The exploration and production (E&P) sector of the oil and gas industry is concerned with the early stage of energy production, which typically involves finding and extracting oil and natural gas. E&P companies specialize in locating and extracting raw materials that are used in the energy business, but they do not typically refine or produce energy themselves. Instead, they focus on finding and extracting the raw materials, which are then shipped to other companies within the production process for further processing.
After identifying potentially viable fields, a well is drilled to test the findings by collecting samples. If there are both the quality and quantity needed to produce and sell commercially, the production of oil wells begins. The oil and gas deposits are extracted from the wells, stored temporarily, and eventually shipped via a pipeline to a refinery. The resource owners and operators of E&P work with a variety of contractors, such as engineering procurement and construction (EPC) contractors, joint-venture partners, and oil field service companies. In the process of locating and extracting oil and gas, E&P companies also build infrastructure and collect massive amounts of analytical data.
Extracting oil and natural gas from the earth’s surface is a highly debated and complicated process that requires a significant amount of financial and physical effort. Despite the controversy surrounding it, this process is essential for powering vehicles, heating buildings, generating electricity, and producing a wide range of products such as deodorant, MRI machines, and pacemakers. Without these resources, the economy and daily life would come to a halt.
Industry’s Top Companies:
- ConocoPhillips
- EOG Resources
- Candadian National
- Occidental Petroleum
- Pioneer Natural Resources
- Woodside Energy Group
- Devon Energy
- Hess Corporation
- Texas Pacific
- Marathon Oil
- Chesapeake
- Southwestern Energy
- Murphy Oil
