Publicly Traded Oil Producers Dominate US Output

Publicly traded oil and gas producers account for a tiny share of total companies in the US, but produce nearly two-thirds of crude oil and natural gas in the Lower 48 states. In 2025, these companies made up just 2% of around 12,000 producers, yet produced 68% of output. According to data from Enverus, massive scale, prime drilling locations, and advanced technologies contribute to their dominance.

The top 12 firms with the most wells operate between 10,000 and over 50,000 wells each, producing an average of 39,000 barrels of oil equivalent per day. In contrast, 64% of operators have 10 or fewer wells, which are mostly stripper wells producing less than 15 barrels per day.

Public companies have a significant presence in the Appalachia and Permian regions, where they produce nearly five times as much oil and gas as private companies in Appalachia and four times as much in the Permian region. However, in the Haynesville region, which is rich in natural gas, private companies account for the majority of production.