The American oil and gas industry is the largest, most technologically advanced, and most influential energy sector in the world.
The United States currently produces more crude oil and natural gas than any other country, transforming itself from a major energy importer in the early 2000s into a global energy superpower.
Much of its energy dominance can be traced to the shale revolution. Since 2008, advances in hydraulic fracturing and horizontal drilling have nearly tripled US crude oil production. Today, the country produces more than 13 million barrels of crude oil and 118.5 billion cubic feet of natural gas every day. [1]
Together, oil and natural gas account for roughly 70% of America’s total energy production, powering everything from transportation and manufacturing to electricity generation and petrochemicals. [2]
Below is a detailed list of the top American oil and gas companies, from global energy giants to independent shale pioneers driving production growth in America’s most prolific basins.
Did you know?More than 80% of new US oil and gas wells are now drilled horizontally, compared with almost none two decades ago. [3]
Table of Contents
13. APA Corporation: “Global exploration expert”
Founded: 1954 (as Apache Oil Corporation)Capacity: ~442,000 barrels per day
Revenue: $8.37 billion+
Competitive Edge: Diversified international portfolio
Best known through its operating subsidiary, Apache Corporation, APA focuses on discovering, developing, and producing oil and natural gas from some of the world’s most prolific hydrocarbon regions.
Its operations are built around four core producing regions. The Permian Basin is its main U.S. growth area, while Egypt remains one of its largest international production hubs after more than 30 years of operations. It also has producing assets in the North Sea and is developing a major offshore oil discovery in Suriname.
In 2025, APA Corporation averaged 464,000 BOE/day of production while generating nearly $5.4 billion in adjusted EBITDAX and $1 billion in free cash flow.
12. Diamondback Energy: “Fast-growing driller of West Texas“
Founded: 2007Total Production: ~970,000 barrels per day
Revenue: $14.4 billion+
Competitive Edge: Concentration in the Permian Basin
Focused almost entirely on the Permian Basin, Diamondback Energy has transformed itself from a small shale operator into one of North America’s largest producers through a combination of operational efficiency, disciplined capital allocation, and strategic acquisitions.
Its growth accelerated dramatically through acquisitions. In 2024, Diamondback acquired Endeavor Energy Partners for $26 billion.
In 2025, the company continued its consolidation strategy by acquiring Double Eagle assets for $4.08 billion. This deal added roughly 40,000 net acres in the Midland Basin and further strengthened the company’s position in North America’s most productive oil field. [4]
That same year, Diamondback generated $9.1 billion in operating cash flow before working capital changes and produced nearly one million barrels of oil equivalent per day. [5]
11. Devon Energy: “Cash-flow-focused shale producer“
Capacity: ~850,000 barrels per day
Revenue: $16 billion+
Competitive Edge: Industry-leading capital discipline
Devon Energy was among the pioneers of the US shale revolution and played a significant role in developing horizontal drilling and hydraulic fracturing technologies that transformed domestic oil and gas production.
Today, Devon’s business is centered on its leading position in the Delaware Basin, the most productive part of the Permian Basin.
One of the company’s defining characteristics is its commitment to capital discipline. Unlike many shale producers that historically prioritized production growth, Devon focuses on maximizing free cash flow and returning capital to shareholders. This strategy has enabled it to maintain strong profitability even during periods of commodity-price volatility.
In 2025, Devon generated $6.6 billion in operating cash flow and achieved record oil production after integrating its Grayson Mill acquisition. [6]
In 2026, the company completed a $58 billion merger with Coterra Energy, creating one of the largest independent oil and gas producers in the United States. Following this merger, Devon Energy holds nearly 5 billion barrels of oil equivalent (boe) in proved reserves. [7]
10. Enterprise Products Partners: “The pipeline titan“
Founded: 1968Capacity: Transports 4.9 million barrels of NGLs daily
Revenue: $51.57 billion+
Competitive Edge: Dominance in Natural Gas Liquids infrastructure
Enterprise Products Partners (EPD) primarily transports, processes, stores, fractionates, and exports hydrocarbons. Its vast network connects major oil and gas basins to refineries, petrochemical plants, export terminals, and end users across North America.
The company’s greatest strength lies in natural gas liquids (NGLs), including ethane, propane, butane, and natural gasoline.
In 2025, the company set records by transporting 4.9 million barrels of NGLs per day, fractionating nearly 1.9 million barrels per day, and processing 8.1 billion cubic feet of natural gas daily. The growth was driven by rising associated gas production from US shale fields.
Unlike many energy companies that depend heavily on oil and gas prices, EPD earns most of its revenue through long-term, fee-based contracts. This gives the company a stable and predictable cash flow.
9. Kinder Morgan: “Pipeline king of North America“
Capacity: Transports ~2.4 million barrels per day
Revenue: $17.52 billion+
Competitive Edge: Dominance in Natural Gas transportation
Kinder Morgan does not primarily produce oil and gas. Instead, it generates revenue by transporting, storing, and handling energy products through a massive infrastructure network that spans the United States and Canada.
More specifically, the company owns or operates roughly 78,000 miles of pipelines and 136 terminals. These assets transport natural gas, refined petroleum products, crude oil, carbon dioxide, renewable fuels, chemicals, and other bulk commodities.
It transports nearly 40% of the natural gas consumed in the United States each day, making it one of the most critical companies in North America’s energy system
Kinder Morgan also owns 700 billion cubic feet of natural gas storage capacity, allowing it to balance seasonal supply and demand fluctuations.
Plus, it owns the largest carbon dioxide transportation system in North America and has extensive expertise in carbon management.
8. Valero Energy: “Independent refiner”
Founded: 1980Capacity: ~3 million barrels per day
Revenue: $124.8 billion+
Competitive Edge: Leader in renewable diesel production
Valero Energy is the world’s largest independent refining company. Its growth accelerated significantly after acquiring major refining assets from companies like Ultramar Diamond Shamrock and Premcor.
Today, Valero operates 14 refineries located across the US, Canada, and the UK. These refineries are strategically located near major crude oil supply hubs and fuel demand centers, allowing Valero to optimize feedstock sourcing and product distribution. Together, these refineries can process nearly 3.2 million barrels per day.
Perhaps, Valero’s biggest strength is its ability to process a wide range of crude oil types, including heavy and sour crude grades that often trade at discounts to benchmark crude prices.
Valero is also one of the largest producers of renewable fuel through Diamond Green Diesel, its joint venture with Darling Ingredients. The business converts animal fats, used cooking oils, and other waste feedstocks into low-carbon transportation fuels that can directly replace conventional diesel.
Beyond refining and renewable diesel, Valero operates 12 ethanol plants with annual production capacity exceeding 1.6 billion gallons.
7. Phillips 66: “Refining meets chemicals & logistics“
Capacity: ~1.99 million barrels per day
Revenue: $136.6 billion+
Competitive Edge: Diversified earnings streams
Phillips 66 is one of the largest downstream energy companies in North America. It primarily generates value through refining, transportation, chemicals, marketing, and energy infrastructure.
The company operates nearly 2 million barrels per day of crude oil refining capacity across North America and Europe. Its refining network produces gasoline, diesel, jet fuel, lubricants, petrochemical feedstocks, and specialty products sold throughout the world.
During 2025, the company achieved record clean-product yields of 88% while operating at an industry-leading 99% crude utilization rate. [8]
One of its most valuable assets is its Midstream segment. Phillips 66 transported more than 1 million barrels per day of natural gas liquids (NGLs) in 2025 and achieved record NGL transportation and fractionation volumes
A major reason investors follow Phillips 66 is its ability to generate cash flow from multiple sources. In 2025, the company generated about $5 billion of operating cash flow while returning $3.1 billion to shareholders through dividends and stock repurchases.
6. Marathon Petroleum: “High-return shale operator“
A Marathon fuel station in North Carolina
Capacity: ~2.96 million barrels per day
Revenue: $135 billion+
Competitive Edge: Operational excellence and high utilization
Marathon Petroleum is the largest refining company in the United States. Through its vast network of refineries, pipelines, terminals, and fuel distribution assets, the company processes nearly 3 million barrels of crude oil every day.
It operates 13 refineries across the US. In 2025, it sold about 3.72 million barrels of refined products per day, including gasoline, diesel, jet fuel, asphalt, and petrochemical feedstocks. [9]
A major competitive advantage comes from MPLX, Marathon’s master limited partnership and midstream business. MPLX owns thousands of miles of pipelines, storage terminals, natural gas processing facilities, and logistics infrastructure throughout North America.
Marathon Petroleum runs its refineries very efficiently. In 2025, refinery utilization reached up to 97%, among the highest in the industry.
5. Occidental Petroleum: “Carbon capture pioneer“
Occidental Chemical plant in Kansas
Production Volume: ~1.42 million barrels per day
Revenue: $20 billion+
Competitive Edge: Leadership in enhanced oil recovery & carbon capture
Occidental Petroleum combines upstream oil and gas operations with chemical manufacturing, midstream infrastructure, and one of the energy industry’s most ambitious carbon capture businesses.
A defining moment in Occidental’s history came in 2019 when it acquired Anadarko Petroleum for $55 billion. The acquisition significantly expanded Occidental’s presence in the Permian Basin, giving it one of the largest acreage positions in America’s most productive oil region.
Today, the company produces roughly 1.43 million barrels of oil equivalent per day and holds about 4.6 billion BOE of proved reserves.
One of the major strengths of Occidental is its leadership in carbon capture technology. Through its subsidiary 1PointFive, the company is building STRATOS in Texas, one of the world’s largest direct air capture (DAC) facilities. Management believes carbon removal could become a major new business segment alongside traditional oil and gas operations. [10]
4. EOG Resources: “The shale innovation leader”
Production Volume: ~1.22 million barrels per day
Revenue: $22.8 billion+
Competitive Edge: Industry-leading operational efficiency
EOG Resources is one of the world’s most efficient shale producers. Unlike many competitors that rely heavily on acquisitions for growth, EOG built its reputation through technological innovation, geological expertise, and a disciplined approach to capital allocation.
One of EOG’s defining characteristics is its “premium drilling” strategy. The company only develops wells that can generate attractive returns under relatively low oil-price assumptions.
This disciplined approach has allowed EOG to maintain profitability through multiple commodity cycles while avoiding many of the boom-and-bust problems that affected other shale producers.
EOG operates in major North American oil and gas regions, including the Permian Basin, Eagle Ford Shale, and the Dorado gas field. Together, these assets helped EOG produce about 1.22 million barrels of oil equivalent per day in 2025.
3. ConocoPhillips: “America’s largest independent producer”
North Sea, UK
Production Volume: ~2.38 million barrels per day
Revenue: $60.5 billion+
Competitive Edge: Pure-play upstream focus
ConocoPhillips is the largest independent exploration and production company in the United States. It focuses almost entirely on finding, developing, and producing oil and natural gas.
This pure-play upstream strategy allows the company to concentrate capital on high-return resource projects across North America, Alaska, Australia, Qatar, Norway, and other key energy regions.
ConocoPhillips produces nearly 2.38 million barrels of oil equivalent per day, making it one of the largest non-state-owned producers in the world.
Its portfolio spans some of the most prolific hydrocarbon basins on Earth, including the Permian Basin, Eagle Ford, Bakken, Alaska North Slope, Montney in Canada, and major LNG-linked projects in Australia and Qatar.
The company became much larger after buying Marathon Oil for $22.5 billion. The acquisition added thousands of drilling locations across key US shale basins, increased oil production, and is expected to deliver over $1 billion in annual cost savings. [11]
2. Chevron: “The Permian powerhouse”
Production Volume: ~4.1 million barrels per day
Revenue: $185.7 billion+
Competitive Edge: Capital discipline and high-return projects
Chevron is the second-largest publicly traded oil company in the US (after ExxonMobil) and one of the world’s leading integrated energy companies.
In 2025, the company achieved record production levels, increasing worldwide output by 12% and reaching 4.1 million barrels of oil equivalent per day.
One of Chevron’s most important assets is the Tengiz oil field in Kazakhstan, considered the world’s deepest producing supergiant oil field.
Through its 50% ownership stake in Tengizchevroil, Chevron helped develop one of the largest oil projects on Earth. The recently completed Future Growth Project is expected to increase production capacity by more than 260,000 barrels per day and push total field output close to one million barrels of oil equivalent per day.
Plus, Chevron has also strengthened its long-term growth by acquiring Hess Corporation in a $53 billion deal. The acquisition gives Chevron a 30% stake in Guyana’s Stabroek Block, one of the world’s largest oil discoveries this century. It is expected to boost the company’s production and free cash flow through the 2030s. [12]
1. ExxonMobil: “America’s energy supermajor”
Production Volume: ~4.7 million barrels per day
Revenue: $326 billion+
Competitive Edge: Massive resource portfolio, Superior project execution
ExxonMobil’s history dates back to 1870, when John Rockefeller founded Standard Oil. After the company was broken up in 1911, Standard Oil of New Jersey became Exxon, while Standard Oil of New York became Mobil. The two companies merged in 1999 in an $81 billion deal to form ExxonMobil.
Today, ExxonMobil operates on a scale few businesses can match. It produces roughly 4.7 million barrels of oil equivalent every day, enough energy to power entire nations.
It owns major assets in the Permian Basin, Guyana, offshore Brazil, LNG projects in Qatar and Papua New Guinea, as well as numerous refining and chemical complexes worldwide.
One of ExxonMobil’s biggest growth engines is Guyana, where the company and its partners have discovered more than 11 billion barrels of recoverable resources since 2015.
Production from the Stabroek Block exceeded 900,000 barrels per day in 2025, making Guyana one of the fastest-growing oil-producing regions in the world. The company expects production capacity from its Guyana developments to reach 1.7 million barrels per day by 2030.
ExxonMobil also benefits from its highly diversified business model. It operates one of the world’s largest refining systems, produces over 25 million tons of petrochemicals annually, and sells lubricants in 100+ countries. They are also investing billions in carbon capture, hydrogen, and lower-emission technologies. [13]
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Sources Cited and Additional References- US natural gas production reached new records, Energy Information Administration
- US energy production by source throughout the years, Energy Information Administration
- The shale revolution is shaping the future of the oil and gas market, arXiv
- Diamondback Energy to expand in Permian basin with $4.08 billion deal, Reuters
- Diamondback announces full-year 2025 financial and operating results, MarketScreener
- Devon Energy’s record production fueled robust cash flow, Yahoo Finance
- Devon Energy ratings raised to ‘BBB+,‘ S&P Global
- Marathon Petroleum reports Q4 and full-year 2025 results, Marathon
- Occidental’s 1PointFive receives permits to sequester CO2 at Texas facility, Reuters
- ConocoPhillips acquires Marathon Oil Corporation, ConocoPhillips
- Chevron completes acquisition of Hess Corporation, Chevron
- Production volume of ExxonMobil’s chemical products, Statista
