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The largest energy company in the U.S. is Exxon Mobil which made $413.68 billion in revenue in 2022.
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The United States produced 98.34 quadrillion British thermal units in 2021.
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The United States consumed 97.91 quadrillion British thermal units in 2021.
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The U.S. Energy market is projected to grow at a CAGR of 5.6% through 2027.
There are many kinds of ways to produce and sell energy. The kinds of energy focused on and how it’s derived determine the categorization of a business. Energy types fall into the grouping of being renewable or not. Some kinds of energy resources include:
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Petroleum and oil
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Gasoline
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Diesel Fuel
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Hydropower
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Biofuels
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Wind power
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Solar power
There are 15 large American energy companies that control the majority of the market in the United States. These companies include:
Top 15 Energy Companies In The U.S.
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Exxon Mobil. Headquarters: Irving, Texas
Year Founded: 1999
2022 Annual Revenue: $413.68 billion
One of the highest revenues achieved annually is by Exxon Mobil Corporation. The company engages in finding, retaining, and distributing oil, gas, and petroleum.
They are the largest oil and gas company that’s traded publicly, generating more than $250 billion into the economy yearly, earning Exxon high-ranking spots on the Fortune 500 lists over the years.
No matter where you are in the world, it’s likely that you’ll find Exxon Mobil Corporation. They run operations on six out of seven continents.
Despite Exxon Mobil’s enormous capacity, they haven’t always been viewed favorably after a history with climate change denial and mishandling of human rights issues. Exxon has stated they’re working to correct this negative behavior and be more environmentally conscious.
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Chevron. Headquarters: San Ramon, California
Year Founded: 1879
2022 Annual Revenue: $246.252 billion
The Chevron Corporation has been functioning under one name or another for well over a century. During that time, they’ve worked their way up to being one of the largest energy companies in existence. They’re so huge that they sell three million barrels of refined gasoline, diesel, and jet fuel every single day.
What makes the Chevron Corporation unique, in addition to its massive output of product, is that they’re engaged in multiple sectors of the energy industry, including hydrocarbon exploration, chemicals manufacturing, and power generation.
While they take up a lot of the energy market share, Chevron Corporation also accounts for a large percentage of pollution. They’re estimated to be responsible for about 1.31% of the global industrial greenhouse gas emissions over the last 30 years.
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Phillips 66. Headquarters: Houston, Texas
Year Founded: 1917
2022 Annual Revenue: $169.99 billion
Phillips 66 is a derivative of ConocoPhillips that sprouted in 2012, but its name is traced back to the original Phillips Petroleum Company. Phillips 66 mostly deals with natural gas liquids and petrochemicals.
In addition to working in refinement, the company is also the world’s largest manufacturer of high-density polyethylene, a chemical component in plastic bottles.
Phillips 66 has also entered the renewable energy space. Most notably through the creation of a product called a hyper-efficient organic photovoltaic cell to be used in the solar industry.
Phillips 66 currently holds a place on the American and International Fortune 500.
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ConocoPhillips. Headquarters: Houston, Texas
Year Founded: 1875
2022 Annual Revenue: $82.156 billion
The focus of ConocoPhillips lies entirely in hydrocarbon exploration, specifically crude oil, bitumen, and natural gas. The company runs stations under the titles of Phillips 66, Conoco, and 76.
As of 2019, ConocoPhillips represents 49% of the production in this area for the United States. They are also a significant producer in other countries, including:
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Australia
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Canada
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Norway
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Libya
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China
While all this production is excellent for ConocoPhillips, it’s plain terrible for the environment. ConocoPhillips is considered one of the most detrimental energy companies to climate change and greenhouse gas emissions. It was even ranked as the 14th highest polluter in the world as of 2019.
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General Electric. Headquarters: Boston, Massachusetts
Year Founded: 1892
2022 Annual Revenue: $76.555 billion
General Electric Company has one of the longest-running histories of any energy corporation. It began as a fusion of Thomas Edison’s electric companies under a single brand. It later went on to be one of twelve companies to launch on the Dow Jones in 1896, an index of the highest traded stocks.
Today, the company has its hand in a lot of different fields, including:
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Aviation
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Renewable energy
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Additive manufacturing
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Venture capital and finance
The wide variety of industries that General Electric Company participates in earns them a high return. They’ve been on the Fortune 500 list for over 25 years.
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Enterprise Products. Headquarters: Houston, Texas
Year Founded: 1968
2022 Annual Revenue: $58.186 billion
Enterprise Products functions as a provider of energy services in natural gas, crude oil, and petrochemicals. The company is currently responsible for operating 22 processing plants and 50,000 miles of pipelines that generate:
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Natural gas
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Natural gas liquids
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Crude oil
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Refined products
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Petrochemical
That’s enough pipeline mileage to circle the earth twice over. However, these sites weren’t always without issues. Over the past ten years alone, there have been at least six incidents of Enterprise Products pipelines exploding or spilling thousands of gallons of crude oil.
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Southern Company. Headquarters: Atlanta, Georgia
Year Founded: 1945
2022 Annual Revenue: $29.279 billion
As their name suggests, Southern Company is a gas and electric energy provider that serves the Southern United States. It functions in six states, in particular, which are:
Southern Company is one of the largest energy providers in America, in terms of revenue and employee capacity. The company currently employs 28,000 people across their locations.
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Duke Energy. Headquarters: Charlotte, North Carolina
Year Founded: 1904
2022 Annual Revenue: $28.768 billion
In the United States, Duke Energy currently supplies electricity and gas to 7.2 million people across 104,000 square miles of the service area. The company operates through several subsidiaries, including Piedmont Natural Gas, Progress Energy, Inc., Duke Energy Ohio, and others.
Duke Energy derives energy from a variety of sources, such as:
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Coal
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Hydroelectric
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Natural gas
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Oil
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Nuclear
While Duke Energy remains one of the largest electric providers in the United States, the company has caught criticism in the past for being involved in the third-largest coal ash spill in American history.
Additionally, Duke’s business choices were under scrutiny in 2012, when the company paid out a compensation package of $44 million to a CEO named Bill Johnson who only worked in the position for 20 minutes.
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EOG Resources. Headquarters: Houston, Texas
Year Founded: 1999
2022 Annual Revenue: $25.702 billion
EOG Resources is a public energy company that produces petroleum, natural gas, and natural gas liquids from hydrocarbon exploration. In 2019, they produced an estimated 818 thousand barrels of oil per day. The vast majority of this oil production was done in the United States.
Despite their heavy participation in the non-renewable oil and gas industry, EOG resources have made claims in 2019 that they’re gearing their organization toward being an innovative participant in sustainability.
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Pioneer Natural Resources. Headquarters: Irving, Texas
Year Founded: 1997
2022 Annual Revenue: $24.294 billion
Pioneer Natural Resources is another energy company that focuses on hydrocarbon exploration, specifically in an area called the Permian Basin.
The organization currently holds 1.135 billion barrels of oil equivalent reserves, more than half of which is petroleum. Their power plants and operations are worth an estimated $126 billion in total.
These holdings and their business practices have earned them a place on the Forbes list for “America’s Largest Companies” and “The World’s Best Employers” in 2018. As of 2020, Pioneer Natural Resources has officially been acquired by Parsley Energy Inc. for a sum of $4.5 billion.
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NextEra Energy. Headquarters: Juno Beach, Florida
Year Founded: 1984
2022 Annual Revenue: $20.956 billion
Providing energy throughout the United States, NextEra Energy is a company that’s working its way up the rankings in terms of usage and revenue. That’s for good reason, too. NextEra is one of the few, and largest, renewable resource energy companies in the world, with a focus on both wind and solar power.
NextEra Energy lives up to their name by managing to reduce their foreign oil dependency by 98% over the past 20 years as they moved into clean energy resources.
With these valuable resources, the company currently holds the capacity to generate 45,500 megawatts of power. For these accomplishments, the Fortune 500 has ranked them as one of the top 20 most innovative companies in the world.
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Kinder Morgan. Headquarters: Houston, Texas
Year Founded: 1997
2022 Annual Revenue: $19.20 billion
Kinder Morgan, Inc.’s main business is managing pipelines and storage for crude oil and natural gas. The energy company has a stake in about 85,000 miles worth of pipelines and 152 storage terminals. These holdings make Kinder Morgan responsible for 38% of American natural gas consumption.
Although Kinder Morgan, Inc. has an impressive reach in the energy industry, they don’t have a spotless history. The company has been cited by the Pipelines and Hazardous Materials Safety Administration (PHMSA) multiple times for safety violations.
These concerns seem to be realistic, considering that Kinder Morgan had significant accidents, explosions, and spills every single year since 2001.
Despite numerous issues, federal enforcement actions, and fatalities, Kinder Morgan, Inc. continues to be one of the largest energy companies in the United States.
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Exelon. Headquarters: Chicago, Illinois
Year Founded: 2000
2022 Annual Revenue: $19.078 billion
Exelon is another energy company that demonstrates a lot of variety in the sectors they inhabit. Some energy types that Exelon produces and distributes includes:
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Nuclear
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Fossil fuel
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Hydroelectric
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Wind power
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Biomass
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Solar power
With an evaluated ten million customers in the United States, Exelon is currently the largest regulated electric utility in the country. The company also operates the most nuclear power plants in America.
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Consolidated Edison. Headquarters: New York, New York
Year Founded: 1823
2022 Annual Revenue: $15.67 billion
Even though Consolidated Edison, Inc. only serves the New York metropolitan area, it’s still one of the biggest energy companies in America with 3.4 million customers within that location. It provides basic energy services, including electricity, gas and steam, to customers through a few subsidiaries. These subsidiaries include:
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Consolidated Edison Company of New York, Inc.
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Orange and Rockland Utilities, Inc.
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Con Edison Solutions
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Con Edison Energy
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Con Edison Development
In 2016, Consolidated Edison, Inc. was chosen as the #1 utility company by Newsweek and considered one of the best large employers in the United States by Forbes.
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Xcel Energy. Headquarters: Minneapolis, Minnesota
Year Founded: 1909
2022 Annual Revenue: $15.31 billion
Xcel Energy is a utility company that mostly serves the Midwest United States under four divisional branches. They use a diversified bundle of energy sources, including coal, nuclear, and hydropower. Across their variety of energy plants, Xcel has the bandwidth to produce 17,000 megawatts of electricity, enough to power nearly 13 million homes.
The latest news involving Xcel Energy was in 2018 when the company made the bold claim that they would be able to provide 100% carbon-free electricity by the year 2050. Xcel is the first major energy company to state this goal to the public.
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U.S. Energy Industry FAQ
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What are the largest energy companies in the U.S.?
The largest energy company in the U.S. is Exxon Mobil. Exxon Mobil made $413.68 billion in revenue in 2022. The second largest energy company in the U.S. is Chevron, which made $246.252 billion in revenue in 2022. The third largest energy company in the United States is Phillips 66 which made $169.99 billion in revenue in 2022.
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How many energy companies are there in the US?
There are over 1,600 energy companies in the United States. The size and mission of these comapnies vary, but they are all invovled in one way or another in providing energy to American consumers. This includes both individuals and companies.
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Is the U.S. energy industry growing?
Yes, the U.S. energy industry is growing. The U.S. energy industry has a CAGR of 5.6% through 2027. This means you can expect the size and scale of energy companies to increase over time.
References
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U.S. Energy Information Administration – U.S. Energy Facts Explained
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Macrotrends – 2022 Revenue
Author
Sky Ariella is a professional freelance writer, originally from New York. She has been featured on websites and online magazines covering topics in career, travel, and lifestyle. She received her BA in psychology from Hunter College.
