The latest round of consolidation in the shale patch is reflected in an updated list of the top 100 private oil and natural gas producers in the US, published by energy consultancy Enverus.
Continental Resources took first place again in the annual survey for 2024, which ranked companies in terms of production, well count and rig movements. Meanwhile, Mewbourne Oil was the runner-up after climbing two places.
A frentic burst of deal-making in recent years has reshaped the list. Companies focused on natural gas have moved up the ranks as liquids-heavy producers have been bought out by public operators, while private equity had made a slow return.
"It's been a pretty busy M&A market, with publics buying the private operators and removing them from the list, but also privates doing their own deals and growing their base," Enverus principal analyst Shawn Stuart said.
Improving market fundamentals, as well as an expected production boon to meet LNG demand, has propelled gas producers up the list, with Aethon Energy in third place and TG Natural Resources in sixth position.
The list also reflects a growing interest in shale regions that have largely flown under the radar up until now, such as the Scoop and Stack play in the Anadarko basin of Oklahoma.
The far corners of the Permian basin have also attracted interest after the core of the prolific play has become crowded and valuations have soared.
And private equity may feature more prominently in future lists as management teams identify targets after raising new capital.
