(WO) — Continental Resources remained the largest private oil and gas producer in the United States, according to Enverus' latest annual ranking of the nation's top 100 private E&P operators.

The company topped the list with average production of approximately 707,000 boed, followed by Mewbourne Oil at 575,000 boed and Aethon Energy at 443,000 boed. Ascent Resources and Hilcorp rounded out the top five, with no changes among the leading operators from the previous year's rankings.

The annual report tracks production volumes, oil and natural gas output, well counts, primary operating regions, rig activity and year-over-year ranking changes across the private upstream sector.

One of the biggest movers in this year's ranking was Flywheel Energy, which climbed to No. 6 from No. 21 a year earlier.

According to Enverus, the rankings reflect continued activity across major U.S. producing regions, including the Permian Basin, Rockies, Gulf Coast, Mid-Continent and Eastern U.S.

"We are in the opening innings of another cycle of private capital deployment, with funded teams aiming to build new positions and carve out assets from publics following the consolidation wave of the past few years," said Drew Depoe, senior analyst at Enverus Intelligence Research. "Private operators drive a significant share of U.S. upstream activity, yet much of it stays off the radar."

Among the top-ranked companies, Continental Resources led liquids production at roughly 354,000 bpd, while Aethon Energy recorded the highest natural gas output at more than 2.65 Bcfd. Mewbourne Oil operated an average of 21 rigs during the first quarter of 2026, the highest rig count among the top three producers.

Enverus said the rankings highlight the continued importance of privately held operators in U.S. upstream development as investors begin deploying capital following several years of industry consolidation.