Wrapping up Q4 earnings, we look at the numbers and key takeaways for the mixed or offshore upstream e&p stocks, including SM Energy (NYSE: SM) and its peers.

This category includes smaller or niche E&P companies operating in specialized basins, geographies, or resource types outside major classifications. These firms may target unconventional resources, frontier regions, or specific commodity niches. Tailwinds include potential for outsized returns from successful exploration, acquisition opportunities during industry downturns, and specialized expertise commanding premium valuations. Headwinds include higher operational and geological risks, limited scale reducing negotiating power and cost efficiencies, and constrained capital market access during challenging commodity environments. Regulatory risks and ESG concerns may disproportionately affect smaller operators with fewer resources for compliance.

The 21 mixed or offshore upstream e&p stocks we track reported a mixed Q4. As a group, revenues were in line with analysts’ consensus estimates.

Luckily, mixed or offshore upstream e&p stocks have performed well with share prices up 14.5% on average since the latest earnings results.

SM Energy (NYSE: SM)

Operating across three key regions with over 328,000 net acres under its control, SM Energy (NYSE: SM) explores for, develops, and produces oil, natural gas, and natural gas liquids primarily from shale formations in Texas and Utah.

SM Energy reported revenues of $705 million, down 17.3% year on year. This print fell short of analysts’ expectations by 4.7%. Overall, it was a softer quarter for the company with a miss of analysts’ EBITDA estimates.

"SM Energy enters its next chapter as a century‑strong, future‑ready company," said President and CEO Beth McDonald.

Interestingly, the stock is up 46.1% since reporting and currently trades at $32.21.

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

Best Q4: Gevo (NASDAQ: GEVO)

Operating one of the largest dairy-based renewable natural gas facilities in the United States, Gevo (NASDAQ: GEVO) produces sustainable aviation fuel and other renewable hydrocarbon fuels from plant-based feedstocks like corn.

Gevo reported revenues of $45.35 million, up 696% year on year, outperforming analysts’ expectations by 0.7%. The business had a stunning quarter with a beat of analysts’ EPS and EBITDA estimates.

Gevo pulled off the fastest revenue growth among its peers. The market seems happy with the results as the stock is up 46.5% since reporting. It currently trades at $2.77.

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

Weakest Q4: Granite Ridge Resources (NYSE: GRNT)

Operating without drilling rigs or field crews of its own, Granite Ridge Resources (NYSE: GRNT) owns interests in oil and natural gas wells across six major US shale basins.

Granite Ridge Resources reported revenues of $105.5 million, flat year on year, falling short of analysts’ expectations by 13.2%. It was a disappointing quarter as it posted a significant miss of analysts’ EBITDA and EPS estimates.

Interestingly, the stock is up 11.9% since the results and currently trades at $5.98.

Read our full analysis of Granite Ridge Resources’s results here.

Clean Energy Fuels (NASDAQ: CLNE)

Operating the largest network of natural gas fueling stations in North America with over 600 locations, Clean Energy Fuels (NASDAQ: CLNE) supplies renewable natural gas and conventional natural gas as fuel for commercial vehicle fleets.

Clean Energy Fuels reported revenues of $112.3 million, up 2.7% year on year. This number beat analysts’ expectations by 14.3%. Overall, 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 flat since reporting and currently trades at $2.55.

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

Weatherford (NASDAQ: WFRD)

Operating in roughly 75 countries with over 300 facilities worldwide, Weatherford (NASDAQ: WFRD) provides equipment and services for drilling, completing, and maintaining oil and gas wells.

Weatherford reported revenues of $1.29 billion, down 3.9% year on year. This print topped analysts’ expectations by 2.3%. It was a very strong quarter as it also produced a beat of analysts’ EPS estimates and EBITDA in line with analysts’ estimates.

The stock is down 3.5% since reporting and currently trades at $92.66.

Read our full, actionable report on Weatherford 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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