Trump Said ‘Drill, Baby, Drill’ — The Answer Came From Companies You’ve Never Heard Of (CORRECTED)

by | Mar 13, 2026 | General

Editor’s note: This story was updated to correct a reference to private oil producers.

“Drill, baby, drill” has long been the Trump administration‘s political shorthand for unleashing U.S. oil production. But the latest shale data suggests the companies actually answering that call aren’t the oil giants dominating energy ETFs.

Instead, it’s a wave of privately held drillers — firms most investors have never heard of — quietly adding rigs across America’s shale basins.

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Private Shale Operators Take The Lead

According to JPMorgan analyst Arun Jayaram, U.S. horizontal land rig activity rose modestly by three rigs week-over-week to 474 active rigs. The bigger story, however, is who is doing the drilling.

Private exploration and production companies added nine rigs during the week, while publicly traded shale firms cut five rigs. Activity from the oil majors remained largely unchanged.

Private operators now run 202 rigs — about 42% of total U.S. horizontal drilling activity. Public E&Ps operate 194 rigs (41%), while majors account for just 79 rigs (17%).

The increases were concentrated outside the Permian Basin. Appalachia, MidCon and the Williston Basin each added two rigs, while Eagle Ford added one. Those gains offset declines in the Permian’s Midland and Delaware sub-basins as well as the Haynesville.

Public Producers Keep The Brakes On

The divergence reflects a strategy shift that has reshaped shale over the past few years.

Public producers like EOG Resources, Inc. (NYSE:EOG) , Occidental Petroleum Corp (NYSE:OXY) and Diamondback Energy, Inc. (NASDAQ:FANG) have increasingly emphasized capital discipline and shareholder returns over aggressive production growth.

That leaves private drillers — which face fewer shareholder pressures — as the marginal driver of new activity.

For investors, the ripple effects may show up in oilfield services. Contractors like Helmerich & Payne, Inc (NYSE:HP), Nabors Industries Ltd. (NYSE:NBR), Patterson-UTI Energy (NASDAQ:PTEN) and Precision Drilling Corp (NYSE:PDS) are among the largest operators of U.S. land rigs, with some firms notably more exposed to private producers than public ones.

In other words, while the political narrative around U.S. energy often focuses on Big Oil, the latest rig data suggests the incremental growth in shale may be coming from a very different corner of the industry.

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