In 2023, the total revenue of the United States’ oil and gas industry came to 244.4 billion U.S. dollars. That was a considerable decrease from the previous year, when U.S. oil and gas had revenue peaked at 330.8 billion 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 uninhibitedly 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.

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...

The value added by the U.S. oil and gas extraction industry amounted to 257.03 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 90 U.S. dollars per barrel, benefiting producers in the country. In 2023, the price was nearly 76 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 380.9 billion U.S. dollars to U.S. coffers. This made it the third smallest contributing just sector ahead of utilities and agriculture.

Global Oil And Gas market size is expected to reach $9894.48 billion by 2029 at 4.9%, segmented as by type, oil and gas upstream activities, oil downstream products

The global oil & gas analytics market was valued at USD 13.20 billion in 2021 and is expected to grow at a CAGR of 17.4% during the forecast period.

Sinopec (China Petroleum & Chemical Corporation) is the leading global oil and gas company by revenues generated. In the 12-month period leading up to July 2024, the Chinese state-owned enterprise generated 441.79 billion U.S. dollars in revenues. State-owned enterprises are largest producers State-owned businesses are among the largest within the oil and gas industry. Saudi Arabia's Saudi Aramco is the leading oil company worldwide based on daily oil production, at over 11 million barrels per day. This is significantly more than the daily output of ExxonMobil. At 2.5 million barrels of crude oil per day, it is the largest producer among public companies not majority owned by any state. The United States-based oil and gas giant ExxonMobil generated 331.46 billion U.S. dollars in revenues in the 12 months leading up to July 2024, coming in third in this list. Diversification of oil & gas portfolios Due to growing investor pressure and judicial court rulings, some oil and gas companies have been incentivized to increase the share of non-fossil fuel assets in their portfolio. Their efforts have been supported by an increasing number of investment funds and asset managers, with more diverse companies also often ranking higher in terms of brand value. Many European oil majors have already begun looking for clean energy ventures where their expertise may help them gain footing fast, such as offshore wind and blue hydrogen. This is also reflected in a growing share of low-carbon investments in overall capex.

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.

The oil and gas industry awarded contracts worth 39.2 billion U.S. dollars in the fourth quarter of 2024. This was a slight increase compared to the previous quarter and comes in spite of an overall decrease in the number of contracts awarded. Contracts include primarily arrangements around the procurement, operation, and maintenance of drilling equipment.

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.

Crude Oil Production in the United States increased to 13488 BBL/D/1K in March from 13240 BBL/D/1K in February of 2025. This dataset provides the latest reported value for - United States Crude Oil Production - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Global Crude Oil market size is expected to reach $3795.54 billion by 2029 at 4.3%, segmented as by type, transport, industrial, other types

The global oil and gas data monetization market size was worth over USD 26.19 billion in 2024 and is poised to grow at a CAGR of over 10.5%, reaching USD 95.91 billion revenue by 2037. Data-as-a-Service segment is set to hold 42% share by 2037, attributed to flexible, cost-effective access to data without infrastructure overhead.

Global Oil and Gas Downstream Market was valued at USD 2781 Billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 4.1% through 2029.

Global Crude Oil market size 2025 is $3415.7 Billion whereas according out published study it will reach to $4722.66 Billion by 2033. Crude Oil market will be growing at a CAGR of 4.133% during 2025 to 2033.

The Report Covers Vietnam Oil and Gas Upstream Market Size & Share and It is Segmented by Location of Deployment (Onshore and Offshore) and Product (Natural Gas, Crude Oil, and Other Products). The Report Offers the Market Sizes and Forecasts in Terms of Volume (thousand Barrels Per Day and Billion Cubic Feet Per Day).

Global Oil and Gas Software Market Size and Forecast

Global Oil and Gas Software Market size was valued at USD 1.25 Billion in 2024 and is projected to reach USD 2.03 Billion by 2031, growing at a CAGR of 6.89% from 2024 to 2031.

Global Oil And Gas Software Market Drivers

Increasing focus on operational efficiency: Oil and gas companies are constantly seeking ways to improve their operational efficiency and reduce costs. Software solutions can help optimize various aspects of the value chain, from exploration and production to refining and distribution.

Advancements in technology: The development of new technologies, such as data analytics, cloud computing, and artificial intelligence, is enabling more sophisticated and effective software solutions for the oil and gas industry.

Rising energy demand: The growing global demand for energy, particularly in developing economies, is driving the need for advanced software solutions to manage and optimize energy resources.

Global Oil And Gas Software Market Restraints

High initial investment: Implementing oil and gas software solutions can require a significant upfront investment, which may be a barrier for some companies.

Data quality and availability: The accuracy and completeness of data are critical for effective software solutions. However, collecting and managing data in the oil and gas industry can be challenging.

Global Mussel Oil Market will grow at a CAGR of 5.6% during the forecast period, with an estimated size and share crossing USD 81.51 million by 2032.

Crude Oil Production in Iran decreased to 3303 BBL/D/1K in May from 3328 BBL/D/1K in April of 2025. This dataset provides the latest reported value for - Iran Crude Oil Production - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The global oil & gas ACS market was worth 26.87 billion U.S. dollars in 2019. According to NextMSC, the market is expected to make significant gains in value within the next ten years. By 2030, automation and control systems used within the oil & gas industry are to reach 41.8 billion U.S. dollars in market value.