US publicly traded oil and gas producers generated 68% of Lower 48 output in 2025, with scale, prime acreage and technology giving them a production edge over private operators, the US Energy Information Administration said Tuesday.
Public companies represented just 2% of roughly 12,000 US oil and gas producers, yet their large operations helped lower production costs and breakeven prices compared with privately held firms.
The 12 operators with the most wells account for less than 1% of producers, but each runs between 10,000 and over 50,000 wells and averages 39,000 barrels of oil equivalent per day per well. By contrast, 64% of all operators run 10 or fewer wells, with most classified as stripper wells that produce less than 15 Boe/d.
Public producers dominate Appalachia and the Permian, accounting for 1% and 3% of active operators while producing nearly five times and four times as much as private companies, respectively.
Haynesville is the exception, with private companies producing 55% of regional oil and gas. The top five private gas operators account for 38%, or 5.8 billion cubic feet per day, while the top five oil producers account for 30%, or 10,000 b/d.