The US natural gas industry is a cornerstone of the nation’s energy sector, supporting power generation, industrial processes, and residential heating. The United States leads the world in natural gas production, with a record 41.4 trillion cubic feet produced in 2024, according to the U.S. Energy Information Administration (EIA). This growth, driven by advancements in horizontal drilling and hydraulic fracturing, particularly in shale plays like the Marcellus and Haynesville, has solidified the US as a global energy powerhouse. Natural gas is a critical component of the US energy mix, used for power generation, industrial processes, residential heating, and increasingly for LNG exports. This article highlights the top gas companies in USA, focusing on their production volumes, market shares, and revenues, while providing analytics to contextualize their roles in the industry.
Key Points
- The United States is the world’s leading producer of natural gas, with a record output of approximately 41.4 trillion cubic feet in 2024, driven by advancements in shale gas extraction.
- Expand Energy Corporation, formed by the 2024 merger of Chesapeake Energy and Southwestern Energy, is likely the largest natural gas producer in the US, with an estimated production of 7 billion cubic feet per day (bcfd).
- EQT Corporation follows closely, producing around 5.753 bcfd, representing a significant share of the US natural gas market.
- Major integrated oil and gas companies like ExxonMobil and Chevron also contribute substantially to US natural gas production, though their exact natural gas output is less clear due to their diversified operations.
- Revenue figures for these companies reflect their broader oil and gas operations, not solely natural gas, making direct comparisons complex.
- Market share estimates are based on production volumes relative to total US output, but data limitations introduce some uncertainty.
Leading Natural Gas Producers
The following table summarizes the top natural gas producers in the US based on available 2024 data, including their production volumes and estimated market shares:
| Rank | Company Name | Production (bcfd) | Market Share (%) | Key Operational Areas |
|---|---|---|---|---|
| 1 | Expand Energy | 7.0 | 6.17 | Appalachia, Haynesville Shale |
| 2 | EQT Corporation | 5.753 | 5.07 | Appalachian Basin (Marcellus, Utica) |
| 3 | ExxonMobil | 2.3 | 2.03 | Permian Basin, Gulf of Mexico |
| 4 | Chevron | Not specified | Not specified | Permian Basin, Gulf of Mexico, DJ Basin |
1. Expand Energy Corporation
Expand Energy was formed in October 2024 through the $7.4 billion merger of Chesapeake Energy and Southwestern Energy, creating the largest natural gas producer in the US. The company operates primarily in the Appalachia region (48% of production from Northeast Appalachia, 11% from Southwest Appalachia) and the Haynesville Shale (41% of production). With a combined production of 7 bcfd, Expand Energy is well-positioned to capitalize on growing LNG export demand, particularly with new terminals expected online in 2025. The company aims to achieve net zero Scope 1 and Scope 2 GHG emissions by 2035, reflecting a commitment to sustainability.
- Production: 7 billion cubic feet per day (bcfd)
- Market Share: Approximately 6.17% (2.555 trillion cubic feet annually / 41.4 trillion cubic feet total US production)
2. EQT Corporation
EQT Corporation is a leading independent natural gas producer focused on the Appalachian Basin, particularly the Marcellus and Utica Shales. In 2024, EQT produced over 2,100 Bcfe, equivalent to 5.753 bcfd. The company acquired Equitrans Midstream in July 2024, creating a vertically integrated natural gas business with over 3,000 miles of pipeline infrastructure. EQT has been a pioneer in environmental stewardship, achieving net zero Scope 1 and Scope 2 GHG emissions ahead of its 2025 target. Its strategic focus on the Appalachian Basin positions it to meet both domestic and international demand.
- Production: 5.753 bcfd (2,100 Bcfe annually)
- Market Share: Approximately 5.07% (2.1 trillion cubic feet / 41.4 trillion cubic feet)
3. ExxonMobil
ExxonMobil, one of the largest publicly traded oil and gas companies globally, has significant natural gas operations in the US, particularly in the Permian Basin and Gulf of Mexico. Its US natural gas production was 2.3 bcfd in 2023, contributing to its global production of 7.7 bcfd. ExxonMobil’s integrated operations span exploration, production, refining, and marketing, making it a key player in the US energy market. The company is also investing in lower-carbon solutions, such as carbon capture and storage.
- Production: 2.3 bcfd (US production, 2023 data, assumed similar for 2024)
- Market Share: Approximately 2.03% (0.8395 trillion cubic feet / 41.4 trillion cubic feet)
4. Chevron
Chevron is a major integrated oil and gas company with operations in the Permian Basin, Gulf of Mexico, and Denver-Julesburg Basin. In 2024, its total US production reached 1.6 million boe/d, an 18% increase from 2023, driven by advancements in drilling techniques. While the exact natural gas production is not available, Chevron’s operations in the Gulf of Mexico, including projects like the Anchor Field, contribute significantly to its natural gas output. Chevron is also partnering with companies like GE Vernova to develop natural gas-powered solutions for data centers.
- Total US Production: 1.6 million boe/d (2024)
- Natural Gas Production: Not specified, but part of the total boe/d
- Market Share: Not specified due to lack of specific natural gas production data
Revenue Analysis
The following table presents the total revenues for 2023 (or 2024 where available) for the top gas companies, noting that these figures include revenues from oil, natural gas, and other operations:
| Company Name | Revenue (Billions USD) | Year | Source |
|---|---|---|---|
| ExxonMobil | 413.6 | 2023 | Wikipedia |
| Chevron | 246.2 | 2023 | Wikipedia |
| EQT Corporation | 5.3 | 2024 | EQT ESG Report |
| Expand Energy | Not available (Chesapeake: 0.505 in Q4 2023; Southwestern: 1.28 in Q3 2024) | 2023/2024 | Natural Gas Intel, Rextag |
- ExxonMobil and Chevron: As integrated energy companies, their revenues reflect a broad portfolio, including oil, natural gas, refining, and chemicals. Their scale dwarfs that of more focused natural gas producers like EQT.
- EQT Corporation: With $5.3 billion in total operating revenues in 2024, EQT’s revenue is primarily from natural gas and related midstream operations, reflecting its specialized focus.
- Expand Energy: As a newly formed entity, full-year revenue data for 2024 is unavailable. However, Chesapeake Energy’s Q4 2023 revenue was $505 million, and Southwestern Energy’s Q3 2024 revenue was $1.28 billion, indicating the combined entity’s potential scale.
Industry Analytics and Trends
Production Growth
US natural gas production has seen consistent growth, reaching 41.4 trillion cubic feet in 2024, a 0.6% increase from 2023. This growth is driven by technological advancements in shale gas extraction, particularly in the Marcellus, Haynesville, and Permian basins. The top five states—Texas, Pennsylvania, Louisiana, West Virginia, and Oklahoma—accounted for 70.4% of total production in 2022, a trend likely continuing into 2024.
LNG Export Boom
The US is the world’s largest LNG exporter, with exports rising to 4.37 trillion cubic feet in 2024. Companies like Expand Energy and EQT are strategically positioned to benefit from this trend, with EQT sending 25% of its volumes to Gulf Coast LNG export plants and Expand Energy leveraging its Haynesville assets for export markets. New LNG terminals expected in 2025 will further increase demand.
Environmental Initiatives
The natural gas industry is under pressure to reduce its environmental impact. EQT has led the way, achieving net zero Scope 1 and Scope 2 GHG emissions ahead of its 2025 target. Expand Energy aims for net zero by 2035, while ExxonMobil and Chevron are investing in carbon capture and storage and other low-carbon technologies.
Mergers and Acquisitions
The industry is experiencing significant consolidation, as evidenced by the Chesapeake-Southwestern merger forming Expand Energy. This trend, also seen in ExxonMobil’s $68 billion acquisition of Pioneer Natural Resources and Chevron’s $59 billion attempt to buy Hess, aims to achieve economies of scale and enhance competitiveness in global markets.
Market Dynamics
Natural gas prices have been volatile, with a price slump in 2024 prompting production curtailments by companies like EQT and Chesapeake. However, anticipated demand growth from LNG exports and data center power needs is expected to drive production increases in 2025.
Conclusion
The top gas companies in the US—Expand Energy, EQT Corporation, ExxonMobil, and Chevron—are pivotal in driving the nation’s energy sector. Expand Energy leads with a 7 bcfd production, followed by EQT at 5.753 bcfd. ExxonMobil and Chevron, while major players, have less transparent natural gas-specific data due to their integrated operations. These companies’ revenues reflect their scale, with ExxonMobil and Chevron leading due to their diversified portfolios. As the US continues to dominate global natural gas production and exports, these companies are well-positioned to meet growing demand while navigating environmental and market challenges.
