Public companies produce most U.S. crude oil and natural gas

What happened: Publicly traded companies made up 2% of about 12,000 U.S. oil and gas producers in 2025 but produced 68% of crude oil and natural gas in the Lower 48 states, the EIA reported. Key numbers: 2% of about 12,000 producers; 68% of Lower 48 output; top 12 well operators average 69 barrels of oil equivalent per day per Why it matters: The EIA attributes the public producers' edge to scale, prime acreage and advanced technology, which support lower breakeven prices than privately held companies. Appalachia and Permian show the highest public shares, while Haynesville is the outlier.

Publicly traded companies made up 2% of about 12,000 U.S. oil and gas producers in 2025 but produced 68% of crude oil and natural gas in the Lower 48 states, the EIA reported.

The EIA attributes the public producers' edge to scale, prime acreage and advanced technology, which support lower breakeven prices than privately held companies. Appalachia and Permian show the highest public shares, while Haynesville is the outlier.