.png){kind=logo}
When an oil producer drills a record-setting well, it’s easy to call it a lucky break. But when well after well reaches new milestones, it becomes clear that more than luck is at work. Phoenix Energy’s rapid production growth over the past two years has positioned the company among the Bakken region’s fastest-growing oil producers.
In July 2026, Phoenix Energy announced it had surpassed a production rate of 50,000 barrels of oil per day after launching its oil production arm in 2024 with a rate of roughly 100 barrels per day. The increase is a defining milestone in one of the most rapid growth stories in the US energy sector. That growth has been accompanied by a significant expansion in Phoenix Energy’s producing well base, which grew from 62 wells at the end of Q2 2025 to 147 at the end of Q2 2026.
“Reaching 50,000 barrels of oil per day is an important milestone for Phoenix Energy. It reflects the discipline, focus, and hard work of our entire team,” said Adam Ferrari, Chief Executive Officer of Phoenix Energy. “In just over two years, we’ve grown from a modest production base into one of the fastest-growing producers in the Williston Basin.”
Phoenix Energy is an energy company focused on oil and gas exploration and production, operating through direct drilling, royalty acquisition, and non-operated working interests. Established in 2019, the company is headquartered in Irvine, California, with offices in Denver, Colorado; Casper, Wyoming; Dallas, Texas; and Fort Lauderdale, Florida.
As an independent oil and gas exploration and production company, Phoenix Energy operates primarily in the Williston Basin of North Dakota and Montana. Ferrari brings nearly 20 years of experience in the oil and gas industry to his role at Phoenix Energy, where he focuses on key initiatives to drive the company’s growth.
Phoenix Energy’s drilling strategy includes the use of longer horizontal laterals, including three- and four-mile laterals in the Williston Basin. Laterals are the horizontal sections of the well that extend through oil-bearing rock. By drilling longer laterals, Phoenix Energy seeks to make contact with more reservoir rock, which allows more resources to be accessed from a single well and surface infrastructure to be used more efficiently.
Drilling efficiency is another important part of that strategy. The company has drilled four of the fastest three-mile wells in the Bakken, reaching total depth in 6.46 to 6.60 days. Those results, achieved across multiple wells in 2024, demonstrate an ability to execute quickly and repeatedly. Reducing drilling time can help lower development costs and move wells toward production more efficiently.
That same focus on efficient execution has also carried into four-mile wells. In June 2025, the company completed a lateral of nearly four miles in a single continuous run, a major technical achievement.
“Longer laterals improve project economics,” Ferrari explains. “When we can drill those laterals faster, the goal is putting capital to work more efficiently and bringing production online sooner.”
The drilling success Phoenix Energy has charted clearly points to a systematic operational discipline, with results spanning multiple years and well types. That approach continued to scale in Q2 2026, when the company completed hydraulic fracturing on 28 wells and placed 28 wells into production.
“For an oil and gas company, growth of this kind depends on more than favorable commodity prices,” Ferrari says. “It requires a repeatable model for putting productive wells online quickly and economically. This is an area where Phoenix Energy has distinguished itself, and it is the operational core of our growth story.”
While strategic drilling is foundational to Phoenix Energy’s success, it is not the only factor that has made the company a leader in its field. The company’s three-pronged approach to growth also includes royalty acquisitions and non-operated working interests.
By acquiring mineral and royalty interests, Phoenix looks to participate in production revenues without bearing the same drilling and operating obligations associated with operated working interests. Participating in wells operated by others is designed to add production and diversification without carrying the full operational load.
“Our three-pronged strategy gives us more than one way to grow,” Ferrari explains. “We can increase production through our own drilling while adding revenue and diversification through royalty assets and non-operated working interests.”
The rapid growth Phoenix Energy has achieved has earned the company accolades in the business world. In 2025, it was ranked 33rd on the Financial Times’ list of The Americas’ Fastest-Growing Companies. For an independent exploration and production company operating in a mature basin, that ranking reflects the company’s significant revenue growth during the ranking period while competing against a national field.
“Reaching 50,000 barrels per day is not a finish line for Phoenix Energy,” Ferrari says. “It is a foundation for continued responsible development and operational excellence in our quest to deliver long-term value.”
