The end of the earnings season is always a good time to take a step back and see who shined (and who not so much). Let’s take a look at how upstream natural gas e&p stocks fared in Q1, starting with Antero Resources (NYSE: AR).

Natural gas-focused E&P companies explore, develop, and produce natural gas resources serving power generation, industrial, and export markets. Natural gas is often positioned as a transition fuel given lower carbon intensity versus coal and oil. Tailwinds include growing LNG (liquefied natural gas) export demand, power generation switching from coal, and industrial consumption growth. Headwinds include natural gas price volatility driven by weather, storage levels, and competing supply sources. Infrastructure constraints may limit market access, while long-term demand faces uncertainty from renewable energy expansion and electrification trends potentially reducing gas consumption.

The 6 upstream natural gas e&p stocks we track reported a strong Q1. As a group, revenues beat analysts’ consensus estimates by 4.1%.

While some upstream natural gas e&p stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 2% since the latest earnings results.

Antero Resources (NYSE: AR)

Holding roughly 521,000 net acres across West Virginia, Ohio, and Pennsylvania, Antero Resources (NYSE: AR) drills and produces natural gas, natural gas liquids, and oil from underground rock formations in the Appalachian Basin.

Antero Resources reported revenues of $1.90 billion, up 43.4% year on year. This print exceeded analysts’ expectations by 16.8%. Overall, it was a strong quarter for the company with EPS in line with analysts’ estimates.

Michael Kennedy, CEO and President of Antero Resources commented, "During the first quarter we achieved record production, which was 13% above the year ago period. This production growth drove one of the highest quarterly EBITDAX and Free Cash Flow results in company history. These results reflect a tremendous performance from our operations team which navigated the harsh conditions of Winter Storm Fern without having to shut-in any volumes. This enabled Antero to deliver critical natural gas to the various regions that needed it most, a truly remarkable achievement by our people in the field."

The market was likely pricing in the results, and the stock is flat since reporting. It currently trades at $38.87.

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

Best Q1: Range Resources (NYSE: RRC)

Focused almost entirely on the Marcellus Shale beneath Pennsylvania's forests and farmland, Range Resources (NYSE: RRC) drills for and produces natural gas, natural gas liquids, and oil from shale formations.

Range Resources reported revenues of $961.1 million, up 20.6% year on year, outperforming analysts’ expectations by 6.4%. The business had an incredible quarter with a solid beat of analysts’ EBITDA and EPS estimates.

The market seems content with the results as the stock is up 3.5% since reporting. It currently trades at $43.12.

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

Weakest Q1: Comstock Resources (NYSE: CRK)

Operating in the Haynesville shale where a single well can produce millions of cubic feet of gas daily, Comstock Resources (NYSE: CRK) drills for and produces natural gas from underground shale rock formations in Louisiana and Texas.

Comstock Resources reported revenues of $342.3 million, down 11.8% year on year, falling short of analysts’ expectations by 31.8%. It was a disappointing quarter as it posted a significant miss of analysts’ EBITDA and EPS estimates.

Comstock Resources delivered the weakest performance against analyst estimates and slowest revenue growth in the group. As expected, the stock is down 12.8% since the results and currently trades at $15.11.

Read our full analysis of Comstock Resources’s results here.

BKV (NYSE: BKV)

Operating a "closed-loop" model linking gas production to carbon capture, BKV (NYSE: BKV) produces natural gas from shale formations in Texas and Pennsylvania, selling it to utilities, industrial users, and exporters.

BKV reported revenues of $432.8 million, up 449% year on year. This result beat analysts’ expectations by 37.6%. It was a very strong quarter as it also recorded a beat of analysts’ EPS estimates and EBITDA in line with analysts’ estimates.

BKV achieved the biggest analyst estimates beat and fastest revenue growth among its peers. The stock is down 1.2% since reporting and currently trades at $29.50.

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

EQT (NYSE: EQT)

The largest natural gas producer in the United States by daily volume, EQT (NYSE: EQT) produces natural gas and natural gas liquids from wells drilled in the Appalachian Basin.

EQT reported revenues of $3.14 billion, up 45.7% year on year. This print came in 1.4% below analysts' expectations. In spite of that, it was a strong quarter as it logged a solid beat of analysts’ EBITDA and EPS estimates.

The stock is up 4.9% since reporting and currently trades at $59.75.

Read our full, actionable report on EQT 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.

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