As the craze of earnings season draws to a close, here’s a look back at some of the most exciting (and some less so) results from Q1. Today, we are looking at U.S. shale E&P stocks, starting with Texas Pacific Land (NYSE: TPL).

US shale oil producers extract crude from tight rock formations using horizontal drilling and hydraulic fracturing (fracking) techniques, primarily in basins like the Permian, Bakken, and Eagle Ford. Tailwinds include short-cycle investment flexibility allowing rapid production adjustments, technological improvements enhancing well productivity, and proximity to refining and export infrastructure. Capital discipline has improved financial returns. Headwinds include commodity price sensitivity affecting drilling economics, accelerating well decline rates requiring continuous capital investment, and increasing regulatory and ESG scrutiny. Water usage, induced seismicity concerns, and evolving environmental regulations present ongoing operational challenges.

The 11 U.S. shale E&P stocks we track reported a satisfactory Q1. As a group, revenues beat analysts’ consensus estimates by 2.7%.

Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 12.7% since the latest earnings results.

Weakest Q1: Texas Pacific Land (NYSE: TPL)

One of America's largest private landowners with roughly 868,000 acres in the Permian Basin, Texas Pacific Land (NYSE: TPL) owns land in West Texas and earns revenue from oil and gas royalties, water services, and land leases.

Texas Pacific Land reported revenues of $236.8 million, up 20.8% year on year. This print fell short of analysts’ expectations by 0.8%. Overall, it was a softer quarter for the company with a significant miss of analysts’ EBITDA estimates.

“For the first quarter of 2026, TPL’s core business performance remained strong, and we are closing in on significant milestones in our emerging opportunities in produced water desalination and land opportunities involving data centers and power generation,” said Tyler Glover, Chief Executive Officer of the Company.

The market seems disappointed with the results as the stock is down 11.9% since reporting and currently trades at $370.00.

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

Best Q1: Chord Energy (NASDAQ: CHRD)

Holding the largest acreage position in the Williston Basin, Chord Energy (NASDAQ: CHRD) drills for and produces crude oil, natural gas liquids, and natural gas in North Dakota's Williston Basin.

Chord Energy reported revenues of $1.67 billion, up 37.1% year on year, outperforming analysts’ expectations by 33.1%. The business had an exceptional quarter with a beat of analysts’ EPS and EBITDA estimates.

Chord Energy scored the biggest analyst estimate beat among its peers. Although it had a fine quarter compared to its peers, the market seems unhappy with the results as the stock is down 19.6% since reporting. It currently trades at $119.94.

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

Matador Resources (NYSE: MTDR)

Operating primarily in the Delaware Basin where multiple oil-bearing layers lie stacked thousands of feet deep, Matador Resources (NYSE: MTDR) explores for, drills, and produces oil and natural gas from underground rock formations in New Mexico and Texas.

Matador Resources reported revenues of $671.6 million, down 33.8% year on year, falling short of analysts’ expectations by 23%. It was a softer quarter as it posted a significant miss of analysts’ EBITDA estimates.

Matador Resources delivered the weakest performance against analyst estimates and slowest revenue growth in the group. As expected, the stock is down 13.4% since the results and currently trades at $50.00.

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

HighPeak Energy (NASDAQ: HPK)

Operating in the oil-rich northeastern corner of the Midland Basin where Howard and Borden counties meet, HighPeak Energy (NASDAQ: HPK) explores for, develops, and produces crude oil, natural gas liquids, and natural gas.

HighPeak Energy reported revenues of $215.9 million, down 20.7% year on year. This result surpassed analysts’ expectations by 1.3%. Overall, it was a strong quarter as it also recorded an impressive beat of analysts’ EBITDA estimates.

The stock is up 10% since reporting and currently trades at $6.80.

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

Northern Oil and Gas (NYSE: NOG)

Taking the path less traveled in the oil industry by choosing not to operate its own wells, Northern Oil and Gas (NYSE: NOG) acquires minority stakes in oil and gas wells operated by other companies across major U.S. shale basins.

Northern Oil and Gas reported revenues of $526.5 million, down 11.1% year on year. This number topped analysts’ expectations by 3.1%. However, it was a slower quarter as it logged a significant miss of analysts’ EBITDA estimates.

The stock is down 29.4% since reporting and currently trades at $19.45.

Read our full, actionable report on Northern Oil and Gas here, it’s free.

Market Update

Late in 2025 into early 2026, there was hand-wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure?

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.

Want to invest in winners with rock-solid fundamentals? Check out our Top 6 Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.