$497.9bn
$XX.Xbn
130k
42,338
$XX.Xbn
Oil and gas producers have experienced high volatility in recent years. The pandemic halted the economy and ripped away steady growth as restrictions limited the need for oil and gas. The conflict in Ukraine added to the uncertainty, as the reliance on Russian oil and gas was distributed between domestic producers and other sources. As the economy recovered, the need for oil and gas shot up quicker than supply could match, causing prices to surge and generating substantial returns. Revenue has swelled at a CAGR of 3.1%, reaching $497.8 billion in 2024, including a 2.3% uptick in 2024 alone.
Industry revenue has grown at a CAGR of 3.1 % over the past five years, to reach an estimated $497.9bn in 2024.
Market size is projected to decline over the next five years.
Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
---|---|---|---|---|
Conocophillips Co | 31,258.2 | 7,862.2 | 25.2 | |
Chevron Corp | 26,260.6 | 5,984.1 | 22.8 | |
Exxon Mobil Corporation | 23,016.1 | 3,229.0 | 14.0 |
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Industry revenue is measured across several distinct product and services lines, including Crude oil and lease condensate, Natural gas liquids and Dry natural gas. Crude oil and lease condensate is the largest segment of the Oil Drilling & Gas Extraction in the US.
Crude oil remains essential to the US economy
Companies in this industry operate and develop oil and gas field properties. Activities include the exploration and production of crude petroleum; the mining and extraction of oil from oil shale and oil sands; the exploration and production of natural gas; sulfur recovery from natural gas; and the recovery of hydrocarbon liquids. Companies may operate oil and gas wells on their own account or for others on a contract or fee basis.
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NAICS 2111 - Oil Drilling & Gas Extraction in the US
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
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Including values and annual change:
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Key data sources in the US include:
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
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The market size of the Oil Drilling & Gas Extraction in the US industry in United States is $497.9bn in 2024.
There are 42,338 businesses in the Oil Drilling & Gas Extraction in the US industry in United States, which has declined at a CAGR of 6.2 % between 2019 and 2024.
The market size of the Oil Drilling & Gas Extraction in the US industry in United States has been growing at a CAGR of 3.1 % between 2019 and 2024.
Over the next five years, the Oil Drilling & Gas Extraction in the US industry in United States is expected to decline.
The biggest companies operating in the Oil Drilling & Gas Extraction market in United States are Conocophillips Co, Chevron Corp and Exxon Mobil Corporation
Crude petroleum and natural gas and Natural gas liquid are part of the Oil Drilling & Gas Extraction in the US industry.
The company holding the most market share in United States is Conocophillips Co.
The level of competition is high and steady in the Oil Drilling & Gas Extraction in the US industry in United States.