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 Cactus (NYSE: WHD) 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 7 u.s. shale e&p stocks we track reported a strong Q4. As a group, revenues beat analysts’ consensus estimates by 2.2%.

Thankfully, share prices of the companies have been resilient as they are up 7% on average 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 $261.2 million, down 4% year on year. This print exceeded analysts’ expectations by 3.4%. Overall, it was an exceptional quarter for the company with a beat of analysts’ EPS estimates and an impressive beat of analysts’ EBITDA estimates.

Scott Bender, CEO and Chairman of the Board of Cactus, commented, “I am pleased with the way our business finished the year in 2025. Fourth quarter margins were strong in both segments. Pressure Control revenues exceeded expectations on strong sales of drilling equipment and increased rental revenues, while Spoolable Technologies revenues declined in line with expectations in the seasonally slow quarter. On January 1, 2026, we closed on the acquisition of a majority interest in Baker Hughes's Surface Pressure Control business, which we will refer to as Cactus International, supporting a multi-year journey to geographically diversify our earnings base.”

Unsurprisingly, the stock is down 20% since reporting and currently trades at $46.39.

We think Cactus is a good business, but is it a buy today? Read our full report 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 12.4% since reporting. It currently trades at $56.78.

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

Weakest Q4: 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 $523.8 million, down 8.9% year on year, exceeding analysts’ expectations by 1.6%. Still, it was a slower quarter as it posted a significant miss of analysts’ EBITDA estimates.

Interestingly, the stock is up 3.2% since the results and currently trades at $27.33.

Read our full analysis of Northern Oil and Gas’s results here.

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 $1.17 billion, down 19.6% year on year. This result beat analysts’ expectations by 7%. Overall, it was a strong quarter as it also produced a decent beat of analysts’ EBITDA estimates and a beat of analysts’ EPS estimates.

Chord Energy scored the biggest analyst estimates beat but had the slowest revenue growth among its peers. The stock is up 19.3% since reporting and currently trades at $123.68.

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

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 topped analysts’ expectations by 2.6%. Aside from that, it was a satisfactory quarter as it also recorded a decent beat of analysts’ EBITDA estimates but a significant miss of analysts’ EPS estimates.

The stock is up 3.8% since reporting and currently trades at $180.47.

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

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