For the smooth conduction of the US economy, oil and gas has been playing leading roles in its energy sector for decades. Oil and gas supplied about two-thirds of the energy used by Americans in 2016, according to the US Energy Information Administration (EIA), natural gas and oil will account for nearly 70% of the country’s energy use by 2050, while the top 10 largest oil and gas companies in the USA are expected to continue leading the market in the near future. According to the President and CEO of American Petroleum Institute, “natural gas and oil drives the US and world economies, and energy analysts project they will continue in that leading role for decades to come.”
As per the US Energy Information Administration, in 2017, the US consumed a total of 7.26 billion barrels of petroleum products, averaging to about 19.88 million barrels per day.
The oil and gas industry in the USA is one of the largest industries globally in terms of functionality, reach and profitability. For the latest reports on the global oil and gas industry, please click here. Listed below are the top 10 largest oil and gas companies in the USA by revenue in 2018.
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Top 10 Largest Oil and Gas Companies in the USA 2018
ExxonMobil is currently topping the list of the biggest oil companies in the USA and one of the world’s largest oil companies by production. It is the largest publicly traded international energy company and uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is one of the largest refiners and marketers of petroleum products, and its chemicals undertaking is one of the largest such companies in the world.
- The company made its eighth oil discovery in offshore Guyana at the Longtail-1 well, creating the potential for additional resource development in the southeast area of the Stabroek Block.
- ExxonMobil posted a Q2, 2018 revenue of US$ 73.501 billion.
Chevron is one of the world’s largest oil producers and leading integrated energy companies. Chevron explores for, produces and transports crude oil and natural gas. Additionally, the company refines, markets and distributes transportation fuels and lubricants, manufactures and sells petrochemicals and additives, generates power, and develops and deploys technologies that enhance business value in every aspect of the company’s operations.
- Chevron posted a Q2, 2018 revenue of US$ 3.4 billion.
- In January 2018, the company announced an integral oil discovery at the Ballymore prospect in the Deepwater Gulf of Mexico.
Touted as the world’s largest pure-play exploration and production company, ConocoPhillips is a major producer of oil, natural gas in the USA
- ConocoPhillips employs approximately 11,200 employees?across 17 countries.
- The company posted a Q2, 2018 revenue of US$ 1.6 billion.
EOG Resource is one of the largest independent (non-integrated) crude oil and natural gas producing companies in the USA with proved reserves amounting to 56% for petroleum, 20% natural gas liquids and 24% represented by natural gas.
- EOG resource posted a Q2, 2018 revenue of US$ 6.967 billion.
- The company employs 2,600+ employees.
- In 2017, the company has increased its US based oil production by 20% while reducing debt, paying out dividends and generating free cash flow.
Occidental Petroleum is an international oil and gas exploration and production company with predominant operations in three countries, including the United States, Middle East and Latin America. Occidental’s midstream and marketing segments gather, process, transport, store, purchase and market hydrocarbons and other commodities. The company’s wholly owned subsidiary OxyChem manufactures and markets basic chemicals and vinyls.
Corporate highlight: Occidental Petroleum posted a Q2, 2018 revenue of US$ 0.848 billion.
Phillips 66 is a diversified energy manufacturing and logistics company. With a portfolio of midstream, chemicals, refining, marketing and specialties businesses. The company processes, transports, stores and markets fuels and associated products globally. Phillips 66 Partners, the company’s limited partnership subset, is integral to the aforementioned portfolio and is gaining mainstream traction in its own right.
- Philips 66 posted a Q2, 2018 revenue of US$ 1.3 billion
- The company employs 14,400 employees
Valero Energy Corporation, through its subsidiaries, is an international manufacturer and marketer of transportation fuels and other petrochemical products. Additionally, Valero also owns 50% of a joint venture, Diamond Green Diesel Holdings LLC (DGD), which operates a 10,000 barrels per day renewable diesel plant in Norco, Louisiana, that specializes in the processing of used cooking oil, recycled animal fat and corn oil into renewable diesel fuel. Sunray Wind, a 50-megawatt wind farm that produces electricity for the McKee refinery in Sunray, Texas, is also part of the Valero Energy’s fold.
Corporate highlight: The company has witnessed a profit of US$ 0.845 billion due to the difference between domestic and foreign crude oil prices.
Halliburton serves the upstream oil and gas sector throughout the lifecycle of the reservoir, from locating reserves and managing geological data, to drilling evaluation, well construction, completion and production optimization through the life of the field.
- Halliburton Company has acquired Athlon solutions LLC. which will become part of the Halliburton multi-chem business line, a provider of specialty oilfield chemicals for stimulation, midstream, and production customers.
- TETRA Technologies, Inc. and Halliburton partnered together for a global joint marketing and development agreement for the sale and distribution of TETRA’s proprietary family of TETRA CS Neptune completion fluids. The collaborative agreement also fosters and drives further development of oil and gas drilling and completion fluids based operations based on their respective technologies and resource capabilities.
Anadarko Petroleum is one of the largest oil and gas companies in the USA and a leading premier American petroleum and natural gas exploration and production company, with production capabilities peaking at nearly 672 thousand barrels of oil per day. At the end of 2017, the company was sitting atop a proven reserve of 1.439 billion barrels of oil equivalent, with 46% of it amounting to oil reserves, 37% natural gas and 17% natural gas liquids. However, the company is well known for being at the offending end of a 2014 environmental containment settlement that is deemed the largest in American history.
- The oil growth includes increased activity in the Delaware Basin, ramping production at the TEN field in Ghana and the integration of Freeport-McMoRan Deepwater assets in the Gulf of Mexico.
- The Ghana oil sales volume increased by 48% year-over-year, largely driven by a full year of production from the TEN field.
Marathon Petroleum is US’s second-largest oil refiner, with a crude oil refining capacity of approximately 1.9 million barrels per calendar day spanning its six-refinery system. MPC’s fully integrated system provides operational flexibility to move crude oil, NGLs, feedstocks and petroleum-related products efficiently through the company’s distribution network and midstream service businesses in the midwest, northeast, east coast, southeast and gulf coast regions.
Corporate highlight: The company posted a Q2, 2018 revenue of US$1.06 billion
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Future Trends for the US Oil and Gas Market
Those largest oil and gas companies in the USA are poised to impact the market positively as they embrace the latest technologies and innovations. The latter will launch an American energy renaissance, leading to new natural gas finds and expansion of oil production from reserves that were once deemed unavailable.
‘The Environmental Partnership’, is an industry-led initiative created to help largest oil and gas companies in the USA to work together and continuously negate adverse environmental impacts. It’s a landmark collaboration that’s initially focused on further reducing emissions from oil and gas production in the USA – yet is designed to take on additional environmental objectives in the future. This partnership is an example of the industry’s growing maturity towards environmental concerns – coming together to make measurable progress that will benefit all Americans. Additionally, the advancing environmental performance through innovative research, technology and operational practices in the US oil and gas industry is also expected to fuel the market growth further in the near future.
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