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 Q4. Today, we are looking at mixed or offshore upstream e&p stocks, starting with Seadrill (NYSE: SDRL).

This category includes smaller or niche E&P companies operating in specialized basins, geographies, or resource types outside major classifications. These firms may target unconventional resources, frontier regions, or specific commodity niches. Tailwinds include potential for outsized returns from successful exploration, acquisition opportunities during industry downturns, and specialized expertise commanding premium valuations. Headwinds include higher operational and geological risks, limited scale reducing negotiating power and cost efficiencies, and constrained capital market access during challenging commodity environments. Regulatory risks and ESG concerns may disproportionately affect smaller operators with fewer resources for compliance.

The 21 mixed or offshore upstream e&p stocks we track reported a mixed Q4. As a group, revenues were in line with analysts’ consensus estimates.

Luckily, mixed or offshore upstream e&p stocks have performed well with share prices up 12.7% on average since the latest earnings results.

Seadrill (NYSE: SDRL)

Operating in water depths reaching 12,000 feet below the surface, Seadrill (NYSE: SDRL) owns and operates drillships and semi-submersible rigs that drill oil and gas wells in deepwater offshore locations.

Seadrill reported revenues of $362 million, up 25.3% year on year. This print exceeded analysts’ expectations by 7%. Overall, it was a strong quarter for the company with a solid beat of analysts’ EBITDA estimates.

“Seadrill delivered solid full-year 2025 financial results while also strengthening our commercial position. Across the fleet, we executed complex deepwater programs ahead of schedule and budget, working closely with customers and key suppliers to develop innovative technical solutions and deliver record‑setting performance - all while raising the bar on safety and achieving the best Total Recordable Incident Rate in our history,” said President and CEO Simon Johnson.

The market was likely pricing in the results, and the stock is flat since reporting. It currently trades at $45.50.

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

Best Q4: Gevo (NASDAQ: GEVO)

Operating one of the largest dairy-based renewable natural gas facilities in the United States, Gevo (NASDAQ: GEVO) produces sustainable aviation fuel and other renewable hydrocarbon fuels from plant-based feedstocks like corn.

Gevo reported revenues of $45.35 million, up 696% year on year, outperforming analysts’ expectations by 0.7%. The business had a stunning quarter with a beat of analysts’ EPS estimates and an impressive beat of analysts’ EBITDA estimates.

Gevo scored the fastest revenue growth among its peers. The market seems happy with the results as the stock is up 43.7% since reporting. It currently trades at $2.72.

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

Weakest Q4: Granite Ridge Resources (NYSE: GRNT)

Operating without drilling rigs or field crews of its own, Granite Ridge Resources (NYSE: GRNT) owns interests in oil and natural gas wells across six major US shale basins.

Granite Ridge Resources reported revenues of $105.5 million, flat year on year, falling short of analysts’ expectations by 13.2%. It was a disappointing quarter as it posted a significant miss of analysts’ EBITDA estimates and a significant miss of analysts’ EPS estimates.

Interestingly, the stock is up 10.3% since the results and currently trades at $5.89.

Read our full analysis of Granite Ridge Resources’s results here.

Gulfport Energy (NYSE: GPOR)

With drilling operations focused on the Utica Shale in eastern Ohio and the SCOOP play in central Oklahoma, Gulfport Energy (NYSE: GPOR) drills for and produces natural gas from underground shale formations.

Gulfport Energy reported revenues of $398.2 million, up 66% year on year. This number beat analysts’ expectations by 8.7%. Overall, it was a strong quarter as it also produced a beat of analysts’ EPS estimates and a narrow beat of analysts’ EBITDA estimates.

The stock is up 7.7% since reporting and currently trades at $211.59.

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

Centrus Energy (NYSE: LEU)

Operating the only active U.S. facility licensed to produce high-assay low-enriched uranium (HALEU) for next-generation reactors, Centrus Energy (NYSE: LEU) supplies enriched uranium, the fissile component needed to produce fuel for nuclear power reactors.

Centrus Energy reported revenues of $146.2 million, down 3.6% year on year. This result came in 0.5% below analysts' expectations. Overall, it was a disappointing quarter as it also recorded a significant miss of analysts’ EBITDA estimates and a significant miss of analysts’ EPS estimates.

The stock is down 34.3% since reporting and currently trades at $174.17.

Read our full, actionable report on Centrus Energy 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.