Our Portfolio

Our properties are principally located in the western half of the Permian Basin where we currently hold approximately 345,000 net acres in our core operating area in the Delaware Basin. Our development activities are primarily focused on the Wolfcamp Shale and the Bone Spring formation in Culberson and Reeves Counties in Texas and Lea and Eddy Counties in New Mexico. Our 2025 net production from the Permian Basin was 357 MBoe per day, representing 46 percent of our total oil equivalent production for the year. Net oil production in 2025 averaged 152 MBbl per day, representing 95 percent of our total company oil production. As of December 31, 2025, we had a total of 1,615.3 producing net wells in the Permian Basin, of which approximately 91 percent are operated by us.

During 2025, we invested $1.6 billion of capital and had nine drilling rigs and three completion crews operating in the Permian Basin at year end.

In January 2025, we completed the FME and Avant acquisitions. With the completion of these acquisitions, we added approximately 49,000 net acres in the Delaware Basin in Lea County, New Mexico and 290.7 producing net wells to our portfolio. 

Our properties are principally located in Susquehanna County, Pennsylvania, where we currently hold approximately 186,000 net acres in the dry gas window of the Marcellus Shale. Our 2025 net production in the Marcellus Shale was 342 MBoe per day, representing 44 percent of our total oil equivalent production for the year. Net natural gas production in 2025 averaged 2,053 MMcf per day, representing 69 percent of our total natural gas production. As of December 31, 2025, we had a total of 1,122.6 producing net wells in the Marcellus Shale, of which over 99 percent are operated by us.

During 2025, we invested $313 million of capital and had one drilling rig and one completion crew operating in the Marcellus Shale at year end.

Our properties are located in the Mid-Continent region in Oklahoma where we currently hold approximately 208,000 net acres. Our development activities are primarily focused on both the Woodford Shale and the Meramec formations. Our 2025 net production in the Anadarko Basin was 82 MBoe per day, representing 10 percent of our total oil equivalent production for the year. As of December 31, 2025, we had a total of 527.0 producing net wells in the Anadarko Basin, of which approximately 63 percent are operated by us.

During 2025, we invested $243 million of capital and had one drilling rig and no completion crews operating in the Anadarko Basin at year end.