Understanding the major companies that drill and produce wells across America's oil and gas basins.
Get Your Free Mineral ValuationIf you own mineral rights that are being developed, you have a relationship with an operator. The operator is the oil and gas company that physically drills and produces the wells on your property. They handle all operations, from drilling to selling production, and they're responsible for paying your royalties.
The U.S. oil and gas industry includes thousands of operators, from small private companies to massive publicly traded corporations. This guide introduces the largest operators mineral owners commonly encounter, explaining who they are, where they operate, and what mineral owners should know about each one.
Operators hold the working interest - they pay for drilling, bear production costs, and manage day-to-day operations
Mineral owners hold the mineral rights - they receive royalty payments without bearing any costs
Your operator is determined by who leases and develops your minerals, not by your choice
Major integrated companies (often called "supermajors") are involved in all aspects of the oil and gas business, from exploration and production to refining and retail. These companies have massive global operations, diversified revenue streams, and significant financial resources.
Headquarters: Houston, Texas
Primary U.S. Basins: Permian Basin, Bakken, Gulf of Mexico
Type: Publicly Traded (NYSE: XOM)
Status: Largest U.S. oil company by market cap
ExxonMobil became the dominant Permian Basin operator after acquiring Pioneer Natural Resources in 2024. The combined company holds over 1.4 million net acres in the Permian and produces approximately 1.3 million barrels of oil equivalent per day from the basin.
What Mineral Owners Should Know: ExxonMobil has a large owner relations department with dedicated phone lines and online portals for mineral owners. They typically issue royalty payments monthly with detailed statements.
Headquarters: San Ramon, California
Primary U.S. Basins: Permian Basin, DJ Basin, Gulf of Mexico
Type: Publicly Traded (NYSE: CVX)
Status: Second-largest U.S. integrated oil company
Chevron holds approximately 2.2 million net acres in the Permian Basin across both the Delaware and Midland Basins. They also have significant operations in Colorado's DJ Basin following their acquisition of PDC Energy.
What Mineral Owners Should Know: Chevron maintains a dedicated mineral owner relations team accessible by phone and mail. Their royalty statements are detailed and payments are typically reliable and on schedule.
Headquarters: Houston, Texas
Primary U.S. Basins: Permian, Eagle Ford, Bakken, Alaska North Slope
Type: Publicly Traded (NYSE: COP)
Status: Largest pure-play E&P company
ConocoPhillips expanded significantly by acquiring Marathon Oil in 2024, adding substantial Eagle Ford and Bakken acreage. They operate across multiple major basins, giving them one of the most diversified U.S. portfolios among large operators.
What Mineral Owners Should Know: ConocoPhillips has owner relations offices in multiple states. Following their acquisitions, some mineral owners may need to update their records as royalty systems are integrated.
Headquarters: Houston, Texas
Primary U.S. Basins: Permian Basin (Delaware & Midland), DJ Basin
Type: Publicly Traded (NYSE: OXY)
Status: Major Permian Basin operator
Occidental became a major Permian operator after acquiring Anadarko Petroleum in 2019 and subsequently CrownRock in 2024. They hold approximately 2.8 million net acres across the U.S. with the majority in the Permian Basin.
What Mineral Owners Should Know: Following multiple acquisitions, Occidental has consolidated owner relations systems. Their OxyLink portal allows mineral owners to access statements and manage their accounts online.
Independent operators focus primarily on exploration and production without downstream refining or retail operations. These companies often specialize in specific basins or play types and can be highly efficient operators with strong drilling programs.
Former Headquarters: Irving, Texas
Primary Basin: Permian Basin (Midland Basin)
Acquired: By ExxonMobil (2024)
Previous Status: Largest Midland Basin operator
Pioneer was the largest pure-play Permian operator before being acquired by ExxonMobil. They held approximately 850,000 net acres in the Midland Basin and were known for their efficient horizontal drilling operations.
What Mineral Owners Should Know: Former Pioneer mineral owners now receive payments from ExxonMobil. If you previously received royalties from Pioneer, your payments should continue under ExxonMobil's systems. Contact ExxonMobil's owner relations if you experience any transition issues.
Headquarters: Oklahoma City, Oklahoma
Primary Basins: Delaware Basin, Anadarko Basin, Williston Basin, Eagle Ford
Type: Publicly Traded (NYSE: DVN)
Status: Multi-basin U.S. operator
Devon operates across multiple major U.S. basins with a particularly strong presence in the Delaware Basin (Permian). They expanded through their merger with WPX Energy and have significant operations in Oklahoma's SCOOP and STACK plays.
What Mineral Owners Should Know: Devon has dedicated owner relations staff and provides online access to royalty information through their DevonConnect portal. They are headquartered in Oklahoma, making them particularly accessible to mineral owners in that state.
Headquarters: Midland, Texas
Primary Basin: Permian Basin (Midland & Delaware)
Type: Publicly Traded (NASDAQ: FANG)
Status: Permian pure-play operator
Diamondback is a pure-play Permian operator headquartered in Midland. They acquired Endeavor Energy Resources in 2024, significantly expanding their acreage position. The company is known for efficient operations and low breakeven costs.
What Mineral Owners Should Know: As a Midland-based company focused entirely on the Permian, Diamondback has deep local expertise. Their owner relations team is familiar with the unique aspects of Permian Basin mineral ownership.
Headquarters: Houston, Texas
Primary Basins: Permian, Eagle Ford, Bakken, Powder River
Type: Publicly Traded (NYSE: EOG)
Status: One of the largest U.S. independents
EOG is one of the largest independent oil and gas companies in the United States, with operations spanning multiple major basins. They were an early pioneer of horizontal drilling in shale formations and continue to be known for technical innovation.
What Mineral Owners Should Know: EOG has regional offices in many producing areas, providing localized support for mineral owners. They are known for consistent operations and reliable royalty payments.
Headquarters: Oklahoma City, Oklahoma
Primary Basins: Bakken, SCOOP/STACK, Permian
Type: Private Company
Status: Largest private U.S. oil company
Continental Resources was a pioneer in developing the Bakken Shale in North Dakota. Founded by Harold Hamm, the company went private in 2022. They remain one of the largest operators in the Williston Basin and have significant Oklahoma operations.
What Mineral Owners Should Know: As a private company, Continental is not subject to the same public reporting requirements as publicly traded operators. However, they maintain owner relations departments and provide standard royalty reporting to mineral owners.
Headquarters: New York, New York
Primary U.S. Basin: Bakken (North Dakota)
Type: Publicly Traded (NYSE: HES)
Status: Pending acquisition by Chevron
Hess is a major operator in North Dakota's Bakken Shale, holding approximately 465,000 net acres in the Williston Basin. The company has been the subject of an acquisition by Chevron that has been pending regulatory approval.
What Mineral Owners Should Know: If the Chevron acquisition completes, Bakken mineral owners with Hess as their operator may transition to Chevron's payment systems. Watch for communications about any changes to royalty processing.
The oil and gas industry has seen significant consolidation in recent years, with major transactions reshaping the operator landscape. Here's what mineral owners should know about these changes:
Your lease stays in effect: Mergers and acquisitions don't change your lease terms. The new operator assumes all obligations under your existing agreement.
New division orders may arrive: Acquiring companies typically send new division orders to update payment information in their systems.
Transition delays are normal: Expect 1-3 months of possible payment delays as accounting systems are merged and records transferred.
Watch your mail: Look for official transition letters from both the selling and acquiring company explaining changes.
Keep records: Save documentation of your ownership and recent payments in case questions arise during the transition.
Update your contacts: Note the new operator's owner relations phone number and address for future reference.
Recent Major Transactions: ExxonMobil acquired Pioneer (2024), ConocoPhillips acquired Marathon Oil (2024), Diamondback acquired Endeavor (2024), and Occidental acquired CrownRock (2024). If your operator was involved in any of these deals, you may have experienced or will experience ownership transitions.
If you're not sure who operates the wells on your minerals, here are several ways to find out:
Check your royalty statement: Every royalty statement includes the operator's name and contact information. This is the easiest way to identify your operator.
Search state databases: Each state's oil and gas regulatory agency maintains public records of all operators.
Texas: Railroad Commission of Texas (RRC)
Oklahoma: Oklahoma Corporation Commission (OCC)
North Dakota: North Dakota Industrial Commission
New Mexico: New Mexico Oil Conservation Division
Colorado: Colorado Energy and Carbon Management Commission
Louisiana: Louisiana Department of Natural Resources
Review your lease or division order: Your oil and gas lease identifies the original lessee, who may be the operator or may have assigned operations to another company. Division orders list the current operator.
Contact a mineral buyer: Companies like Buckhead Energy can help you identify operators on your minerals as part of a free evaluation.
Generally, no. Your operator is determined by who leases and develops your minerals. You can negotiate lease terms before signing, but you typically cannot dictate which company will operate.
Most operators focus on leasing and drilling rather than acquiring mineral rights. Independent mineral buyers like Buckhead Energy purchase minerals from owners who want to sell.
Large operators manage thousands of mineral owner accounts. Staffing constraints can cause delays. Be persistent, try different contact methods, and keep detailed records of your attempts.
Not necessarily. Large operators have more resources but can be more bureaucratic. Smaller operators may offer more personalized service but may have less financial stability. Both can be good or challenging to work with.
You can document issues and escalate to supervisors or regulatory agencies if needed. However, you cannot change operators on your own. Selling your minerals transfers the operator relationship to the buyer.
If your lease isn't held by production, it may eventually expire, freeing you to lease to a different company. If the lease is HBP (held by production), the operator retains rights even without active drilling.
Get a free, no-obligation valuation of your mineral rights from our experienced team. We can help identify your operators and explain your ownership in plain language.
Request Your Free ValuationAn operator is the company responsible for the day-to-day drilling and production operations on an oil or gas well. They manage the physical operations, maintain equipment, sell production, and distribute royalty payments to mineral owners. Operators hold the working interest and bear the costs of drilling and production.
You can find your operator by checking your royalty statement, which lists the operator's name and contact information. You can also search your state's oil and gas regulatory database using your property location or API well number. State agencies like the Texas Railroad Commission or Oklahoma Corporation Commission maintain public records of all operators.
When operators merge or acquire each other, your lease and royalty rights transfer automatically to the new or surviving company. You may receive a new division order to confirm payment details. Expect possible delays of 1-3 months during the transition. Your lease terms remain unchanged regardless of ownership changes.
Mineral owners typically cannot choose their operators. The operator is determined by who leases and develops your minerals first. You can negotiate lease terms and royalty rates, but the lessee becomes the operator or assigns that role to another company. In pooled units, the state or regulatory agency may designate operators.
Major integrated oil companies (like ExxonMobil and Chevron) are involved in all aspects of the oil business from exploration to retail sales. They have massive global operations and diversified revenue streams. Independent operators focus primarily on exploration and production without downstream operations. Independents often specialize in specific basins or play types.
Disclaimer: This information is for educational purposes only. Operator details and ownership may change due to mergers, acquisitions, and corporate restructuring. The information presented reflects general industry conditions as of early 2026. For the most current information about your specific operator, consult your royalty statements or contact the operator's owner relations department directly.