Kraken Oil & Gas

What Kraken Oil & Gas does

Kraken Resources, LLC is a private, Kayne Anderson-backed exploration and production company that acquires, develops, and operates unconventional oil and gas assets in the Williston Basin, primarily targeting the Bakken and Three Forks formations across North Dakota and Montana. Its core technical platform combines extended-reach horizontal drilling — averaging nearly 16,000 feet of lateral length — with multi-stage hydraulic fracturing across approximately 404,000 net acres and 1,200+ operated wells, supplemented by a wholly-owned midstream subsidiary (Hydra) that handles produced water gathering and saltwater disposal. Production scaled from roughly 3,500 gross barrels of oil per day in 2016 to approximately 100,000 gross barrels of oil per day today, with 2025 average net production of 85 Mboe/day (68% crude oil), making Kraken the sixth largest producer in the basin.

Kraken's revenue model is purely upstream and commodity-driven: crude oil, natural gas, and NGLs are sold to midstream gatherers, transporters, and offtake purchasers under direct enterprise relationships managed by an in-house marketing function. Secondary revenue mechanics include monthly distributions to working, mineral, and royalty interest owners, and a 2025 Adjusted EBITDAX of $1,049 million and Adjusted Free Cash Flow of $563 million. Capital structure is anchored by $400 million of 7.125% senior unsecured notes due 2031, a revolving credit facility, and $200 million of equity co-invested by Kayne Anderson affiliates and management to fund the March 2026 Zavanna Energy Operating acquisition, which added roughly 14 Mboe/day of net production, 35,000 net leasehold acres, 175 operated wells, and more than 100 drilling locations in core Williams and McKenzie counties, North Dakota. The company is privately held, headquartered in Houston, Texas, and serves institutional bond investors, offtake counterparties, JV partners, royalty owners, and broader U.S. energy markets.

Name

Kraken Oil & Gas

Legal name

Kraken Resources, LLC

Website

https://krakenoil.com

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

101–250 employees

Short description

Kraken Resources is a private, Kayne Anderson-backed exploration and production company focused on the Bakken and Three Forks formations in the Williston Basin, operating 1,200+ wells across 404,000 net acres and producing approximately 100,000 gross barrels of oil per day for sale to midstream offtake counterparties.

Ownership category

akta.pro rank

Product category

Oil and Gas Exploration & Production

NAICS

Oil and Gas Extraction (2111), Natural Gas Extraction (211130)

SIC

Crude Petroleum & Natural Gas (1311), Oil & Gas Field Machinery & Equipment (3533)

akta.pro primary industry

Unconventional Resources Development (Shale/Tight, CBM) (EUALAAAH)

akta.pro secondary industries

Well Completions & Stimulation (Hydraulic Fracturing, Sand Control) (EUALAAAE), Production Operations & Well Optimization (Artificial Lift, Flow Assurance) (EUALAAAF), Pressure Pumping & Stimulation (Hydraulic Fracturing, Acidizing) (EUALABAF)

Keywords

• Upstream oil and gas
• Bakken exploration production
• Williston Basin drilling
• Unconventional hydrocarbon development
• Produced water midstream

Headquarters

HQ city

Houston

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Crude Oil, Natural Gas, and NGL Sales: Kraken generates revenue primarily from the sale of crude oil (68% of 2025 net production of 85 Mboe/day), natural gas, and natural gas liquids produced from operated Williston Basin assets, sold to midstream gatherers and purchasers. Reported 2025 Adjusted EBITDAX of $1,049 million and Adjusted Free Cash Flow of $563 million.
2. Royalty and Working Interest Payments: Kraken distributes royalty revenue to working, mineral, and royalty interest owners on a monthly cycle, withholding backup taxes (28% / 30% for foreign residents) where applicable, and offering direct deposit. Checks are issued once accumulated revenue reaches $100.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Kraken Resources is a private exploration and production company that drills, completes, and produces crude oil, natural gas, and natural gas liquids from the Bakken formation across approximately 404,000 net acres in the Williston Basin of North Dakota and Montana, operating 1,200+ wells at ~100,000 gross bopd. It monetizes production through direct sales to midstream offtake counterparties, and supports field operations through its wholly-owned Hydra produced water gathering and disposal subsidiary.

Product overview

Kraken Oil & Gas (Kraken Resources) operates as a single-line upstream oil and gas exploration and production company rather than a modular software or platform product portfolio. Its core offering is Bakken E&P Operations, anchored by acreage and production in the Williston Basin of Montana and North Dakota, including assets added through the Zavanna Energy Operating acquisition. The Hydra subsidiary extends this offering with produced water gathering systems and disposal wells that service both Kraken's own wells and third-party operators, making water midstream an integral part of the company's field development strategy. Kraken Resources II LLC serves as the operating entity holding these Bakken assets.

Differentiator

Problem solved

Functional benefit

Brands

• Hydra: A wholly owned subsidiary of Kraken Resources that specializes in produced water gathering systems and produced water disposal wells.

Products and services

• Bakken / Williston Basin Exploration and Production Operations Drilling, completion, and production of crude oil, natural gas, and natural gas liquids from the Bakken / Three Forks across 404,000 net acres in North Dakota and Montana, including assets acquired from Zavanna Energy Operating in March 2026; 1,200+ operated wells producing approximately 100,000 gross bopd (85 Mboe/day net).
• Hydra Produced Water Gathering and Disposal Wholly-owned midstream service that operates produced water gathering systems and saltwater disposal wells serving Kraken's Bakken wells and adjacent third-party operators in the Williston Basin.
• Royalty and Working Interest Payment Administration Monthly revenue distribution, direct deposit, ownership change administration, and abandoned property resolution services provided to working, mineral, and royalty interest owners in Kraken's Bakken / Williston Basin properties.

Quantifiable outcome

• $1,049 million 2025 Adjusted EBITDAX
• +6 more outcomes

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

One partnership is on record.

• Hydra (Wholly-Owned Subsidiary)coreOEM/ Whitelabel/ Licensing PartnerHydra is a wholly owned subsidiary of Kraken Resources, created by SVP Midstream Pete Larsen, specializing in produced water gathering systems and produced water disposal wells. It is an internal/embedded midstream arm rather than an external partner.

Scale indicators13 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• EOG Resources: Premier U.S. shale operator with selective Williston Basin exposure and recognized leadership in long-lateral horizontal drilling. Comparable in drilling and completion philosophy, though EOG is multi-basin and significantly larger.
• ConocoPhillips: Major independent with a significant Lower 48 position including the Williston Basin. Comparable as a Bakken operator, though ConocoPhillips operates globally across multiple basins and commodity types rather than being Williston-pure-play.
• Devon Energy: Major U.S. independent with diversified shale exposure including a Williston Basin position. Comparable in drilling and completion techniques applied to unconventional reservoirs, though Devon's portfolio spans multiple basins and is significantly larger than Kraken.
• Ovintiv: Multi-basin shale producer with meaningful Williston Basin position. Comparable in terms of unconventional drilling technique and Bakken development, though Ovintiv operates across the Permian, Montney, and Anadarko as well.
• ExxonMobil (XTO Energy): XTO Energy is ExxonMobil's U.S. unconventional subsidiary with major Bakken/Williston Basin operations. Comparable as a long-lateral drilling operator in the same formation, though ExxonMobil's overall scope is far broader than Kraken's basin-focused model.

Direct peers

• Chord Energy: Formed via the merger of Whiting Petroleum and Oasis Petroleum, Chord is a large Bakken-focused independent with comparable Williston Basin acreage and production. Directly comparable as a basin-concentrated E&P with similar operational focus on the Bakken/Three Forks.
• Continental Resources: Largest Bakken-focused producer and the historical leader in the Williston Basin with deep operational expertise in the play. Directly comparable in terms of basin focus, well design philosophy, and target formation, though Continental is significantly larger and publicly traded.
• Grayson Mill Energy: Private equity-backed (EnCap/Blackstone) Bakken-focused exploration and production company operating in the Williston Basin with a similar asset base and operating model to Kraken. Directly comparable as a PE-backed Bakken pure-play with comparable production scale and basin specialization.
• CrownRock (acquired by Occidental): Was a privately-held, PE-backed Permian-focused E&P acquired by Occidental Petroleum in 2024 for ~$12B. Relevant comparable for understanding valuation benchmarks for PE-backed shale producers of similar scale and for acquirer interest in private shale operators.
• Hess Corporation: Major Bakken operator with substantial Williston Basin production and a long-lateral drilling program comparable to Kraken's approach. Hess's Bakken asset was a key contributor prior to its acquisition by Chevron, and Hess personnel pedigree flows through Kraken's management team (Troy Kisner, Ryan Miller).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries3 records

Funding overview

Funding rounds4 records

Investors3 records

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

M&A1 record

Investments

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

Frequently asked questions about Kraken Oil & Gas