US Oil & Gas Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 4.00 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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US Oil & Gas Market Analysis
The United States oil and gas market is expected to register a CAGR of more than 4% during the forecast period.
In 2020, COVID-19 had a detrimental effect on the market. Presently, the market has reached pre-pandemic levels.
- Over the medium term, factors such as a reduction in the cost of drilling, new drilling and production technologies, and increasing oil prices are likely to drive the market.
- On the other hand, the high volatility of crude oil, coupled with the significant capital and operating expenses required to operate and increasing investments in the renewable sector, may restrain the market.
- Nevertheless, increasing activities and oil production from the Permian Basin in the United States may create many opportunities for the United States oil and gas market.
US Oil & Gas Market Trends
Upstream Sector Expected Witness Significant Growth
- The United States is the largest economy globally, with significantly higher energy consumption. The country enjoys sizable oil and gas reserves that it is exploiting to fulfill its demands.
- The United States became one of the world's top crude oil producers in 2018 and maintained its leading position in 2021. It accounted for 18.5% of the global crude oil production in 2021, which accounted for 16,585 thousand barrels per day.
- In February 2022, BP PLC announced the start of the Herschel Expansion project in the Gulf of Mexico. Herschel was the first of the four major projects to be delivered globally in 2022. Phase 1 of the project comprises the development of a new subsea production system. At its peak, the first well is expected to increase the platform's annual gross production by an estimated 10,600 barrels of oil equivalent a day.
- In December 2021, ConocoPhillips started production at its GMT-2 oil project in the National Petroleum Reserve-Alaska. The project was expected to produce 30,000 b/d at its peak. The development costs for the project were USD 1.4 million.
- Thus, due to the abovementioned factors, the upstream segment is likely to witness significant growth during the forecast period.
Investment in Renewable Energy to Restrain the Market
- The oil and gas industry is a significant contributor to emissions from the production and consumption of petroleum. To limit these emissions, the US government is decreasing its reliance on oil and gas and shifting its focus toward building renewable energy sources to fulfill its needs. As of 2022, the United States installed renewable energy capacity had reached 351.67 GW.
- The oil and gas sector's carbon footprint (operations and emissions from energy consumed) is at least 2.6 billion tons annually, out of the 37.1 billion tons produced by human activity.
- In February 2022, California's Imperial County approved a plan for the development of the Lithium Valley that includes geothermal energy production. The geothermal production in the county may expand to between 1,500 MW and 3,000 MW over the next two decades, as there is an estimated 1,000-1,500 MW of additional generation available.
- In January 2022, the US House of Representatives unveiled the America Competes Act of 2022, which seeks to bolster the country's supply chain and competitiveness and includes USD 3 billion for solar manufacturing.
- Thus, the increased focus and spending on renewable energy generation may restrain the US oil and gas market.
US Oil & Gas Industry Overview
The United States' oil and gas market is moderately fragmented. Some of the major players in the market (not in a particular order) are Shell PLC, BP PLC, ExxonMobil Corporation, Chevron Corporation, and TotalEnergies SE, among others.
US Oil & Gas Market Leaders
ExxonMobil Corporation
Chevron Corporation
TotalEnergies SE
BP PLC
Shell PLC
*Disclaimer: Major Players sorted in no particular order
US Oil & Gas Market News
- 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.
US Oil & Gas Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Introduction
4.2 Crude Oil Consumption Forecast in thousands barrels per day, till 2028
4.3 Natural Gas Consumption Forecast in billion cubic feet per day, till 2028
4.4 Refinery Installed Capacity and Forecast in thousand barrels per day, till 2028
4.5 LNG Terminals Installed Capacity and Forecast in MTPA, till 2028
4.6 Recent Trends and Developments
4.7 Government Policies and Regulations
4.8 Market Dynamics
4.8.1 Drivers
4.8.2 Restraints
4.9 Supply Chain Analysis
4.10 PESTLE Analysis
5. MARKET SEGMENTATION - BY SECTOR
5.1 Upstream
5.2 Midstream
5.3 Downstream
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Shell PLC
6.3.2 Chevron Corporation
6.3.3 ExxonMobil Corporation
6.3.4 ConocoPhillips Company
6.3.5 EOG Resources
6.3.6 Phillips 66
6.3.7 Occidental Petroleum
6.3.8 BP PLC
6.3.9 Hess Corporation
6.3.10 Marathon Petroleum Corporation
6.3.11 Valero Energy
6.3.12 Total Energies SE
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
US Oil & Gas Industry Segmentation
Oil and gas mean petroleum, natural gas, and other related hydrocarbons or minerals, or any of them, and all other substances produced or extracted in association with them.
The United States oil and gas market is segmented by sector into upstream, midstream, and downstream. The report offers crude oil production and consumption forecasts (thousand barrels per day) and natural gas production and consumption forecasts (billion cubic feet per day).
US Oil & Gas Market Research FAQs
What is the current US Oil And Gas Market size?
The US Oil And Gas Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)
Who are the key players in US Oil And Gas Market?
ExxonMobil Corporation, Chevron Corporation, TotalEnergies SE, BP PLC and Shell PLC are the major companies operating in the US Oil And Gas Market.
What years does this US Oil And Gas Market cover?
The report covers the US Oil And Gas Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the US Oil And Gas Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
US Oil and Gas Industry Report
Statistics for the 2024 US Oil and Gas market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. US Oil and Gas analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
