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NatGas '26: Upstream & Land Optionality
7 tickers · $79.62B total market cap
Group: NatGas
The NatGas '26 theme is bullish, driven by an unprecedented surge in demand from AI data centers and LNG exports colliding with maturing supply basins. This demand-pull market necessitates structurally higher natural gas prices to incentivize new, price-sensitive upstream growth and overcome infrastructure constraints, fundamentally reshaping market dynamics.
NatGas '26: Upstream & Land Optionality tracks 7 publicly listed stocks in this theme: LB, MTDR, NOG, PR, SM, TPL, VNOM. See the constituent table for details.
Thesis update: 2026-03-24
Constituents
Build 20260519T212339
| Company | Previous Quarter Report Date | Next Expected Report Date | Last Quarter Earnings Move % | Earnings Move % | Intra-Quarter Move % | Since Last Report % | Market cap | Weight |
|---|---|---|---|---|---|---|---|---|
Texas Pacific Land CorporationTPL | 05/06/2026 (AMC) | 05/06/2026 (AMC) | 13.43% | -7.29% | -16.03% | -1.13% | $26.67B | 14.2857 |
Viper Energy, Inc.VNOM | 05/04/2026 | 05/04/2026 | 0.20% | 0.14% | 14.43% | -2.46% | $18.43B | 14.2857 |
Permian Resources CorporationPR | 05/06/2026 | 05/06/2026 | 3.86% | -10.40% | 15.97% | 5.68% | $14.97B | 14.2857 |
Matador Resources CompanyMTDR | 05/06/2026 | 05/06/2026 | -1.80% | -11.70% | 16.50% | 11.80% | $7.56B | 14.2857 |
LandBridge Company LLCLB | 05/06/2026 | 05/06/2026 | 13.79% | -3.28% | -11.27% | 18.29% | $5.57B | 14.2857 |
SM Energy CompanySM | 05/06/2026 | 05/06/2026 | 4.90% | -6.76% | 24.49% | 17.94% | $3.81B | 14.2857 |
Northern Oil and Gas, Inc.NOG | 04/28/2026 | 04/28/2026 | 4.19% | 4.02% | -0.11% | -10.95% | $2.62B | 14.2857 |
| Average | 5.51% | -5.04% | 6.28% | 5.60% | $11.37B | 14.2857 | ||
| Median | 4.19% | -6.76% | 14.43% | 5.68% | $7.56B | 14.2857 | ||
| Std Dev | 5.58% | 5.25% | 14.36% | 10.25% | $8.27B | 0.0% | ||
| Min | -1.80% | -11.70% | -16.03% | -10.95% | $2.62B | 14.2857 | ||
| Max | 13.79% | 4.02% | 24.49% | 18.29% | $26.67B | 14.2857 | ||
| % Positive Tickers | 85.71% | 28.57% | 57.14% | 57.14% |
* Provisional value: before LstRpt% reaches its 2-day post-report lock window (BMO/AMC adjusted), EarningsPerf is calculated from current vs pre-report and then locks to final LstRpt%.