US Oil and Gas Companies See Robust Growth Amid Consolidation

The OGJ50 report tracks the performance of the largest US-based oil and gas companies. In 2025, this group saw robust growth in total assets, stockholders' equity, and capital spending, thanks to a wave of consolidation led by Chevron's acquisition of Hess.

Net income fell by about 12% due to lower Brent crude oil prices, which averaged $69/bbl in 2025. However, the group still posted broad double-digit gains in liquids and natural gas production and reserves.

The report highlights the continued trend of consolidation in the industry, with four separate mergers altering the list of qualifying companies in 2025. Chevron's acquisition of Hess was the largest transaction, worth $53 billion.