|Last Quarterly Update:||3/13/2017|
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Companies in this industry develop and operate fields to extract crude oil and natural gas. Major companies include Apache, ConocoPhillips, and Exxon Mobil (all based in the US), as well as BP (the UK), LUKOIL and Tatneft (Russia), National Iranian Oil Company, PETROBRAS (Brazil), Royal Dutch Shell (the Netherlands), and Saudi Aramco (Saudi Arabia).
The global oil and gas exploration and production industry produces about 90 million barrels of oil per day and about 120,000 billion cubic feet (Bcf) of natural gas annually. The largest oil-producing countries are the US, Saudi Arabia, and Russia. The largest natural gas producers are the US, Russia, Iran, Qatar, and Canada.
The US oil and gas exploration and production industry consists of about 6,800 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $320 billion. Changes in world prices for oil and gas, however, can cause production and revenue to fluctuate significantly from year to year.
Petroleum refining, petroleum wholesale distribution, and retailing (fuel oil and LP gas dealers and gas stations) are covered in separate industry profiles.
Demand is driven by economic activity, population growth, and energy efficiency for residential, industrial, and transportation uses of oil and gas. Profitability of individual companies is driven by the success rate of new wells drilled and the ability to increase production from existing wells. Large companies benefit from greater access to ...
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