To: Johnny Canuck who wrote (70652 ) 2/10/2026 3:36:41 AM From: Johnny Canuck Respond to Are the other companies on the list for the last answer also all non-operating companies?No, the other companies on the list (from the previous comparison table) are not all non-operated E&P companies like NOG. pure-play non-operated company — it acquires minority working interests and mineral interests in wells and properties operated by third-party operators (e.g., major drillers in the Bakken, Permian, etc.), without running any day-to-day operations, rigs, or field management itself. This asset-light model avoids operational risks and costs but relies on partnerships and acquisitions for growth.operated (or mixed, with operated as the core focus):Chord Energy (CHRD) : Primarily an operated E&P company, focused on the Williston Basin (Bakken). It acquires, explores, develops, and produces assets where it acts as the operator (e.g., running drilling programs and managing wells). It may hold some minor non-operated positions, but its strategy and production are driven by operated assets.Civitas Resources (CIVI) : An operated independent E&P, with core operations in the Permian Basin (Texas/New Mexico) and formerly the DJ Basin (Colorado). It focuses on acquisition, development, and production as the operator. (Note: As of early 2026, Civitas merged into SM Energy, with the combined entity operating under the SM ticker and name, but the pre-merger Civitas model was operated.)Matador Resources (MTDR) : Strongly operated , particularly in the Permian (Delaware Basin) and Haynesville Shale. It drills and completes its own wells (e.g., turning dozens of net operated wells to sales quarterly), with some non-operated interests (e.g., in Haynesville gas), but operated activities dominate its production and strategy.Permian Resources (PR) : A primarily operated independent focused on the Permian Basin. It emphasizes efficient development and production of its own wells, with some bolt-on acquisitions including non-operated positions (e.g., royalties or minority interests offset to its core areas), but the bulk of its value comes from operated acreage and drilling.SM Energy (SM) : An operated E&P company, with significant operated positions in the Permian and other basins. Post its 2026 merger with Civitas, it remains focused on operated assets across high-return shale plays.
