Publicly Traded Firms Dominate US Oil and Gas Production

The US Energy Information Administration (EIA) has released data showing that publicly traded companies produce a disproportionate amount of oil and natural gas in the Lower 48 states. Despite accounting for only 2% of the roughly 12,000 producers in 2025, these companies generated 68% of crude oil and natural gas output.

The production concentration is attributed to the scale, acreage quality, and technology available to publicly traded producers. These companies tend to report lower breakeven prices due to higher-quality acreage yielding greater volumes.

In Appalachia, public companies produced nearly five times as much oil and natural gas as private companies, despite representing only 1% of active operators. In the Permian basin, publicly traded companies represented 3% of active operators but collectively produced four times as much oil and gas as private companies.