Permian Basin Oil & Gas Production
The Permian Basin produces about 6.50 million barrels of crude oil a day and 26.0 billion cubic feet of natural gas a day (2025). It spans West Texas and southeastern New Mexico and is by far the largest US shale play — its Midland and Delaware sub-basins hold stacked shale layers that support decades of drilling.
Key Figures
| Measure | Value | As of / source |
|---|---|---|
| Crude oil output (#1 of tracked US basins) | 6.50 Mb/d | 2025 · EIA DPR |
| Natural gas output (#2 of tracked US basins) | 26.0 Bcf/d | 2025 · EIA DPR |
| Active rigs (Permian) | 274 (+4 wk) | 2026-10-09 · Baker Hughes · 45% of US rigs |
| Well breakeven — Permian — Midland (new well) | $62/bbl | 2025 · Dallas Fed Energy Survey |
| Well breakeven — Permian — Midland (existing well) | $39/bbl | 2025 · Dallas Fed Energy Survey |
| Well breakeven — Permian — Delaware (new well) | $64/bbl | 2025 · Dallas Fed Energy Survey |
| Well breakeven — Permian — Delaware (existing well) | $40/bbl | 2025 · Dallas Fed Energy Survey |
| Sub-basins | Midland Basin (mostly West Texas) and Delaware Basin (West Texas and southeast New Mexico), each with its own stacked pay zones | EIA |
| State pages | Split roughly across Texas and New Mexico — see the state-level breakdown for each | |
| Regulators | Railroad Commission of Texas and New Mexico Oil Conservation Division |
Every major US shale basin compared side by side, plus the breakeven-vs-WTI chart, decline curves and water use: how fracking works.
Why the Permian Dominates
Scale
- The Permian alone produces more crude than every OPEC member except Saudi Arabia, and more than most entire countries.
- Multiple stacked shale layers (the Wolfcamp, Spraberry, Bone Spring and others) let operators drill several productive zones from the same pad.
- Associated natural gas from Permian oil wells has grown large enough to rival dedicated gas basins, feeding Gulf Coast LNG export terminals.
What moves the Permian
- Pipeline takeaway capacity out of the basin — when it runs short, local (Midland) crude prices can trade at a discount to Cushing WTI.
- Rig activity, tracked live on the rig map, which breaks out Permian counties specifically.
- Well breakevens versus the live WTI price, charted on how fracking works.
Major Producers in the Permian Basin
| Company | Type | Ownership | Ticker |
|---|---|---|---|
| BP | Integrated major | Publicly traded; no controlling shareholder. | BP |
| Chevron | Integrated major | Publicly traded; no controlling shareholder. | CVX |
| ConocoPhillips | Integrated major | Publicly traded; no controlling shareholder. | COP |
| ExxonMobil | Integrated major | Publicly traded; no controlling shareholder. | XOM |
| APA Corporation | Independent producer (public) | Publicly traded; no controlling shareholder. | APA |
| Crescent Energy | Independent producer (public) | Publicly traded. | CRGY |
| Devon Energy | Independent producer (public) | Publicly traded; former Devon holders own about 54% and former Coterra holders about 46% of the combined company. | DVN |
| Diamondback Energy | Independent producer (public) | Publicly traded; it owns about 43% of royalty company Viper Energy (September 2026 filing). | FANG |
| EOG Resources | Independent producer (public) | Publicly traded; no controlling shareholder. | EOG |
| Matador Resources | Independent producer (public) | Publicly traded. | MTDR |
| Occidental | Independent producer (public) | Publicly traded; Berkshire Hathaway is the largest shareholder, holding more than a quarter of the common stock (mid-2026 filing). | OXY |
| Ovintiv | Independent producer (public) | Publicly traded; listed in New York and Toronto. | OVV |
| Permian Resources | Independent producer (public) | Publicly traded. | PR |
| SM Energy | Independent producer (public) | Publicly traded. | SM |
| Ecopetrol | National oil company (state-owned or state-controlled) | The Colombian Ministry of Finance owns 88.49% of the shares and 11.51% is publicly traded in Colombia and New York (FY2025 Form 20-F). | EC |
| Continental Resources | Private producer | Privately held and controlled by founder Harold Hamm and family after the 2022 take-private; it has no publicly traded common shares (June 2026 Form 10-Q). | — |
| Black Stone Minerals | Mineral & royalty company | Publicly traded limited partnership. | BSM |
| Kimbell Royalty Partners | Mineral & royalty company | Publicly traded limited partnership. | KRP |
| Viper Energy | Mineral & royalty company | Publicly traded; a subsidiary of Diamondback Energy, which beneficially owned about 42.9% of Viper after a September 2026 purchase. | VNOM |
Companies with a material producing position in this basin, from the oil company directory (hand-curated from company filings; positions change with deals, so check the latest filing before relying on it). It is not a production ranking.
Permian Basin FAQ
How many rigs are drilling in the Permian Basin?
Baker Hughes counted 274 active rigs in Permian Basin (Permian) in the week of Oct 9, +4 week on week and 45% of the 603 active US rigs.
Who are the biggest operators in the Permian Basin?
Companies in this site's directory with material producing positions in the Permian Basin include BP, Chevron, ConocoPhillips, ExxonMobil, APA Corporation, Crescent Energy (some hold non-operated interests). Ownership and the other basins each one works are in the producer table above and in the oil company directory.
How much oil does the Permian Basin produce?
The Permian Basin produced about 6.50 million barrels of crude oil a day in 2025, ranking #1 among the major US shale basins tracked here (EIA DPR). Midland and Delaware sub-basins. Produces more crude than every OPEC member except Saudi Arabia.
How much natural gas does the Permian Basin produce?
The Permian Basin produced about 26.0 billion cubic feet of natural gas a day in 2025 (EIA DPR). Associated gas — a by-product of oil drilling, which is why it keeps growing even when gas prices are weak.
What is the difference between the Midland and Delaware sub-basins?
Both sit within the larger Permian Basin. The Midland Basin lies mostly in West Texas and was developed earlier; the Delaware Basin lies further west, straddling West Texas and southeast New Mexico, and generally has higher well costs but often larger reserves per well. Dallas Fed breakeven surveys track them separately for that reason.
Does the Permian Basin produce natural gas too?
Yes — as associated gas that comes up alongside the oil. It keeps growing even when gas prices are weak, because operators are drilling for the oil and the gas comes along regardless; a large share feeds pipelines to Gulf Coast LNG export terminals.