(Oil & Gas 360) – – Energy Advisors’ latest review covering Seven Top U.S. Resource Plays points to a broader shift underway in shale. Gas-weighted basins are starting to re-accelerate driven by LNG and power demand, while oil plays are increasingly driven by capital discipline and inventory depth.
These plays—Appalachia, Haynesville, Permian (Delaware and Midland), Bakken, Eagle Ford, and SCOOP/STACK—now make up about 65% of U.S. oil and 80% of gas production, a profound shift from 10% back in 2010.
Collectively, these resource plays underpin U.S. oil and gas production and are critical in global energy markets.
For natural gas, U.S. demand is accelerating with at least another 20 Bcfpd needed in the next five years versus 16 Bcf/d growth in the last five years. The setup is straightforward. About 70% of the increased demand comes from LNG export facilities with the bulk of the remainder coming from near-term natural gas-fired power needs for data centers.
For oil, U.S. volumes grew about 2.3 MMbbl/d in the last five years which is ~50% of global oil growth. The Permian Basin was the greatest contributor increasing 1.5 MMbbl/d or 65% of total U.S. oil growth. Global oil demand, pre-Iran war, was on track to continue growing at a similar pace. However, general consensus held that at $60 oil, oil from U.S. resource plays would plateau. Higher prices change the dynamic.
Against this backdrop, each of the seven core plays is evolving differently, and increasingly it’s not just about geology but access to end-markets. For example, while Appalachia has abundant economic resources, growth is constrained by takeaway capacity out of the basin. Conversely, while associated gas from the Permian is currently experiencing negative pricing in the cash markets, the outlook significantly improves later this year when Whitewater’s Blackcomb and Energy Transfer’s Hugh Brinson’s 42” pipelines begin flowing, adding another 3.7 Bcf/d of capacity. Further out, 11.0 Bcf/d of Permian takeaway is scheduled online by year-end 2029. The Haynesville is also re-accelerating growth to assist in serving Gulf Coast LNG export projects coming online.
Appalachia: Gas Giant Re-Entering Growth Mode
Appalachia remains the largest natural gas-producing basin in the U.S., generating ~35 Bcf/d, and is poised for a renewed growth cycle. The basin is expected to add 5–8 Bcf/d by 2030, representing a re-acceleration after several years of constrained growth.
While the basin hosts the lowest cost of new gas supply (<$2.25/Mcf breakevens) in the country, the limiting factor is takeaway out of the basin. The next material project comes in late 2027 with Williams’ (Transco) SE Supply Enhancement project unlocking 1.6 Bcf/d. However, natural gas-fired power demand remains significant with northern Virginia playing a lead role for data center buildouts. Overall, Appalachia data center power requires an incremental 1-2 Bcf/d of natural gas annually over the next several years.
On the M&A front, consolidation and strategic repositioning are intensifying. 2025 saw $11.5 billion in deal activity led by EOG’s $5.6 billion buy of Encino (Utica) along with a pivot to a pure-play West Virginia company by Antero. Looking ahead, Ascent Resources (Appalachia’s #4 top operator) is a prized target having received a $6B offer from Kimmeridge late in 2025.
Takeaway: Appalachia has the lowest gas breakevens in the country and is returning to constrained growth of 5-8 Bcf/d in the next five years. Also, the Utica is adding an oil growth story to Appalachia where volumes soared >40% YoY to 130,000 b/d.
Haynesville: LNG-Driven Resurgence
Haynesville’s proximity to Gulf Coast LNG makes it a strategic supply source for growing LNG export volumes. The basin has proven its ability to execute short-cycle projects tied to LNG export needs.
Its top operator, Expand Energy had a strong 2025 and lowered its breakeven by 15% to $2.75 primarily by increasing drilling efficiencies along with the ability to source its own sand for completions.
A major theme for Haynesville is the influx of international players. Japanese firms now control roughly 30% of production, led by Mitsubishi following its $7.5B acquisition of Aethon. This reflects a broader structural shift, with LNG offtake buyers moving upstream to secure long-term gas supply.
Takeaway: Haynesville is the most direct beneficiary of LNG growth, increasingly functioning as a Gulf Coast-linked supply basin backed by international capital and improving well economics.
Delaware Basin: Premier Oil Play with Consolidation Ahead
The Delaware Basin remains the top U.S. oil-producing play at ~3.4 MMBopd, while also generating significant associated gas (~16.6 Bcf/d).
Unlike the more developed Midland Basin, the Delaware Basin holds substantial Tier 1 inventory—estimated at over 15,000 locations—positioning it as the primary remaining scalable oil growth engine in the U.S. EOG, #2 operator, went into 2026 with strong operational momentum, generating returns of >100% at $55 oil.
Near-term stress on Permian (Waha) gas (negative pricing in the cash markets) is directly related to takeaway constraints. However, planned pipeline expansions should alleviate these issues beginning in November 2026.
On the M&A front, the Delaware Basin is primed for increasing consolidation. The Devon–Coterra merger is likely just the beginning of a new wave. That merger created a new Delaware Basin leader. Unlike the Midland Basin, the Delaware has numerous opportunities for further large dealmaking with both public and private companies.
Takeaway: The Delaware Basin is the country’s premier oil basin that has the ability to scale growth even at lower oil prices. The Devon-Coterra merger likely marks the beginning of a new consolidation wave.
Midland Basin: Mature Core Seeking New Inventory
The Midland Basin has entered a mature phase, with oil production plateauing around 2.5 MMbbl/d since 2023 while gas output continues to rise.
Tier 1 inventory is increasingly scarce, prompting operators to explore deeper zones such as the Barnett and Woodford. Exxon and Diamondback—who together control ~50% of Midland Basin’s production—are leading the search deeper with Diamondback reporting that it continues to improve efficiencies and needs just 20% lower well costs to bring the Barnett bench competitive with its core Midland Basin inventory.
Across the Midland Basin, core themes are efficiencies and increased recoveries. Exxon is leading the charge with improved recovery rates up to 15–20%.
On M&A, large-scale deals have likely peaked following major transactions in 2023–2024 (>$100 billion). 2025 saw $5.4 billion in activity led by Diamondback’s $4.1B of Double Eagle IV described as “the most attractive asset remaining in the Midland Basin.”
Takeaway: The Midland Basin is a highly efficient but maturing basin, with future growth tied more to deeper zones and increasing EURs. Tier 1 inventory is increasingly scarce.
Bakken: Mature Oil Play Focused on Efficiency
The Bakken has matured and plateaued at roughly 1.2 MMbbl/d. Operators are emphasizing capital discipline, with some—such as Continental—halting drilling amid lower oil prices. Activity is focused on maintaining production through longer laterals (3–4 miles) and enhanced recovery techniques. Gas production is rising due to increasing gas-to-oil ratios requiring additional infrastructure investments.
2025 M&A saw just 2 deals for $1.0B. The last large deal was Devon’s $5.0B buy of Grayson Mills Energy in 2024 that tripled Devon’s Bakken volumes. Devon’s recent merger with Coterra places the Delaware Basin as the company’s anchor assets. As of this writing, no plans have yet been announced regarding Devon’s forward plans of its Bakken holdings.
Takeaway: Bakken is effectively in maintenance mode and activity levels will track oil prices more closely than growth targets.
Eagle Ford: Gas Growth and Active M&A
The Eagle Ford continues to deliver stable oil production (~1.1 MMbbl/d) and is increasingly a gas growth story (~8.5 Bcf/d). With premium access to Gulf Coast markets, Eagle Ford gas enjoys favorable wellhead pricing dynamics relative to other plays.
The Dorado gas play, led by EOG, is a major driver, with production expected to reach 1 Bcf/d (up 33%) in 2026 with breakevens <$1.50.
The Eagle Ford is also a hotspot for M&A, particularly for PDP-focused assets. Transactions such as Stone Ridge’s $2.3B acquisition of Baytex assets leveraged with ABS financing highlight the competitive nature.
Takeaway: The Eagle Ford is evolving into a hybrid play—combining stable oil production with advantaged gas growth and continued M&A activity.
SCOOP/STACK: Private Capital Revival
The SCOOP/STACK has experienced a resurgence in dealmaking driven by private capital and gas economics, despite being in long-term maintenance mode. Stone Ridge deployed over $4B to acquire assets from Ovintiv and Conoco exits. Expect more deals ahead as the top operator landscape is largely dominated by private and private equity players.
Production stands at ~4.5 Bcf/d and ~200,000 bbl/d, with activity increasingly focused on optimizing existing assets rather than aggressive drilling. While Tier 1 inventory is limited, stacked pay zones and improved drilling efficiency provide ongoing opportunities for value creation.
Takeaway: SCOOP/STACK is a consolidation story while operators focus on optimization and cash flow generation rather than growth.
About Energy Advisors oilandgas360.com contributor
Energy Advisors is a leading firm in oil and gas transaction advisory services and thought leadership, having served the industry for over 35 years. We trace our roots back to PLS Inc which sold its listing service, research, and databases to DrillingInfo in 2018 and rebranded its advisory and marketing arm as Energy Advisors in 2019.
Contacts:
Brian Lidsky
Director of Research
713-600-0138
blidsky@energyadvisors.com
Blake Dornak
VP, Marketing
713-600-0123
bdornak@energyadvisors.com
The views expressed in this article are solely those of the author and do not necessarily reflect the opinions of Oil & Gas 360. Please consult with a professional before making any decisions based on the information provided here. The information presented in this article is not intended as financial advice. Contact Energy Advisors for the full report. Please conduct your own research before making any investment decisions.
