Since time immemorial, energy has been a catalyst of living standards across global economies. The agrarian era had people using wood as their chief source to survive. The invention of the first locomotive engine in the 18th century led to a drastic shift, i.e., a transition from agrarian to industrial economy, necessitating the replacement of coal as the preferred fuel choice. However, the mounting environmental concerns associated with the use of coal, a growing need to improve air quality, and emerging new technologies have made the world make the inevitable switch to oil. This blog provides a rundown of the top oil and gas companies in the USA.
An overview of the U.S, Oil and Gas Industry
The discovery of oil in Pennsylvania in 1859 and Spindletop, Texas, in 1901 laid the foundation for an oil economy in the U.S. With growing industrialization, automobile ownership and demand for electricity grew, creating a big ask for oil. The use of oil-powered ships, trucks, tanks, and military airplanes in World War I made oil more than a strategic and essential energy source for the U.S. economy; it was its vital military asset. Before realizing the value of natural gas, it was considered a waste by-product of oil extraction and was burned. Eventually, natural gas became a prized product like oil in its own right and was used as a fuel for residential and industrial healing and power.
The first oil corporation in the U.S., Pennsylvania Rock Oil Company’s ability to make the most of oil found floating on water surfaces near Titusville, Pennsylvania, paved the way for the first successful oil well. The success of the first oil well drilled in 1859 in Titusville, Pennsylvania, changed the course of the oil industry, making the U.S. an energy giant. It led to the formation of Standard Oil Company, renamed Exxon in 1973, and ExxonMobil in 1999, which became the largest public oil company in the world.
The American oil and gas industry, valued at USD 73.8 million, is poised to grow at a CAGR of 6.5% to reach USD 130.9 million by 2032. With 59,944 Oil Drilling & Gas Extraction businesses, the U.S. ranks as the world’s top producer of crude oil, outdoing Saudi Arabia and Russia. Oil, natural gas, and coal account for 80% of America’s energy needs. According to research insights from the Department of Energy, the U.S. oil and gas industry creates 12.3 million American jobs. The industry contributes $1.6 trillion in federal and state tax revenue, facilitating public education and infrastructure across the country. The U.S. meets 75% of its crude oil supply and 90% of its natural gas supply domestically. Domestically produced gas accounts for around 38% of the country’s electricity demand.
An established oil and gas industry has empowered the U.S. to create affordable and accessible energy reserves at home, infusing millions of dollars into the manufacturing sector.
What Are The Top Oil And Gas Companies In The USA?
The U.S. Oil and Gas Industry encompasses a range of companies, including energy behemoths Chevron and ExxonMobil, and numerous smaller firms functioning in the various conduits of production processes, including exploration and extraction, transportation, or refining.
Some of the Top oil and gas companies in the USA, which have catapulted America to the position of a global energy leader, include the following:
| Company Name | HQ | Revenue in USD | CEO |
|---|---|---|---|
| Exxon Mobil Corp | San Ramon, California | $344.6 billion | Darren Wayne Woods |
| Chevron Corp | San Ramon, California | $200.9 billion | Michael K. Wirth |
| ConocoPhillips | Houston, Texas | $58.57 billion | Ryan Lance |
| EOG Resources Inc | Houston, Texas | $24.265 billion | Ezra Y. Yacob |
| Schlumberger Ltd | Houston, Texas | $33.14 billion | Olivier Le Peuch |
| Enterprise Products Partners LP | Houston, Texas | $49.715 billion | A.J. Teague |
| Marathon Petroleum Corp | Findlay, Ohio | $148.379 billion | Michael J. Hennigan |
| Phillips 66 | Westchase, Texas | $149.9 billion | Mark Lashier |
| Occidental Petroleum Corp | Houston, Texas | $27.007 billion | Vicki Hollub |
| Energy Transfer LP | Dallas, Texas | $89.876 billion | Marshall S. McCrea |
1. Exxon Mobil Corp
Exxon Mobil Corporation is America’s largest oil and Gas Company and the third-largest revenue contributor to the U.S. economy. A direct descendant of John D. Rockefeller’s Standard Oil, Exxon Mobil was founded by is integrated vertically across the oil and gas industry with a chemicals division producing plastics, synthetic rubber, and other products. With numerous smaller subsidiaries, including XTO Energy and Sea River Maritime, Exxon Mobil has traversed its path into product solutions- downstream processing, upstream processions-exploration, and low carbon solutions.
2. Chevron Corp
Chevron Corp started as a tiny California-based oil company in 1870. It was later acquired by Standard and then merged into Standard Oil of California. It was initially established in 1879 by Charles N. Felton and Lloyd Tevis as Pacific Coast Oil Company. After breaking up from Standard Oil Co, Chevron acquired companies and made partnerships that allowed it to dominate the global oil and gas industry. Active in more than 180 countries, Chevron, an American multinational energy corporation, is vertically integrated into the oil and gas sector, making strides in power generation, chemical manufacturing, hydrocarbon exploration, sales, and marketing.
3. ConocoPhillips
Established in 1875 by Frank Phillips, Continental Oil and Transportation Company was initially part of Standard Oil until 1929. Further, in 2002 it merged with Phillips to become ConocoPhillips. Operating in around 15 countries, ConocoPhillips is primarily into hydrocarbon exploration, producing, transporting and marketing crude oil, bitumen, natural gas, natural gas liquids and liquefied natural gas on a worldwide basis.
4. Marathon Petroleum Corp
Marathon Petroleum Corp traces its origin to many small oil companies in Ohio that banded together in 1887. This American petroleum refining, marketing, and transportation company is primarily involved in midstream operations, providing a full line of high-quality industrial and consumer products, including asphalt, passenger and heavy-duty motor oils, hydraulic oils, and more. Additionally, Marathon Petroleum Corp is focusing on decreasing the carbon intensity of operations to meet the burgeoning global energy needs.
5. Phillips 66
Phillips 66 was founded in 1917 by L.E. Phillips and Frank Phillips. This American multinational company, initially established as Phillips Petroleum Company, made great strides by extracting liquids from natural gas. Further, after merging with Conoco to form ConocoPhillips, the company spun off its oil refining, chemical, and downstream operations, marketing, natural gas liquids, and petrochemicals in the oil and gas sector, establishing itself as a new enterprise bearing the name Phillips.
6. Energy Transfer L.P.
Energy Transfer L.P. was established in 1996 by Ray Davis and Kelcy Warren. Considered one of the largest midstream companies operating in the U.S., Energy Transfer L.P. is also one of the largest exporters of NGL in the world. Energy transfer is engaged in pipeline transportation, terminalling natural gas, crude oil, refined products, and liquid natural gas.
7. Schlumberger NV
Schlumberger NV was established in 1926 by Conrad Schlumberger and Marcel Schlumberger. This American oilfield services company is the world’s largest offshore drilling company and also the highest-revenue-generating offshore drilling contractor. Schlumberger’s focus area involves providing service solutions to the oil and gas industry, including directional drilling, seismic data processing, flow assurance and consulting, groundwater extraction, and carbon capture.
8. Enterprise Products Partners L.P.
Formed in 1968 by Dan Duncan and two other partners, Enterprise Products Partners is an American midstream natural gas and crude oil pipeline company. Operating as an integrated network of assets, Enterprise Products Partners transports and processes energy to create value across the oil and gas industry. It is one of the largest publicly traded partnerships in North America, focusing on offering midstream energy services to producers and consumers of natural gas, natural gas liquids (NGLs), crude oil, refined products, and petrochemicals.
9. Occidental Petroleum Corporation
Occidental Petroleum was founded in 1920. Armand Hammer became its CEO in 1957 after acquiring a controlling stake for tax reasons. This American company is engaged in hydrocarbon exploration and petrochemical manufacturing in the North America and Chile. Its wholly-owned chemical subsidiary, Oxychem manufactures polyvinyl chloride (PVC) resins, chlorine, and sodium hydroxide (caustic soda) for pharmaceutical’s use. It is also focusing on decarbonization projects, which includes removing CO2 from atmosphere to provide clean electricity and heat for direct air capture.
10. EOG Resources, Inc.
EOG Resources, Inc. was established in 1999 by Mark G. Papa. Initially a part of Enron, it became an independent entity in 1999 and engaged in hydrocarbon exploration. As a key player in the U.S. Oil and Gas industry, EOG Resources, Inc. provides the lowest cost, lowest emissions, and highest return solutions and plays an impactful role in the future of the energy sector.
Wrapping Up
Addressing the global energy challenges is a task at hand for the top oil and gas companies in the USA. The vast and dynamic oil and gas industry offers robust transactional opportunities for businesses across sectors and verticals. To steer such an essential industry with immense economic potential, the key players of the U.S. oil and gas industry must embrace innovative technological solutions to gain a vantage point in the evolving energy landscape.