Natural gas is a vital energy source for homes and businesses worldwide, and many companies are involved in the exploration, production, refinement, and distribution of this important fuel. The United States is now the largest producer of natural gas in the world, producing 90 percent of its natural gas supply domestically.
From global giants to specialized independent producers, these companies are at the forefront of the natural gas industry and are driving innovation and progress in the sector. The leading natural gas companies in the U.S. include integrated oil and gas majors and independent producers. Here, we look at some of the largest natural gas producers in the US, including Cheniere Energy, which is the largest liquefied natural gas (LNG) producer in the U.S.
If you’re in charge of sourcing natural gas for your business, learning about some of the top US natural gas competitors will help you make an informed decision on which company to work with. Some prominent U.S. natural gas companies include ExxonMobil, EQT Corporation, Cheniere Energy, and Atmos Energy. Atmos Energy is the leading U.S. gas utility by sales volume, making it a key player in the industry.
Overview of the Natural Gas Industry
The natural gas industry in the United States involves the exploration, extraction, refinement, and distribution of natural gas, which is a fossil fuel. Once natural gas is extracted, it is refined to remove impurities such as water, oil, and other minerals. It is then transported via pipelines to storage facilities or directly to customers. Natural gas is used for many purposes, including heating, cooking, electricity generation, and chemical feedstock. According to projections from the International Energy Agency, natural gas demand is expected to peak around 2030.
The natural gas industry in the United States is regulated by federal and state agencies, which oversee activities such as drilling, transportation, and the safety of natural gas infrastructure. Environmental concerns, such as air and water pollution, are also major issues in the industry. In recent years, the use of natural gas has grown as a cleaner alternative to coal, but it is still a significant source of carbon dioxide emissions. The natural gas demand in the US is forecasted to continue growing, with the International Energy Agency projecting a rise of 0.5% annually from 2023 to 2035. Kinder Morgan controls the nation’s largest natural gas transmission network, which moves 40% of the natural gas produced in the U.S.
Main Components of the Natural Gas Industry
There are three main functions of natural gas companies: exploration and production, refinement, and distribution. An individual company may take part in only one of these functions or all three. Natural gas stocks are categorized into upstream, midstream, and downstream sectors based on their activities, reflecting the diverse roles companies play in the industry.
Exploration and production: Natural gas companies engage in exploration and production activities to locate and extract natural gas from underground rock formations. This process typically involves drilling wells and using techniques such as hydraulic fracturing, or “fracking,” to extract the gas. Technological advancements such as horizontal drilling and hydraulic fracturing have significantly increased natural gas production by enabling extraction from challenging underground rock layers.
Refinement: Once natural gas is extracted, it is refined to remove impurities such as water, oil, and other minerals. Refinement processes can include filtration, drying, and the removal of contaminants such as sulfur and mercury.
Distribution: After natural gas is refined, it is transported to customers via pipelines, trucks, or ships. Natural gas companies may also operate storage facilities to store excess natural gas for future use.
In addition to these core functions, natural gas companies may also be involved in the marketing and sales of natural gas, as well as in the development and maintenance of natural gas infrastructure, such as pipelines and storage facilities.
Considerations When Working With Natural Gas Companies
The United States has grown to become the world’s leading producer of natural gas, followed by Russia and China. In 2022, the US reached a record high dry natural gas production of approximately 36.35 trillion cubic feet. You’ll notice that you recognize most of the names of the largest natural gas companies — these natural gas producers are typically also some of the biggest energy giants in the world.
While some of the biggest natural gas companies are household names, there are countless smaller companies across the nation. Each state has multiple different companies that handle the production, distribution, or both, of natural gas. Five states—Texas, Pennsylvania, Louisiana, West Virginia, and Oklahoma—produced about 70.4% of the total US dry natural gas in 2022.
Despite these options, many businesses focus on finding savings by minimizing natural gas usage. In fact, the best way to save money on natural gas utility bills is through invoice auditing. This process looks at billing to find savings in overcharges and errors that often find their way onto natural gas invoices, regardless of who your provider is.
Gas Utilities and Services
The natural gas industry is a cornerstone of the global energy sector, with the largest natural gas companies in the US playing a pivotal role in ensuring a steady supply of energy to millions of customers. Gas utilities and services are essential for delivering natural gas from production sites to homes, businesses, and industries across the country. Leading gas companies such as EQT Corporation, Kinder Morgan, and Cheniere Energy operate vast networks of natural gas pipelines, storage facilities, and processing plants, making them key players in the natural gas sector.
In the United States, the natural gas industry is bolstered by abundant natural gas resources found in prolific basins like the Marcellus Shale, Utica Shale, and Permian Basin. Major companies including ExxonMobil, Chevron, and ConocoPhillips have a significant presence in these regions, overseeing everything from gas production and refining to marketing and distribution. ConocoPhillips is among the top marketers of natural gas in North America, providing supply and risk management services. According to the Energy Information Administration, the US has become one of the largest natural gas producers in the world, with record-setting output driven by advanced extraction techniques.
The company’s natural gas operations typically involve extracting natural gas from underground reserves, processing it to remove impurities, and transporting it through an extensive network of pipelines to storage facilities and end users. Many gas companies focus on improving efficiency and reducing operational costs by leveraging cutting-edge technologies such as horizontal drilling and hydraulic fracturing. These innovations have enabled producers to extract natural gas from previously inaccessible geological formations, expanding the nation’s gas reserves and supporting the growth of the natural gas industry.
Ascent Resources stands out as one of the largest natural gas producers in the Appalachian Basin, with a strong focus on the Utica Shale. The company’s natural gas operations emphasize safe production, environmental stewardship, and community engagement. In the third quarter of 2022, Ascent Resources reported notable growth in gas production, reflecting the success of its drilling and completion strategies in the region.
The natural gas sector is also experiencing rapid growth in liquefied natural gas (LNG) exports. Companies like Cheniere Energy and Kinder Morgan are investing in state-of-the-art LNG export terminals along the Gulf Coast, enabling the US to supply clean energy to markets in Asia, Europe, and beyond. Infrastructure companies in the natural gas sector are less susceptible to pricing volatility, as they often operate under long-term contracts. The increasing demand for LNG is expected to drive further expansion in the natural gas industry, as countries seek to reduce greenhouse gas emissions and transition to cleaner energy sources. Cheniere Energy is not only the largest LNG producer in the U.S. but also the second-largest in the world.
Beyond the industry giants, numerous regional gas companies such as Southwestern Energy, CNX Resources, and EOG Resources play a vital role in serving local markets. These companies often prioritize customer service, reliability, and community involvement, offering competitive rates and flexible payment options to meet the needs of their customers. Their significant presence in key producing regions ensures that natural gas remains a reliable and affordable energy resource for communities across the country.
To help customers save money and reduce natural gas usage, many gas utilities offer energy efficiency programs, rebates, and demand response initiatives. These services empower customers to lower their energy bills and contribute to a more sustainable future. Additionally, as the energy transition accelerates, customers may consider supplementing their energy needs with clean energy sources like solar or wind power, further reducing their reliance on fossil fuels.
Overall, the natural gas industry is a dynamic and evolving sector, with a diverse array of companies working to meet the nation’s energy needs. As the world moves toward a lower-carbon future, the natural gas sector is expected to remain a key part of the energy mix, providing reliable, efficient, and increasingly cleaner energy for years to come. Investing in natural gas stocks can yield steady, predictable cash flow, making it an attractive option for investors seeking stability in the energy market.
Largest Natural Gas Companies
1. BP
Annual revenue: $164.19 Billion
Number of employees: 65,900
Headquarters: London, UK
BP is a multinational oil and gas company that produces and distributes natural gas. It is not only at the top of the natural gas company list but also one of the biggest companies in the world. They have a significant presence in the exploration, production, refining, and marketing of energy resources. In the US, the company focuses on upstream operations, particularly in key basins and regions with high natural gas production.
The company’s natural gas operations include the extraction of gas from various sources, as well as the transportation, storage, and distribution of the gas to customers. They have operations in countries around the world, including the United States, Russia, and the United Kingdom. In 2021, they produced nearly 16 billion cubic feet of natural gas per day in the United States.
2. EQT
Annual revenue: $3.06 Billion
Number of employees: 693
Headquarters: Pittsburg, Pennsylvania
EQT is the largest natural gas producer in the United States. The company operates primarily in the Appalachian Basin, where it extracts natural gas from the Marcellus and Utica shale formations. EQT also has interests in pipelines, storage and processing facilities, and the development of natural gas resources in the US. Additionally, EQT aims to be a consolidator in the natural gas sector through acquisitions.
EQT has operations in several states, including Pennsylvania, West Virginia, and Ohio. They currently utilize both horizontal drilling and hydraulic fracturing to produce natural gas. EQT had an average daily sales volume of 5.1 billion cubic feet equivalent (BCFE) per day in 2021.
3. Southwestern Energy Company
Annual revenue: $6.67 Billion
Number of employees: 938
Headquarters: Spring, Texas
Based out of Texas, Southwestern Energy Company is one of the largest natural gas companies in the country. Unlike some of the others on our natural gas company list, Southwestern’s primary focus is developing natural gas, natural gas liquids, and crude oil. The company also markets and transports its products. The company focuses on key production areas such as the Haynesville Shale and Eagle Ford, demonstrating expertise and market presence in these regions. EQT’s size gives it scale advantages, making it one of the world’s lowest-cost natural gas producers.
In 2021, Southwestern Energy produced 3.397 BCFE per day, earning it a spot as one of the largest natural gas producers. Southwestern Energy has significant operations in South Texas, particularly in the Haynesville Shale and Eagle Ford regions, which are central to its strategic growth. The company is committed to responsibly sourcing and developing its products by protecting the environment and communities where they work.
4. Antero Resources
Annual revenue: $4.62 Billion
Number of employees: 519
Headquarters: Denver, Colorado
Antero Resources is a natural gas and oil exploration and production company based in Denver, Colorado. The company is focused on developing its natural gas resources in the United States, with significant holds in the Marcellus and Utica Shales. Antero earned a spot as one of the US gas companies with the highest production, with 3.271 BCFE per day in 2020.
Antero Resources is known for its unconventional natural gas production methods and has been investing in new technologies to increase production and improve efficiency. In addition, the company is committed to environmental stewardship and reducing its impact on the planet.
5. Exxon Mobil
Annual revenue: $285.64 Billion
Number of employees: 63,000
Headquarters: Irving, Texas
ExxonMobil is one of the largest natural gas producers with headquarters in the United States. The company’s natural gas production in the US includes the extraction of gas from shale formations and conventional sources. ExxonMobil has significant operations in the Permian region, particularly in West Texas and the Delaware Basin, which are key areas for exploration and production. ExxonMobil also has interests in pipelines, storage and processing facilities, and liquefied natural gas (LNG) export terminals. The company produced 2.75 billion cubic feet of natural gas per day in 2021 in the US.
In terms of total output, ExxonMobil’s production is measured in oil equivalent, reflecting the combined volumes of oil, natural gas, and other hydrocarbons. Major projects and production milestones were achieved in the same year, demonstrating the company’s ongoing growth and development across its portfolio.
Exxon is dedicated to developing future energy technology. They claim that 40 percent of the projected global energy demand will be met by natural gas. Exxon is working toward effectively managing methane emissions to further enhance the benefits of natural gas versus coal.
6. Ascent Resources
Annual revenue: $1.20 Billion
Number of employees: 398
Headquarters: Oklahoma City, Oklahoma
This private exploration and production company is one of the largest natural gas producers in the country based on production and the biggest operating in Ohio. Its major focus is on acquiring, developing, producing, and operating natural gas in the Utica Shale. In the third quarter of 2022, Ascent Resources averaged 2.3 BCFE per day of natural gas.
Like many of the others on our natural gas company list, Ascent is committed to creating and implementing sustainable business practices. Each year, they release an environment, social, and governance report to detail their efforts.
7. Range Resources
Annual revenue: $2.93 Billion
Number of employees: 527
Headquarters: Fort Worth, Texas
Range Resources is a natural gas and oil exploration and production company based in Fort Worth, Texas. The company is one of the largest independent producers of natural gas in the United States, with operations primarily in the Appalachian Basin, the Barnett Shale in Texas, and the Marcellus Shale in Pennsylvania. In 2021, Range Resources produced 2.130 BCFE of natural gas per day.
Range Resources is focused on developing its natural gas resources in the US and has been investing in new technologies to shape new standards for shale development. This includes their commitment to sustainable operations and emission-reducing technologies.
8. Chevron
Annual revenue: $162.47 Billion
Number of employees: 42,595
Headquarters: San Ramon, California
Another multinational corporation that has secured a top spot on our natural gas company list is Chevron. In 2021, Chevron produced 1.69 billion cubic feet per day in the US alone. The company’s natural gas operations in the US include both conventional and unconventional gas resources, and the company is actively developing new technologies to increase production and improve efficiency. ExxonMobil and Chevron are supermajors with operations spanning exploration, production, and marketing.
Chevron’s operations in the Permian Basin, including significant activities in New Mexico, play a crucial role in the company’s natural gas production and infrastructure development in the region.
The company’s natural gas operations have a significant presence in the United States, where it produces natural gas with a strong focus on the Permian and Denver-Julesburg Basins. Chevron is also one of the largest natural gas producers in Australia.
9. CNX Resources
Headquarters: Canonsburg, Pennsylvania
Number of employees: 440
Annual revenue: $756 Million
CNX is another one of the largest natural gas producers in the US that centers its operations around the shale formations of the Appalachian basin. Their mission is to embrace and drive innovations that help solve the energy needs of today and the future.
In 2021, CNX resources produced 1.67 BCFE of natural gas per day, earning it the ninth spot on our biggest natural gas company list.
10. Shell
Annual revenue: $272.66 Billion
Number of employees: 82,000
Headquarters: London, England
Shell is another big name you might recognize, which is one of the largest natural gas producers in the US. This international company is leading the way in the energy transition by focusing on producing gas in the safest and most responsible ways. In addition, Shell is often at the forefront of leveraging technology to enhance productivity and investing in new technologies to increase production and improve the efficiency of its natural gas operations in the US. Natural gas companies cover the full value chain from extraction to distribution and export.
With a daily production of 1.5 billion cubic feet of natural gas, Shell is producing a major chunk of the market share. They have production sites across the globe and are growing to help meet global demand while limiting CO2 emissions.
How to Save Money on Natural Gas Costs
Looking at the annual revenue of these giant US gas companies, it’s clear that the industry is booming. But many business owners don’t realize that a big portion of utility companies’ revenue comes from overcharges and errors on invoices. So if you’re looking to cut back on your utility expenditures, the first thing you should do is have a full utility expense audit with P3 Cost Analysts.
We will help you take back control of your utility charges, whether that’s natural gas, water, or electric. Our team of experts will analyze your spending and locate discrepancies on your invoice to get your money back. As a result, our customers save an average of 3 to 5 percent on utilities when working with us, which can add up to some serious cash.
Find the Right Natural Gas Company Today
These top ten largest natural gas companies just scratch the surface — there are even more options for you depending on where your business is based. Don’t blindly accept your current natural gas rates. Instead, let P3 Cost Analysts look over your billing and make sure that you’re with the best option for you.
Whether you decide to stick with your current provider or let us help you source a new one, we will keep an eye on your monthly gas bills to ensure you’re not overpaying.
To schedule your free expense audit with P3 Cost Analysts, contact us today! Interested in a new opportunity? Learn more about owning a cost savings & expense reduction franchise!
