to USD 126.62. Realized gas was USD 2.90 per thousand cubic feet with derivatives against USD 2.42 without, and storage was 1.3% above the five-year average in mid-October. Gas near USD 3 is the main risk for Expand Energy (NASDAQ:EXE), and results will test that.

Antero Resources (NYSE:AR): Volumes and Liquids in Focus

Antero Resources (NYSE:AR) reports on October 28, 2026. The shares traded at USD 40.77 on October 26, up 1.52%, with a market value of USD 12.53 billion, a P/E of 11.70 and no dividend. Second quarter production was 4.1 billion cubic feet equivalent per day, up 21%, and adjusted EBITDAX was USD 595 million. Guidance sets third quarter output at 4.25 to 4.3 billion and fourth quarter output at 4.4 to 4.5, with cash production expense at USD 2.20 to USD 2.30 per thousand cubic feet equivalent. Liquids were about 32% of volume, so crude and natural gas liquids prices matter. Targets were mixed into the print: Mizuho cut to USD 51 and Morgan Stanley raised to USD 51. July acquisitions in West Virginia cost about USD 315 million and add roughly 125 million cubic feet equivalent per day. Total debt was USD 2.6 billion at June 30, and about 1.1 million shares were repurchased for about USD 38 million in the second quarter. The consensus rating is Buy with an average target near USD 49.64, and the 52-week range is USD 29.10 to USD 45.75. Investors will check whether Antero Resources (NYSE:AR) meets the volume plan. A miss would test Antero Resources (NYSE:AR) without a dividend.

Antero Midstream (NYSE:AM): Record Volumes and the Dividend Date

Antero Midstream (NYSE:AM) reports and goes ex-dividend on October 28, 2026. The shares traded at USD 20.82 on October 26, down 0.14%, with a 4.32% yield and a P/E of 24.99. Second quarter adjusted EBITDA was USD 289 million, up 2%, adjusted free cash flow after dividends was USD 80 million and gathering volumes reached a record 4,124 million cubic feet per day. Veolia proceeds of about USD 371 million funded a call of USD 650 million of 2028 notes. Management expects water integration to drive high single digit EBITDA growth in 2027. Investors will watch volumes, leverage and buybacks, with about USD 310 million of authorization left. Second quarter net income was USD 114 million, or USD 0.24 per share, and the company bought back about USD 8 million of stock. Net debt was USD 3.59 billion at June 30. Capital One upgraded it to Overweight with a USD 25 target in September while UBS cut to USD 22, and the consensus is Hold at USD 24. Because volumes depend on Antero Resources, Antero Midstream (NYSE:AM) tracks the same drilling plans. A P/E near 25 leaves little room for a miss.

DT Midstream (NYSE:DTM): A Pre-Market Report With Guidance at Stake

DT Midstream (NYSE:DTM) reports before the market opens on October 29, 2026. The shares traded at USD 124.64 on October 26, up 0.59%, about 18% below the 52-week high of USD 152.88. Second quarter adjusted EBITDA was USD 305 million, earnings of USD 1.09 per share missed a USD 1.15 consensus and 2026 guidance of USD 1.155 billion to USD 1.225 billion was reaffirmed, with an early 2027 range of USD 1.225 billion to USD 1.295 billion. New Haynesville contracts add 200 million cubic feet per day through LEAP Phase 5, and about USD 2 billion of projects are commercialized. Net income was USD 112 million in the second quarter, down from USD 130 million in the first, and adjusted EBITDA was USD 305 million against USD 308 million. The company filed a FERC application in late June for the Guardian Pipeline G3 expansion and took a final investment decision on Viking Gas Transmission modernization. Jefferies raised its target to USD 150 with a Buy rating, and Barclays holds Equal Weight at USD 142. The dividend is USD 0.88 per quarter. DT Midstream (NYSE:DTM) has the least oil exposure of the four and trades at 27.34 times earnings.

Where Things Stand

Four reports in three days will test volumes, buybacks and guidance, which answers the headline: October 27 for Expand Energy (NASDAQ:EXE). October 28 for Antero Resources (NYSE:AR). October 28 for Antero Midstream (NYSE:AM). October 29 for DT Midstream (NYSE:DTM). Each depends on gas more than oil. Antero Midstream and DT Midstream are fee based while Expand and Antero Resources are producers. Crude near USD 102 helps sentiment, not revenue. Results can disappoint, and this is not advice.