Looking back on mixed or offshore upstream E&P stocks’ Q1 earnings, we examine this quarter’s best and worst performers, including California Resources (NYSE: CRC) 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 strong Q1. As a group, revenues missed analysts’ consensus estimates by 0.8%.

Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 13.8% since the latest earnings results.

California Resources (NYSE: CRC)

Operating some of California's most productive oil fields including Elk Hills and Belridge, California Resources (NYSE: CRC) explores for and produces crude oil, natural gas, and natural gas liquids from fields across California.

California Resources reported revenues of $967 million, up 6.7% year on year. This print exceeded analysts’ expectations by 0.7%. Despite the top-line beat, it was still a mixed quarter for the company.

"We continued to demonstrate the strength of our integrated portfolio strategy, delivering solid results while advancing high-return oil developments and capturing incremental merger-related synergies," said Francisco Leon, CRC's President and Chief Executive Officer.

The market seems disappointed with the results as the stock is down 25.1% since reporting and currently trades at $52.53.

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

Best Q1: Seadrill (NYSE: SDRL)

Operating in water depths reaching 12,000 feet below the surface, Seadrill (NYSE: SDRL) owns and operates drillships and semi-submersible rigs that drill oil and gas wells in deepwater offshore locations.

Seadrill reported revenues of $358 million, up 6.9% year on year, outperforming analysts’ expectations by 7.2%. The business had an incredible quarter with a beat of analysts’ EPS estimates and an impressive beat of analysts’ EBITDA estimates.

Although it had a fine quarter compared to its peers, the market seems unhappy with the results as the stock is down 16.2% since reporting. It currently trades at $40.48.

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

Weakest Q1: Kosmos Energy (NYSE: KOS)

Operating in some of the world's deepest waters with projects located up to 120 kilometers offshore, Kosmos Energy (NYSE: KOS) explores for, develops, and produces oil and natural gas from deepwater offshore fields.

Kosmos Energy reported revenues of $370.9 million, up 27.7% year on year, falling short of analysts’ expectations by 8.9%. It was a disappointing quarter as it posted a significant miss of analysts’ EBITDA and EPS estimates.

As expected, the stock is down 35.6% since the results and currently trades at $2.11.

Read our full analysis of Kosmos Energy’s results here.

Murphy Oil (NYSE: MUR)

Operating in waters over a mile deep in the Gulf of Mexico and extracting hydrocarbons from tight shale rock formations in Texas, Murphy Oil (NYSE: MUR) explores for and produces crude oil, natural gas, and natural gas liquids from fields in North America and Asia.

Murphy Oil reported revenues of $733.6 million, up 10.2% year on year. This result topped analysts’ expectations by 3.7%. It was a very strong quarter as it also put up a beat of analysts’ EPS estimates.

The stock is down 14.1% since reporting and currently trades at $33.44.

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

Green Plains (NASDAQ: GPRE)

Operating one of North America's largest ethanol platforms with capacity to process 310 million bushels of corn annually, Green Plains (NASDAQ: GPRE) operates ten biorefineries that convert corn into ethanol for fuel, distillers grains for animal feed, and renewable corn oil.

Green Plains reported revenues of $445.8 million, down 25.9% year on year. This number came in 15.8% below analysts’ expectations. Aside from that, it was a very strong quarter as it recorded a beat of analysts’ EPS and EBITDA estimates.

Green Plains had the slowest revenue growth among its peers. The stock is flat since reporting and currently trades at $16.90.

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

Want to invest in winners with rock-solid fundamentals? Check out our Hidden Gem Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.