by Andreas Exarheas | RigZone.com |In a release sent to Rigzone this week, Enverus announced that it has released its annual list of “the most prolific 100 private oil and gas producers in the United States”.
The complete list, titled “Top 100 Private Lower 48 Producers of 2024” and accessed by Rigzone, placed Continental Resources in first place, Mewbourne Oil in second, Aethon Energy in third, Ascent Resources LLC in fourth, and Hilcorp in fifth. Enverus pointed out in its release that the ranking is based on gross operated production, well count, and rig movements across the last year.
Continental Resources produced 639,733 barrels of oil equivalent per day (boepd) in 2024, and had a well count of 5,055 and 21 active rigs, the complete list revealed. Mewbourne Oil produced 469,624 barrels of oil equivalent per day, with a well count of 3,632 and 23 active rigs. Aethon Energy produced 436,534 barrels of oil equivalent per day, with a well count of 1,981 and six active rigs, according to the list.
Ascent Resources LLC had an output of 424,955 barrels of oil equivalent per day, a well count of 915, and two active rigs, and Hilcorp produced 296,552 barrels of oil equivalent per day, and had a well count of 22,642 and one active rig, according to the list.
In 2023, Continental Resources ranked first, Mewbourne Oil was fourth, Aethon Energy was third, Ascent Resources LLC was second, and Hilcorp was sixth, as highlighted in the list.
“Continental Resources continues to dominate the ranking as the top position, but this year Mewbourne Oil leapfrogged from fourth to second and Aethon Energy remains in the third position,” Enverus stated in its release.
In the release, Shawn Stuart, Principal Analyst at Enverus, said, “this year’s top 100 list reflects a private operator landscape that’s been shaped by the drastic consolidation of operators over the last two years”.
“The remaining privates are more geographically diverse than ever before, and new entrants are having to be opportunistic on acquisitions as core plays consolidate,” he added.
“Private capital is shifting to legacy basins, testing new zones, and leaning into gas plays that were once overlooked. We’re seeing a return to the Permian’s edges, a push into under-the-radar plays like the SCOOP / STACK, and a renewed focus on innovation – from longer laterals to refracs,” he continued.
“A macro environment has created near-term headwinds for private companies to grow, but once things stabilize, there is significant private capital that has been raised and is ready to hunt for new opportunities,” he went on to note.
That could come from buying longer-dated, production-heavy assets from other private companies, pivoting to gas, or focusing outside of the Permian, in areas such as the Mid-Continent that are ripe for non-core sales by public operators, Stuart stated in the release.
“The top 100 list shows how private operators continue to evolve with the industry maturing,” he added.
In its release, Enverus highlighted that the list was compiled utilizing data from its Foundations and Activity Analytics. In a statement sent to Rigzone, an Enverus spokesperson highlighted that this year’s list features eight new entrants.
Rigzone has contacted Continental Resources, Mewbourne Oil, Aethon Energy, Ascent Resources LLC, Hilcorp, and the American Petroleum Institute for comment on Enverus’ list and release. At the time of writing, none of the above have responded to Rigzone.
Enverus describes itself as the most trusted energy-dedicated SaaS company, “with a platform built to maximize value from generative AI, offering anytime, anywhere access to analytics and insights”.
“These include benchmark cost and revenue data sourced from more than 95 percent of U.S. energy producers and more than 40,000 suppliers,” the company states.
To contact the author, email andreas.exarheas@rigzone.com
