In this article, we will take a look at the Top 20 Oil Producing Companies in the US. You can also check out 20 Biggest Oil Producing Countries in Asia for our analysis of Russia-Ukraine conflict and its impact on OPEC+ and non-OPEC+ oil production.
Oil remains a critical commodity with a significant impact across various global industries. Its applications range from personal protective equipment to plastics, chemicals, and pharmaceuticals, showcasing the extensive use of petroleum products. The oil and gas sector is a substantial part of the U.S. economy, providing numerous jobs and generating significant revenue.
According to the report by MMR on the crude oil market in 2022, the Crude Oil Market was valued at $1,424.38 billion, with projections indicating an increase to $1,613.84 billion by 2029 reflecting a compound annual growth rate (CAGR) of 1.8% during the forecast period. Despite the evolving energy landscape and sustainability concerns, crude oil continues to hold its global significance. This anticipated growth highlights the enduring importance of crude oil as a global commodity, even amid changing energy landscapes and sustainability concerns. OPEC forecasts global oil demand to reach 2.25 million barrels per day in 2024, significantly higher than the IEA’s projection of 1.1 million barrels per day for the same period.
Amidst the ever-changing dynamics, the Russia-Ukraine war has emerged as a pivotal factor exerting significant influence on the global oil market. Geopolitical developments have prompted Russia to redirect its crude and fuel exports to South and East Asia, a strategic move with profound repercussions. Notably, the conflict has spurred a 70.72% change in WTI crude oil prices and a 73.62% change in Brent crude oil prices.
Despite this, on May 28, 2024 oil prices saw a rise, after booking a loss last week, in light of the upcoming virtual meeting that OPEC+ has announced to hold on Sunday to review its production policies. This 3% gain in the US crude oil came from the expectations of the market that major oil producers will extend their output cuts in the upcoming meeting, according to CNBC. Traders are closely following this meeting as these production cuts would coincide with the rising demand for oil given the onset of the summer season.
Since 2018, the United States has been the leading oil producer. In 2023, it set a production record of 12.9 million barrels per day, with December 2023 seeing a peak of over 13.3 million barrels per day. This level of production is unparalleled globally, with no other country matching this output. It is surprising to note that the United States’ oil exports are almost equal to half of the total production of oil giants like Russia and Saudi Arabia. In 2023, the US exported an average of 4.1 million barrels per day whereas Saudi Arabia and Russia produced an average of 8.94 million barrels per day and 9.5 million barrels per day, respectively.
Now, let us take look at the companies that have been contributing to these numbers, making the United States the biggest oil producer globally.
Also see: Republicans are Buying These 10 Oil and Gas Stocks and 20 Biggest Natural Gas Companies in Australia, 2024.
An oil rig in the middle of an ocean reflecting the sunset.
Methodology
To come up with this list of Top 20 Oil Producing Companies in the US, we sampled the largest companies that operated in the US oil industry. With this criterion, we added the revenue indicator and picked the Top 20 Oil Producing Companies in the US that had the highest revenues for the year 2023. The companies were then arranged in ascending order for this list. Through this approach, we present to you the ranking with the list starting from the company with the lowest revenue of all 20 companies.
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20. Matador Resources Company (NYSE:MTDR)
Revenue reported in 2023: $2.82 billion
Headquartered in Dallas, Matador Resources Company (NYSE:MTDR) is an independent energy company that is involved in the development, exploration, and production of oil and gas resources across the United States. The company primarily operated through two main segments that include, Midstream, and Exploration and Production.
In the last quarter of 2023, Matador Resources Company (NYSE:MTDR) exceeded its expectations of average daily production, with the company producing 154,300 barrels of oil and natural gas equivalent (‘BOE’) which was way greater than the expectation of 145,250 BOE per day. These high levels of production were a result of increased production from wells in Matador’s Stateline asset area and Rodney Robinson leasehold and the land acquisitions during the quarter that added approximately 1,000 BOE per day over Matador’s expectations.
19. Permian Resources Corporation (NYSE:PR)
Revenue reported in 2023: $3.12 billion
Permian Resources Corporation (NYSE:PR) is an independent corporation working in the United States that is involved in the acquisition, optimization, and development of high-return oil and natural gas properties. The company’s assets are mainly focused on the Delaware Basin, a sub-basin of the Permian Basin.
According to World Oil, Permian Resources Corporation (NYSE:PR) made two separate transactions in February 2024 to acquire approximately 11,500 net leasehold acres and 4,000 net royalty acres located in Eddy County, New Mexico. These acquisitions cost the company a whopping $175 million in aggregate.
18. Murphy Oil Corporation (NYSE:MUR)
Revenue reported in 2023: $3.45 billion
Murphy Oil Corporation (NYSE:MUR) has its operations spread across the United States, Canada, and internationally. With its subsidiaries, the company is involved in the exploration and production of crude oil, natural gas, and natural gas liquids.
According to Hart Energy, Murphy Oil, which is a subsidiary of Murphy Oil Corporation (NYSE:MUR), completed a divestiture of non-core assets in the Kaybob Duvernay play and its entire non-operated Placid Montney position in December 2023. The cash proceeds of almost $104 million from this divestiture are planned to be put towards new developmental projects in Asia and Africa.
17. Civitas Resources, Inc. (NYSE:CIVI)
Revenue reported in 2023: $3.48 billion
Civitas Resources, Inc. (NYSE:CIVI), at its core, is an oil production and exploration company. It primarily focuses on acquiring, producing, and developing oil and natural gas in the Rocky Mountain region, in the Field of the Denver-Julesburg Basin of Colorado.
In the first quarter of 2024, Civitas Resources, Inc. (NYSE:CIVI) reported a net income of $176 million for operating net revenues of $1.33 billion. Production in the DJ basin averaged almost 169,000 boe/d during the quarter, compared with nearly 173,000 boe/d in the last quarter of 2023. In the Permian, the company produced an average of nearly 167,000 boe/d, up from 106,000 in the fourth quarter of 2023, thanks primarily to the Vencer deal.
16. Chord Energy Corporation (NASDAQ:CHRD)
Revenue reported in 2023: $3.90 billion
Chord Energy Corporation (NASDAQ:CHRD), formerly known as Oasis Petroleum Inc. till July 2022, acquires, explores, develops, and produces crude oil, natural gas, and natural gas liquids in the Williston Basin. It operates independently in the United States and serves refiners, marketers, and other purchasers who have access to nearby pipeline and rail facilities, as its clients.
Chord Energy Corporation (NASDAQ:CHRD) successfully increased its net proved reserves by 78.6 million barrels of oil equivalent (“MMBoe”) through drilling in the Williston Basin in 2023. It further added 18.8 MMBoe of net proven reserves from the purchase of reserves in place associated with the XTO bolt-on acquisition in June 2023.
15. Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT)
Revenue reported in 2023: 4.18 billion
Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) operates not only in North America but also internationally. The company manufactures, formulates, and markets a diversified slate of specialty branded products and renewable fuels.
14. Antero Resources Corporation (NYSE:AR)
Revenue reported in 2023: $4.28 billion
Antero Resources Corporation (NYSE:AR) mainly operates through three segments which are Exploration and Development; Marketing; and Equity Method Investment in Antero Midstream. The company had approximately 515,000 net acres in the Appalachian Basin; and approximately 172,000 net acres in the Upper Devonian Shale, as of December 31, 2023, according to Yahoo Finance.
In the recently released results for Q1 of 2024, Antero Resources Corporation (NYSE:AR) announced that the net production averaged 3.4 Bcfe/d, an increase of 5% from the year-ago period. Liquid production averaged 202 MBbl/d, an increase of 8% from the year-ago period, and now represents 35% of total production.
13. EQT Corporation (NYSE:EQT)
Revenue reported in 2023: $5.07 billion
EQT Corporation (NYSE:EQT) is an independent upstream oil and gas production company. It operates production fields in Marcellus, Upper Devonian, Ohio Utica, and other plays in the Appalachian Basin.
In March 2024, EQT Corporation (NYSE:EQT) announced its plans to cut its gross production by about 1 bcfd through March due to lower prices at which higher production levels were not sustainable, according to World Oil.
12. Coterra Energy Inc. (NYSE:CTRA)
Revenue reported in 2023: $5.91 billion
Coterra Energy Inc. (NYSE:CTRA), an independent oil and gas company, engages in the development, exploration, and production of oil, natural gas, and natural gas liquids in the United States.
According to Reuters, Coterra’s (NYSE:CTRA) total production stood at 686,100 barrels of oil equivalent per day (boepd) in the January-March quarter of 2024, 8% higher than last year. Furthermore, production for the current quarter is expected to be between 625,0000 boepd and 655,000 boepd.
11. Marathon Oil Corporation (NYSE:MRO)
Revenue reported in 2023: $6.41 billion
Along with the exploration and production of crude oil, Marathon Oil Corporation (NYSE:MRO) also produces products manufactured from natural gas, such as liquefied natural gas and methanol. Additionally, it owns and operates Sugarloaf gathering system which is a natural gas pipeline.
Marathon Oil (NYSE:MRO) expects to deliver total oil production of 190,000 net bopd at the midpoint of its 2024 guidance range. Although winter weather is expected to lower first quarter production by about 4,000 net bopd, primarily concentrated in the Bakken.
10. Southwestern Energy Company (NYSE:SWN)
Revenue reported in 2023: $6.52 billion
Southwestern Energy Company (NYSE:SWN) focuses on the development of unconventional natural gas and oil reservoirs located in Pennsylvania, West Virginia, Ohio, and Louisiana. It also engages in the marketing and transportation of natural gas, oil, and NGLs.
According to the Southwestern Energy Company’s (NYSE:SWN) latest release, total production for the quarter ended December 31, 2023, was 410 Bcfe, comprising 86% natural gas, 12% NGLs, and 2% oil. The production totaled 1.7 Tcfe for the year ended December 31, 2023.
9. Chesapeake Energy Corporation (NASDAQ:CHK)
Revenue reported in 2023: $7.78 billion
Chesapeake Energy Corporation (NASDAQ:CHK) holds interests in natural gas resource plays in the Marcellus Shale in the northern Appalachian Basin in Pennsylvania and the Haynesville/Bossier Shales in northwestern Louisiana.
According to Financial Times, in January 2024, Chesapeake Energy agreed to buy Southwestern Energy in a $7.4 billion all-share deal that will create the biggest US natural gas producer as a wave of merger and acquisition activity continues to sweep across the energy sector. The combined company will be worth an enterprise value of about $24 billion.
8. Diamondback Energy, Inc. (NYSE:FANG)
Revenue reported in 2023: $8.34 billion
Diamondback Energy, Inc. (NYSE:FANG) focuses on the development of the Spraberry and Wolfcamp formations of the Midland basin; and the Wolfcamp and Bone Spring formations of the Delaware Basin, which are part of the Permian Basin in West Texas and New Mexico.
According to Reuters, Diamondback (NYSE:FANG) expects its production to be between 459,000 barrels of oil equivalent per day (bopd) and 466,000 bopd in the second quarter of 2024, which is higher than its production of 449,912 bopd for the same period last year.
7. Hess Corporation (NYSE:HES)
Revenue reported in 2023: $10.51 billion
Hess Corporation (NYSE:HES) operates in two segments, Exploration and Production, and Midstream. It conducts production operations primarily in the United States, Guyana, the Malaysia/Thailand Joint Development Area, and Malaysia, and exploration activities principally offshore Guyana, the U.S. Gulf of Mexico, and offshore Suriname and Canada.
In its Q1 2024 financial report, Hess Corporation (NYSE:HES) reported an increase in production, mostly due to operations offshore Guyana and in the U.S. Bakken shale region. Resultantly, net production in the first quarter of 2024 was 476,000 boed, compared with 374,000 bopd in the Q1 of 2023.
6. Devon Energy Corporation (NYSE:DVN)
Revenue reported in 2023: $15.26 billion
Devon Energy Corporation (NYSE:DVN) operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins and engages in the development, acquisition, and production of oil and natural gas.
According to S&P Global, Devon Energy Corporation (NYSE:DVN) reported full-year production of 658,000 b/d of oil equivalent in 2023, which accounted for a year-on-year growth of 8%. Nearly 66% of those volumes came from the Delaware Basin, with the rest split among the Williston, Anadarko and Powder River Basins and the Eagle Ford Shale.
5. EOG Resources (NYSE:EOG)
Revenue reported in 2023: $23.18 billion
EOG Resources, Inc. (NYSE:EOG). is one of the largest crude oil and natural gas exploration and production companies in the United States with proven reserves in the United States and Trinidad.
In May 2024, it was announced that Oil major BP and U.S. shale producer EOG Resources (NYSE:EOG), are in discussions to jointly develop a natural gas field off the coast of Trinidad and Tobago. The first gas is expected in late 2026 and is planned to feed Trinidad’s flagship liquefied natural gas (LNG) project.
