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 /PRNewswire/ -- 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.

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).

Download the Ranking

Methodology: Production and ranking for 1H25 include all gross operated production from assets and companies acquired up to and including Dec. 1, 2025, as accounted for in Enverus' platform; as a result, all changes in rankings are based on organic production changes on the post-transacted assets. Oil production includes condensate. Primary Enverus Region refers to the region with the highest contribution to production and ranking in this table, not necessarily for the company as a whole. Rig numbers are from middle of 1H25. Numbers are subject to change because of lags in reporting.

About Enverus
Enverus is the energy industry's most trusted source for decision intelligence and operational efficiencies. With petabytes of proprietary data, deep domain expertise and AI-native technology, Enverus empowers customers to invest smarter, operate more efficiently, and scale faster — across upstream, midstream, minerals, power and renewables — all while navigating the most complex energy market in history. Learn more at Enverus.com.

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SOURCE Enverus