The United States became the largest producer of crude oil in the world, with a record of 13.2 million barrels per day (b/d) in 2024. Also, the country produces 75 percent of its crude oil supply and 90 percent of its natural gas supply domestically. The energy needs of the largest oil and gas industry in the world are supported by a range of oil and gas companies operating in upstream, midstream, and downstream sectors.

ExxonMobil Corporation, Chevron, and ConocoPhillips are the largest oil and gas companies in the USA, dominating the entire oil and gas value chain in the country. Also, companies like EOG Resources, Williams Companies, and Energy Transfer Partners operate in the midstream, supporting the transportation, storage, and processing of crude oil and natural gas.

Schlumberger (SLB) is the leading technology provider of the oil and gas industry in the U.S. and ONEOK along with Kinder Morgan supports downstream operations in the country. Blackridge’s U.S. oil and gas market report forecasts an annual average crude oil production in the United States will reach 13.5 million b/d in 2025, supported by these oil and gas firms.

Here, we explore the list of the largest oil and gas companies in the U.S. in terms of market cap in October 2025.

List of Top 10 Oil and Gas Companies in USA (according to Market Cap in October, 2025)

ExxonMobil Corporation

ExxonMobil Corporation is the largest oil and gas company in the United States. The publicly traded U.S. oil and gas company engages in the hydrocarbon exploration, production, refining, transportation, and marketing of crude oil, natural gas, and petrochemical products. Exxon Mobil Corporation has several divisions and hundreds of affiliates, many with names that include ExxonMobil, Exxon, Esso, Mobil or XTO.

ExxonMobil has 9.3 million net acres of both onshore and offshore assets across the states. In 2023, the company produced 3.7 million oil-equivalent barrels per day with record annual production. In the same year, the company actively developed its inland resources through the completion of 446.9 net exploratory and development wells in the United States.

The primary activity of ExxonMobil was in the Permian Basin of West Texas and New Mexico. The big oil company also made some strategic acquisitions in the U.S., including Denbury Inc., expanding its presence in the Gulf Coast and Rocky Mountain regions.

Also, ExxonMobil, one of the largest gasoline companies in U.S., completed 2.3 net development wells and started the Golden Pass LNG export project to support the energy needs of the country. The company owns and operates the largest CO₂ pipeline network in the U.S., covering 1,300 miles, with around 70% of it located in Louisiana, Texas, and Mississippi.

Here is the table showing the latest available data (2023) of oil and gas reserves of Exxonmobil across the United States of America:

In 2024, ExxonMobil (largest oil company in America) and JERA signed a project framework agreement to jointly explore the development of a low-carbon hydrogen and ammonia production project in the United States. This is one of the first steps by the company to replace fossil fuels with clean energy.

Chevron

 Chevron Corporation is the second largest oil and gas company in the United States by market cap. The company was formed through the 1906 merger of Pacific Oil Company and Standard Oil Company of Iowa. Chevron became one of the largest oil companies in the world by acquiring Gulf Oil Corporation in 1984, Texaco Inc. in 2001, and Unocal Corporation in 2005.

Chevron is pioneered in all phases of oil and gas operations of upstream, midstream and downstream. This includes the exploration, production, and refining of crude oil, natural gas, and various essential energy products. Chevron products are available at more than 8,000 Chevron® and Texaco® service stations across the USA. Also, the big oil company operates five U.S. refinery projects with a combined processing capacity exceeding 1.0 million barrels per day. They are:

• Richmond, California

• El Segundo, California

• North Salt Lake, Utah

• Pasadena, Texas

• Pascagoula, Mississippi

Key Highlights of U.S. Operations

• Among the largest liquids producers in the U.S. (2020)

• One of the top net oil-equivalent producers in California.

• A leading leaseholder and producer in the Permian Basin.

• A major developer and marketer of lubricants and fuel oil additives.

• A premier producer of premium base oils and aviation fuel.

Chevron Shipping Co. - subsidiary of one of the largest American oil companies - manages crude tankers, product carriers, and LNG carriers. Chevron Pipe Line Company manages the transport of crude oil, refined products, LPG, natural gas, NGLs, and chemicals within the U.S.

Here is the table explaining Chevron's key operations in the specified U.S. regions:

As part of low carbon efforts, In 2024, Chevron Corporation unveiled its third Future Energy Fund with a commitment of USD 500 million. This fund will be dedicated to investing in renewable energy technologies. In August 2025, Iraq has signed a landmark deal with Chevron to develop the Nassiriya oilfield and four exploration blocks in Dhi Qar province, aiming to boost output to 600,000 bpd within seven years, as Baghdad steps up efforts to attract major oil companies alongside growing competition from Chinese independents.

ConocoPhillips

ConocoPhillips is one of the biggest oil and gas companies in the U.S. formed in 2002 through the merger of Phillips Petroleum and Conoco. ConocoPhillips had a production capacity of 1,826 thousand barrels of oil equivalent per day and proved reserves of 6.8 billion barrels of oil equivalent in 2023. 

In 2012, the pioneer natural resources company became an independent exploration and production company through restructuring upstream and downstream operations. After the split, ConocoPhillips became an independent exploration and production company focusing on crude oil, natural gas, and oil sands.

ConocoPhillips operates across key geographical segments in the United States, including Alaska and the Lower 48 states. In Alaska, the company is the largest crude oil producer and major owner of the Prudhoe Bay and Kuparuk oil fields. ConocoPhillips holds approximately one million net undeveloped acres of exploration leases in the Alaska region.

The Lower 48 segment operations of the one of the largest big oil companies include operations in the Gulf of Mexico, accounting for 64% of its consolidated liquids production and 76% of its consolidated natural gas production in 2023. In 2024, the company acquired Marathon Oil in a USD 22.5 billion deal and enhanced gas production, including a final investment decision on the Port Arthur LNG facility on the U.S. Gulf Coast.

In August 2025, ConocoPhillips finalized a 20-year agreement to secure 4 million tonnes per annum of LNG from Sempra’s Port Arthur LNG Phase 2 project in Texas. The deal strengthens ConocoPhillips’ global supply position as U.S. LNG export capacity is set to reach 115 million tonnes this year.

Let’s look at the table explaining the average daily net production capacity of ConocoPhillips in the U.S:

Southern Company

Southern Company is one of the largest gas providers in the United States, with a strong presence in the energy sector through its subsidiaries. Headquartered in Atlanta, Georgia, with executive offices in Birmingham, Alabama, the company delivers clean, safe, reliable, and affordable energy to approximately 9 million customers across six states. 

Southern Company operates a vertically integrated utility structure that allows it to control the entire energy value chain from generation and transmission to distribution and customer service.

Here are the major subsidiaries of Southern Company in USA:

Duke Energy

Duke Energy Corporation is one of the largest gas and electric utility companies in the United States, with a significant presence in the natural gas sector. Headquartered in Charlotte, North Carolina, this Fortune 150 company serves 1.7 million natural gas customers across North Carolina, South Carolina, Tennessee, Ohio, and Kentucky. 

Duke Energy plays a crucial role in delivering safe, reliable, and affordable natural gas to millions of homes and businesses across America. The company’s natural gas operations are a key part of its broader energy portfolio supported by a workforce of approximately 26,000 employees.

Table showing gas utilities and infrastructure of Duke Energy across America:

Williams Companies 

The Williams Companies is one of the biggest oil and gas companies in USA, specializing in natural gas processing, transportation, and storage. The company operates across the entire natural gas value chain and owns and operates more than 33,000 miles of pipeline infrastructure projects across 25 states. The Williams Companies also operate Transco, the largest-volume natural gas transmission pipeline in the United States.

The gas giants handle approximately one-third of the natural gas consumed daily in the U.S. used for power generation, heating, and industrial applications. The midstream operations of the Williams Companies include natural gas gathering, processing, transmission, and storage. The company manages 35 natural gas processing facilities and nine NGL fractionation plants. This ensures the efficient transportation and delivery of ethane, propane, butanes, and natural gasoline to end-users.

The company also holds a natural gas gathering capacity of 28.5 billion cubic feet per day (Bcf/d) and a gas transmission capacity of 32.3 million dekatherms per day. Additionally, the company operates 405.4 Bcf of natural gas storage capacity and 25 million barrels of NGL storage capacity to enhance the supply chain.

Enterprise Products Partners L.P.

Enterprise Products Partners L.P. was founded in 1968 as Enterprise Products Company by Dan Duncan and two partners. The company, headquartered in Houston, Texas, is one of the biggest North American midstream energy companies specializing in the transportation, storage, processing, and distribution of natural gas, natural gas liquids (NGLs), crude oil, refined products, and petrochemicals.

In 2004, Enterprise Products Partners expanded its pipeline and processing capabilities through the acquisition of GulfTerra in 2004. The company operates more than 50,000 miles of pipelines, over 300 million barrels of liquid storage capacity, 26 fractionation facilities, and 42 natural gas processing trains. The company also owns and operates 20 deepwater docks for global energy exports.

Here are the USD 6.9 billion major capital projects by Enterprise Products Partners that are under construction:

EOG Resources

EOG Resources is one of the largest crude oil and natural gas exploration and production companies in the United States. The company has operations spanning major producing basins across the country and international assets in Trinidad. EOG’s diversified portfolio includes crude oil, natural gas liquids (NGLs), and natural gas.

As of December 31, 2023, the company reported a total estimated net proved reserves of 4,498 million barrels of oil equivalent (MMBoe), with 99% of its reserves located in the U.S. and 1% in Trinidad. EOG's operations are primarily concentrated in the Delaware Basin, South Texas, and the Rocky Mountain region.

The Delaware Basin is the primary area for the company, completing 370 net wells in 2023 across the Wolfcamp, Bone Spring, and Leonard plays.

In 2023, the company completed 172 net wells in the Eagle Ford and 28 net wells in the Dorado gas play. Also, the company is expanding its production base with operations in the Rocky Mountains, including the Powder River Basin and the Williston Basin.

Here is the table explaining the wellhead volume statistics and net well completions in 2023:

The majority of its crude oil is transported via pipeline to key U.S. markets. This includes the Gulf Coast, Cushing, the Midwest, and the Port of Corpus Christi. Natural gas is sold through pipeline networks to major hubs such as Katy, East Texas, and Agua Dulce.

Kinder Morgan 

Kinder Morgan, headquartered in Houston, Texas, is one of America's largest energy infrastructure companies. The oil and gas master limited partnership company specializes in the transportation, storage, and processing of petroleum products, natural gas, and other energy resources.

Petroleum Products Transportation and Storage

Kinder Morgan is the largest independent transporter of petroleum products in North America. The company moves approximately 2.4 million barrels per day through its 9,500 miles of product pipelines. These pipelines carry gasoline, diesel, jet fuel, crude oil, and condensate across the Western, Southeastern, and Midwestern United States. 

Kinder Morgan’s Pacific Operations include 3,000 miles of refined product pipelines serving Arizona, California, Nevada, New Mexico, Oregon, Washington, and Texas. This network transports over one million barrels per day of gasoline, jet fuel, and diesel fuel. 

The Southeast Operations include Products (SE) Pipe Line Corporation (PPL), a 3,100-mile refined petroleum pipeline system, the Central Florida Pipeline, and Kinder Morgan Southeast Terminals (KMST), which consists of 26 refined product terminals across the Southeastern U.S.

Natural Gas Transportation and Storage

Kinder Morgan is one of the largest downstream companies in the U.S. that owns and operates approximately 44,000 miles of wholly owned natural gas pipelines. The natural gas infrastructure company also has holding equity interests in entities that manage an additional 27,000 miles of natural gas pipelines.

These assets provide access to major supply areas and consumer markets in the Western U.S., Rocky Mountains, Midwest, Texas, Louisiana, and the Northeast.

Terminals and Marine Transportation

Kinder Morgan operates 65 liquid terminals across America that provide fuel storage and blending services for ethanol and biofuels. These terminals store and handle various commodities, including petroleum coke, metals, and ores. 

In addition to land-based storage and distribution, Kinder Morgan's marine transportation segment includes Jones Act-qualified product tankers. These tankers are used to transport crude oil, refined petroleum products, and renewable fuels between U.S. ports.

Energy Transfer Partners

Energy Transfer LP is one of the top midstream oil and gas companies with one of the most extensive and diversified portfolios of energy assets in the United States. Energy Transfer owns and operates over 125,000 miles of pipeline and associated infrastructure in 44 states. The company's integrated operations cover natural gas midstream services, intrastate and interstate transportation, crude oil and refined products logistics, NGL fractionation, and storage.

One of the biggest oil & gas companies in USA, handles 31.8 million MMBtus of natural gas annually. The company is also one of the world's largest exporters of natural gas liquids (NGLs). The total export capacity exceeded 1.1 million barrels per day, which accounts for approximately 20% of global NGL exports.

Energy Transfer operates world-class export terminals on both the U.S. Gulf Coast and East Coast, including the Nederland Terminal (handling petroleum and NGLs), Houston Terminal (fuel and petroleum), and Marcus Hook Terminal (NGLs).  Also, the company operates approximately 10,850 miles of crude oil pipelines and six major storage terminals, with a combined storage capacity of 64 million barrels around the world.

The Energy Transfer Partners leverages its leadership in the U.S. oil and gas market by utilizing approximately 89,800 miles of natural gas pipelines, 235 billion cubic feet (Bcf) of working storage capacity, and more than 75 natural gas processing and treating facilities. Additionally, Energy Transfer owns Lake Charles LNG Company and holds significant interests in Sunoco LP and USA Compression Partners.

List of Biggest Oil and Gas Companies in USA (other than top 10)

• Cheniere Energy

• Marathon Petroleum

• MPLX

• Oneok

• Phillips 66

• Sempra Energy

• Schlumberger

• Hess

• Valero Energy

• Occidental Petroleum

• Diamondback Energy

• Baker Hughes

• Targa Resources

• Venture Global

• EQT Corporation

Oil and Gas Industry in the United States - Outlook 2025

The United States will remain the global leader in oil and gas production in 2025. The country surpassed Saudi Arabia in 2018 for annual crude oil and Russia in 2011 for annual natural gas production. The growth in the U.S. oil and gas industry is mostly supported by government policies and technological advancements.

In 2025, U.S. crude oil production is projected to reach 13.5 million barrels per day (b/d) with the help of big oil and gas companies in USA. This production capacity is 3 percent up from 2024, enabled by growth in the Permian Basin. Benefiting from technological advancements, enhanced drilling efficiency, and expanded pipeline capacity, the region is expected to produce 6.6 million b/d in 2025.

Data from Energy Information Administration (EIA) shows that production outside the Permian region is anticipated to remain flat in 2025 and decline in 2026 due to reduced drilling activity and lower well productivity. Gulf of Mexico production is expected to rise to 1.8 million b/d in 2025.

The U.S. natural gas market is forecasted to experience higher demand growth than supply in 2025. The production and imports will rise by 1.4 Bcf/d in 2025, including the rise in domestic consumption and exports by 3.2 Bcf/d. The Henry Hub spot price (benchmarks for the entire North American natural gas market) will go up to USD 3.10 per million British thermal units (MMBtu) compared to USD 2.20/MMBtu in 2024.

In September 2025, the European Union announced plans to accelerate the phaseout of Russian oil and gas under new sanctions, following pressure from U.S. President Donald Trump to halt Russian fossil fuel imports amid the Ukraine war. European Commission chief Ursula von der Leyen said the 19th sanctions package will target faster reductions, including actions against a “shadow fleet” and third-country intermediaries. The EU, which already banned over 90% of seaborne crude imports from Russia, aims to fully cut Russian oil and gas by January 1, 2028, though Hungary and Slovakia have raised concerns over rising energy costs.

Oil and Gas Market Under Trump Government

The new Trump presidency would likely bring a major shift in U.S. energy policy, favoring increased oil and gas production through deregulation and expanded drilling opportunities. Trump has promised to reverse Biden’s environmental restrictions, including lifting the ban on offshore drilling in 625 million acres of federal waters and reducing regulatory hurdles for the industry. 

The Outer Continental Shelf Lands Act, which Biden used to limit drilling, could instead be used by Trump to open up new exploration areas. This shift would align with the industry’s push for energy dominance, where the U.S. boosts oil and gas exports while reducing dependence on foreign energy sources.

During Trump’s first term, new federal land leases for drilling surpassed 4,000, compared to just 1,400 under Biden in the same timeframe. His return to office could increase lease sales, lower royalty fees, and ease regulatory costs, providing oil and gas companies with more incentives to invest in production.

Trump’s policies could further expand domestic production, leading to higher crude and natural gas output  with onshore and offshore drilling accounting for 26% of U.S. oil output. This could also encourage investment in pipeline infrastructure, addressing transportation bottlenecks, particularly in the Permian Basin, and strengthening U.S. energy exports.

The expected policy shift under Trump would benefit the oil and gas industry financially, with projections of higher profits and job growth. Fossil fuel billionaires have already seen a 15% increase in wealth over the past nine months, signaling confidence in a more pro-oil administration.

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