What the Wells Drilled Really Tell Us About Strategy, Scale, and Capital Discipline
The U.S. upstream market is often judged by rig counts and headline production growth. But when you step back and analyze **where wells are actually being drilled—and why—**a much clearer story emerges.
Using a dataset of 5,125 wells drilled by the Top 10 U.S. oil & gas operators, this analysis looks beyond activity alone to understand how capital is being deployed, which plays matter most, and what operators are signaling about the future of U.S. shale.
Total Wells Drilled (Top 10 Operators)
Total well records analyzed: 5,125
This dataset captures drilling activity across the major U.S. shale basins, offshore Gulf, and Alaska, providing a clean snapshot of where the industry’s largest operators are concentrating capital and execution.
Wells Drilled by Operator
| Operator | Wells Drilled |
|---|---|
| Exxon (XTO) | 868 |
| OXY USA Inc. | 725 |
| EOG Resources, Inc. | 608 |
| Diamondback Energy, Inc. | 569 |
| ConocoPhillips Company | 518 |
| Devon Energy Corporation | 453 |
| Chevron U.S.A. Inc. | 442 |
| Mewbourne Oil Company | 358 |
| Permian Resources Corporation | 296 |
| Coterra Energy | 288 |
What stands out:
This is not a market dominated by fringe growth players. Activity is concentrated among operators with scale, contiguous acreage, and manufacturing-style development models—a clear signal that execution quality now matters more than sheer drilling velocity.
Wells Drilled by Play — and What Operators Are Saying
Wells Drilled by Play
| Oil & Gas Play | Wells Drilled |
|---|---|
| Permian Basin | 3,964 |
| Bakken / Williston Basin | 283 |
| DJ Basin | 188 |
| Eagle Ford Shale | 136 |
| Marcellus Shale | 136 |
| Utica Shale | 109 |
| Powder River Basin | 68 |
| Alaska North Slope | 41 |
| Gulf (Federal + State Offshore) | 28 |
| Gulf Coast / Haynesville (LA Onshore) | 7 |
Permian Basin — The Manufacturing Engine
With nearly 4,000 wells drilled, the Permian Basin overwhelmingly dominates U.S. upstream activity.
But operators are clear:
this is no longer a growth-at-any-cost basin.
Across operators like Devon Energy, Chevron, Occidental Petroleum, EOG Resources, and Diamondback Energy, the Permian is described as:
- A factory-style development system
- The proving ground for AI optimization, smart gas lift, and co-development
- A basin where base production uplift is replacing rig-driven growth
The message is consistent: efficiency, repeatability, and capital discipline—not acceleration—are driving returns.
Eagle Ford — The Quiet Cash Engine
With 136 wells drilled, the Eagle Ford is firmly in optimization mode.
Operators describe the Eagle Ford as:
- A mature asset delivering steady cash flow
- Benefiting from technology transfer from the Permian
- Requiring lower capital intensity than growth-focused shale programs
This is not a basin chasing headlines—it’s doing exactly what investors want: funding returns quietly and reliably.
Bakken / Williston Basin — Stable, Not Strategic
At 283 wells drilled, the Bakken continues to serve a maintenance role.
Operator commentary emphasizes:
- Base reliability over expansion
- Artificial lift performance and uptime
- Cost control rather than drilling growth
The Bakken isn’t competing for incremental capital—but disciplined execution keeps it economically relevant.
DJ Basin — Underestimated, Then Proven
With 188 wells drilled, the DJ Basin has quietly earned its place.
Operators repeatedly note that:
- The DJ outperformed once fully understood
- Scale effects and shallow declines improved economics
- Modest reinvestment can sustain meaningful volumes
The DJ is no longer a secondary experiment—it’s a validated efficiency basin.
Anadarko, Powder River, and Gas-Weighted Optionality
Lower-volume plays like the Anadarko Basin, Powder River Basin, and Utica are consistently framed as options, not growth engines.
Operators highlight:
- Improved execution and uptime
- Strategic flexibility tied to gas markets
- Capital discipline over expansion
These basins add portfolio resilience without diluting returns.
Gulf of Mexico & Alaska — Reliability and Long-Cycle Conviction
While well counts are smaller, offshore Gulf assets and Alaska carry outsized strategic value.
- Offshore wells deliver low-decline, high-reliability production
- Alaska represents long-cycle oil supply security rather than short-term payback
In a volatile macro environment, these assets stabilize cash flow.
Wells Drilled by State
| State | Wells Drilled |
|---|---|
| Texas | 2,623 |
| New Mexico | 1,623 |
| North Dakota | 277 |
| Colorado | 188 |
| Oklahoma | 128 |
| Ohio | 109 |
| Wyoming | 68 |
| Alaska | 41 |
| Federal Offshore Gulf | 27 |
| Pennsylvania | 27 |
| Louisiana | 8 |
| Montana | 6 |
Texas and New Mexico alone account for more than 83% of all wells drilled, reinforcing the Permian’s role as the core manufacturing hub of U.S. shale.
Top 10 Counties by Wells Drilled
| County | Wells Drilled |
|---|---|
| Eddy County, NM | 868 |
| Lea County, NM | 755 |
| Martin County, TX | 489 |
| Midland County, TX | 354 |
| Loving County, TX | 258 |
| Reagan County, TX | 218 |
| Weld County, CO | 184 |
| Reeves County, TX | 166 |
| Upton County, TX | 155 |
| Culberson County, TX | 147 |
County-level data confirms what operators are saying:
development is increasingly concentrated in proven corridors where full-section, multi-zone development can be executed repeatedly.
Final Takeaway
The Top 10 U.S. oil & gas companies are no longer competing on who drills the most wells.
They are competing on:
- Who manufactures barrels most efficiently
- Who extracts more value from the base
- Who can hold production flat—or grow modestly—while spending less capital
This dataset confirms the shift:
U.S. shale has entered its manufacturing era.
