The U.S. shale industry has undergone significant changes over the past decade, with operators shifting from rapid growth to capital discipline and operational efficiency. One company that has quietly maintained a steady development program throughout this transition is CML Exploration, LLC, a privately held independent oil and gas producer headquartered in Austin, Texas.
Operating across key oil-producing regions including the Permian Basin, Maverick Basin, and Eaglebine Trend, CML Exploration has built a diversified portfolio of producing assets while maintaining a consistent drilling pace.
Company Overview
Founded in 2007, CML Exploration focuses on the acquisition, development, and operation of oil and natural gas properties throughout Texas and New Mexico. The company has established a presence in several prolific producing regions, including:
Permian Basin
CML maintains operations in both the Delaware and Midland Basins, with assets located in:
- Lea County, New Mexico
- Crane County, Texas
- Garza County, Texas
- Scurry County, Texas
South Texas / Maverick Basin
The company has been active in:
- Dimmit County
- Zavala County
Target formations include the Austin Chalk, Buda, and Georgetown intervals.
Eaglebine Trend
CML has also developed assets within the Eaglebine play, targeting the Woodbine and Austin Chalk formations across East Texas.
Today, the company operates hundreds of producing wells and continues to focus on efficient development of its core acreage positions.
CML Exploration Wells Drilled Over the Last 10 Years
Analysis of drilling records shows that CML Exploration drilled 87 wells between 2016 and 2026, demonstrating a disciplined and consistent development strategy.
Year Wells Drilled 2016 5 2017 11 2018 13 2019 8 2020 8 2021 10 2022 12 2023 8 2024 5 2025 6 2026* 1 Total 87
*2026 year-to-date.
Drilling Activity Trends
Strong Growth Period (2017-2018)
CML’s most active drilling period occurred during 2017 and 2018, when the company drilled a combined 24 wells. This activity coincided with increased industry investment in shale development and favorable commodity prices.
Stable Development Program (2019-2023)
Unlike many operators that dramatically expanded and contracted drilling programs based on market conditions, CML maintained a relatively stable pace of development. During this five-year period, the company drilled 46 wells, averaging approximately 9 wells per year.
This consistency suggests a focus on:
- Acreage optimization
- Production maintenance
- Disciplined capital allocation
- Long-term reserve development
Recent Activity (2024-2026)
Drilling activity has moderated in recent years, with:
- 5 wells drilled in 2024
- 6 wells drilled in 2025
- 1 well drilled year-to-date in 2026
This trend mirrors the broader industry shift toward capital efficiency, shareholder returns, and maximizing value from existing assets.
What This Means for Oilfield Service Companies
CML Exploration remains an active operator with ongoing requirements for:
- Artificial lift systems
- Production chemicals
- Well servicing and workover operations
- Water management services
- Lease operating support
- Drilling and completion services
- Environmental and regulatory support
While not one of the largest shale operators, the company’s consistent drilling history and active production footprint make it a valuable target account for oilfield service providers operating in Texas and New Mexico.
Key Takeaways
- 87 wells drilled over the last 10 years
- Peak drilling year: 2018 with 13 wells
- Average drilling rate: Approximately 9 wells per year
- Active across the Permian Basin, Maverick Basin, and Eaglebine Trend
- Maintains a disciplined and consistent development strategy
- Continues to represent an opportunity for oilfield service companies supporting drilling, completions, and production operations
As the industry continues to prioritize operational efficiency and capital discipline, CML Exploration serves as an example of a private operator focused on steady growth and long-term asset development rather than rapid expansion.
Author: phinds
