Best and Worst Operators of 2025
Editor's Note: The following assessments represent CIR's analytical opinion based on publicly available financial data. They are not statements of fact and should not be construed as such.
We run this exercise every December. No rankings methodology, no consultant-speak — just a direct assessment of who executed and who stumbled in 2025. These judgments are based on production performance, capital efficiency, balance sheet management, and how well management teams did what they said they were going to do.
Best in Class
EOG Resources — Still the standard. EOG delivered another year of predictable, high-return execution across its multi-basin portfolio: Permian Delaware, Eagle Ford, Dorado gas play, and its growing Utica oil window position. CEO Ezra Yacob and CFO Ann Janssen have built a machine that generates free cash flow at $50 WTI, returns it to shareholders at $70, and reinvests selectively at $80. The Dorado gas play — EOG's proprietary South Texas Dry Gas discovery — moved from appraisal to development mode in 2025 and positions the company for meaningful LNG-era upside. Return on capital employed consistently tops the peer group. No drama. Just results.
Diamondback Energy — The Midland Basin's best operator delivered again. The integration of Endeavor Energy Resources — closed in late 2024 — went smoothly, and Diamondback's operational efficiency metrics held through the transition. The Double Eagle IV acquisition added premium inventory at a reasonable price. CEO Travis Stice's capital allocation framework is clear, consistent, and credible. The company lowered its all-in cost structure meaningfully in 2025 even as it grew in scale. The peer group took notice; Diamondback stock outperformed large-cap E&P for most of the year.
Expand Energy (Chesapeake) — The rebranded Chesapeake emerged from its Southwestern Energy merger as a legitimate natural gas leader with a differentiated position. Haynesville dominance plus Appalachian optionality, a clean balance sheet, and management that articulated a clear LNG-linked strategy. The gas price environment punished the stock through much of 2025, but the operational execution was excellent. Investors who were patient enough to hold through the trough are being rewarded as gas prices recover.
Solid Middle
ConocoPhillips — The Marathon integration is proceeding on schedule. COP's multi-basin diversification — Permian, Bakken, Eagle Ford, Montney — provides stability that single-basin operators cannot match. Capital returns remain best-in-class among the super-independents. Not flashy, but consistently right.
Devon Energy — The Grayson Mill / Bakken acquisition was a bold move that added scale but also added integration risk. Early execution has been reasonable. We want to see another two quarters of data before upgrading Devon's grade above average. The core Delaware Basin business remains excellent.
Underperformers
CIR Analysis: APA Corporation — APA's Egypt and Suriname exposure continues to complicate the equity story in ways that frustrate investors who want a clean domestic shale bet. The stock has been a serial underperformer relative to pure-play Permian peers. Management has talked about simplification for two years. 2025 did not deliver it meaningfully.
CIR Analysis: Ovintiv — Ovintiv spent 2025 managing a portfolio that continues to feel like it is searching for an identity. The Permian position is growing but sub-scale relative to true Permian operators. The Montney is excellent but trades at a Canadian discount. Uinta is legitimate but undercovered. Management under Brendan McCracken has not yet unlocked the sum-of-parts value that the portfolio theoretically offers. The M&A market may eventually solve this problem; organic execution alone has not.
Civitas Resources — Civitas made a bold pivot from a pure DJ Basin operator to a combined DJ/Permian company through its Hibernia acquisitions. The execution has been adequate, but the company paid up for its Permian entry and integration costs have been higher than guided. The DJ Basin core business is solid; the question is whether the Permian bolt-on creates value or just complexity.
The Grade
2025 was a year that rewarded discipline and punished complexity. The operators who did exactly what they said, returned cash, and did not chase growth for its own sake outperformed. That pattern has held for three consecutive years now. The market has learned to believe it.
Crude Intelligence Report is an independent upstream oil and gas intelligence publication. Content is for informational purposes only and does not constitute investment advice, financial advice, or a recommendation to buy or sell any security. Always conduct your own due diligence before making investment decisions. The author and publisher hold no positions in any companies mentioned in this article. © 2026 Crude Intelligence Report. All rights reserved.
