Key Highlights

  • Four energy names lean on international and offshore activity, with analyst notes citing oil near USD 100 and WTI near USD 102 in early trading on October 26, 2026, though conflict in the Middle East can also disrupt work.
  • APA Corporation (NASDAQ:APA) reported second quarter free cash flow of USD 738 million, net debt of USD 3.3 billion and a raised cost savings target of USD 500 million, and trades near a 52-week high.
  • Murphy Oil (NYSE:MUR) produced about 50% oil in the second quarter and reported an October 12 discovery offshore Vietnam. NOV Inc. (NYSE:NOV) jumped 5.33% on October 23 with a backlog of USD 4.08 billion.
  • Weatherford International (NASDAQ:WFRD) beat third quarter estimates with earnings of USD 1.66 per share and raised free cash flow guidance, but its Middle East revenue fell 16% from a year earlier.

APA Corporation (NASDAQ:APA): Oil, Egypt and Suriname

APA Corporation (NASDAQ:APA) traded at USD 51.99 on October 26, 2026, up 0.16%, with a USD 18.21 billion market value, a P/E of 10.99 and a 1.93% yield. Second quarter net income was USD 747 million, adjusted production was 347,000 barrels of oil equivalent per day and US oil output was 123,500 barrels per day. Free cash flow was USD 738 million, USD 752 million of near-term bonds were repaid in the first half and the company plans to return at least 60% of free cash flow. Suriname GranMorgu is the lead driver of future oil growth. The shares sit near a 52-week high of USD 52.39 while the consensus target of about USD 48.88 is below the price. Total upstream capital is USD 2.07 billion, lease operating expense guidance was lowered by USD 25 million to USD 1.5 billion and Savant in Alaska carries a USD 70 million upfront payment. Morgan Stanley raised its target to USD 43 from USD 41 with an Underweight rating, while Susquehanna lifted to USD 58 from USD 47. APA Corporation (NASDAQ:APA) holds its results call on November 5, and Egypt payments and project timing are risks.

Murphy Oil (NYSE:MUR): Offshore Growth and Exploration

Murphy Oil (NYSE:MUR) traded at USD 44.12 on October 26, down 0.50%, after a 4.65% jump on October 23, with a USD 6.33 billion market value and a P/E of 21.87. Second quarter production was 168,995 barrels of oil equivalent per day, including 85,265 barrels of oil, and net income was USD 232.2 million. The Chinook 8 well in the Gulf of America is expected online in the fourth quarter at about 15,000 barrels per day gross, and Lac Da Vang is expected to reach first oil then. The company made a discovery at Lac Da Trang North-1X offshore Vietnam and an appraisal success at Bubale West-1X offshore Côte d'Ivoire. No buybacks were made in the second quarter. The consensus is Hold with a target near USD 41.93. Net debt was about USD 1.07 billion, simple arithmetic on company figures, and the dividend is USD 0.35 per quarter. Jefferies raised its target to USD 35 from USD 33 with a Hold rating, and Morgan Stanley holds Underweight at USD 37. The 2026 capital midpoint was raised to USD 1.55 billion. Murphy Oil (NYSE:MUR) holds its call on November 5 at 9 a.m. ET.

NOV Inc. (NYSE:NOV): Orders Lag the Oil Price

NOV Inc. (NYSE:NOV) traded at USD 19.86 on October 26, up 0.53%, after a 5.33% gain on October 23, with a USD 7.08 billion market value. Second quarter revenue was USD 2.13 billion and adjusted EBITDA was USD 283 million, including about USD 40 million of tariff refunds. Energy Equipment bookings were USD 474 million, a 74% book-to-bill ratio, so backlog of USD 4.08 billion fell USD 220 million from a year earlier. Offshore demand is growing, with floating production orders in West Africa and Indonesia and drill pipe orders in Brazil and Suriname. Third quarter adjusted EBITDA guidance is USD 240 million to USD 270 million, assuming the Middle East stays similar. Excluding the tariff refunds, adjusted EBITDA was about USD 243 million, simple arithmetic on company figures, near the low end of that range. Free cash flow was negative USD 64 million and the company returned USD 127 million, including USD 63 million of buybacks. BofA holds Buy at USD 23 and Citi Neutral at USD 21. NOV Inc. (NYSE:NOV) reports on October 28, and temporary project deferrals from price volatility are a risk.

Weatherford International (NASDAQ:WFRD): A Beat With a Middle East Drag

Weatherford International (NASDAQ:WFRD) traded at USD 86.73 on October 26, down 0.14%, after a 6.98% jump on October 23, with a USD 6.29 billion market value and a P/E of 15.48. Third quarter revenue was USD 1.143 billion, adjusted EBITDA was USD 254 million at a 22.2% margin and adjusted free cash flow was USD 155 million. Net debt was USD 282 million, 0.28 times, and the company gave notice to redeem USD 236 million of 8.625% notes due 2030. North America revenue rose 15% sequentially while Middle East, North Africa and Asia revenue was flat sequentially and down 16% year over year. Management expects higher fourth quarter EBITDA but a flat Middle East in 2027. Piper Sandler cut its target to USD 110 from USD 118 citing a Middle East slowdown. North America revenue was USD 236 million and Latin America USD 225 million, up 14% sequentially, and buybacks were USD 28 million. The consensus target is near USD 112.83, about 30% above the price, simple arithmetic, while UBS cut to USD 111 with a Buy rating and Goldman Sachs to USD 94 with a Neutral rating. Weatherford International (NASDAQ:WFRD) pays USD 0.275 per quarter.

Where Things Stand

Oil near USD 100 helps each name differently, which answers the headline. APA Corporation (NASDAQ:APA) gains most directly through production. Murphy Oil (NYSE:MUR) gains through offshore volumes and exploration. NOV Inc. (NYSE:NOV) gains through orders that lag the price. Weatherford International (NASDAQ:WFRD) gains through drilling activity outside the Middle East. All four are exposed to regional conflict and a fall in crude. No outcome is guaranteed. The next catalysts are October 28, November 5 results and fourth quarter updates.