Q3 results and guidance updates are all in for the Actively Managed Portfolio and High Yield Energy List, as well as for most of our coverage universes.

We’re still assessing how results affect our company-by-company outlook for the rest of the year and into 2020. But there are already a few clear takeaways.

First, our recommendations’ Q3 numbers were quite solid, including companies whose shares have taken hard hits lately. And they support guidance for capital spending, distribution policies and balance sheet strength.

That’s by no means true of every energy company we track, and there are plenty of disaster stories shaping up in our coverage universes. But our long-standing thesis is still very much intact: This is a much more sustainable and resilient industry than it was five years ago at the start of the decline.

Earnings season in the energy sector is about to get under way. And wherever companies reside on the value chain, we expect to hear a lot about investment discipline.

Halliburton Co (NYSE: HAL) will be one of the first to release numbers and update guidance on October 21. But management of the energy services giant has already signaled there will likely be a more cautious tenor to its comments, after announcing the layoff of 650 workers across the Rockies region this week.

Through much of August and early September, benchmark US oil prices continued to defy conventional wisdom of an impending decline, hanging in the same mid-50s per barrel trading range they’ve held since late January. Meanwhile, natural gas has rebounded more than 20 percent from early August lows, squeezing the elevated ranks of short sellers.

Energy prices’ resiliency this summer hasn’t convinced too many investors to jump back into sector stocks. But a number of producers, midstream operators, service companies and even MLPs have now made noticeable bounces off last month’s nadir even before last weekend’s drone strike on Saudi Arabia.