The Permian Basin continues to be one of the most prolific oil and gas regions in the world. The drilling activity across the region reflects ongoing efforts by operators to maximize production while navigating market dynamics. Below is a summary of the top 15 operators in the Permian Basin by wells drilled in 2024, comparing their activity levels with 2023 to showcase trends and changes across the industry.
Top 15 Operators by Wells Drilled in 2024 – Permian Basin
- XTO Energy Inc.
- Wells Drilled (2024): 716
- Spread (2024 vs. 2023): -165
- OXY USA Inc.
- Wells Drilled (2024): 522
- Spread (2024 vs. 2023): -112
- Diamondback Energy
- Wells Drilled (2024): 515
- Spread (2024 vs. 2023): -215
- EOG Resources, Inc.
- Wells Drilled (2024): 389
- Spread (2024 vs. 2023): -40
- Mewbourne Oil Company
- Wells Drilled (2024): 318
- Spread (2024 vs. 2023): +55
- Coterra Energy
- Wells Drilled (2024): 305
- Spread (2024 vs. 2023): +10
- Devon Energy Corporation
- Wells Drilled (2024): 290
- Spread (2024 vs. 2023): -50
- Chevron U.S.A. Inc.
- Wells Drilled (2024): 275
- Spread (2024 vs. 2023): -25
- Permian Resources
- Wells Drilled (2024): 265
- Spread (2024 vs. 2023): +15
- ConocoPhillips Company
- Wells Drilled (2024): 255
- Spread (2024 vs. 2023): +15
- APA Corporation
- Wells Drilled (2024): 250
- Spread (2024 vs. 2023): -20
- Ovintiv USA
- Wells Drilled (2024): 240
- Spread (2024 vs. 2023): +20
- Matador Resources Company
- Wells Drilled (2024): 225
- Spread (2024 vs. 2023): -5
- Double Eagle IV
- Wells Drilled (2024): 215
- Spread (2024 vs. 2023): +5
- Civitas Resources
- Wells Drilled (2024): 210
- Spread (2024 vs. 2023): +10
Key Observations:
- Declines in Drilling Activity:
XTO Energy, OXY USA, and Diamondback Energy saw significant reductions in their well counts compared to 2023. These declines may be attributed to capital discipline, cost-cutting measures, or a shift in focus towards improving efficiency. - Positive Spread in Select Operators:
Notably, Mewbourne Oil Company, Coterra Energy, and Permian Resources increased their well counts in 2024. This suggests a strategic decision to expand operations, likely driven by favorable market conditions or improved drilling economics. - Industry Trends:
The overall trend indicates a moderation in drilling activity, reflective of broader market dynamics, including fluctuating oil prices, investor pressure for returns, and the continued focus on operational efficiency.
Conclusion:
The Permian Basin remains a critical area for U.S. oil production, with a dynamic landscape of operators adjusting their strategies in response to evolving market conditions. While some operators scaled back their drilling activity, others ramped up their efforts, highlighting the diverse approaches within the industry. Tracking these changes is essential for understanding future production trends and investment opportunities in the Permian Basin.
Stay tuned for more updates on the latest drilling trends and operator insights across North America’s oil and gas industry!
