Exploration & Production Upstream Oil & Gas Operators sector
Strategic acquirers, private equity (buyout funds and growth funds) firms, and valuation benchmarks for Exploration & Production Upstream Oil & Gas Operators
1.1 - About Exploration & Production Upstream Oil & Gas Operators sector
Companies in the Exploration & Production Upstream Oil & Gas Operators category discover, develop, and produce crude oil, natural gas, and NGLs from onshore and offshore basins. They run full-cycle programs from prospecting through drilling and field operations, delivering reliable hydrocarbon supply to downstream refiners, utilities, and industrial buyers. Their value lies in reserve growth, efficient lifting costs, and stable, scalable production to meet long-term demand.
Typical capabilities span geological and geophysical exploration, prospect appraisal and reservoir characterization, development planning, drilling and completions, and producing asset operations including artificial lift, workovers, and surface facilities. Many deploy enhanced oil recovery such as waterfloods, run offshore exploration programs, and provide operations and maintenance on gathering systems and field infrastructure. They manage marketing and offtake for crude, gas, and NGLs and execute asset acquisition, divestiture, and optimization programs.
Primary customer segments include downstream refiners, power generators and utilities, petrochemical and LNG offtakers, and midstream marketers. Outcomes delivered include secure feedstock supply, improved reserve replacement and recovery factors, lower operating and lifting costs, and predictable production profiles that reduce offtake risk. Buyers gain supply continuity, portfolio diversification across basins, and scalable volumes aligned with demand and contract commitments.
2. Buyers in the Exploration & Production Upstream Oil & Gas Operators sector
2.1 Top strategic acquirers of Exploration & Production Upstream Oil & Gas Operators companies
EOG Resources
- Description: Provider of upstream oil and gas exploration, development and production services, focusing on crude oil, natural gas liquids and natural gas resources from key US basins such as Eagle Ford, Bakken, Permian, Gulf Coast and Anadarko, with additional operations in Trinidad and undeveloped assets in Australia.
- Key Products:
- Crude Oil: Exploration, development and production of crude oil in key US basins including Eagle Ford and Permian, marketed to buyers in major producing regions
- Natural Gas Liquids: Extraction and supply of natural gas liquids derived from upstream operations, offering energy-dense feedstocks for industrial and petrochemical applications in core North American markets
- Natural Gas: Exploration and production of natural gas across multiple US and Trinidad assets, selling volumes through agreements like 180,000 MMBtu/d contract with Vitol
- Rationale: Provider of crude oil E&P in Permian/Eagle Ford, NGL extraction for petrochemicals, and contracted natural gas sales via Vitol.
- Company type: Private company
- Employees: ●●●●●
- Total funding raised: $●●●m
- Backers: ●●●●●●●●●●
- Acquisitions: ●●
2.2 - Strategic buyer groups for Exploration & Production Upstream Oil & Gas Operators sector
M&A buyer group 1: Oilfield Services
SLB
- Type: N/A
- Employees: ●●●●●
- Description: Provider of energy technology solutions focused on unlocking access to energy while reducing carbon impact, delivering advanced recovery, reservoir evaluation, digital and automation technologies, and new-energy offerings such as carbon storage to customers worldwide.
- Key Products:
- Lumi Data and AI Platform: Cloud-based AI platform that maximizes, elevates, and scales data-driven decision making, providing full AI life-cycle capabilities for digital and people transformation
- Well-to-Product Integrated Lithium Solutions: End-to-end lithium production service that cuts industrial-scale battery-grade lithium production time, empowering transition to high-purity rechargeable power sources
- Reda Agile Compact Wide-Range ESP System: Next-generation electric submersible pump delivering deeper installation, wide flow-rate adaptability, and optimized reservoir production in compact form
- Intelligent Power Management: Tailored generator set control solution that maximizes performance, improving fuel efficiency, lowering emissions, and extending engine life for drilling and rig operations.
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●● companies3. Investors and private equity firms in Exploration & Production Upstream Oil & Gas Operators sector
3.1 - Buyout funds in the Exploration & Production Upstream Oil & Gas Operators sector
2.2 - Strategic buyer groups for Exploration & Production Upstream Oil & Gas Operators sector
4 - Top valuation comps for Exploration & Production Upstream Oil & Gas Operators companies
4.2 - Public trading comparable groups for Exploration & Production Upstream Oil & Gas Operators sector
Valuation benchmark group 1: Oil and Gas Producers
Exxon Mobil
- Enterprise value: $●●●m
- Market Cap: $●●●m
- EV/Revenue: ●.●x
- EV/EBITDA: ●●.●x
- Description: Provider of energy, chemicals, lubricants, and lower-emissions technologies, developing and applying next-generation solutions to meet global energy needs and improve quality of life through sustainable practices and innovative technologies.
- Key Products:
- Energy: Oil and natural gas exploration, production, and supply
- Chemicals: High-value chemicals used in various industries
- Lubricants: Products for automotive, industrial, and marine applications
- Lower-Emissions Technologies: Solutions for carbon capture, hydrogen production, and biofuels
- Consumer Products: Household and personal care products for everyday use.