Permian powerhouses and Appalachian gas juggernauts dominated the top 50 publicly traded oil and gas producers in the onshore Lower 48 market during 1H23, according to an analysis using Enverus Foundations data presented in the most recent issue of Upstream Pulse. Climbing one spot compared to 2022, ExxonMobil led the pack with gross operated production of 1.17 MMboe/d (43% oil). While Exxon is a multi-basin operator, the Permian accounted for 52% of its onshore Lower 48 output. Exxon’s acquisition target—and the largest producer specifically from the Permian—Pioneer Natural Resources delivered 801,198 boe/d in 1H23. With the transaction expected to close in 1H24, it seems Exxon will further solidify its top position in the 2024 ranks with nearly 2 MMboe/d.
Slipping one spot compared to 2022 to second place, but leading gas-focused producers, Chesapeake Energy produced 1.13 MMboe/d from the Marcellus and Haynesville in 1H23. Being only 2% oil, the total is better understood in gas-equivalent units of 6.78 Bcfe/d. Appalachian peer EQT Corp. came in fourth on the list at 990,448 boe/d (99% gas), or 5.94 Bcfe/d.
Currently the most active driller in the U.S. at 27 rigs, also based on Enverus Foundations data, EOG Resources had the third-highest gross production at 1.1 MMboe/d (57% oil). Of that total, 61% was extracted from the Permian.
Rounding out the top five was Occidental Petroleum at 977,228 boe/d (58% oil). Oxy is the second-largest producer in the Permian, with that basin accounting for 78% of its onshore Lower 48 total. Oxy is further boosting its production in the basin with its acquisition of CrownRock LP. Closing is expected this quarter, and the additional gross volumes will push Oxy’s total above 1 MMboe/d. The pending merger of No. 8 and No. 30 on the Top 50 list will create another 1 MMboe/d-plus Lower 48 producer when Chevron closes its acquisition of Hess Corp.
To see the full public producer leaderboard, check out the latest issue of Upstream Pulse.
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