- 22 Mar 2021
- 2 minutes
Countries in the Middle East like Saudi Arabia no longer have that stronghold when it comes to global oil production. The U.S took over as the largest producer of oil & gas in 2017. It is estimated by the Energy Information Administration that energy service companies in the U.S ship out an average of 14.5 million barrels per day.
In the U.S, one thing worthy of note is that the oil & gas companies are not entirely owned by the U.S, unlike her counterparts. Several foreign gas companies operate and thrive on U.S soil.
Oil & Gas Companies in the U.S
The oil and gas industry is unarguably one of the largest globally. Its activities include exploration, extraction, refining, transport, and marketing of these products.
Gas companies in the U.S are among the foremost in the world because most of them have long been in existence and have been thriving well. Most of them have operations all over the world, which helps in generating large foreign revenues. Gas industries are being relied on by many other industries for obtaining energy fuels and also as raw materials for chemical products.
Thus, we've made a compilation of 5 of the best oil & gas companies in the U.S for you to take note of. Due to more expected growth in oil production, huge gains have been predicted in the sector, this is one of the chief reasons why investors should take note of the strides being made by reading reviews concerning some of these energy service companies.
1. Exxon Mobil
Based on market capitalization, Exxon Mobil ranked first as of 2020 at $159.83 according to the Financial Times Equity list of the leading global gas companies. A direct descendant of Rockefeller’s Standard Oil Company (Est. 1870), Exxon Mobil is headquartered in Irving, Texas.
With a market capitalization of $147 billion according to Financial Times 2020, Chevron is the second-largest oil and gas company in the USA. It's the foremost oil and gas producer in California where its headquarters is situated.
It feeds on three main fields which are located at the Ran Joaquin Valley, Mid-way Sunset, and Cymric. Because of declining output from some of these old wells, Chevron has banked on new techniques which include flooding the reservoir with steam as a means to boost production.
Chevron's most priced asset is its space in the Permian where it has been producing oil since the 1920s.
3. EDG Resources
This is the third largest among oil & gas companies in the U.S. but is the leading extractor of oil from tight shale formations. EDG's production is stateside, including 99.5% of its oil output. Its largest wealth of oil comes from the Eagle Ford, where it's unrivaled. The Permian is EDG's second-largest region which is expected to surpass that of the Eagle Ford in the nearest future.
4. Marathon Petroleum Corp.
Marathon is a crude oil refining company. It refiner, transports, and supplies oil & gas products. It is the owner of the Speedway Gas Station again which it eventually agreed to sell, including its 4, 000 outlets to Japan's Seven & holdings for $21 billion in August 2020.
Widely acclaimed as the world's largest exploration and production company, ConocoPhillips is a major producer of oil & gas in the USA. It employs approximately 11, 200 employees across 17 countries.
Oil & gas companies, due to their huge influence and revenue generation, are a good avenue for investment. And to make wise decisions, it is advisable to check customer reviews and experiences concerning these gas industries.