DeGolyer and MacNaughton

What DeGolyer and MacNaughton does

DeGolyer and MacNaughton (D&M) is a privately held, Dallas-headquartered international petroleum consulting firm founded in 1920. The firm provides independent technical assessments — reserves evaluations, reservoir modeling, geologic and petrophysical analyses, competent person's reports (CPRs), development planning, production enhancement consulting, and SEC/SPE-PRMS financial reporting guidance — to oil and gas companies, national oil companies, governments, and financial institutions across more than 100 countries and six continents. Its service portfolio has expanded beyond core hydrocarbon work to include ESG and greenhouse gas estimation, carbon sequestration certification (SRMS), critical minerals assessment, LNG advisory, and geothermal resource evaluation, including the first-ever Enhanced Geothermal Systems reserves report for Fervo Energy.

D&M's methodology blends energy economics, engineering, and earth sciences, supported by what the firm describes as the largest, most experienced team of professional reservoir consultants in the industry (many with 25+ years of tenure). Proprietary analytical assets include the ProPerIntel intelligence platform and diagnostic-based unconventional resource evaluation methodologies (developed in collaboration with KAPPA Engineering via the Citrine production analysis module) that have been applied to over 40% of North American unconventional wells. The firm delivered the independent reserves audit underpinning Saudi Aramco's $29.4 billion 2019 IPO and has been appointed by OPEC+ to audit Maximum Sustainable Capacity for 19 of 22 member countries for the 2026 cycle.

D&M's revenue model is professional services fees billed per engagement, with scope, complexity, and geography driving pricing; the firm explicitly does not disclose pricing publicly. It operates through direct enterprise field-sales engagements, delivered by senior professional staff across offices in Dallas (HQ), Houston, New Delhi, Algiers, Astana, Buenos Aires, Baku, and Madrid, with no resellers or distribution intermediaries. Customer concentration leans toward major international and national oil companies — SOCAR, Gazprom Neft, NOVATEK, EOG Resources, Harbour Energy, Ecopetrol, Antero Resources, Aramco — alongside a growing footprint of geothermal and clean-energy clients.

Name

DeGolyer and MacNaughton

Legal name

DeGolyer and MacNaughton Corporate

Website

https://demac.com

Company type

Private

Founded year

1920

Operating status

Operating

Headcount range

101–250 employees

Short description

DeGolyer and MacNaughton is a privately held, Dallas-based international petroleum consulting firm founded in 1920, providing independent reserves evaluations, reservoir modeling, competent person's reports, and technical advisory services to oil and gas companies, national oil companies, and governments across more than 100 countries.

Ownership category

akta.pro rank

Product category

Petroleum Consulting Services

NAICS

Support Activities for Mining (2131), Geophysical Surveying and Mapping Services (541360), Environmental Consulting Services (54162)

SIC

Oil & Gas Field Exploration Services (1382), Oil & Gas Field Services, Nec (1389)

akta.pro primary industry

Field Development Planning & Subsurface Reservoir Engineering (EUALAAAC)

akta.pro secondary industries

Unconventional Resources Development (Shale/Tight, CBM) (EUALAAAH), Seismic & Geoscience Services (Acquisition, Processing, Interpretation) (EUALABAK), Geotechnical & Subsurface Engineering Consulting (BPAHAIAB), Corporate & Voluntary Procurement Policy (PPAs, Green Tariffs, 24/7 CFE) (EUAMANAH)

Keywords

• Petroleum reserves consulting
• Reservoir simulation services
• Competent person's reports
• Unconventional resources consulting
• Oil and gas advisory

Headquarters

HQ city

Dallas

HQ country

United States

HQ region

North America

Offices8 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Petroleum Consulting Services: Professional consulting fees for reserves evaluations, reservoir modeling, geologic analyses, competent person's reports, development planning, and financial reporting guidance provided to oil and gas companies, governments, and financial institutions worldwide.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

DeGolyer and MacNaughton is an independent international petroleum consulting firm providing unbiased technical assessments including reserves evaluations, reservoir simulation, unconventional resources consulting, competent person's reports, geologic and petrophysical analyses, development planning, and production enhancement consulting to oil and gas companies, governments, and financial institutions in more than 100 countries. The firm blends energy economics, engineering, and earth sciences to support exploration, recovery, and management decisions for petroleum resources, including extended capabilities in ESG, carbon sequestration, geothermal resources, critical minerals, and LNG advisory.

Product overview

DeGolyer and MacNaughton is an international petroleum industry consulting firm that operates as a single integrated service offering rather than a platform-plus-modules architecture. The firm provides a comprehensive portfolio of consulting services including reserves evaluations, reservoir simulation, unconventional resources consulting, enhanced oil recovery, geothermal resources evaluation, and ESG/greenhouse gas estimation. These services are delivered by a team of professional reservoir consultants who work across more than 100 countries, blending energy economics, engineering, and earth sciences to provide unbiased analysis for exploration, recovery, and management of oil and gas resources. The firm also offers specialized products such as ProPerIntel for industry intelligence, along with reference materials including oil and gas price data and SEC compliance documentation.

Differentiator

Problem solved

Functional benefit

Brands

• ProPerIntel: A proprietary intelligence platform or service offered by DeGolyer and MacNaughton
• Geothermal Resources
• SEC Compliance Services

Products and services

• Reserves Evaluations Independent evaluation and certification of oil and gas reserves (proved, probable, and possible) for financial reporting, SEC compliance, and corporate decision-making purposes.
• Reservoir Simulation Advanced reservoir modeling and simulation services to analyze fluid flow, predict reservoir behavior, and optimize field development strategies.
• Unconventional Resources Consulting Specialized consulting services for the evaluation and assessment of unconventional oil and gas resources, including tight gas, shale gas, and basin-centered gas deposits.
• Enhanced Oil Recovery Consulting Consulting services focused on improving oil recovery factors through advanced recovery techniques including water flooding, gas injection, and chemical EOR methods.
• ESG and Greenhouse Gas Estimation Environmental, social, and governance consulting including greenhouse gas emission estimation and reporting for petroleum assets.
• Storage Certification Certification services for storage facilities and projects, including evaluation of storage capacity and safety standards.
• Carbon Sequestration and SRMS Assessment Assessment and evaluation services for carbon capture and sequestration projects, including Storage Resource Management System (SRMS) certification.
• Prospective Resources Evaluation Independent evaluation of undiscovered oil and gas resources, assessing the potential and commercial viability of exploration prospects.
• LNG Consulting Specialized consulting services for liquefied natural gas (LNG) projects including feasibility studies, market analysis, and technical evaluation.
• ProPerIntel A proprietary intelligence product providing analysis and insights for petroleum industry decision-making.
• Critical Minerals Consulting Consulting services for the evaluation of critical mineral resources within reservoir brines and traditional hydrocarbon assets.
• Geothermal Resources Consulting Independent evaluation and reserves reporting for enhanced geothermal systems (EGS) and conventional geothermal resources, including the world's first reserves report on EGS for Fervo Energy.
• Competent Person's Reports (CPR) Independent Competent Person's Reports for M&A transactions, regulatory filings, and stock exchange listings, providing certified reserves and resources estimates (e.g., Harbour Energy's Wintershall Dea portfolio certified at 1,117 mmboe 2P reserves).
• Development Planning and Production Enhancement Consulting Field development planning, geologic and petrophysical analyses, and production enhancement consulting for oil and gas field optimization.
• Financial Reporting and SEC Compliance Consulting Guidance with financial reporting issues and financial forecasting for petroleum discoveries to support SEC compliance and SPE-PRMS reserves disclosure.

Quantifiable outcome

• D&M's EGS reserves methodology confirmed 50-60% thermal recovery factors, tripling conventional geothermal technology recovery rates
• +2 more outcomes

Named customers11 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered core.

• SOCARcoreStrategic or Co-development Partner · 14 November 2025D&M and SOCAR (State Oil Company of the Azerbaijan Republic) have an established partnership for hydrocarbon reserve estimation and evaluation, as well as optimization of oil and gas field development plans. On November 14, 2025, SOCAR President Rovshan Najaf met with D&M CEO John Wallace to review ongoing joint projects and explore new opportunities in innovative reserve-assessment technologies and digitalization. The partnership includes a 2017 agreement for D&M to review 20 oil field development plans, recommend production enhancement and recovery factor improvements.
• Gazprom NeftcoreStrategic or Co-development Partner · 1 June 2018Gazprom Neft entered into a multi-year agreement (2018-2020) with D&M for selection and utilization of enhanced oil recovery (EOR) techniques at the Priobskoye field in West Siberia. D&M specialists analyze field history, assess production increase potential, evaluate oil recovery factor improvements, and formulate recommendations for realizing potential. Implementation is expected to increase oil recovery factor by 5-6%. Gazprom Neft has worked with D&M for more than 10 years on annual reserves audits.
• Fervo EnergycoreStrategic or Co-development PartnerD&M issued the first-ever reserves report on Enhanced Geothermal Systems for Fervo Energy's Cape Station project. This comprehensive technical and economic evaluation provides external verification of Fervo's ability to deliver contracted clean energy volumes to customers including Shell Energy and Southern California Edison. D&M's independent estimates of heat-in-place and reserves involved comprehensive review of Fervo's drilling data, geologic models, and production test results.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Sproule (now part of ERCE): Sproule, now part of ERCE, provides independent reserves and resource evaluations to oil & gas clients worldwide. It competes directly with D&M on Competent Person's Reports and reserves audits, particularly in Canada, Europe, and the Middle East.
• Ryder Scott Company: Ryder Scott is the closest direct peer to D&M, providing independent petroleum reserves audits and Competent Person's Reports to operators and financial institutions. The two firms are routinely engaged jointly (e.g., co-auditing Ecopetrol) and compete head-to-head for large reserves certifications globally.
• Netherland, Sewell & Associates: Netherland Sewell is a Dallas-based independent reserves evaluation firm with a comparable client base among international E&P companies and financial institutions. It directly competes with D&M on reserves audits, reservoir studies, and SEC/SPE-PRMS reporting mandates.

Broad incumbents

• Wood Mackenzie: Wood Mackenzie provides commercial energy research, asset valuation, and subsurface advisory to oil & gas and energy transition clients. While more commercially and financially focused, it competes with D&M on transaction-related reserves valuation and corporate advisory mandates.
• SGS: SGS provides testing, inspection, and certification services to the energy sector, including reserves-related verification and energy advisory work. It is a broader incumbent whose energy practice partially overlaps with D&M's independent certification engagements.
• Halliburton Landmark: Halliburton's Landmark division provides reservoir engineering software and consulting services to oil & gas operators. It overlaps with D&M's reservoir simulation and modeling practices, particularly where operators prefer integrated technology-plus-services offerings.
• Bureau Veritas: Bureau Veritas offers testing, inspection, and certification services across multiple industries including oil & gas. It competes with D&M primarily on the certification and independent verification elements of reserves and energy asset assessments.
• RPS Group (Tetra Tech): RPS, now part of Tetra Tech, provides subsurface, reserves, and energy advisory services to oil & gas clients. It overlaps with D&M on Competent Person's Reports and reserves evaluations while also offering broader environmental and infrastructure consulting.
• Gaffney, Cline & Associates: Gaffney Cline, now a Baker Hughes subsidiary, offers independent reserves advisory and reservoir consulting with global reach. It competes with D&M on reserves audits while benefiting from integration with SLB/Baker Hughes' broader upstream technology and services portfolio.
• Schlumberger (SLB) Reservoir Performance: SLB provides reservoir consulting, simulation, and characterization services as part of its broader upstream technology portfolio. While not a pure reserves auditor, SLB competes with D&M on subsurface evaluation, reservoir modeling, and integrated field development planning.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/degolyer-and-macnaughton

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about DeGolyer and MacNaughton