Oil and Gas Producers at the Forefront of Permian Basin's Oil Production
Leading E&P Operators in the Permian Basin
Ranking Methodology: Operators are ranked by total oil production in the Permian Basin during November 2025, based on data available through Novi Insights. Rankings reflect production volumes reported for that month and may change over time as new production data becomes available.
| Operator | Location | Founded (year) | Founders | Revenue | Description |
|---|---|---|---|---|---|
| Exxon Mobil | Houston, Texas | 1999 | John D. Rockefeller | <$344B | ExxonMobil is one of the world's largest integrated energy companies, operating across upstream, downstream, chemicals, and low-carbon solutions. In the Permian Basin, ExxonMobil significantly expanded its scale and inventory by completing its acquisition of Pioneer Natural Resources, strengthening its Delaware and Midland Basin position. |
| EOG | Houston, Texas | 1999 | Mark G. Papa | <$25B | EOG Resources is one of the largest independent U.S. oil and gas producers, focused on high-return drilling across multiple major shale plays. Its portfolio includes meaningful activity in the Permian (Delaware Basin) alongside other core U.S. positions such as Eagle Ford, Bakken, and additional Rockies and Mid-Continent assets. |
| Occidental | Houston, Texas | 1920 | Armand Hammer | <$30B | Occidental Petroleum is a large U.S. energy company with core businesses spanning upstream oil and gas, midstream/marketing, and chemicals. In the Permian Basin, Oxy strengthened its position by completing its acquisition of CrownRock, adding high-quality, development-ready inventory and production. |
| Diamondback | Midland, Texas | 2007 | Travis Stice | <$9B | Diamondback is a Permian-focused independent producer concentrated primarily in West Texas and New Mexico. The company expanded into a larger Permian pure-play platform by completing its merger with Endeavor Energy Resources, creating a scaled operator with deep inventory across the Midland/Delaware areas. |
| Devon Energy | Oklahoma City, Oklahoma | 1971 | John Nichols & J. Larry Nichols | <$15B | Devon Energy is a leading U.S. independent oil and natural gas exploration and production company with a multi-basin portfolio anchored by the Delaware Basin in the Permian. In 2024, Devon expanded its scale and oil weighting through the acquisition of Grayson Mill Energy, strengthening its position in the Williston and Powder River basins while maintaining a capital-efficient, shareholder-return-focused operating model. In 2025, Devon announced an agreement to acquire Coterra Energy in a $21.5 billion transaction that would create one of the largest diversified U.S. shale producers, pending regulatory and shareholder approval. |
| ConocoPhillips | Houston, Texas | 2002 | L.E. Phillips & Isaac E. Blake | <$60B | ConocoPhillips is one of the world's largest independent upstream E&P companies with a diversified global portfolio and major U.S. unconventional operations. The company further expanded its U.S. scale and inventory by completing its acquisition of Marathon Oil, strengthening its Lower 48 position. |
| Chevron | San Ramon, California | 1906 | Abraham Seigel & Israel Cohen | <$200B | Chevron is a global integrated energy company with operations spanning upstream, downstream, chemicals, and lower-carbon initiatives. The company completed its acquisition of Hess, adding major international assets (including Guyana) and strengthening its long-term growth portfolio alongside its large U.S. onshore position (including the Permian). They are active in Anadarko, Appalachia, Denver-Julesburg, Eagle Ford, Haynesville, Permian, Powder River, and Williston Basin. |
| Coterra Energy | Houston, Texas | 1989 | Godfrey Lowell Cabot | <$7B | Coterra Energy is a diversified U.S. E&P company with positions in the Permian, Marcellus, and Anadarko basins. Cabot and Cimarex merged in 2021 and was renamed Coterra Energy. In 2025, the company agreed to be acquired by Devon Energy in a $21.5 billion all-stock transaction. |
| Permian Resources | Midland, Texas | 2015 | - | <$5B | Permian Resources Corporation is an independent oil and natural gas company focused on the acquisition, optimization, and development of oil and liquids-rich natural gas assets. The company's operations are primarily concentrated in the core of the Delaware Basin, a sub-basin of the Permian Basin. In September 2022, the company changed its name from Centennial Resource Development, Inc. to Permian Resources Corporation. The company increased its scale in the Permian by completing its acquisition of Earthstone Energy, consolidating additional Delaware Basin inventory and production. |
| Mewbourne Oil | Tyler, Texas | 1965 | Curtis Mewbourne | <$500M | Established in 1965, Mewbourne Oil Company has grown into one of the more prominent independent oil and natural gas producers in the Anadarko and Permian Basins of Texas, Oklahoma and New Mexico. They are active in Anadarko and Permian Basin. |
| SM Energy | Denver, Colorado | 1908 | Chester Adgate Congdon | <$3B | SM Energy is an independent exploration and production company focused on developing high-return U.S. onshore oil and gas assets. The company's portfolio is primarily centered on the Midland Basin in West Texas and the Maverick Basin in South Texas. In February 2026, SM Energy announced the sale of its South Texas Galvan Ranch assets to Caturus Energy for $950 million, further concentrating its capital allocation and operational focus on its core Permian position. They are active in Eagle Ford, Haynesville, Permian, and Williston. |
| Matador Resources Company | Dallas, Texas | 2003 | Joseph Wm. Foran & Scott E. King | <$3B | Matador is an independent energy company engaged in the exploration, development, production, and acquisition of oil and natural gas resources in the United States. Its current operations are focused primarily on the oil and liquids-rich portion of the Wolfcamp and Bone Spring plays in the Delaware Basin in Southeast New Mexico and West Texas. Matador also operates in the Eagle Ford shale play in South Texas and the Haynesville shale and Cotton Valley plays in Northwest Louisiana. |
| Apache | Houston, Texas | 1999 | Raymond Plank, Charles Arnao & Truman Anderson | <$9B | APA Corporation, formerly known as Apache Corporation, is an independent energy company engaged in the exploration, development, and production of oil and gas resources. APA acquired the Suriname and Dominican Republic subsidiaries from Apache. They are active in Eagle Ford and the Permian Basin. |
| Ovintiv | Denver, Colorado | 2020 | Gwyn Morgan | <$10B | Ovintiv Inc. (formerly known as Encana Corporation), is an independent energy company that focuses on the exploration, development, and production of oil, natural gas, and natural gas liquids (NGLs). The company operates a multi-basin portfolio with significant U.S. onshore exposure, including the Permian Basin. In 2026, Ovintiv agreed to divest its Anadarko Basin assets for $3 billion in cash, further streamlining its portfolio and increasing its capital concentration on core oil-weighted assets, including the Permian and Uinta basins. They are active in Anadarko, Arkoma, Barnett, Haynesville, Permian, and Uinta Basin. |
| BP | Houston, Texas | 1969 | William Knox D'Arcy | <$200B | BP is a multinational oil and gas company. Its activities in the U.S. cover various aspects of the energy industry, including exploration, production, refining, and marketing. BP is involved in both conventional and unconventional oil and gas projects. They are active in Anadarko, Appalachia, Arkoma, Barnett, Eagle Ford, Haynesville, Permian, and San Juan Basin. |
| Crescent Energy | Houston, Texas | 2021 | David Rockecharlie | <$3B | Crescent Energy is a U.S. independent E&P company built around acquiring and operating long-life producing assets with an emphasis on free cash flow generation. Crescent significantly expanded its footprint by closing its acquisition of SilverBow Resources, strengthening its scale in South Texas and enhancing its operated position. They focus operations in the Eagle Ford and Uinta Basins. |
| Birch Resources | Houston, Texas | 2010 | Sally Allen | <$17M | Birch Resources is a privately held exploration and production company that operates in the Permian Basin. With a focus on the Mid Continent region, which includes Texas, Oklahoma, New Mexico, and Louisiana. |
| Blackbeard | Fort Worth, Texas | 2014 | - | <$500M | Blackbeard Operating, LLC is a privately held energy company specializing in the acquisition, operation, and development. Blackbeard operates primarily in the Permian Basin and the Arkoma Basin. |
| Surge Energy | Houston, Texas | 2015 | - | <$500M | Surge Energy is an independent oil and natural gas company focused on the development, exploitation, production and acquisition of oil and natural gas reserves in the Midland Basin of West Texas. Surge Energy is headquartered in Houston, and currently holds about 85,000 net acres in the Permian Basin. |
| Highpeak Energy | Fort Worth, Texas | 2020 | Jack Hightower | <$1B | HighPeak Energy is an independent oil and natural gas company engaged in the acquisition, development and production of oil, natural gas and NGL reserves. Located primarily in Howard County, Texas, which lies within the northeastern part of the oil-rich Midland Basin. |
Last updated: March 2026 based on the latest available operator data.