While many people assume Saudi Arabia is the world’s largest oil producer, I will like to bring you out of that realm to the reality that the United States of America is the highest oil producer in the world. The United States became the world’s top crude oil producer in 2018 and maintained the lead position in 2019 and 2020.
The United States came out on top as the leading global producer of oil and other petroleum liquids with a 20% Share of the world’s total production in 2020.
Read: List of all U.S oil and gas companies and World
Overall, oil companies in the U.S. pumped out an average of 18.60 million barrels per day (BPD), according to the Energy Information Administration (EIA). That production level accounted for 20% of the world’s total output that year, which was ahead of both Saudi Arabia (at 14%) and Russia (at 11%).
The 10 largest oil and gas producers in 2020
| Country | Million barrels per day | Share of the World Total |
| United States | 18.60 | 20% |
| Saudi Arabia | 11.01 | 12% |
| Russia | 10.50 | 11% |
| Canada | 5.29 | 6% |
| China | 4.93 | 5% |
| Iraq | 4.16 | 4% |
| United Arab Emirates | 3.79 | 4% |
| Brazil | 3.78 | 4% |
| Iran | 2.81 | 3% |
| Kuwait | 2.66 | 3% |
| Total top 10 | 67.52 | 72% |
| World total | 94.24 |
Oil Production by States
Crude oil is produced in 32 U.S. states and in U.S. coastal waters. In 2020, about 71% of total U.S. crude oil production came from five states.
Where U.S. crude oil is produced? First, you need to know that the U.S. has seven main shale regions that are driving the bulk of the country’s oil production growth:
- Anadarko in Oklahoma, which includes the STACK shale play
- Appalachia region through Pennsylvania, Ohio, and West Virginia, which includes the Marcellus shale and Utica shale
- Bakken Shale in North Dakota and Montana
- Eagle Ford runs through south Texas
- Haynesville shale in eastern Texas and northwest Louisiana
- Niobrara, which spans northern Colorado and western Wyoming and includes the Powder River Basin and DJ Basin
- Permian Basin, which stretches across western Texas and southeast New Mexico
The Top Five Crude oil-producing States in 2021
| States | Percentage of Production |
|---|---|
| Texas | 43.0% |
| North Dakota | 10.4% |
| New Mexico | 9.2% |
| Oklahoma | 4.1% |
| Colorado | 4.0% |
Top Oil And Gas Companies In the United States of America
In recent times, Oil Companies In the US are on the list of Largest Oil Companies By Production because various oil and Gas Companies in America are contributing to this growth index. The world’s Top Oil Companies that we stated earlier are Exxon, ConocoPhillips, And Chevron. This Top Oil Companies all have their headquarters in the United States OF America. which makes it easier for most U.S. investors to buy their stocks.
You may be asked again, are oil and gas companies in the USA contribute to the reduction of unemployment in the country? The answer is yes, the oil and gas industry in the US is responsible for over 9.8 million jobs in the US.
In the united states of America, the petroleum section is categorized into three operational sectors, which are the Upstream, midstream, and downstream areas.
The top 10 oil and gas industries that are found in this list are involved in all the three sectors while others may specialize in any of the sections, but before we discuss the main, mid, and downstream, we will quickly take a look at the top 10 Oil Companies In Us.
Upstream Petroleum Industry: Exploration and Production
This section of the petroleum industry is known as the E&P section which its activities include searching for crude oil, extracting and developing crude oil, or natural gas. Before oil could be explored, the exploration commenced from the aerial surveys and the ground surface observations by experts, especially geophysicists and geologists. After the consideration, other features are looked out to confirm the presence of oil, and exploration and drilling will commence in such an area for full-time production. There are several Oil Companies In the Us that limit their output to this stage, such as the Abraxas Petroleum Corporation.
Midstream: Pipelines, Process, Storage, Transportation
This is another section of the oil and gas business. This section includes pipelines and companies that focus on the processing of crude oil, and transportation of crude oil derivatives to downstream industries. This can be seen as the middle man between the *P and the final consumer who makes use of the final products.
Take, for example, Burrow Global has over nine annexes in Texas, Oklahoma, and Louisiana and majored in the Midstream. It helps to transport crude oil and products, also storage of crudes in specialized facilities. Other Oil Companies In the Us that are significant in this sector include the likes of Western Gas Resources, Dimension Energy Services, and Kinder Morgan. Oil Companies In Us.
Downstream: Refineries and Distributors
This is the final section of the Petroleum industries; they include the natural gas distribution companies, petroleum products distributors, retail outlets, petrochemical plants, and oil refineries. This means, in the united states of America, over 17 million barrels of petroleum are milled daily, these barrels require the service of several scientists and engineers to safely refined the crude oil to get the following products; pharmaceuticals, heating oil, plastics, asphalt, liquefied petroleum gas, jet fuel, synthetic rubber, waxes, natural gas, pesticides, ethane, agricultural chemicals, propane, butane, lubricants.
One crucial company that deals majorly in this section is the OxyChem company which is one of the subsidiaries of the US-based Oil and Gas Company Occidental Petroleum, and this company deals with the production of polyvinyl chloride (PVC) resins and chlorine and caustic soda, which are an essential constituent of the plastics, Pharmaceutical industries, and water-treatment chemicals. OxyChem fell on the list of Top 3 manufacturers of these products in the US. Other products this company also produces are Caustic Soda, Caustic Potash, and Caustic Soda.
Other companies that are in this section include Exxon, Texaco, Esso, Amoco, Exxon Mobil, Castrol, and many more.
Top Oil and Gas companies in the United States based on market capitalization
According to Statista, The Leading oil and gas companies in the United States based on market capitalization as of April 2021 are:
| USA Oil and Gas Companies | Market Capitalization In U.S. $ Billion |
|---|---|
| Exxon Mobil Corporation | $234.07 |
| Chevron Corporation | $195.37 |
| ConocoPhillips | $65.78 |
| EOG Resources | $40.02 |
| Marathon Petroleum | $33.93 |
| Phillips 66 | $33.02 |
| Pioneer Natural Resources | $31.63 |
| Valero Energy | $28.07 |
| Occidental Petroleum | $21.66 |
| Hess Corp | $20.79 |
Top 10 Largest Oil and Gas Companies in the USA
Below is the list of Top 10 oil companies in USA
- Exxon Mobil Corporation
- Chevron Corporation
- ConocoPhillips Co.
- EOG Resources
- Occidental Petroleum Company
- Valero Industries
- Phillips 66
- Halliburton
- Anadarko Petroleum
- Marathon Petroleum
1. Exxon Mobil
First on our list is Exxon and Mobil oil and gas, which sprung as a result of merging in the year 1999, and his name officially became Exxon Mobil Corporation. The cooperation has its headquarters in Irving, Texas. This oil found itself on our list of Oil Companies In US because it is one of America’s largest non-state run oil companies; not only that, after PetroChina, ExxonMobil is the second-largest energy company in the world.
The cooperation operates in the following states, Canada, the United States, Norway, Belgium, and other countries of the world. Exxon works majorly all the 3 categories we divide oil and gas industries to and they produce and export following products which include, asphalt, adhesives, kerosene, lubricants, gasoline and many other products that are derivatives of crude oils, they are all being sold under the Brand name of Mobil, Exxon, and Esso.
Starting from the days of the founder John D. Rockefeller, Exxon has continued to be the Largest American Oil Company, and in recent estimation, the company has a market value of about $341.61 Billion.
Corporate Highlights:
The company made its eighth oil discovery in offshore Guyana at the Longtail-1 well, creating the potential for additional resource development in the southeast area of the Stabroek Block.
ExxonMobil posted a Q2, 2018 revenue of US$ 73.501 billion.
2. Chevron
The headquarter of Chevron Corporation is found in San Ramon; this company is one of the multinational American oil company which comes into existence after oil was noticed in California in 1879. Over the years, there have been several mergers that have occurred to the company with the likes of Gulf oil to become Chevron finally. The company operates all the significant categories of oil and gas industries, which include the likes of oil-based chemical manufacturing, gas exploration, and geothermal energy production.
The company has its central refineries in Mississippi, Virginia, California, in the United States Of America. Also, the company has in Ireland, Singapore, Thailand, and South Korea. Chevron concerted all her efforts in the Region, which is known as the World’s oil and gas regions such as the Gulf of Mexico, West Africa, Offshore Western Australia, and Shale.
Chevron sells and markets products under the Brand of Texaco, Chevron, and Caltex brands. Chevron in the 3rd spot on the list of Top Three American Oil and Gas Companies. The company has a market value of $197.03Billion.
3. ConocoPhillips
It was the merging of Phillips Petroleum Cooperation and Conoco Inc. in 2002 that brought about ConocoPhillips Co. the company is also one of the Multinational Energy cooperation in the united states with head office in Houston, Texas. ConocoPhillips happened to be the largest independent exploration and production company in the world (E&P), this was as a result of her vast reserves and production of natural gas and natural liquids, which includes the likes of Butane, Propane, and Ethane.
The company operates in different countries and states in the united states, which include Asia Pacific, Middle East, Canada, Europe, North Africa, and Alaska. The company sells various products under the brand name, which includes asphalt, crude oil, Natural gas, solvents, plastics, automobile and aviation fuels, liquefied petroleum gas, and NGLs.
The company rose to the 3rd position on the ranking of Top oil and gas companies in the US from the time it was started as Continental Oil and Transportation company in Utah in the year 1875, and the company market value is about $53.28 Billion.
4. EOG Resources
EOG Resource is one of the largest independent (non-integrated) companies that engages in the exploration, development, production, and marketing of crude oil and natural gas production in the United States of America with reserves amounting to 56% for petroleum, 20% natural gas liquids and 24% represented by natural gas.
The company was founded in 1985. Currently in operation in the United States, Canada, Trinidad and Tobago, China, Oman, and Other International segments. The current headquarter is in Houston, TX. Current Revenue at $9.9 Billion and Assets $35.8 Billion.
2020 EOG Resources Operational Highlights
- Increased the dividend rate 30%
- Generated $1.6 billion of free cash flow
- Funded the dividend and paid down maturing debt with free cash flow
- Announced Dorado. a new premium natural gas play in South Texas, adding 1.250 premium1 net drilling locations
- Replaced 159% of 2020 production at sub – $7 per Boe finding cost
- Set goal to achieve zero routine flarings by 2025 and set an ambition to reach net-zero scope 1 and scope 2 GHG emissions by 20ñ0
5. Occidental Petroleum
Occidental Petroleum Corporation is one of the Oil and Gas companies in the United States Of America that focuses on all three sectors of the petroleum industry. Her headquarter is in Houston, Texas. Occidental Petroleum Corporation operates in Latin America and the Middle East. Occidental Petroleum Corporation is also one of the largest producers of chemicals under one of her subsidiaries OxyChem in the united states of America.
The company was established in the year 1920 and over time has grown to be one of the largest employers of labor in the United States of America with over 33,000 employees and on the list of the Top 10 largest American oil companies, the company currently worth an estimated amount of $44.81 billion.
6. Valero Energy
This company fell on the list of Top 10 Us based oil and gas companies. Valero Industries was renamed after the mission San Antonio de Valero which old name was Alamo. The company has its head office in San Antonio, Texas.
Later in the year 1980, the company was incorporated and was known as the Valero Energy Corporation. Which was the one that succeeds Lavaca Gathering company, which was formally a subsidiary of Coastal States Gas Corporation? Initially, the company deals with the transportation of natural, which the company later diversified into oil refining.
In recent updates, it was learned that Valero Industries refines not less than 3.1 million barrels of oil in a day, which automatically made the company the most significant independent refiner in the world. Also, it is taking the lead position in terms of ethanol production with over 11 plants of Ethanol in the Midcontinent region. The current market value of Valero Industries is around $28.25 Billion.
7. Phillips 66
Phillips 66 Company is an American multinational energy company headquartered in Westchase, Houston, Texas. Phillips 66’s refineries receive and process crude oil from the Amazon River Basin of South America. It debuted as an independent energy company when ConocoPhillips executed a spin-off of its downstream and midstream assets.
What is the difference between Phillips 66? and ConocoPhillips
Phillips 66 became separate from ConocoPhillips after a spinoff in 2012. Splitting the two companies allowed both Phillips 66 and ConocoPhillips to eliminate unprofitable assets and focus on self-growth.
Phillips 66 is now a diversified energy manufacturing and logistics company. With a portfolio of Midstream, Chemicals, Refining, and Marketing, and Specialities businesses, the company processes, transports, stores, and markets fuels and products globally. They have been able to triple the shares since the 2012 spinoff, which is up a more modest 30%. In the United States, Phillips 66 markets gasoline, diesel, and aviation fuel through approximately 7,550 independently owned outlets in 48 states.
8. Halliburton
One of the world’s largest and America’s 7th oil field service companies, it has operations in more than 70 countries. Halliburton is one of the world’s largest providers of products, services, and integrated solutions for oil and gas exploration, development, and production. It owns hundreds of subsidiaries, affiliates, branches, brands, and divisions worldwide and employs approximately 55,000 people.
Halliburton Founded in 1919 by Erle P. Halliburton, a pioneer in oil-well cementing. Since then serving major, national and independent oil and natural gas companies throughout the world.
9. Anadarko Petroleum
Anadarko Petroleum Corporation one of the united states’ biggest oil and gas exploration companies. The Company acquires, explores, develops, produces, and markets oil and natural gas. Anadarko Petroleum serves customers globally. APC was well non for its engagement in hydrocarbon exploration.
Anadarko Petroleum Corporation has proved remarkable reserves of about 1.5 billion BOE and owns 2,500 net oil wells and 6,500 net gas wells. Its conventional oil assets are mainly in the US Gulf of Mexico and DJ (Colorado) basins in the US. Midstream activities include gathering, processing, and transportation of company-produced and third-party energy products.
This company has been acquired by Occidental Petroleum In 2019.
10. Marathon Petroleum
Marathon Petroleum Corp. is an independent company, which engages in refining, marketing, and transportation of petroleum products in the United States. Founded in 1887 and is headquartered is located at Findlay, Ohio. It operates in two segments: Refining & Marketing, and Midstream
The company’s Refining segment refines crude oil and other feedstocks at its refineries in the Gulf Coast, Mid-Continent, and West Coast regions of the United States; and purchases refined products and ethanol for resale. Its refined products include reformulated gasoline and blend-grade gasoline; heavy fuel oil; and asphalt.
The Refining segment also manufactures aromatics, propane, propylene, and sulfur. It sells refined products to wholesale marketing customers domestically and internationally, buyers on the spot market and independent entrepreneurs who operate primarily Marathon branded outlets; and transportation fuels through long-term fuel supply contracts to direct dealer locations, primarily under the ARCO brand.
As of January 31, 2020, it operated 7,090 branded outlets in 35 states. The company also operates crude oil and refined product pipelines.
Conclusion
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