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Commodities

WTI Price Surge Lifts E&P Profits to 4-Year High

Guavy AI Editorial Team
Instruments
Oil Natural Gas
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The second quarter of 2026 saw a significant swing in commodity prices for US exploration and production companies, leading to varying results for oil-weighted and gas-weighted producers. The WTI oil price surged by 29% from Q1 to $92.53 per barrel, providing a boost to oil-weighted E&Ps who experienced a pre-tax operating profit turnaround. In contrast, plummeting natural gas prices hurt gas-weighted producers after a strong Q1.

The average pre-tax profits for the 37-company universe studied increased from $15.12 per boe in Q4 2025 to Q1 2026 to $19.83 per boe in Q2 2026, the highest since 2022. Cash flow also reached a post-2022 peak at $29.72 per boe.

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