We hold approximately 792,000 unconventional net acres in the Delaware Basin, spanning west Texas through southeast New Mexico. Current development activity targets prospects in the Avalon, Bone Springs and Wolfcamp formations while balancing leasehold obligations and permit terms. We operated 10 rigs and two frac crews on average during 2024, resulting in 166 operated wells drilled and 151 operated wells brought online.
The Lower 48 is our largest business segment based on production, with high-quality positions in the U.S. unconventionals.
Current major focus areas for the Lower 48 include the Delaware and Midland Basins in the world-class Permian Basin, as well as the Eagle Ford and Bakken. Our November 2024 acquisition of Marathon Oil further enhanced our Lower 48 position with low cost of supply, complementary acreage in the Delaware, Eagle Ford and Bakken basins.
For more information on our Lower 48 business, view p. 6 of the 2024 10-K form filed with the U.S. Securities and Exchange Commission.
Lower 48 assets
We hold approximately 484,000 unconventional net acres in the Eagle Ford, located in south Texas. The current focus is on full-field development, using customized well spacing and stacking patterns adapted through reservoir analysis. We operated seven rigs and two frac crews on average during 2024, resulting in 182 operated wells drilled and 154 operated wells brought online.
We hold approximately 265,000 unconventional net acres in the Midland Basin, located in west Texas. The current development strategy is focused on full-field development utilizing multi-well pad projects targeting both Spraberry and Wolfcamp reservoir targets. We operated five rigs and two frac crews on average during 2024, resulting in 119 operated wells drilled and 111 operated wells brought online.
We hold approximately 790,000 unconventional net acres in the Williston Basin, located in North Dakota and eastern Montana. The primary producing zones are the Middle Bakken and Three Forks formations. We operated four rigs and one frac crew on average during 2024, resulting in 66 operated wells drilled and 83 operated wells brought online.
We participate in partner-operated wells when they align with our investment decision criteria and development strategies. In 2024, we participated in partner-operated wells with varying working interests across our Lower 48 portfolio.
We operate and own, with varying interests, centralized processing facilities in Texas and New Mexico in support of our Delaware, Eagle Ford and Midland assets.
Lower 48 at a glance

1152 MBOED
Production

3.8 BBOE
Proved reserves

$6.5 B
Capital spend

11.4 MM
Net acreage
Production mix
Full-year 2024 production in the Lower 48 segment was 1152 MBOED.

Lower 48 HSE Handbook
Click the link below to access the handbook. The handbook will also be available in the COP App Store.
