The Report Covers US Oil and Gas Market Trends and Industry Overview and it is Segmented by Sector (Upstream, Midstream, and Downstream).

In 2023, the total revenue of the United States’ oil and gas industry came to ************* U.S. dollars. That was a considerable decrease from the previous year, when U.S. oil and gas had revenue peaked at ************* U.S. dollars. The advent of shale oil and gas Following the financial crisis, investors in the U.S. sought to increase domestic production and reduce dependence on foreign oil and gas in turbulent international markets. Despite high start-up costs, shale gas and tight oil became economically viable to extract as the result of new methods such as hydraulic fracturing (also known as fracking). Production expanded rapidly in states with large permeable rock formations of sandstone, such as Texas and North Dakota. Surplus and instability The United States’ production of shale gas and tight oil has continued to grow significantly since 2008, leading to an oversupply by 2014. During the 2010s oil glut, output and revenue decreased as petroleum prices were destabilized worldwide. The trajectory of the gross output in the United States' oil and gas extraction industry largely precipitates the changes in total revenue, both reaching a high point in 2014 before a drastic fall the following year.

ExxonMobil ranks first among the United States' top ten oil and gas producing companies based on market capitalization. As of June 18, 2025, the Texas-based oil supermajor had a market cap of ****** billion U.S. dollars. ExxonMobil can not only trace its roots back to the early years of commercial oil production, it has also become one of the largest oil and gas companies in the world. It is active in all areas of the supply chain, from hydrocarbon extraction to retailing of gasoline. What is market cap? As opposed to sales or assets, market capitalization is a metric used to determine a company’s size by the worth of their outstanding shares on the stock market. ExxonMobil often ranks as the leading oil and gas company based on market cap worldwide. However, its net income is often significantly lower than that of state-owned entities such as Saudi Aramco. The differing ratios exemplify how market cap is not a hard figure like net profits, but inflates and fluctuates according to the perceived value of a company, influenced by less quantifiable factors. The role of oil and gas in the world economy The oil and gas industry is involved in exploration, extraction, refining, transport, and marketing of hydrocarbons. Many industries are extremely dependent on oil and gas products, mostly in the form of fuels or raw materials for chemical products. The oil and gas industry is one of the largest worldwide, and it would follow that companies involved within the industry are among the top companies worldwide by revenue.

County-level data from oil and/or natural gas producing States—for onshore production in the lower 48 States only—are compiled on a State-by-State basis. Most States have production statistics available by county, field, or well, and these data were compiled at the county level to create a database of county-level production, annually for 2000 through 2011. Raw data for natural gas is for gross withdrawals, and oil data almost always include natural gas liquids. Note that State-provided natural gas withdrawals were not available for Illinois or Indiana; those estimates were produced using geocoded wells and State total production reported by the U.S. Department of Energy’s Energy Information Agency. In the data file, counties with increases or decreases in excess of $20 million in oil and/or natural gas production during 2000-11 are also identified. See the Documentation for more details. Currently, an ERS update to this data product is not planned.

Graph and download economic data for Gross Domestic Product: Oil and Gas Extraction (211) in the United States (USOILGASNGSP) from 1997 to 2023 about extraction, oil, mining, gas, GSP, private industries, private, industry, GDP, and USA.

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. Nonetheless, this growth was short-lived as prices fell in 2023 and 2024, causing revenue to dip, despite massive upticks in production. Overall, revenue has swelled at a CAGR of 10.7% over the five years, reaching $509.4 billion in 2025, including a 3.9% uptick in 2025 alone. Exports of crude oil and natural gas from the United States had long been banned with few exceptions, but legislation passed in 2016 overturned this rule and dramatically changed the industry. Exports pushed up dramatically as producers sought to capitalize on opportunities abroad. They have continued to climb in recent years, becoming essential to producers' success. Sanctions placed on Russian energy have bolstered export growth, with the Netherlands becoming the largest US energy export market late over the current period. Innovation in drilling technology will drive the performance of producers forward, but environmental concerns and increasing pressure to convert to renewables will limit success. Fossil fuel prices will weaken steadily but remain high, providing solid profit for producers. The trade-weighted index falling over the outlook period will benefit exports and reduce import penetration. European countries continuing to reduce their reliance on Russian energy may provide US producers with new opportunities. Nonetheless, imports and exports to and from Mexico and Canada may be impacted if reflationary energy tariffs are instated. Overall, revenue is set to dip at a CAGR of 2.3% to $452.5 billion through the end of 2030.

Graph and download economic data for All Employees, Oil and Gas Extraction (CES1021100001) from Jan 1972 to Jul 2025 about extraction, logging, oil, mining, gas, establishment survey, employment, and USA.

The Report Covers US Downstream Oil and Gas Companies and the Market is Segmented by Sector (Refining and Petrochemical). The Report Offers the Market Size and Forecasts for Refining Capacity (in Million Barrels Per Day) for all the Above Segments.

The size of the USA Oil and Gas Market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 4.00% during the forecast period. The oil and gas market refers to the global industry involved in the exploration, extraction, refining, transportation, and sale of petroleum and natural gas products. This sector plays a crucial role in powering the global economy, providing the primary source of energy for industries, transportation, heating, and electricity generation. The market is divided into three main segments: upstream, midstream, and downstream. Upstream involves exploration and production, where companies search for oil and gas reserves and extract them. Midstream covers the transportation, storage, and wholesale marketing of crude or refined petroleum products, often involving pipelines, shipping, and storage facilities. Downstream includes refining crude oil, processing raw natural gas, and marketing the end products like gasoline, diesel, jet fuel, lubricants, and petrochemicals used in plastics and other materials. Recent developments include: March 2022: The United States' President Joe Biden agreed to a landmark energy supply deal with the European Union. Under this deal, the United States was expected to increase transatlantic gas deliveries. This deal is important to reduce dependence on Russia after the Russia-Ukraine War., January 2022: The Department of Energy announced the release of 13.4 million barrels of oil from the Strategic Petroleum Reserve. The release of the emergency oil reserves aimed to combat rising gasoline prices in the United States and the lack of oil supply worldwide.. Key drivers for this market are: 4., Modernization and Upgrades of Existing Military Aircraft Fleets4.; Increasing Defense Budgets. Potential restraints include: 4., Shift Toward Unmanned Aircraft. Notable trends are: Upstream Sector Expected Witness Significant Growth.

The value added by the U.S. oil and gas extraction industry amounted to ****** billion U.S dollars in 2023. This was a notable decrease from the previous year, but an increase compared to before 2021 which saw a decline in oil product demand due to pandemic-induced lockdowns. Energy supply fears in the wake of the Russia-Ukraine war as well as a return to pre-pandemic level economic activity are partly responsible for the increase in value added noted in 2022. The close connection between 'value added' and crude oil prices The term 'value added' here refers to the difference between the industry's gross output and the cost of production. In the oil and gas industry, the annual value added is majorly influenced by the impact of world market developments on crude oil prices. As these prices underlay market speculation they are especially volatile. For example, the peak in value added recorded in 2022 comes as domestic first purchase prices for crude oil in the U.S. saw a major increase to over ** U.S. dollars per barrel, benefiting producers in the country. In 2023, the price was nearly ** U.S. dollars per barrel. Oil and gas industry's contributions to U.S. GDP Producing sectors have historically been a major contributor to the country's gross domestic product. However, as technological advancements have strengthened the service industry, the role of producing sectors declined. In 2023, mining (which includes oil and gas extraction) contributed ***** billion U.S. dollars to U.S. coffers. This made it the third smallest contributing just sector ahead of utilities and agriculture.

Market Size statistics on the Oil Drilling & Gas Extraction industry in the US

The Report Covers US Oil & Gas Upstream Market Outlook and it is segmented by Location of Deployment (Onshore and Offshore)ts.

This data release contains several datasets that provide an overview of oil and gas well history and production of the United States, from 1817 to September 1, 2022. Well history data is aggregated into 1-mile and 10-mile squares indicating the total number of wells and counts of wells classified as oil, gas, dry, injection, hydraulically fractured, and/or horizontal wells. Well history is also separated into layers binned on 1-year increments from a well's spud date (date drilling commenced). Production data is aggregated in 2-mile and 10-mile squares that sum the total production of oil, gas, and water volumes. Production data is also separated into layers binned on 1-year increments to reflect the year of production. These aggregations are compiled from data from IHS Markit, which is a proprietary, commercial database. No proprietary data is contained in this release. This data release was updated May 2023 to reflect an offset of 1 year on the original release.

From fueling transportation and heating homes to enabling manufacturing and export growth, the oil and gas industry touches nearly every corner of American industry. And after navigating a challenging stretch marked by price volatility, COVID-era disruptions, and regulatory shifts, the industry is firmly back in growth mode.

The oil and gas industry in the United States recorded a total capital expenditure (CAPEX) of ****** billion U.S. dollars in 2023. This represents an increase of some ** billion U.S. dollars compared to the previous year. In the period of consideration, the CAPEX on the oil and gas industry in the U.S. oscillated, peaking in 2014 at nearly *** billion U.S. dollars.

The report covers Natural Gas Midstream Companies and it is segmented by Sub-sectors in the Midstream Sector (Transportation, Storage, and LNG Terminal).

Oil and gas field service providers are directly tied to oil and gas production, so the industry typically follows trends that are significant to that industry (IBISWorld Report 21111). The period started off on a low note as the pandemic massively weakened production, cutting down the need for field service providers as the number of rigs operating saw a steep drop. This drop carried on in 2021 but resurged in 2022, driven by favorable pricing because of supply chain issues from Russia’s invasion of Ukraine, which briefly bolstered field services providers. This revenue growth carried on into 2023 and 2024 as production continued to push up. Even so, prices took a dip, so growth was not as significant. Overall revenue pushed up at a CAGR of 1.4%, reaching $101.5 billion through 2025, including a 1.9% push down in 2025 as oil and gas prices are set to fall. Amid these fluctuations, the adoption of advanced enhanced oil recovery techniques initially benefited oil and gas field services providers as companies enlisted support for new technologies. Yet, increased efficiency led to a reduced need for rigs, fundamentally constraining growth for oil and gas field service providers. Despite this, profit has swelled amid lower operational costs. Nonetheless, with this uptick in efficiency, field service providers have cut down their workforce as employment has pushed down at a CAGR of 3.4% from 2020 to 2025. Looking ahead, oil and gas field services providers are poised to enjoy modest growth. The stabilization of natural gas and crude oil prices will continue, allowing for more investment in the industry and providing a much-needed boost to field service providers. Even so, the continued push for investment in renewable energy poses a competitive threat. Despite these challenges, US oil and gas producers will sustain robust production levels, particularly for exports, which will positively influence field service providers. The need for natural gas will also support growth in this sector. Overall, revenue for oil and gas field services providers is set to climb at a CAGR of 0.5%, reaching $104.0 billion in 2030.

Market Size statistics on the Oil & Gas Field Services industry in the US

As per Cognitive Market Research's latest published report, the Global Oil Exploration and Production market size is $3,588.98 Million in 2024 and it is forecasted to reach $5,116.57 Billion by 2031. Oil Exploration and Production Industry's Compound Annual Growth Rate will be 5.20% from 2024 to 2031. Market Dynamics of the Oil Exploration and Production Market

Market Driver for the Oil Exploration and Production Market

The increasing investment in oil sector by several government bodies worldwide elevates the market growth 

Many countries view a stable and secure energy supply as crucial for their economic development and national security. Investing in the oil sector helps ensure a reliable source of energy. Oil exploration and production contribute significantly to the economic growth of a country. Governments often invest in the oil sector to capitalize on the potential for high returns, which can be used to fund public services, infrastructure projects, and other essential programs. Despite efforts to transition to renewable energy sources, the global demand for oil remains high. Governments recognize the need to meet this demand and ensure a stable energy supply to support industrial processes, transportation, and other key sectors. The oil and gas industry encompasses activities linked to exploration, including the search for hydrocarbons, identification of high-potential areas for oil and gas extraction, test drilling, the construction of wells, and initial extraction. According to the Center on Global Energy Policy, data 2023, the 2021–22 period of high oil and gas prices did not lead to a significant increase in capital spending by private companies despite record profits. One exception has been upstream exploration and production (E&P) companies, whose capital spending in 2022 was the highest since 2014.   According to the International Labor Organization (ILO), data 2022, the oil and gas industry makes a significant contribution to the global economy and to its growth and development worldwide. The oil industry alone accounts for almost 3 per cent of global domestic product. The trade in crude oil reached US$640 billion in 2020, making it one of the world’s most traded commodities. Additionally, the industry is highly capital-intensive. Globally investments in oil and gas supply reached more than US$511 billion in 2020. According to the oil and gas industry outlook, data 2023, rapid recovery in demand, and geopolitical developments have driven oil prices to 2014 highs and upstream cash flows to record levels. In 2022, the global upstream industry is projected to generate its highest-ever free cash flows of $1.4 trillion at an assumed average Brent oil price of $106/bbl. Until now, the industry has practiced capital discipline and focused on cash flow generation and pay-out—2022 year-to-date average O&G production is up by 4.5% over the same period last year, while 2022 free cash flows per barrel of production is projected to be higher by nearly 70% over 2021. In addition, high commodity prices and growing concerns over energy security are creating urgency for many to diversify supply and accelerate the energy transition. As a result, clean energy investment by Oil &Gas companies has risen by an average of 12% each year since 2020 and is expected to account for an estimated 5% of total Oil & Gas capex spending in 2022, up from less than 2% in 2020.Therefore, investments made over recent decades enabled the United States to become a world leader in oil and natural gas production. Thus, owing to increased oil production, the demand for oil exploration and production has surged during the past few years.

The rising demand for oil across both commercial and residential sector is expected to drive the market growth 

Oil remains a primary source of energy for transportation, including cars, trucks, ships, and airplanes. The growing global population, urbanization, and increased industrial activity contribute to a rise in the number of vehicles and the overall demand for transportation fuels derived from oil, such as gasoline and diesel. Many industrial processes rely on oil and its by-products as energy sources and raw materials. Industries such as manufacturing, petrochemicals, and construction utilize oil-based products for various applications, including heating, power generation, and the production of pl...

Graph and download economic data for Producer Price Index by Industry: Oil and Gas Extraction (PCU211211) from Dec 1985 to Jun 2025 about extraction, oil, gas, PPI, industry, inflation, price index, indexes, price, and USA.