Top 12 Largest Oil and Energy Companies in the U.S
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| Top 10+ Largest Oil Companies In The US. Photo Getty |
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Oil and gas companies in USA contribute to the reduction of unemployment in the country and responsible for over 9.8 million jobs in the US.
Since the discovery of oil in the Oil Creek area of Titusville, Pennsylvania, in 1859, petroleum has been a major industry in the United States. Exploration, production, processing (refining), transportation, and marketing of natural gas and petroleum products are all part of the industry.
Where in the United States are oil reserves found?
Until recently, the majority of crude oil extracted in the United States came from carbonate and sandstone reservoirs. This liquid fossil fuel can be found in both reservoir and source rocks, with the latter becoming more accessible and financially viable as technology advances. The United States has the world's ninth-largest oil reserves.
| The economic consequences of the oil industry in the US Because of the relatively high cost of unconventional oil production, the coronavirus pandemic threatened many US-based oil and gas projects as well as the liquidity of industry companies. ExxonMobil and other oil behemoths reported record losses for the year as they struggled to turn a profit as the WTI price fell to an annual average of 39.16 US dollars per barrel - lower than during the 2015 and 2016 oil gluts. The economic recovery following months of reduced travel activity and market uncertainties surrounding the Russia-Ukraine war caused an oil supply bottleneck and pushed prices to 15-year highs in late 2021 and early 2022. As a result, major oil companies were able to turn a profit just two years after suffering historic losses. |
Top 10+ Largest Oil Companies in the US
Check out this article to learn about the Top 10+ Largest Oil Companies in the US.
1. Occidental Petroleum
Founded: June 1920
Headquarters: Greenway Plaza Houston, Texas
Market cap: $29.09 Billion
Revenue: 7.22 billion U.S. dollars (first quarter of 2023)
Website: oxy.com
The company was founded in 1920 and has operations in several countries including the Middle East, Colombia, Canada, and Chile. OxyChem, the company's chemical subsidiary, produces the building blocks for life-enhancing products. Oxy Low Carbon Ventures, a subsidiary of Oxy, is developing cutting-edge technologies and business solutions that help businesses grow while lowering emissions. The company has committed to advancing a lower-carbon world by leveraging its global leadership in carbon management. For more information, go to oxy.com. Vicki Hollub is the CEO of the company, which was founded in 1920.
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2. Marathon Petroleum
Founded: November 9, 2009
Headquarters: Findlay, Ohio, United States
Market cap: $ 49.47 Billion As of June 2023
Revenue: $ 49.47bn in first quarter of 2023
Website: https://www.marathonpetroleum.com/
Marathon Petroleum is a company based in the United States. The company's headquarters are in Findlay, Ohio, USA. The company runs the country's largest refining system. The marketing system of MPC includes branded locations throughout the United States, including Marathon brand retail outlets.
MPC is the general partner and the majority limited partner in MPLX LP, a midstream company. Marathon Petroleum owns and operates crude oil and light product gathering, processing, and fractionation assets, as well as crude oil and light product transportation and logistics infrastructure. Michael J. Hennigan is the CEO of the company, which was founded in 2009.
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3. Anandarko Petroleum
Company size: 1,001-5,000 employees-Includes members with current employer listed as Anadarko Petroleum Corporation, including part-time roles.
Headquarters: The Woodlands, TX
Founded: 1959
Founded: November 9, 2009
Market cap: $36.56b
Production output: 792 thousand barrels of oil equivalent (4,850,000 GJ) per day
Anandarko Petroleum is a company based in the United States. Allison Tower in The Woodlands, Texas, serves as the company's headquarters. With headquarters in The Woodlands, Texas, it is one of the world's largest independent oil and natural gas exploration and production companies.
Anadarko Petroleum Corporation, headquartered in The Woodlands, Texas, is one of the world's largest independent oil and natural gas exploration and production companies. Their diverse portfolio of assets includes premier positions in the Delaware and DJ basins onshore in the United States, as well as oil-focused opportunities in the Gulf of Mexico and deepwater basins worldwide.
4. ConocoPhillips
Founded: 30 August 2002
Headquarters: Houston Energy Corridor, Houston, Texas, U.S.
Market cap: $125.37 Billion As of July 2023
Revenue: $75.54 billion
Website: conocophillips.com
ConocoPhillips is a company based in the United States. The company's headquarters are in Houston, Texas, in the United States. It is a global oil and gas company tasked with a critical task: safely finding and delivering energy to the world. It is one of the world's largest independent exploration and production companies (E&P) due to its vast reserves and production of natural gas and natural liquids, such as Butane, Propane, and Ethane.
The company has operations in several countries and states throughout the United States, including Asia Pacific, the Middle East, Canada, Europe, North Africa, and Alaska. ConocoPhillips sells a wide range of products under the brand name, including asphalt, crude oil, natural gas, solvents, plastics, automobile and aviation fuels, liquefied petroleum gas, and natural gas liquids (NGLs).
5. Devon Energy
Founded: 1971
Headquarters: Oklahoma City, Oklahoma
Market cap: $ 31.01 Billion As of July 2023
Revenue: $ 3.823bn in first quarter of 2023
Website: https://www.devonenergy.com/about-us/history
John Nichols and his son Larry founded Devon in 1971. It went public in 1988 and grew rapidly through mergers and acquisitions.
Devon announced plans in 2008 to construct a new 925-foot (282-meter) tall, 1,900,000-square-foot (180,000-square-meter) corporate tower in downtown Oklahoma City. The company closed its Houston office, which was located in Downtown Houston's Allen Center, in 2012.
Currently, the company has approximately 752 million barrels of oil reserves. It has been involved in several acquisitions worth several tens of billions of dollars over the years.
6. ExxonMobil
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Founded: November 30, 1999
Headquarters: Irving, Texas, U.S.
Market cap: $ 433.60 Billion
Revenue: $ 409.744 bn as of March 2023
Website: corporate.exxonmobil.com
Exxon Mobil, the direct descendant of Standard Oil, the largest oil company in US history, currently dominates the list of the largest oil companies in the United States. Exxon Mobil is headquartered in Texas, America's largest oil producing state, and is the country's second largest corporation by revenue. The company is also responsible for one of the largest oil spills in history, the Exxon Valdez oil spill in 1989.
7. Chevron
Founded: September 10, 1879
Headquarters: San Ramon, California, U.S.
Market cap: $ 295.96 Billion As of July 2023
Revenue: $ 242.672 bn as of March 2023
Website: chevron.com
The acquisition of US shale oil and gas producer Noble Energy in October was a watershed moment for Chevron in 2020. Due to high production costs, the US shale sector was hit harder by lower oil prices than other sectors. Chevron seizes the opportunity to purchase Noble's reserves in a $4.2 billion deal as its margins contract and debt rises.
Meanwhile, Chevron needed to consider its finances. The company's net loss peaked in the second quarter of 2020, when it reported a net loss of $8.3 billion. Despite no significant changes in net production during the year, the company suffered a net loss of $5.5 billion.
8. Phillips 66
Founded: 1927
Headquarters: Westchase, Houston, Texas, U.S.
Market cap: $ 43.76 Billion As of July 2023
Revenue: $43.76 billion As of March 2023
Website: phillips66.com
Phillips 66 is a major lubricant supplier in the United States. Phillips 66 Lubricants is sold in over 80 countries and has world-class research and development facilities as well as eight proprietary blending and packaging facilities.
The company is delivering on a business strategy to increase returns, grow the company, increase distributions to shareholders, and build a high performing team through financial strength and safe, reliable operations. L.E. Phillips and Frank Phillips founded the company in 1917.
9. EOG Resources
Founded: 1999
Headquarters: Heritage Plaza
Houston, United States
Market cap: $ 66.93 Billion As of July 2023
Revenue: $ 27.763 billion as of March 2023
Website: https://www.eogresources.com/
EOG Resources, Inc is a hydrocarbon exploration company based in the United States. Organized in Delaware and housed at Houston's Heritage Plaza. The company was ranked number one on the Fortune 500 and number three on the Forbes Global 2000. It was known as the Enron Oil & Gas Company prior to its separation from Enron in 1999.
10. Valero Energy
Founded: January 1, 1980
Headquarters: San Antonio, Texas, United States
Market cap: $ 42.40 Billion as of July 2023
Revenue: $174.280 billion as of March 2023
Website: www.valero.com
Valero Energy is a company based in the United States. The company's headquarters are in San Antonio, Texas, USA. It is a global producer and distributor of transportation fuels and petrochemical products. The company operates 15 petroleum refineries with a total capacity of approximately 3.2 million barrels per day and 13 ethanol plants with a total capacity of 1.72 billion gallons per year.
Petroleum refineries are located in the United States, Canada, and the United Kingdom, while ethanol plants are located in the United States' Mid-Continent region. Valero is also a partner in Diamond Green Diesel, which owns and operates a renewable diesel plant in Norco, Louisiana. Diamond Green Diesel is the largest biomass-based diesel plant in North America.
11. HollyFrontier
Founded: 1947
Headquarters: Dallas, Texas, United States
Market cap: $ 5.93 Billion As of June 2023
Revenue: $ 18.4 billion in 2021
Website: hollyfrontier.com
HollyFrontier Corporation is a producer of gasoline, diesel, jet fuel, lubricants, and asphalt. It is headquartered in Dallas, Texas. The company owns and operates four integrated refineries with a combined crude oil processing capacity of 405,000 barrels per day. Cheyenne, Wyoming (52,000 bpd); El Dorado, Kansas (135,000 bpd coke plant); Artesia, New Mexico (100,000 bpd); Tulsa, Oklahoma (125,000 bpd); and Woods-Cross, Utah (45,000 bpd) and Mississauga (15,600 bpd) are among the facilities.
12. Pioneer National Resources
Founded: 1997
Headquarters: Irving, Texas
Market cap: $ 48.42 Billion As of July 2023
Revenue: $ 22.663 billion in the first quarter of 2023
Website: https://www.pxd.com/
Pioneer Natural Resources Company is an American hydrocarbon exploration company based in Irving, Texas. It operates in the Cline Shale, which is part of the Permian Basin's Spraberry Trend, where it has the most acreage.
On the Fortune 500, the company is ranked 248th.
Conclusion
The number of operational oil rigs in the United States was significantly reduced in 2020 due to the coronavirus pandemic, but has since recovered. In spite of challenges, those companies can still maintain their revenues and be in the list of biggest petroleum companies in the US.
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