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In this piece, we will take a look at the fifteen biggest exploration and production companies in the world. For more companies, head on over to 5 Biggest Exploration and Production Companies in the World.
The oil and gas exploration and production industry has become one of the most important industries in the world as the Russian invasion of Ukraine spurs investment in fossil fuel production. Growing industrialization in developing countries and a limited supply of oil have raised the stakes for exploring new fossil fuels, and have injected fresh life into industry growth estimates.
For instance, a research report from Vision Gain takes a look only at the deepwater exploration and production segment. This segment involves the use of heavy duty rigs to extract fossil fuels from sub sea and ocean levels. The research firm estimates that the industry was worth $7.4 billion in 2021 and it will grow at a compounded annual growth rate (CAGR) of 8.4% between then and 2032. The market is divided into several segments, such as deepwater and ultra deepwater, and by subsystem types. Companies are increasingly relying on the use of automated systems for their drilling operations, and are using technologies such as computer controlled drilling and robots to aid them in their daily operations.
Speaking of technology, the exploration and production software market was worth $4.5 billion in 2020 and from then to 2027 it will grow at a CAGR of 14.5% to sit at $11.5 billion by the end of 2027 according to Research and Markets. Within this industry, production software will be the strongest growth segment and outpace the industry through an 18% CAGR.
Today's piece will take a look at the largest exploration and production firms in the world. Some big names are Chevron Corporation (NYSE:CVX), Exxon Mobil Corporation (NYSE:XOM), and Occidental Petroleum Corporation (NYSE:OXY).
Copyright: 1971yes / 123RF Stock Photo
Our Methodology
We sifted through the exploration and production industry to identify the top players. These were then sorted through their market capitalization. Most of the firms are pure play exploration and production companies. However, some integrated firms have also been mentioned simply due to their size.
15 Biggest Exploration and Production Companies in the World
15. Tourmaline Oil Corp. (OTCMKTS:TRMLF)
Market Capitalization as of November 17th, 2022: $19.9 billion
Tourmaline Oil Corp. (OTCMKTS:TRMLF) is a Canadian oil and gas production company with production assets in Alberta, British Columbia, and other regions. It is headquartered in Calgary, Canada.
Tourmaline Oil Corp. (OTCMKTS:TRMLF)'s third quarter saw the firm report CAD$1.7 billion in revenue and CAD$6.11 in earnings per share. The revenue marked a whopping 44% annual growth, as it came at a time when Canadian companies picked up their role in global oil and gas production.
Tourmaline Oil Corp. (OTCMKTS:TRMLF) has a $19.9 billion market capitalization.
Along with Exxon Mobil Corporation (NYSE:XOM), Chevron Corporation (NYSE:CVX), and Occidental Petroleum Corporation (NYSE:OXY), Tourmaline Oil Corp. (OTCMKTS:TRMLF) is one of the largest oil and gas exploration and production companies in the world.
14. Texas Pacific Land Corporation (NYSE:TPL)
Market Capitalization as of November 17th, 2022: $20.4 billion
Texas Pacific Land Corporation (NYSE:TPL) is a land resources management firm that is headquartered in Dallas, Texas. The firm holds leases for oil and gas exploration.
Texas Pacific Land Corporation (NYSE:TPL)'s non operating perpetual oil and gas interest (NPRI) leases over approximately 450,000 acres of land in Texas. The firm's royalty oil production stood at 23,4000 barrels in its third quarter, which marked a new record.
20 out of the 920 hedge funds polled by Insider Monkey during Q3 2022 had invested in Texas Pacific Land Corporation (NYSE:TPL).
Texas Pacific Land Corporation (NYSE:TPL)'s largest shareholder is Murray Stahl's Horizon Asset Management which owns 1.4 million shares that are worth $2.6 billion.
13. Coterra Energy Inc. (NYSE:CTRA)
Market Capitalization as of November 17th, 2022: $21 billion
Coterra Energy Inc. (NYSE:CTRA) is an American company that explores and produces oil and gas. The firm has more than 300,000 acres of properties in Pennsylvania and Oklahoma. It is headquartered in Houston, Texas.
Coterra Energy Inc. (NYSE:CTRA)'s third quarter saw the firm benefit from the historic demand for natural gas. Its earnings report revealed that free cash flow had jumped by a massive 744% annually, and the firm aims to pay out 50% of its free cash flow via dividends. Coterra Energy Inc. (NYSE:CTRA)'s latest dividend sits at 68 cents per share.
By the end of this year's September quarter, 39 out of the 920 hedge funds polled by Insider Monkey had bought Coterra Energy Inc. (NYSE:CTRA)'s shares.
Ric Dillon's Diamond Hill Capital is Coterra Energy Inc. (NYSE:CTRA)'s largest shareholder through a $117 million stake that comes via 4.5 million shares.
12. PTT Exploration and Production Public Company Limited (OTCMKTS:PEXNY)
Market Capitalization as of November 17th, 2022: $21.3 billion
PTT Exploration and Production Public Company Limited (OTCMKTS:PEXNY) is a Thailand based company that produces oil and has a gas pipeline transportation business. It is headquartered in Bangkok, Thailand.
PTT Exploration and Production Public Company Limited (OTCMKTS:PEXNY) is part of a growing band of Asian oil producers that are stepping up their efforts to meet the demand for oil in the growing continent. The company aims to transport all oil from its Middle Eastern projects to refineries in Asia instead of selling it on the global market. PTT Exploration and Production Public Company Limited (OTCMKTS:PEXNY) has also acquired a 25% stake in a UAE natural gas site.
11. Aker BP ASA (OTMKTS:DETNF)
Market Capitalization as of November 17th, 2022: $21.8 billion
Aker BP ASA (OTMKTS:DETNF) is a Norwegian company that extracts oil and gas through its projects on the Norwegian continental shelf. The firm has roughly 600 million barrels of proven oil reserves.
Aker BP ASA (OTMKTS:DETNF), like other oil companies, had a bumper third quarter where it delivered $1.9 billion in free cash flow. This also let the company bring down its net debt to $2.2 billion. Additionally, Aker BP ASA (OTMKTS:DETNF) has some of the lowest oil production costs in the industry, with the latest costs sitting at just $7 per barrel. The company's latest market capitalization is $21.8 billion.
10. Continental Resources, Inc. (NYSE:CLR)
Market Capitalization as of November 17th, 2022: $26.9 billion
Continental Resources, Inc. (NYSE:CLR) is an American company that explores and produces oil and natural gas. The firm operates in the Southern, Northern, and Eastern regions of the U.S., and it has proven reserves of 1.6 billion barrels.
Continental Resources, Inc. (NYSE:CLR) is a strong exploration company, as it produces 200,000 barrels of oil per day and 1 billion cubic feet of gas per day. The firm aims to deliver $4.7 billion in free cash flow by the end of this year, with low end production expenses of $3.75 per barrel.
Continental Resources, Inc. (NYSE:CLR)'s market capitalization is $26.9 billion. It pays a 28 cent dividend for a 1.51% yield, and 30 out of the 920 hedge funds part of Insider Monkey's Q3 2022 survey had bought a stake in the company.
Continental Resources, Inc. (NYSE:CLR)'s largest shareholder is Matthew Halbower's Pentwater Capital Management which owns 1.6 million shares that are worth $111 million.
9. Diamondback Energy, Inc. (NASDAQ:FANG)
Market Capitalization as of November 17th, 2022: $28.5 billion
Diamondback Energy, Inc. (NASDAQ:FANG) is an American company that focuses on developing onshore oil and gas production assets. It has close to 2 million barrels of proven oil reserves and it also operates crude oil gathering pipelines.
Diamondback Energy, Inc. (NASDAQ:FANG) added another site to its production portfolio in November 2022 when it announced that it had bought a site in the Permian basin for $850 million in cash and common shares. The site has a daily oil production capacity of 25,000 barrels.
By the end of this year's third quarter, 55 out of the 920 hedge funds polled by Insider Monkey had invested in Diamondback Energy, Inc. (NASDAQ:FANG).
Diamondback Energy, Inc. (NASDAQ:FANG)'s largest investor is Donald Yacktman's Yacktman Asset Management which owns 1.2 million shares that are worth $152 million.
8. Hess Corporation (NYSE:HES)
Market Capitalization as of November 17th, 2022: $45.2 billion
Hess Corporation (NYSE:HES) is a diversified energy company that both explores and produces oil and operates midstream assets. The firm has production facilities in the U.S., Canada, Malaysia, and Suriname, with close to 1.3 billion barrels of proven reserves.
Hess Corporation (NYSE:HES) is aiming to grow its free cash flows by 20% over the coming years, and the specifics outline that if Brent crude is priced at $65 per barrel, then Hess Corporation (NYSE:HES) can grow its cash flow by 25% between 2022 and 2026. The firm is also estimated to bring in $2 billion in free cash flow by the end of this year.
Hess Corporation (NYSE:HES) pays a 37 cent dividend for a 1% yield, and 33 out of the 920 hedge funds part of Insider Monkey's Q3 2022 survey had held a stake in the company.
Hess Corporation (NYSE:HES)'s largest investor is Ken Fisher's Fisher Asset Management which owns 4.5 million shares that are worth $500 million.
7. Devon Energy Corporation (NYSE:DVN)
Market Capitalization as of November 17th, 2022: $46.4 billion
Devon Energy Corporation (NYSE:DVN) is an oil and gas production company that is headquartered in Oklahoma City, Oklahoma, the United States.
Devon Energy Corporation (NYSE:DVN) has a fortress balance sheet, with 60% of its debt maturing after 2030. It aims to bring in a massive $6.3 billion in free cash flow by the end of this year, and it raked in $1.47 billion in free cash flow during its third fiscal quarter.
Devon Energy Corporation (NYSE:DVN)'s shares are up 55% year to date and the firm pays a $1.29 dividend for a 7.28% yield. As of this year's September quarter, 51 out of the 920 hedge funds polled by Insider Monkey had invested in the company.
Out of these, Rajiv Jain's GQG Partners is Devon Energy Corporation (NYSE:DVN)'s largest shareholder. It owns 10.6 million shares that are worth $641 million.
6. Woodside Energy Group Ltd (NYSE:WDS)
Market Capitalization as of November 17th, 2022: $48.2 billion
Woodside Energy Group Ltd (NYSE:WDS) is an Australian company that has production assets all over the country. The company produces crude oil, natural gas, natural gas condensates, and liquefied natural gas. It is headquartered in Perth, Australia.
Woodside Energy Group Ltd (NYSE:WDF) is aiming to produce up to 153 million barrels of oil equivalent of hydrocarbons by the end of this year. Additionally, the firm has between $4.3 billion to $4.8 billion of capital expenditures planned, and its merger with BHP petroleum made headlines earlier this year.
Woodside Energy Group Ltd (NYSE:WDS) has a $48.2 billion market capitalization. Ten out of the 920 hedge funds profiled by Insider Monkey during this year's third quarter had invested in it.
Chevron Corporation (NYSE:CVX), Exxon Mobil Corporation (NYSE:XOM), and Occidental Petroleum Corporation (NYSE:OXY) are met by Woodside Energy Group Ltd (NYSE:WDS) in our list of top oil and gas exploration and production companies.
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Disclosure: None. 15 Biggest Exploration and Production Companies in the World is originally published on Insider Monkey.
