EON Resources is an independent oil and gas producer operating in the Permian Basin in New Mexico. The company produces crude oil and natural gas from two primary assets on the Northwest Shelf of the Delaware Basin: the Grayburg-Jackson Field and the South Justis Field. Crude oil represents the vast majority of EON's output, which the company sells directly to Chevron under a direct purchase arrangement. Unlike typical Permian shale operators, EON primarily utilizes secondary waterflood recovery across shallow vertical wells to repressurize mature reservoirs and extract oil. EON also leverages farmout partnerships, maintaining a non-operated working interest in horizontal drilling programs developed and funded by third-party partners like Virtus Energy Assets. The company's growth strategy centers on low-cost well workovers to expand waterflood recovery, drilling horizontal inventory with partners, and acquiring mature Permian producing assets.