Midland: The Center of the Permian Basin
Few cities in the world are as closely tied to a single industry as Midland is to oil and gas. The Permian Basin, stretching across West Texas and southeastern New Mexico, produces a substantial share of all crude oil in the United States. Midland serves as its corporate and technical headquarters, home to operators, service companies, landmen, geologists, engineers, and financial professionals who keep the basin running.
The last decade transformed the industry through horizontal drilling, multi-well pads, and increasingly efficient completions. A wave of consolidation has also reshaped the landscape, with major companies acquiring prominent independents to secure long-term inventory. Understanding who operates in the basin today helps job seekers, suppliers, investors, and mineral owners make informed decisions.
How We Selected These Companies
We considered Permian Basin production and acreage, presence in Midland, operational efficiency, safety and environmental performance, community involvement, and influence on the regional economy.
1. Diamondback Energy
Diamondback Energy is headquartered in Midland and has become one of the largest pure-play Permian producers. Its acquisition of Endeavor Energy Resources, a longtime Midland-based private operator, created a company with an enormous inventory of high-quality drilling locations. Diamondback is known for low-cost operations, disciplined capital allocation, and a strong commitment to the Midland community.
2. ExxonMobil
ExxonMobil significantly expanded its Permian position through its acquisition of Pioneer Natural Resources, which had deep roots in Midland. Together with the operations of its XTO Energy subsidiary, ExxonMobil is now one of the basin's largest producers. The company emphasizes large-scale development, advanced technology, and efforts to reduce methane emissions.
3. ConocoPhillips
ConocoPhillips became a Permian powerhouse after acquiring Concho Resources, a major Midland-headquartered operator. The company maintains a significant presence in the city and runs extensive operations in both the Delaware and Midland sub-basins. It is recognized for technical excellence and long-term resource planning.
4. Occidental Petroleum
Occidental Petroleum is among the largest producers in the Permian Basin and a leader in enhanced oil recovery using carbon dioxide. Its low-carbon ventures include large-scale direct air capture development in the region. Occidental's combination of conventional production and carbon management expertise makes it one of the most innovative operators in West Texas.
5. Chevron
Chevron holds a vast acreage position in the Permian, much of it with favorable royalty terms from long-held land. The company maintains a major business unit presence in Midland and focuses on factory-style development, digital operations centers, and emissions reduction.
6. Permian Resources
Permian Resources is a Midland-based independent focused on the Delaware Basin. Formed through a series of mergers, the company is known for its owner-operator mindset, cost control, and returns-focused strategy. Its leadership team's deep basin experience has earned it strong regard among industry observers.
7. Coterra Energy
Coterra Energy operates a significant Delaware Basin position alongside natural gas assets elsewhere. Its Permian operations benefit from efficient drilling practices and a balanced commodity portfolio. Coterra has expanded its basin footprint through targeted acquisitions.
8. Devon Energy
Devon Energy is a leading Delaware Basin producer with a strong reputation for operational innovation, including advanced completion designs and data-driven drilling. Its Permian assets are a cornerstone of its overall portfolio.
9. Ovintiv
Ovintiv has built a substantial Midland Basin position through acquisitions and is known for its cube development approach, which completes multiple stacked zones at once to maximize recovery and efficiency.
10. Midland-Based Private Operators
Privately held companies remain an essential part of the Midland business community. Firms such as Henry Resources, Discovery Natural Resources, and numerous family-owned operators develop acreage, acquire producing properties, and provide opportunities for local professionals. Their agility and local decision-making make them important partners for landowners and service providers.
Key Industry Trends
Consolidation continues as large companies seek decades of drilling inventory, reducing the number of mid-sized independents. Longer laterals, simultaneous completions, and electric frac fleets are improving efficiency. Water management has become a major focus, with operators investing in recycling to reduce freshwater use and disposal volumes. Natural gas takeaway capacity also remains a constraint, and new pipelines to the Gulf Coast are critical for future growth.
Environmental performance is increasingly important. Operators are cutting flaring, deploying leak detection technology, and electrifying field equipment. Carbon capture projects in the Permian may create an entirely new industry segment in the years ahead.
What This Means for Midland
The oil and gas industry supports high wages, a strong tax base, and philanthropy that funds schools, hospitals, museums, and nonprofits across Midland. At the same time, the boom-and-bust cycle affects housing costs, traffic, and workforce availability. Consolidation has brought greater stability in some ways, as large companies tend to plan activity over longer horizons.
Advice for Job Seekers and Suppliers
Job seekers should highlight safety training, technical certifications, and data skills, which are increasingly valued in modern operations. Suppliers should understand that large operators often centralize procurement, so prequalification, safety records, and insurance compliance are essential. Mineral owners should keep records organized and review division orders carefully after acquisitions change operators.
Final Thoughts
The oil and gas companies operating in Midland are among the most efficient and technologically advanced in the world. Whether headquartered in the city or running major business units here, they shape the economy and character of the Permian Basin. The companies above represent the leaders driving the region's continued importance to American energy.