PETEX

What PETEX does

Petroleum Exploration, Ltd. (PETEX) is a privately held, family-owned oil and gas operator founded in 1979 and headquartered in Breckenridge, Texas. The company manages and operates upstream oil and gas assets owned by the McClymond family, with an operating footprint spanning nine U.S. states (Texas, New Mexico, Oklahoma, Louisiana, Montana, Wyoming, Colorado, Utah, and Michigan). PETEX generates revenue primarily through oil and gas production from conventional fields with proven reserves and through asset management fees for operating producing properties on behalf of the family owners.

The company operates as a vertically integrated upstream platform, controlling most aspects of the oil and gas value chain through affiliated entities that cover drilling, midstream services, well servicing, construction, trucking, and supply. The wholly-owned subsidiary Badger Services delivers oilfield construction, well servicing, and supply solutions, providing in-house operational capacity rather than relying on third-party contractors. Supporting operational functions include an Owner Relations portal (with EnergyLink integration for JIB and revenue statements, direct deposit, and division order management) and a Vendor Relations service that processes invoices and ACH payments.

PETEX combines decades of industry expertise with what it describes as advanced geological analysis and drilling technology, targeting conventional onshore properties with proven reserves, existing infrastructure, and upside through optimization. Its go-to-market is direct relationship-based, with property owners able to inquire about selling interests through the owner relations function. The business is family-governed: B. Curtis McClymond serves as Chairman and Nic McClymond (a UT Austin-trained, certified Professional Engineer with prior Merit Energy experience) serves as President, supported by an SVP of acquisitions, a VP of Land with 40+ years of experience, and a Controller with midstream and major-company pedigree. No external institutional capital is disclosed; ownership has remained with the McClymond family since founding.

Name

PETEX

Legal name

Petroleum Exploration, Ltd.

Website

https://petexltd.com

Company type

Private

Founded year

1979

Operating status

Operating

Headcount range

51–100 employees

Short description

PETEX is a privately held, family-owned upstream oil and gas operator founded in 1979 in Breckenridge, Texas. It manages and operates conventional producing assets owned by the McClymond family across nine U.S. states through a vertically integrated structure spanning drilling, well servicing, midstream, construction, and supply.

Ownership category

akta.pro rank

Product category

Oil and Gas Asset Management & Upstream Operations

NAICS

Crude Petroleum Extraction (21112), Drilling Oil and Gas Wells (213111)

SIC

Drilling Oil & Gas Wells (1381)

akta.pro primary industry

Mineral Rights, Leasing & Land Management (EUALAAAB)

akta.pro secondary industry

Drilling & Well Construction (E&P Operator-led) (EUALAAAD)

Keywords

• Oil and gas operations
• Upstream asset management
• Drilling and well servicing
• Geological analysis services
• Conventional production

Headquarters

HQ city

Breckenridge

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Oil and Gas Production Revenue: PETEX generates revenue through the production and sale of oil and gas from properties they operate and manage on behalf of the McClymond family. They focus on conventional oil and gas fields with proven reserves.
2. Asset Management Fees: As the operator managing oil and gas assets for property owners, PETEX earns fees for their management services including operations, administration, and optimization of producing assets.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

PETEX manages and operates conventional oil and gas assets for property owners (primarily the McClymond family), handling strategic acquisition, exploration, drilling, and the development of producing properties with proven reserves. The firm operates a vertically integrated upstream platform spanning drilling, midstream services, well servicing, construction, trucking, and supply through affiliated entities, supported by advanced geological analysis and cutting-edge drilling technology.

Product overview

PETEX operates as a vertically integrated oil and gas company that has grown from a small operator (founded 1979) into a fully integrated platform. The core offering is oil and gas asset management and operations for the McClymond family, combining decades of industry expertise with advanced geological analysis and cutting-edge drilling technology. The company controls nearly every aspect of the upstream oil and gas lifecycle through affiliated entities specializing in drilling, midstream services, well servicing (Badger Services), construction, trucking, and supply. Supporting services include Owner Relations (direct deposit, division order management, EnergyLink statement access) and Vendor Relations (invoicing, ACH payments, Accounts Payable).

Differentiator

Problem solved

Functional benefit

Products and services

• Oil and Gas Asset Management and Operations Vertically integrated management and operation of conventional oil and gas properties for property owners, including strategic acquisition, exploration, drilling, development, and ongoing production operations. Targeted at mineral rights owners (primarily the McClymond family) and other property owners with long-life producing assets and proven reserves across multiple U.S. basins.
• Badger Services Wholly owned affiliate of PETEX providing comprehensive oilfield construction, well servicing, and supply solutions recognized across Texas for dependable results and unmatched service. Supports PETEX's vertically integrated upstream operations.
• Owner Relations Services Dedicated owner-relations resource providing timely updates, direct support, and partnership inquiries for property owners, including direct deposit enrollment, change of address, division order updates, and JIB and revenue statement access via EnergyLink. For mineral rights owners and interest holders who do business with PETEX.
• Vendor Relations and Accounts Payable Services Handles vendor invoicing, payment processing, and ACH setup for oilfield service vendors, with standardized PDF invoice submission requirements (lease name, facility name, well name, and well number) and a preference for ACH payments. For third-party oilfield service vendors working with PETEX.

Quantifiable outcome

• Since 1979

Named customers1 record

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature3 records

Partnerships

One partnership is on record.

• Badger ServicescoreStrategic or Co-development PartnerBadger Services is a trusted provider of comprehensive oilfield construction, well servicing, and supply solutions recognized across Texas for delivering dependable results and unmatched service. It is one of PetEx's supporting affiliate entities within their vertically integrated structure.

Scale indicators2 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Mewbourne Oil Company: Private, family-owned conventional oil and gas operator headquartered in Tyler, Texas, focused on acquisitions and operations across the Permian Basin and other onshore US regions. Highly comparable to PETEX in private family ownership, conventional asset focus, and integrated upstream model.
• Hilcorp Energy: Largest private US oil and gas producer, known for acquiring mature, conventional onshore assets and operating them with an employee-ownership culture. Directly comparable to PETEX in its conventional-only acquisition thesis and privately-held operating model, though at much larger scale.
• Merit Energy Company: Private, Dallas-based conventional oil and gas operator focused on long-life, low-decline producing properties across the mid-continent. Highly comparable to PETEX — Nic McClymond, PETEX's President, previously managed asset groups at Merit, and both firms share a conventional, asset-management-oriented acquisition strategy.
• CrownQuest Operating: Private, family-owned Permian Basin operator focused on conventional and unconventional development in West Texas and New Mexico. Comparable to PETEX as a privately-held, multi-generational family operator pursuing acquisitions and active drilling programs across the same onshore US basins.
• Sitio Royalties Corp: Public mineral and royalty acquisition company focused on US oil and gas basins. Comparable to PETEX's mineral rights and land management focus through VP of Land Kirk Farquhar's 40+ years of land expertise, though Sitio is royalty-only and publicly traded.
• Kimbell Royalty Partners: Public royalty company that acquires mineral and royalty interests across major US basins. Comparable to PETEX in its focus on acquiring existing mineral and royalty positions to generate long-life, commodity-linked cash flow.
• Citation Oil & Gas Corp: Private, Denver-based operator focused exclusively on conventional US oil properties acquired from majors and large independents. Highly comparable to PETEX in its conventional-only focus, private ownership, and strategy of operating mature, infrastructure-rich producing assets.

Broad incumbents

• Laredo Petroleum: Public Permian Basin-focused E&P with operations across the Midland and Delaware sub-basins. Comparable to PETEX in its Texas-centric oil-weighted portfolio and conventional-heavy asset base, though materially larger and publicly listed.
• XTO Energy: ExxonMobil's US upstream subsidiary and one of the largest US oil and gas producers. Relevant broad incumbent — PETEX Controller Sallie Newberry previously held accounting roles at XTO Energy — providing a useful scale benchmark for a fully integrated US upstream operator.

Others

• Brazos Midstream: Midstream operator focused on natural gas and crude gathering, processing, and transportation in the Permian Basin. Connected to PETEX through PETEX Controller Sallie Newberry's prior accounting leadership at Brazos, and adjacent as part of the broader integrated Permian value chain PETEX participates in.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries1 record

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 PETEX