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 Cactus (NYSE: WHD).

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%.

While some U.S. shale E&P stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 2.6% since the latest earnings results.

Cactus (NYSE: WHD)

Named for the spiky wellhead equipment that reminded founders of desert cacti, Cactus (NYSE: WHD) manufactures wellheads, valves, and spoolable pipes used in drilling and producing oil and gas wells.

Cactus reported revenues of $388.3 million, up 38.5% year on year. This print exceeded analysts’ expectations by 2.3%. Overall, it was a very strong quarter for the company with a solid beat of analysts’ EBITDA and EPS estimates.

Interestingly, the stock is up 10.2% since reporting and currently trades at $60.09.

We think Cactus is a good business, but is it a buy today? Read our full report 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 7.4% since reporting. It currently trades at $138.09.

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

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, falling short of analysts’ expectations by 0.8%. It was a softer quarter as it posted a significant miss of analysts’ EBITDA estimates.

As expected, the stock is down 11.5% since the results and currently trades at $371.57.

Read our full analysis of Texas Pacific Land’s results here.

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 print surpassed analysts’ expectations by 3.1%. More broadly, it was a slower quarter as it logged a significant miss of analysts’ EBITDA estimates.

The stock is down 19.6% since reporting and currently trades at $22.17.

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

Riley Exploration Permian (NYSE: REPX)

Operating in counties where legacy oil fields have been producing since the early 1900s, Riley Exploration Permian (NYSE: REPX) drills for and produces oil and natural gas from horizontal wells in the Permian Basin of West Texas and New Mexico.

Riley Exploration Permian reported revenues of $113.9 million, up 11.2% year on year. This number beat analysts’ expectations by 3.7%. Taking a step back, it was a slower quarter as it recorded a significant miss of analysts’ EBITDA estimates and a significant miss of analysts’ EPS estimates.

The stock is up 9.3% since reporting and currently trades at $36.52.

Read our full, actionable report on Riley Exploration Permian 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 Hidden Gem Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.