Key Highlights

  • Diamondback Energy's Net Income came to $1.603 billion on $5.431 billion of revenue, a 38.4% increase (calculated), and its base Dividend rose 7.3%.
  • California Resources booked red ink of $315 million, driven by a $540 million noncash hit on derivatives, though adjusted net income landed at $104 million.
  • Crescent Energy's Top Line rose 56% to $1.35 billion, yet a Derivatives loss of $405.8 million left it $0.6 million in the red.
  • Kosmos Energy's red ink fell from $124.3 million to $43.0 million, and a $133.9 million derivatives hit still weighed on results.
  • Vitesse Energy's Deficit stood at $36.4 million, with sales up 23% to $83.0 million, after derivative losses totaling $58.6 million.

Four Red Ink Filers Among Five Producers: What Drove the Split?

Five producers either filed or announced figures for the third quarter of 2026 around Nov 2, 2026, and four of them ended in the red. Diamondback Energy (NASDAQ:FANG) produced $1.603 billion of profit from $5.431 billion in sales, a 38.4% rise (calculated). California Resources (NYSE:CRC) posted a $315 million loss on $421 million of sales, a 50.8% decline (calculated). Crescent Energy (NYSE:CRGY) finished with a $0.6 million loss on $1.351 billion of sales, a 56% increase.

Vitesse Energy (NYSE:VTS) recorded a $36.4 million deficit on $83.0 million of sales, up 23%. Kosmos Energy (NYSE:KOS) lost $43.0 million on $409.88 million of revenue, a 31.7% gain (calculated), and shared its figures during a Nov 3, 2026 call.

Commodity derivatives tie the group together. Each loss-making producer recorded derivative losses between $58.6 million and $540 million. Nothing is ranked here, and the Revenue bases vary a lot. California Resources' total revenue figure is net of a derivative loss, which explains a decline even though oil, gas and NGL sales climbed about 40% (calculated).

Diamondback Energy: Free Cash Flow and Dividend Lift From $5.4 Billion in Sales

Profit reached $1.603 billion, which equals $5.69 for each diluted share, up from $1.018 billion twelve months back, while adjusted Earnings registered $5.86 a share. Oil output stayed level with the second quarter at 525 MBO/d, and the realized oil price came in at $87.30 a barrel against $64.60 a year before.

Free cash flow totaled $2.148 billion, while net Debt stood at $12.817 billion as of Sep 30, 2026. The annual base dividend was lifted 7.3% to $4.72 a share, paid as $1.18 each quarter with payment on Nov 19, 2026. Roughly 1.3 million shares were repurchased for about $251 million. Oil output guidance for the full year moved up to around 524 MBO/d, and the fourth quarter is pegged between 518 and 528 MBO/d.

California Resources: Adjusted Earnings Versus a Wider Reported Deficit

The company's Bottom Line showed a $315 million loss, equal to $3.55 for each diluted share, compared with $64 million of profit a year ago. Mostly responsible was a noncash $540 million charge linked to the valuation of Commodity derivatives. Stripping out that item and others, adjusted net income reached $104 million, or $1.17 a share, against $123 million before.

Daily output reached 152k barrels of oil equivalent, with free cash flow of $147 million. The yearly dividend rose roughly 4%, reaching $1.68, and the payout is due Dec 18, 2026; Buybacks totaled $30 million. An agreement to divest Uinta Basin holdings for approximately $90 million was signed, and adjusted EBITDAX for the fourth quarter is projected between $340 million and $380 million.

Crescent Energy: Where the Operating Gain Disappeared Below the Line

Operating income reached $478.7 million, against $30.8 million earlier. Below that line, a derivative loss of $405.8 million, set against a year-earlier gain of $55.7 million, plus $94.2 million in interest costs, turned the result into a $0.6 million deficit. Attributable to Crescent, the deficit amounted to $2.2 million, which is $0.01 a share.

Adjusted EBITDAX increased 62% to $785.8 million. Oil sales climbed 75%, reaching $1.04 billion; realized prices were 34% higher at $84.52 a barrel and volumes rose 30%, partly because of a December 2025 merger. Eagle Ford properties are set to be purchased for around $4.2 billion in cash, a deal agreed on Oct 8, 2026. The quarterly filing alone was the basis; no press release or call existed.

Kosmos Energy: Price Gains Versus the Derivatives Drag

Kosmos's loss shrank to $43.0 million, equal to $0.07 a share, against $124.3 million previously. Oil and gas revenue advanced 31.9% (calculated), reaching $410.1 million, and oil averaged $88.57 a barrel, up from $67.30. Even so, a $133.9 million derivatives charge, which the filing ties to movements in the forward oil curve, kept the period negative.

Nine-month Operating Cash Flow hit $445.6 million compared with $98.7 million, while net debt fell from $2.98 billion to $2.47 billion, a 17.1% reduction (calculated). Free cash flow for 2026 is anticipated at about $300 million, while fourth-quarter net output is expected to be lower. A drilling program in Ghana of as many as ten wells begins in mid-2027.

Vitesse Energy: Hedging Losses Overshadow Higher Realized Prices

Revenue expanded 23%, reaching $83.0 million, because the pre-hedge realized price per Barrel of Oil Equivalent climbed 33% to $53.59, even though volumes declined 7%. The company's loss came to $36.4 million, equal to $0.86 a share; the year-earlier loss was $1.3 million.

Derivatives explain most of the damage: a $58.6 million commodity loss, $46.6 million of it unrealized, arose while benchmark crude rose from $69.50 a barrel on Jun 30, 2026, reaching $90.42 by Sep 30, 2026. Roughly 76% of oil output was hedged, which left an after-hedge oil price of $68.33 a barrel. A $0.4375 per-share dividend is scheduled for payment on Dec 31, 2026.

Hedging Charges and Oil Realizations Across the Five Producers

Across the four loss-making producers, derivative charges sum to $1.138 billion (calculated). Taken together, the five show $1.208 billion of net income (calculated), yet excluding Diamondback the remaining four collectively lost $395.0 million (calculated). Diamondback alone accounts for 70.6% (calculated) of the $7.696 billion in combined revenue.

Before derivative settlements, realized oil prices sat close together, averaging $85.27 a barrel across the five (calculated). Kosmos ($88.57) and Vitesse ($82.56) sit $6.01 apart (calculated). Each company defines the figure differently, so comparisons are approximate.

What to Watch Next: Payment Calendar, Divestiture Timing and Acquisition Milestones

Diamondback's dividend is paid on Nov 19, and Crescent's payout is dated Nov 30, 2026. California Resources has a Dec 18 distribution and anticipates closing the Uinta Basin divestiture by year-end. Vitesse's payout arrives Dec 31, 2026, with the Record Date on Dec 15.

The Eagle Ford acquisition by Crescent should be completed during late 2026 or early 2027, contingent on the antitrust waiting period. Guidance for 2027 will accompany California Resources' fourth-quarter release, and Kosmos's Ghana program is set for mid-2027. The materials lacked precise report dates.