Key Highlights

  • Viper Energy ranks first with Operating Income of $661 million, up 58.1% (calculated), and Net Income of $300 million.
  • Crescent Energy posted Revenue of $1.35 billion, up 56%, but a $405.8 million derivative loss left a net loss of $0.6 million.
  • Diamondback Energy reported revenue of $5.431 billion, up 38.4% (calculated), and net income of $1.603 billion.
  • Kosmos Energy cut its net loss to $43.0 million as oil and gas revenue rose 31.9% (calculated) to $410.1 million.
  • Vitesse Energy reported revenue of $83.0 million, up 23%, and a $36.4 million net loss tied to a $58.6 million derivative loss.

Which Energy Producers Reported the Fastest Revenue Growth in the Q3 2026 Earnings Season?

Five energy producers are ranked here by year-over-year revenue growth for the third quarter of 2026, using filings and releases from Nov 2, 2026, with one call held on Nov 3, 2026. Viper Energy (NASDAQ:VNOM) ranks first, with total operating income of $661 million, up 58.1% (calculated). Crescent Energy (NYSE:CRGY) is second at $1.35 billion, up 56%, and Diamondback Energy (NASDAQ:FANG) is third at $5.431 billion, up 38.4% (calculated).

Kosmos Energy (NYSE:KOS) ranks fourth with total revenues and other income of $409.88 million, up 31.7% (calculated), and Vitesse Energy (NYSE:VTS) is fifth at $83.0 million, up 23%. Viper's measure is total operating income, which the article uses as its revenue figure, so it is not an identical base to the others.

Only Viper and Diamondback reported positive net income. Crescent, Kosmos and Vitesse posted net losses, and each reported a sizable derivative loss for the quarter.

1. Viper Energy: What Pushed Operating Income Up 58.1% and Net Income to $300 Million?

Viper Energy reported total operating income of $661 million, led by Royalty income of $656 million. Consolidated net income was $300 million, against a net loss of $197 million a year earlier that included a $360 million impairment. Net income attributable to Viper was $140 million, or $0.72 per diluted Class A share. The company owns mineral and royalty interests, mainly in the Permian Basin.

Average daily production was 141,152 barrels of oil equivalent, and the unhedged realized oil price was $87.65 per barrel. In September it agreed to two acquisitions with cash portions totaling about $809 million (calculated). Full-year 2026 oil production guidance rose to 67,250 to 67,750 barrels per day, and a $0.50 base Dividend is payable on Nov 19, 2026.

2. Crescent Energy: How Did a $405.8 Million Derivative Loss Erase a $478.7 Million Operating Profit?

Crescent Energy reported revenue of $1.35 billion, and income from operations jumped to $478.7 million from $30.8 million. A $405.8 million loss on derivatives, against a prior-year gain of $55.7 million, plus higher interest expense left a net loss of $0.6 million. Production averaged 328 thousand barrels of oil equivalent per day, up from 253 thousand, mainly from a December 2025 merger.

Adjusted EBITDAX rose 62% to $785.8 million, and levered free Cash Flow climbed 79% to $366.7 million. Long-term Debt was $4.72 billion. On Oct 8, 2026, the company agreed to buy Eagle Ford Assets for about $4.2 billion in cash, funded partly by a roughly $1.1 billion share offering and a $1.5 billion term loan.

3. Diamondback Energy: How Does a 38.4% Revenue Gain Convert to $1.603 Billion of Net Income?

Diamondback Energy reported revenue of $5.431 billion, up from $3.924 billion, and net income attributable to the company of $1.603 billion, or $5.69 per diluted share. Oil production averaged 525 thousand barrels per day, flat with the second quarter, at a realized oil price of $87.30 per barrel. The company explores for and produces oil and Natural Gas in the Permian Basin.

Free cash flow was about $2.1 billion on $1.0 billion of cash Capital spending. The board raised the annual base dividend 7.3% to $4.72 per share, and the company bought back 1.3 million shares for about $251 million. Full-year oil production guidance rose to about 524 thousand barrels per day, with capital spending now $3.95 billion to $4.00 billion.

4. Kosmos Energy: Why Does a Higher-Revenue Quarter Still End in a $43.0 Million Loss?

Kosmos Energy reported a net loss of $43.0 million, or $0.07 per share, a sharp improvement from $124.3 million, or $0.26. Oil and gas revenue was $410.1 million, and the average realized price was $71.39 per Barrel of Oil Equivalent versus $56.39. A $133.9 million Derivatives loss, which the filing attributes to changes in the forward oil price curve, kept the quarter in the red.

Production costs fell to $17.72 per barrel of oil equivalent from $26.78. Net debt was $2.47 billion, down 17.1% (calculated) from $2.98 billion at year end 2025. Management expects lower fourth quarter net production and targets year-end 2027 net debt of about $2 billion at strip prices.

5. Vitesse Energy: How Did a $58.6 Million Derivative Loss Turn 23% Growth Into a Net Loss?

Vitesse Energy reported revenue of $83.0 million, up from $67.4 million, even as production fell 7% to 16,824 barrels of oil equivalent per day. A higher realized price before hedging, $53.59 per barrel of oil equivalent, added $22.1 million, while lower volumes subtracted $6.6 million. The company owns non-operated interests, mainly in the Williston Basin.

The net loss was $36.4 million, or $0.86 per share, against $1.3 million a year earlier. A Commodity derivative loss of $58.6 million, including a $46.6 million unrealized portion, was the main driver. The board declared a $0.4375 dividend, and $84.5 million remained available under its revolving Credit facility.

Energy Producers Compared: Revenue Growth, Derivative Losses and the Size Gap

The five growth rates average 41.4% (calculated), and the spread between Viper and Vitesse is 35.1 percentage points (calculated). Combined revenue measures total $7,936.1 million (calculated), with Diamondback accounting for 68.4% (calculated).

Derivative losses reported by Crescent, Kosmos and Vitesse add up to $598.3 million (calculated). Diamondback's net income was 29.5% of revenue (calculated), and Viper's consolidated net income was 45.4% of its operating income (calculated). Bases differ widely, and Viper's revenue figure is operating income, so margins are only a rough guide.

What to Watch Next: Nov 19 Dividends, the Crescent Eagle Ford Closing and Vitesse's Dec 31 Payout

Viper and Diamondback both pay dividends on Nov 19, 2026, and Crescent's dividend is payable on Nov 30, 2026. Vitesse's next dividend is payable on Dec 31, 2026 to holders of record on Dec 15. Viper expects its $280 million Midland Basin Acquisition to close in the fourth quarter.

Crescent expects its Eagle Ford purchase to close in the fourth quarter of 2026 or early 2027, subject to antitrust Waiting Period conditions. For Kosmos, the materials mention a Ghana drilling campaign from mid-2027 and an exploration well in the first half of 2027, but no precise dated event.