Enverus has recently unveiled a list of the 50 most prolific public oil and gas operators in the United States, based on gross operated production for the first half of 2024. ExxonMobil, the industry giant, secured the top spot with an impressive 1.96 million barrels of oil equivalent (BOE) per day. Following ExxonMobil were Expand Energy, with 1.69 million BOE per day, and Occidental Petroleum, with 1.22 million BOE per day.
The list highlights the key players driving production in the U.S. oil and gas sector. EOG Resources ranked fourth with 1.18 million BOE per day, and Devon Energy secured the fifth position with 979,550 BOE per day. These rankings reflect a mix of industry stalwarts and emerging operators, showcasing the dynamic nature of the U.S. energy market.
ExxonMobil’s production had an oil weighting of 53 percent, with 19 active rigs, maintaining its first-place position from 2023. Expand Energy, a new addition to the rankings, had a remarkably low oil weighting of just 1 percent but maintained 10 active rigs. Occidental Petroleum’s production was 58 percent oil-weighted, with 27 active rigs. EOG Resources and Devon Energy had oil weightings of 56 percent and 57 percent, respectively, and operated 5 and 26 active rigs.
The rankings focus on production from onshore wells in the Lower 48 states, with all production figures reflecting assets and acquisitions up to October 10, 2024. Enverus highlighted that these rankings are based on organic production changes from these post-acquisition assets.
Enverus CEO Manuj Nikhanj pointed out that the top 10 public operators now represent 62 percent of production from the top 50, up from 56 percent the previous year. This increase is largely attributed to significant mergers, including the combination of Pioneer Natural Resources with ExxonMobil and the formation of Expand Energy through the merger of Chesapeake and Southwestern.
The Permian Basin remains the dominant force in U.S. oil production, with seven of the top 10 operators concentrating their activities there. The basin accounts for a staggering 81 percent of the top 50’s oil production and 40 percent of gas production, underscoring its continued importance in the energy landscape.
While the number of active rigs for the top 50 operators decreased from 322 in the previous year to 298, the efficiency of these rigs has improved by approximately 10 percent, driving production growth despite lower activity levels.
Enverus’ report provides an insightful look into the shifting dynamics of the U.S. oil and gas sector, with major players consolidating power while adapting to new challenges and efficiencies.
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