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Enverus releases
Top 50 Public E&P Operators of 2025
ExxonMobil holds No. 1; ConocoPhillips surges as Permian Basin
strength and consolidation reshape U.S. production
AUSTIN, Texas (Jan. 21, 2026) — Enverus, the leading energy SaaS and analytics platform, has released its annual list of the top public onshore exploration and production (E&P) companies in the U.S. based on gross operated production last year.
ExxonMobil leads the ranking again at 1.95 MMboe/d, followed by Expand Energy (formerly Chesapeake Energy) at 1.75 MMboe/d and ConocoPhillips, which climbed three positions to claim the No. 3 spot at 1.42 MMboe/d. Six of the top 10 companies list the Permian Basin as their primary operating region, reinforcing the basin’s role as the center of U.S. oil and gas production.
According to Enverus, production trends this year reinforce how concentrated the U.S. energy supply landscape has become at the top. Strong Permian exposure, scale advantages, ongoing energy consolidation, and increasing rig efficiency help explain why the largest operators continue to widen the gap. Movement across the Top 50 Operators list highlights how mergers and acquisitions, regional performance, and portfolio optimization continue to influence competitive positioning. ConocoPhillips, EQT, Crescent Energy, Range Resources, Chord Energy and CNX Resources all posted notable year-over-year climbs. New entrants include BKV Corporation, TXO Partners, Infinity Natural Resources and Prairie Operating, reflecting ongoing shifts in the Lower 48 landscape.
The ranking also reveals the ability to integrate assets, adopt advanced analytics, and optimize multi basin development strategies is becoming a defining advantage for public operators.
The use of Enverus’ ranking extends beyond operators themselves. For example, the Geology Department at Stephen F. Austin State University (SFA) integrates real world subsurface data, well logs, header data, and directional data directly into its curriculum to prepare students for careers in geoscience, energy analytics, and subsurface modeling.
“One of the biggest challenges in teaching geology is providing students with access to real-world data and tools,” said Julie Bloxson, associate professor at Stephen F. Austin State University. “Enverus makes it easy for us to integrate comprehensive geological data into our curriculum, enhancing student learning and preparing them for their future careers. Enverus helps us create comprehensive models for the subsurface work that we do. It supplies not just well log data, but also header data and directional data, which are crucial for our projects,” Bloxson said.
This Top Public Operators list, compiled using Enverus Foundations® energy data, incorporates last year’s mergers, includes well breakdowns by oil, liquids and gas production, total company well counts, and recent rig count trends. The list appeared in Upstream Pulse, Enverus’ bi monthly report covering E&P activity, dealmaking, and energy market intelligence.
Key takeaways:
- Top 3 operators: ExxonMobil, Expand Energy (formerly Chesapeake Energy), ConocoPhillips.
- Permian Basin dominance: 6 of the top 10 list the Permian as their primary region.
- Gas weighted producers (Expand, EQT, Antero, Range, CNX and others) anchor the Eastern U.S.
- Rig activity: ExxonMobil (37 rigs), ConocoPhillips (33), Occidental (30).
- Top movers: ConocoPhillips (+3), EQT (+2), Crescent (+3), Range (+3), Chord (+3), CNX (+3)
- New entrants: BKV Corporation (#30), TXO Partners (#38), Infinity Natural Resources (#40), Prairie Operating (#44).
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