In this article we are going to present our list of the 15 biggest oil companies in USA.
The oil industry got clobbered in 2020 and continues to face volatility amid the coronavirus crisis. However, oil investors are hopeful as countries begin to vaccinate their populations and industries restart their operations. Recently, the International Energy Agency said in a report that it expects oil demand to hit 100.6 million barrels for the first time since late 2019 in the last quarter of 2022. However, the agency noted that the slow pace of vaccinations in Asia could dent the expected recovery.
Nonetheless, analysts believe that oil companies have seen the rock bottom and are set to gain in the coming months. Despite the global push towards renewable energy and price fluctuations, the oil industry is expected to thrive for years to come, with major oil companies like Devon Energy (NYSE:DVN), Phillips 66 (NYSE:PSX), Marathon Petroleum (NYSE:MPC), Chevron (NYSE:CVX), Exxon Mobil (NYSE:XOM), Chesapeake Energy (NYSE:CHK) and Occidental Petroleum (NYSE:OXY) expecting huge profits.
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The oil and gas industry is a major player in the U.S. economy, and contributes close to 6 million jobs, or 5.6% of total employment in the United States, which is absolutely massive, with a lot of these coming from the biggest oil companies in USA.
Within the United States, the leading oil producer is the state of Texas, which is followed by the Gulf of Mexico, North Dakota and New Mexico. Several companies like Devon Energy (NYSE:DVN), Phillips 66 (NYSE:PSX), Marathon Petroleum (NYSE:MPC), Chevron (NYSE:CVX), Exxon Mobil (NYSE:XOM), Chesapeake Energy (NYSE:CHK) and Occidental Petroleum (NYSE:OXY) have operations in Texas.
To determine the biggest oil companies in USA, we used data from Fortune 500, which ranks and provides information on the top 500 companies in the United States. We used revenue, profits, assets and total employees of the company as per the latest report to calculate our own rankings, giving precedence to revenue and assets over profits and employees. After all, Amazon was a loss making company just up to a few years ago, but was still among the biggest retailers in the world. So without further ado, let’s take a look at the companies dominating one of the cornerstones of the American economy, starting with number 15:
15. Par Pacific Holdings (NYSE:PARR)
Total revenue of the company in 2019 (in millions of dollars): 5,402
Total profits of the company in 2019 (in millions of dollars): 41
Total assets of the company in 2019 (in millions of dollars): 2,701
Total employees of the company in 2019: 1,408
Par Pacific is headquartered in Houston, Texas and is the owner of the largest refinery in the state of Hawaii.
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14. Devon Energy (NYSE:DVN)
Total revenue of the company in 2019 (in millions of dollars): 7,372
Total profits of the company in 2019 (in millions of dollars): -355
Total assets of the company in 2019 (in millions of dollars): 13,717
Total employees of the company in 2019: 1,800
Devon Energy is engaged in hydrocarbon exploration, and was founded half a century ago in 1971. The company currently has around 752 million barrels of oil reserves. It has been involved in the acquisition of several acquisitions over the years, worth several tens of billions of dollars.
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13. Chesapeake Energy (NYSE:CHK)
Total revenue of the company in 2019 (in millions of dollars): 8,489
Total profits of the company in 2019 (in millions of dollars): -308
Total assets of the company in 2019 (in millions of dollars): 16,193
Total employees of the company in 2019: 2,300
Headquartered in Oklahoma City, Oklahoma, the company was founded 32 years ago in 1989 and produces more than 445,000 barrels of oil a day. It is also among the 100 most polluting companies in the world, ranking 90th, according to the Guardian. Like Devon Energy (NYSE:DVN), Phillips 66 (NYSE:PSX), Marathon Petroleum (NYSE:MPC), Chevron (NYSE:CVX), Exxon Mobil (NYSE:XOM) and Occidental Petroleum (NYSE:OXY), Chesapeake is one of the biggest oil companies in the US.
12. Delek US Holdings (NYSE:DK)
Total revenue of the company in 2019 (in millions of dollars): 9,298
Total profits of the company in 2019 (in millions of dollars): 311
Total assets of the company in 2019 (in millions of dollars): 7,016
Total employees of the company in 2019: 3,707
Founded in 2001, the 20 year old company is a diversified downstream energy company and is headquartered in Tennessee.
11. Pioneer National Resources (NYSE:PXD)
Total revenue of the company in 2019 (in millions of dollars): 9,304
Total profits of the company in 2019 (in millions of dollars): 756
Total assets of the company in 2019 (in millions of dollars): 19,067
Total employees of the company in 2019: 2,323
Pioneer is engaged in hydrocarbon exploration and is currently headquartered in Irving, Texas. The company currently has more than 1.2 billion barrels of oil reserves. Like Devon Energy (NYSE:DVN), Phillips 66 (NYSE:PSX), Marathon Petroleum (NYSE:MPC), Chevron (NYSE:CVX), Exxon Mobil (NYSE:XOM), Chesapeake Energy (NYSE:CHK) and Occidental Petroleum (NYSE:OXY), PXD is one of the biggest oil companies in USA.
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10. PBF Energy (NYSE:PBF)
Total revenue of the company in 2019 (in millions of dollars): 24,508
Total profits of the company in 2019 (in millions of dollars): 319
Total assets of the company in 2019 (in millions of dollars): 9,132
Total employees of the company in 2019: 3,442
PFB Energy is one of the newer countries in our list, having only been founded 13 years ago in 2008. However, it has grown quite fast in the past decade.
9. HollyFrontier (NYSE:HFC)
Total revenue of the company in 2019 (in millions of dollars): 17,487
Total profits of the company in 2019 (in millions of dollars): 772
Total assets of the company in 2019 (in millions of dollars): 12,165
Total employees of the company in 2019: 4,074
HollyFrontier is headquartered in Dallas, Texas and was founded 74 years ago in 1947.
8. EOG Resources (NYSE:EOG)
Total revenue of the company in 2019 (in millions of dollars): 17,380
Total profits of the company in 2019 (in millions of dollars): 2,735
Total assets of the company in 2019 (in millions of dollars): 37,125
Total employees of the company in 2019: 2,900
You will find a few of the biggest oil companies in USA headquartered in Houston, Texas and EOG is exactly the same. The company was founded 22 years ago in 1999. Like Devon Energy (NYSE:DVN), Phillips 66 (NYSE:PSX), Marathon Petroleum (NYSE:MPC), Chevron (NYSE:CVX), Exxon Mobil (NYSE:XOM), Chesapeake Energy (NYSE:CHK) and Occidental Petroleum (NYSE:OXY), EOG is one of the biggest oil companies in USA.
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7. Occidental Petroleum (NYSE:OXY)
Total revenue of the company in 2019 (in millions of dollars): 21,971
Total profits of the company in 2019 (in millions of dollars): -667
Total assets of the company in 2019 (in millions of dollars): 109,330
Total employees of the company in 2019: 14,400
Founded in 1920, the company is just over a century old and has operations in various countries including the Middle East, Colombia, Canada and Chile.
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6. Valero Energy (NYSE:VLO)
Total revenue of the company in 2019 (in millions of dollars): 102,729
Total profits of the company in 2019 (in millions of dollars): 2,422
Total assets of the company in 2019 (in millions of dollars): 53,864
Total employees of the company in 2019: 10,222
One of the biggest oil companies in USA, Valero was founded 41 years ago in 1980 and operates 15 refineries, with 1 in Wales. The company also has at least 6,800 retail and branded wholesale outlets in various countries including the United Kingdom, Canada, the United States as well as the Caribbean. One of its most popular brands is the Texaco brand. Like Devon Energy (NYSE:DVN), Phillips 66 (NYSE:PSX), Marathon Petroleum (NYSE:MPC), Chevron (NYSE:CVX), Exxon Mobil (NYSE:XOM), Chesapeake Energy (NYSE:CHK) and Occidental Petroleum (NYSE:OXY), Valero is one of the biggest oil companies in USA.
5. ConocoPhillips (NYSE:COP)
Total revenue of the company in 2019 (in millions of dollars): 36,670
Total profits of the company in 2019 (in millions of dollars): 7,189
Total assets of the company in 2019 (in millions of dollars): 70,514
Total employees of the company in 2019: 10,400
ConocoPhillips was founded 146 years ago back in 1875. It is currently, like many of the biggest oil companies in USA, headquartered in Texas, in the city of Houston. It is responsible for the biggest oil reserve discovery of 2020, with between 75.5 million to 201 million barrels of oil discovered. In 2019, the company was producing around 1,348 thousand barrels of oil daily and is also considered to be one of the biggest polluters in the world.
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4. Phillips 66 (NYSE:PSX)
Total revenue of the company in 2019 (in millions of dollars): 109,559
Total profits of the company in 2019 (in millions of dollars): 3,076
Total assets of the company in 2019 (in millions of dollars): 58,720
Total employees of the company in 2019: 14,500
Phillips 66 was founded 94 years ago in 1927 and is currently headquartered in Houston, Texas. The company has activities in at least 65 countries across the world, and is one of the few companies in the world to have revenues of more than $100 billion.
3. Marathon Petroleum (NYSE:MPC)
Total revenue of the company in 2019 (in millions of dollars): 124,813
Total profits of the company in 2019 (in millions of dollars): 2,637
Total assets of the company in 2019 (in millions of dollars): 98,556
Total employees of the company in 2019: 60,910
Marathon Petroleum used to be a subsidiary of Marathon Oil, before becoming a spin-off back in 2011. The company is currently headquartered in Ohio and has at least 6,900 retail outlets which are independently owned as well as 1,100 direct dealer locations.
2. Chevron (NYSE:CVX)
Total revenue of the company in 2019 (in millions of dollars): 146,516
Total profits of the company in 2019 (in millions of dollars): 2,924
Total assets of the company in 2019 (in millions of dollars): 237,428
Total employees of the company in 2019: 48,200
Founded 141 years ago, Chevron is currently 141 years old and one of the most recognizable oil companies in the world, maintaining a presence in more than 180 countries as well as being involved in every aspect of the oil industry.
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1. Exxon Mobil (NYSE:XOM)
Total revenue of the company in 2019 (in millions of dollars): 264,938
Total profits of the company in 2019 (in millions of dollars): 14,340
Total assets of the company in 2019 (in millions of dollars): 362,597
Total employees of the company in 2019: 74,900
The direct descendant of Standard Oil, the largest oil company in US history, Exxon Mobil currently easily tops the rank of the biggest oil companies in USA. Exxon Mobil is headquartered in the biggest oil producing state in America, Texas , and by revenue, is the second biggest company in the United States. The company is also responsible for one of the biggest oil spills in history because of the 1989 Exxon Valdez oil spill.
See also: 11 largest oil reserves by country in the world in 2021 and 12 Easiest Oilfield Jobs With No Experience
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Disclosure: None. 15 biggest oil companies in USA is originally published at Insider Monkey.
