What Does An Oil And Gas Company Do?
Oil and gas companies carry out exploration, extraction, processing, and sales of oil and gas resources. Many of these organizations are integrated in order to overcome the high costs associated with entering this particular market. This means that they conduct all of the operations associated with searching for, transporting, and refining these natural resources. A large number of oil and gas companies are headquartered in the US. This article takes a look at the largest oil and gas companies by market value located in this country.
Leading Oil And Gas Companies In The US
ExxonMobil is the leading oil and gas company of the US with a market value of 356.5 billion. Additionally, it is the 7th largest company in the world by revenue. In 2014, it was designated the 2nd most profitable company on the Fortune 500 list. It was founded in 1999 after the merger of the former Standard Oil Company of New Jersey, Exxon, and the former Standard Oil Company of New York, Mobil. Its headquarters are located in Irving, Texas. ExxonMobil produces 3.921 million barrels of oil equivalent (a combined total of petroleum and natural gas) a day, which makes up for about 3% of global production.
Chevron is the 2nd largest US oil and gas company. It has a market value of around $197.4 billion and ranks as the 16th largest company in the world on the Fortune Global 500 list. It was founded in the early 20th century after the government dissolved the Standard Oil company and in 2000, it acquired the Texaco oil company, pushing it to its current 2nd place position. The Chevron headquarters are located in San Ramon, California. In 2010, this company produced 2.763 million barrels of oil a day at its locations around the world: Nigeria, Angola, Kazakhstan, Australia, Gulf of Mexico, and the US.
The 3rd largest oil and gas company in the US is ConocoPhillips, which has a market value of $76.7 billion. Since 2012, this company has focused only on global oil and gas exploration, development, and production. This makes ConocoPhillips the largest independent pure play company in the world. It was founded on August 30, 2002, after the merger of Conoco Inc. and Phillips Petroleum Co., although its origin dates back to the Continental Oil and Transportation Co. of 1875. Its headquarters are located in Houston, Texas. ConocoPhillips employs approximately 15,900 employees around the world.
4. Occidental Petroleum
Occidental Petroleum has a market value of $56.3 billion, making it the 4th largest oil and gas company in the US. Additionally, it is the 3rd largest producer of oil and 16th largest producer of gas in the US state of Texas, where it is also headquartered. This company was established in California in 1920. Today, it has operations throughout Latin America, the Middle East, and the US. It produces 630,000 barrels of oil equivalent on a daily basis, 48% of this is produced in the US, 46% in the Middle East, and 5% in Latin America.
The chart published below offers additional information about the leading oil and gas companies in the US.