In a year marked by sweeping consolidation, geographic diversification, and renewed strategic focus, energy intelligence firm Enverus has released its highly anticipated annual ranking of the Top 100 private oil and gas producers in the United States. The 2024 list, based on gross operated production, active well count, and rig activity throughout the year, highlights the evolving dynamics of the private upstream sector.
At the top of the leaderboard, Continental Resources once again secured the No. 1 position, maintaining its status as the nation’s most prolific private oil and gas producer. Notably, Mewbourne Oil Company surged ahead in the rankings, rising from fourth place in 2023 to second in 2024, a clear reflection of its aggressive development strategy and operational resilience. Aethon Energy held steady in the third spot, continuing its strong performance in natural gas-rich regions.
According to Shawn Stuart, Principal Analyst at Enverus, the latest rankings offer more than just a snapshot of operator performance, they paint a broader picture of a maturing industry in transition.
“This year’s Top 100 list reflects a private operator landscape shaped by the dramatic consolidation we’ve seen over the past two years,” said Stuart. “As core basins tighten, remaining private players are expanding into underdeveloped regions, pursuing unconventional plays, and rethinking asset strategies.”
One trend gaining traction is the strategic return to legacy basins and the fringes of mature plays such as the Permian Basin. Meanwhile, quieter but technically promising regions like the SCOOP/STACK plays in Oklahoma are regaining attention from ambitious independents. Innovation is also driving growth, with operators deploying longer lateral drilling, refrac campaigns, and enhanced completion technologies to boost recovery rates from existing acreage.
Despite some macroeconomic headwinds, including price volatility and regulatory uncertainty, Stuart emphasiSes that private capital remains highly liquid and ready to move.
“While near-term growth has slowed, there is significant capital on the sidelines, raised and waiting for market stabiliSation. We’re seeing interest in longer-hold, production-heavy assets, pivoting toward undervalued gas plays, and even a movement beyond the Permian into overlooked zones like the Mid-Continent,” Stuart noted.
The list, compiled through Enverus’ proprietary Foundations® and Activity Analytics platforms, provides not only company rankings but a detailed analysis of production types (oil vs. gas), well counts, rig activity trends, and year-over-year changes in positioning.
The 2024 Top 100 also highlights how the competitive map of private U.S. energy production is changing. With public operators offloading non-core assets and retreating to tier-one acreage, private producers are stepping in to fill the gaps, often in unconventional or previously overlooked regions. This shift is fostering a more geographically diverse and tactically nimble group of independents, capable of quick adaptation and capital deployment.
The full ranking was featured in the latest edition of Upstream Pulse, Enverus’ bi-monthly publication that offers in-depth analysis of exploration trends, deal flow, and financial market developments across North America and globally.
As the energy landscape continues to evolve, the 2024 rankings provide a vital look at the strategies, risks, and innovations shaping the future of private oil and gas production in the United States.