In this article, we will take a look at the Top Oil Producing Company in the US. Taking into account the revenues of other oil-producing companies, we have compiled a full free list of Top 20 Oil Producing Companies in the US.
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 spurred a 70.72% change in WTI crude oil prices and a 73.62% change in Brent crude oil prices, as given on Insider Monkey. This underscores the profound influence of geopolitical events on the volatility of oil markets.
Despite this, just two days ago on Tuesday, 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 it 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. 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.
According to an Insider Monkey article, 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, 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.
On the developments front, Chevron Corporation (NYSE:CVX) and Exxon Mobil Corporation (NYSE:XOM) have been the names at the topping of the industry, wherein, $250 billion worth of merger deals flowed around in the market in 2023. As such, it was reported on 31st May that Chevron Corporation (NYSE:CVX) is on its way to completing the acquisition of Hess Corporation (HES), as Hess Corporation’s (HES) 51% of the shares vote in favor of the acquisition; the deal is worth $53 billion! As a result of it, Exxon Mobil Corporation (NYSE:XOM) shares saw an uptick of 1% to $159.04, and are now standing at $162.3, as of writing this article.
Let us take a look at the companies that have been contributing to these numbers, making the United States the biggest oil producer globally.
Methodology
For the purpose of this ranking, we relied on companies’ revenues for 2023.
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Is Exxon Mobil Corporation (NYSE:XOM) the Top Oil Producing Company in the US?
Revenue reported in 2023: $334.70 billion
Exxon Mobil Corporation (NYSE:XOM), with a revenue of $334.7 billion in 2023, is the Top Oil Producing Company in the US.
Exxon Mobil Corporation (NYSE:XOM), an international energy and petrochemical company, operates a substantial CO2 pipeline network spanning over 1,300 miles in Louisiana, Texas, and Mississippi, alongside Gulf Coast and Rocky Mountain oil and gas operations. It manages 15+ onshore CO2 storage sites, as given in an Insider Monkey article.
Multinational oil and gas producer, Exxon Mobil (NYSE:XOM), produced some 2.45 million barrels of liquids per day in 2023. This was an increase compared to the company’s daily liquid production in 2022, which was 2.35 million barrels.
You can see the full free list by going to Top 20 Oil Producing Companies in the US.
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Disclosure: None. This article is originally published at Insider Monkey.