These companies don't just extract resources. They drive Texas's economy, fund public schools through severance taxes, and shape how the U.S. approaches energy independence, from exploration to refining to the midstream infrastructure connecting it all.
In fiscal 2023, oil production taxes alone generated $5.93 billion for Texas, according to the Texas Comptroller. That's real money funding real infrastructure, and it comes from companies ranging from century-old supermajors to lean, private developers.
TL;DR
- Texas oil and gas spans supermajors, independents, and specialized private developers at every production stage
- Rank companies by production volume, acreage position, revenue, and operational track record
- Standouts include ExxonMobil, Chevron, ConocoPhillips, Hilcorp, Endeavor Energy, and PetroVybe
- Prioritize financial stability and transparency over brand recognition alone
Overview of the Oil and Gas Industry in Texas
Texas leads the nation in both crude oil and natural gas production, anchored by three major plays: the Permian Basin, Eagle Ford Shale, and Gulf Coast Basin.
The scale shows up in the operator count alone. Over 60,000 entities have registered as operators with the Texas Railroad Commission since computerized records began, according to RRC data. Natural gas production taxes added $3.35 billion to state coffers in fiscal 2023.
Since 2014, severance taxes have generated roughly $9 billion for Texas public education, tying drilling activity directly to everyday state services.
The list below profiles the companies driving this output, from global supermajors headquartered in Houston to independent Texas-based developers focused on specific basins.
Top Oil Companies in Texas
Selection here isn't based on name recognition. Each company below is evaluated on production scale, market presence, financial performance, and operational track record.
PetroVybe
PetroVybe is a private American oil and gas development company focused on Natural Gas Liquids (NGL) production across South Texas and the Gulf Coast Basin. Unlike publicly traded giants, PetroVybe offers accredited investors direct participation in upstream projects.
Leadership experience (prior companies) and current scale:
- Blaine Yeary, President & COO: Scaled a $5 billion asset from zero to 35,000 barrels of oil equivalent per day (BOEPD) over 8 years at a prior company
- Michael Stamatedes, Chief Geophysicist: 48-year career with a 75.2% success rate picking profitable well locations, versus an industry average below 40% (prior-company track record)
- PetroVybe operations: Grown from zero to about 1,300 BOEPD across roughly 400 wells and 58,000 acres
| Category | Details |
|---|---|
| Focus Area | Natural Gas Liquids development in South Texas and Gulf Coast Basin |
| Investor Access | Direct participation for accredited investors with tax-advantaged structures (IDC deductions against active income) |
| Track Record | Third-party validated proved reserves ($48MM PV-09) and multi-year production growth |
ExxonMobil
ExxonMobil operates one of the largest integrated oil and gas businesses globally. Its headquarters sit on a 385-acre campus in Spring, Texas, with more than 10,000 employees, per ExxonMobil's corporate site.
The company hit record net production of 4.3 million oil-equivalent barrels per day in 2024, driven by Permian and Guyana output. It's also expanding into low-carbon energy alongside its core operations.
| Category | Details |
|---|---|
| Headquarters | Spring, Texas (Houston area) |
| Key Operations | Permian Basin, Gulf of Mexico, refining, chemicals |
| Scale | One of the largest oil and gas companies by market capitalization |
Chevron
Chevron relocated its corporate headquarters from California to Houston in 2024. Roughly 7,000 employees and contractors support its Gulf of Mexico deepwater and Permian Basin operations.
Its Anchor project, which began production in 2024, uses industry-first high-pressure subsea technology. The Jack/St. Malo field, meanwhile, has estimated recoverable resources up to 500 million barrels of oil equivalent, according to Chevron's asset page.
| Category | Details |
|---|---|
| Headquarters | Houston, Texas (US operations base) |
| Key Operations | Deepwater Gulf of Mexico, Permian Basin |
| Innovation Focus | Carbon capture, hydrogen, renewable fuels |
ConocoPhillips
ConocoPhillips describes itself as the world's largest independent E&P company by production and proved reserves. Headquartered in Houston, it holds nearly 782,000 net acres in the Delaware Basin alone.
The company is targeting roughly 7% annual production growth in its core Permian assets through 2032, a basin-specific goal distinct from its company-wide 4-5% annual guidance.
| Category | Details |
|---|---|
| Headquarters | Houston, Texas |
| Key Operations | Permian Basin, Eagle Ford, Bakken, Alaska |
| Growth Strategy | Extended lateral drilling and operational efficiency improvements |
Hilcorp
Hilcorp is one of the largest privately held independent energy companies in the country, founded in 1989 and headquartered in Houston. Its specialty: acquiring mature, legacy oil and gas assets and optimizing them for extended production life.
Hilcorp operates across nine states and holds the title of largest private operator on Alaska's North Slope. It entered the Permian Basin at the end of 2024.
| Category | Details |
|---|---|
| Headquarters | Houston, Texas |
| Founded | 1989 |
| Specialty | Acquiring and optimizing mature production assets |
Endeavor Energy Resources
Endeavor built its reputation as a leading privately-held Midland Basin operator, controlling roughly 344,000 to 370,000 net acres depending on the reporting period. Its shift toward horizontal drilling pushed production above 400,000 gross operated BOE per day by August 2023.
Diamondback Energy acquired Endeavor in a deal valued at approximately $26 billion, closing in September 2024, so that Midland Basin scale now sits inside Diamondback, per Diamondback's investor relations page.
| Category | Details |
|---|---|
| Headquarters | Midland, Texas |
| Key Operations | Midland Basin (Permian) |
| Notable Metric | $26B acquisition value, reflecting scale |
How We Chose the Top Oil Companies in Texas
A common mistake investors and industry observers make is ranking companies by brand recognition alone, ignoring production data, acreage position, or financial transparency.
We weighed each company against:
- Production volume: multi-year output and consistency
- Acreage holdings: position in proven, productive basins
- Financial performance: results and access to capital
- Operational track record: successful project execution
- Regulatory standing: compliance with the Texas Railroad Commission
Companies with strong marketing but weak fundamentals didn't make the cut. Those with verified, third-party validated results did.
Conclusion
Texas's oil and gas landscape spans supermajors like ExxonMobil and Chevron, independents like ConocoPhillips, and specialized developers like Hilcorp, Endeavor, and PetroVybe. Each offers different value depending on whether you're evaluating a career move or an investment opportunity.
Look past size alone. Production data, financial transparency, and long-term strategy matter more than a familiar logo.
For accredited investors seeking direct, tax-advantaged access to Texas natural gas development, PetroVybe offers a 30-minute consultation with its CEO to explore whether a partnership fits your investment goals.
Frequently Asked Questions
What are the biggest oil companies in Texas?
ExxonMobil, Chevron, and ConocoPhillips rank among the largest by production and revenue. Each maintains major Texas operations, with ExxonMobil and ConocoPhillips headquartered in the state and Chevron recently relocating its HQ to Houston.
Which independent oil and gas companies stand out in Texas?
Notable independents include Hilcorp, known for acquiring legacy assets, and Endeavor Energy Resources (now part of Diamondback Energy). Private developers like PetroVybe serve investors seeking direct participation.
How many oil companies operate in Texas?
Texas is home to hundreds of active oil and gas operators, ranging from global supermajors to small independent developers. Over 60,000 entities have registered with the Texas Railroad Commission since digital recordkeeping began.
What is the largest oil-producing region in Texas?
The Permian Basin is the largest and most productive oil basin in both Texas and the United States, producing approximately 6.3 million barrels per day in 2024, or about 48% of total U.S. crude output.
Are there tax advantages to investing in Texas oil and gas development?
Yes. Intangible Drilling Cost (IDC) deductions can offset active income, including W-2 earnings, for accredited investors. IDCs typically represent 60-80% of invested capital in new-drilling projects.
How is Texas's oil production expected to grow in the coming years?
Continued growth is projected in the Permian Basin and Eagle Ford Shale, driven by technological advancements in drilling efficiency. The EIA forecasts Permian output reaching 6.6 million barrels per day in 2025.
