As the Q4 earnings season comes to a close, it’s time to take stock of this quarter’s best and worst performers in the U.S. shale E&P industry, including Diamondback Energy (NASDAQ: FANG) and its peers.

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 mixed Q4. As a group, revenues beat analysts’ consensus estimates by 2.2%.

Luckily, U.S. shale E&P stocks have performed well with share prices up 13.9% on average since the latest earnings results.

Diamondback Energy (NASDAQ: FANG)

Sporting one of Wall Street's most memorable ticker symbols, Diamondback Energy (NASDAQ: FANG) drills for and produces oil and natural gas from underground rock formations in the Permian Basin of West Texas and New Mexico.

Diamondback Energy reported revenues of $3.38 billion, down 9% year on year. This print exceeded analysts’ expectations by 2.6%. Overall, it was a satisfactory quarter for the company with a decent beat of analysts’ EBITDA estimates but a significant miss of analysts’ EPS estimates.

Interestingly, the stock is up 13% since reporting and currently trades at $196.50.

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

Best Q4: 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 $848 million, down 12.6% year on year, outperforming analysts’ expectations by 4.7%. The business had a stunning quarter with a solid beat of analysts’ EBITDA estimates and a beat of analysts’ EPS estimates.

The market seems happy with the results as the stock is up 23.1% since reporting. It currently trades at $62.18.

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

Weakest Q4: 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 $216.6 million, down 23.3% year on year, exceeding analysts’ expectations by 13.7%. Still, it was a softer quarter as it posted a significant miss of analysts’ EBITDA estimates and a significant miss of analysts’ EPS estimates.

HighPeak Energy delivered the biggest analyst estimates beat but had the slowest revenue growth in the group. Interestingly, the stock is up 16.6% since the results and currently trades at $6.82.

Read our full analysis of HighPeak Energy’s results here.

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 $261.2 million, down 4% year on year. This number topped analysts’ expectations by 3.4%. It was an exceptional quarter as it also recorded a beat of analysts’ EPS estimates and a solid beat of analysts’ EBITDA estimates.

The stock is down 18.2% since reporting and currently trades at $47.45.

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

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 $211.6 million, up 13.9% year on year. This print surpassed analysts’ expectations by 2.4%. Aside from that, it was a mixed quarter as it also logged a decent beat of analysts’ EBITDA estimates but a significant miss of analysts’ EPS estimates.

The stock is flat since reporting and currently trades at $444.10.

Read our full, actionable report on Texas Pacific Land 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 Strong Momentum Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.