Largest oil and gas companies in the US: the top 25 by 2025 revenue, and the biggest producers

This list is for anyone who sells to the oil and gas industry (equipment, services, software, chemicals, staffing) and for readers who want a ranking they can check. Every revenue, headcount and production figure comes from the company's own 2025 annual report on Form 10-K, opened on SEC EDGAR; industry totals come from the US Energy Information Administration (EIA).

The 25 largest oil and gas companies in the US by revenue

Revenue is the top line of each 2025 income statement as reported: "total revenues and other income" for Exxon Mobil, Chevron, Phillips 66, Marathon Petroleum and ConocoPhillips, "net sales" for Occidental, "total revenues and other" for Expand Energy, and total revenues or revenue for the rest. All 25 have calendar fiscal years. The change compares with 2024 in the same filing. Employees are as each 10-K states them at year-end (Williams at 1 February 2026, Enterprise at 1 February 2026). Headquarters are the business addresses on file with the SEC.

A few rows need a note:

• Subsidiaries are counted once. Energy Transfer's 10-K consolidates Sunoco LP, so Sunoco's $25.2 billion of revenue sits inside Energy Transfer's $85.5 billion and isn't listed again. Marathon Petroleum's midstream segment is MPLX, which it consolidates.
• Mergers drive the biggest jumps. ONEOK completed its Medallion acquisition on 31 October 2024 and EnLink on 31 January 2025. Diamondback closed its Endeavor acquisition on 10 September 2024, and Expand Energy is Chesapeake after its merger with Southwestern Energy on 1 October 2024. Chevron completed its acquisition of Hess in July 2025, so Hess is now inside Chevron's figures.
• Venture Global grew 177% as LNG production that began in December 2024 ramped up through 2025, its 10-K says.
• Occidental's $21.6 billion excludes its chemical business, OxyChem, which the 10-K reports as discontinued operations. Its 10-K doesn't give a headcount.
• Devon Energy and Expand Energy gave Oklahoma City on their 10-K covers in February 2026; both now list Houston-area business addresses with the SEC.

Just below the 25: Delek US Holdings ($10.6 billion) and EQT ($8.6 billion). Two fuel distributors are larger but left out because they resell fuel rather than produce, refine or transport it: World Kinect ($36.9 billion) and Global Partners ($18.6 billion).

The biggest oil and gas producers in the US

Revenue rewards refiners and pipeline companies, whose sales include the cost of the crude and gas they buy. If you want the companies that pump the most oil and gas in the US, rank by US production instead:

Oil equivalent converts natural gas at six thousand cubic feet to one barrel, the ratio every company here uses. Where a 10-K reports volumes by product or by year rather than a daily US total, we converted them (shown as "about"). Next is Coterra Energy at 782. The largest private producers don't publish volumes.

The US produced 13.662 million barrels a day of crude oil in 2025, according to the EIA. ConocoPhillips' 926,000 barrels a day of US crude and Chevron's 906,000 are each just under 7% of that (our calculation). Gas producers such as Expand and EQT rank high on output but low on revenue, because a barrel's worth of gas sells for far less than a barrel of oil.

What the ranking shows

Refiners lead on revenue, not size. Phillips 66, Marathon Petroleum and Valero reported $394.5 billion between them, but most of it passes straight through: Phillips 66's 10-K shows $116.1 billion of purchased crude oil and products against $136.6 billion of revenue.

Lower prices cut most top lines. 14 of the 25 reported lower revenue than in 2024. Devon's 10-K puts the WTI index at an average of $64.87 a barrel in 2025, down 14% from $75.79. The companies that grew mostly did so by acquisition (ONEOK, Diamondback, Expand) or by new LNG capacity (Cheniere, Venture Global).

Concentration at the top. The top 25 reported $1.50 trillion of revenue, and the top five $915.7 billion of it, 61% (our calculation).

Houston is the capital. 14 of the 25 have Houston business addresses, and two more (Exxon Mobil and Expand Energy) are in Spring, just north of the city. Twenty of the 25 are in Texas. Our page on oil and gas companies in Houston covers the local market from Census data.

Public companies dominate production. The EIA found that publicly traded companies were just 2% of about 12,000 oil and gas producers in 2025 but produced 68% of Lower 48 crude oil and natural gas. The exception is the Haynesville shale, where private companies produced 55%.

How the US majors compare worldwide

For "largest oil companies" in the world, the US majors are in the same league as the European majors, which file annual reports on Form 20-F with the SEC in US dollars:

State-controlled companies such as Saudi Aramco, Sinopec and China National Petroleum lead most global revenue rankings. They don't file with the SEC, so they're not in this table.

How we built the list

1. Who counts. US-headquartered public companies that file 10-Ks and whose main business is producing, refining, transporting, exporting or servicing oil and gas. Fuel resellers and utilities are left out.
2. What's counted. The top line of the consolidated income statement as reported, including every subsidiary the company consolidates. A partnership consolidated by another listed company (Sunoco LP, MPLX) isn't listed separately.
3. Which year. Calendar 2025, the latest year with 10-Ks filed by 30 October 2026.
4. Checking. We started from the SEC's structured data and matched every figure to the income statement in the filing. The data alone would mislead: Phillips 66's revenue is tagged at $132.4 billion (sales only), while its top line is $136.6 billion.
5. What's missing. Private producers don't file 10-Ks. In the Haynesville, the EIA counts the five largest private operators at 38% of the region's gas output.

Rankings by market value change daily and favor producers with large reserves: the market-value lists we reviewed put ConocoPhillips and EOG ahead of most refiners. Fortune and Forbes publish their own lists with their own definitions; their figures won't match this table exactly.

Selling to the largest oil and gas companies

This is general guidance; how centralized buying is varies by company and category. Three points apply to most of them:

Sell to the basin or the plant. The 10-K tells you where the work is. Occidental reports Permian production of 786,000 barrels of oil equivalent a day, Devon 493,000 in the Delaware Basin, and Chevron 63,000 in California. Each asset has its own operations leader and field staff, and a supplier that solves a problem in one basin can expand from there.

Read the capital plan. Each 10-K describes the year's capital program and production outlook (Chevron expects 2026 production 7% to 10% above 2025). Growing operators add contractors; shrinking ones cut them first.

Expect qualification gates. Most operators require contractor prequalification before a first order, so ask what they need before you pitch price. For finding the right person inside an operator, see how to find decision makers.

Worked example

Illustrative example. Pecos Pump & Valve (pecospump.example) repairs and rebuilds artificial lift equipment in Odessa, Texas, and wants to add two large operators as customers.

1. Shortlist by basin, not revenue. Exxon Mobil has the biggest revenue, but Pecos only works in the Permian. Occidental (786,000 barrels of oil equivalent a day in the Permian), Diamondback (921,036, which its 10-K says come primarily from the Permian, headquartered in nearby Midland) and Devon (493,000 in the Delaware Basin) are the better first targets.
2. Size the opportunity. Suppose an operator replaces equipment on 4% of its 3,000 lift wells in a sub-area each year and a rebuild costs $18,000. That's 120 rebuilds and $2.16 million a year in one sub-area. A 25% share is $540,000.
3. Find the buyer. The buyer is a production engineer or field superintendent for that area, with a supply chain category manager approving the vendor. Pecos lines up its contractor prequalification first.
4. Lead with uptime. The opening message offers a rebuild turnaround time and a reference from the same basin.

At volume, matching each operator's assets and current news to the right field contact is the slow part; Bebop researches each account in the list and drafts the outreach.

Next step: see the local market and its public companies in oil and gas companies in Texas.