Ever heard of the “Seven Oil Sisters”?
The seven sisters of oil are like the FAANG companies in B2B SaaS of the oil and gas industry; they’re the top 7 oil and energy companies that dominated the industry dating back to the first World War. This group of big name companies include Exxon, Mobil (now merged with Exxon), Chevron, Texaco, Gulf Oil (later merged with Chevron, Persian (British Petroleum), and Royal Dutch/Shell.
Nowadays, the group of “super-majors” in the oil and energy business have been reduced to five key companies: BP, Chevron, Shell, ExxonMobil, and TotalEnergies. These companies recently made the news for showering their shareholders with payouts worth over $100 billion in 2022.
Whether or not you’re familiar with the history of these companies, oil and gas are the little luxuries in life that we tend to overlook and take for granted. Most people only think of oil and gas when they groan at the fluctuating prices of gas as they pass by gas stations, or when they’re eyeballing their gas or electricity bills sitting on the kitchen counter.
Oil, gas, and energy are essential parts of our modern life, from powering our vehicles to our homes, impacting the environment, shaping our global economy, and the list goes on.
It’s no surprise that businesses are always looking to get into business with these essential oil and gas companies that make our world go round.
It’s not difficult to find oil and energy companies; they’re everywhere. The challenge with prospecting or finding the right contacts in this industry starts with the complex web of nuances, organizational structures, niche sectors, and other volatile aspects of this fluctuating sector.
Here, you’ll learn everything you need to know about prospecting in the oil and energy industry:
- Prospecting challenges and current industry trends
- The different types of oil and gas companies
- Where to prospect the best oil and gas companies
- Characteristics of high-quality oil and energy companies
Let’s dive right in.
📕 Psst…Ready to dive into oil and energy sales prospecting? Explore our comprehensive directory of the top oil and energy companies in the U.S., with all the contact information you need to start building your prospecting lists.
The current state of the oil and gas industry in 2024
In case you missed it, here’s a quick snapshot of the current state of the oil and gas industry: We’re seeing many more electric vehicles out on the streets, more renewable energy initiatives, vehicles, and increased petroleum and natural gas production.
In recent years, the oil and gas industry is transitioning into an era of renewable and clean energy. Take Singapore, for example, one of Asia’s leading renewable energy hubs. The Singaporean oil and gas market recorded revenues of $144.4 billion in 2023.
Their endless pursuit of clean energy has set a shining example for oil and energy companies around the world to invest more into natural gas, electric cars, and more renewable sustainable yet lucrative resources to power our everyday lives.
Here are some stats that paint a picture of how the oil and energy industry is doing right now:
- Global oil supply growth is forecast to average 770 kb/d, which will boost oil supply to a record 103 mb/d
- At the end of June, there was 19% more natural gas in U.S. inventories than the five-year average (2019–2023)
- The U.S. electric power sector generated 5% more electricity in 1H24 than 1H23 because of a hotter-than-normal start to summer and increasing power demand from the commercial sector
- At a global level, electric vehicle (EV) sales grew by over 35% in 2023
Needless to say, oil and energy companies all around the world are gearing up for higher demand to meet recent trends like decarbonization initiatives, shifting energy trade dynamics, and disruptive technology like generative AI.
What does this mean for those looking to prospect oil and energy companies?
Prospecting in the oil and energy industry comes with various challenges:
- Navigating complex company structures with various decision-makers
- Regulatory and compliance issues
- Market volatility
- Environmental and social concerns
- Overload of data and information
- Operational and logistical challenges
The number one thing that prospectors need to be in tune with are current energy regulations and policies, and the evolving nature of the industry. Finding oil and gas companies that are ready to tackle strict and ever changing regulations will prove to be better partners as well as easier to work with. On the other hand, building your own expertise in the complex realm of energy and gas policies will help you reel in prospects who need help in that area.
Knowing this industry inside and out will give you an edge over your competitors when finding the right contacts at oil and energy companies.
Types of oil and gas companies
The five major oil and energy players in the industry don’t just do one thing. Their expertise ranges across different types of specialties and functions; they basically do it all nowadays.
While you might only be familiar with the “Big 5” in the oil and energy industry, there are so many different areas of specialty to explore, such as oil, transportation, trading and so much more.
We’ll break down the different types of oil and energy companies below into 10 categories:
- Upstream companies
- Midstream companies
- Downstream companies
- Integrated oil companies
- Service and supply companies
- Engineering, procurement, and construction (EPC) companies
- Petrochemical
- Renewable energy
- Trading and brokerage firms
- Consulting and advisory firms
1. Upstream companies
Upstream basically describes the first stage of oil and gas industry operations: finding and extracting gas.
Unfortunately, we can’t just dig into any part of the earth to strike a new source of oil. There are complex processes like obtaining land rights, onshore and offshore drilling, and doing geological surveys.
The good news is, the Earth won’t run out of oil or gas reserves. The bad news is, it might take a while for us to access new sources.
That’s what upstream oil and gas companies are focused on: finding new oil and gas sources to keep up with the increased global demand for more energy. These companies are the building blocks to keeping the world’s oil and gas supply intact.
- Exploration companies: Discover new oil and gas reserves. They use geological surveys, seismic data, and exploratory drilling to locate potential resources.
- Production companies: Extract oil and gas from underground reservoirs. They manage drilling operations, well completion, and production facilities.
Some examples of upstream oil and gas companies include some of the big names in the industry, like Exxon, Chevron, BP, Saudi Aramco, and more.
2. Midstream companies
Midstream oil and gas companies focus on the second stage of the industry’s operations: maintaining and bringing the “goods” to go to market.
Think industrial facilities where large oil tanker trucks or oil rigs are transporting vast amounts of oil to. They’re the ones transporting the oil and gas, storing it, and initial processing or filtering of it.
You might be more familiar with midstream oil and gas companies that had major oil spills over the years. We’ll never forget the legendary Dawn commercials that took over our TV screens promoting their soap as “the bird cleaner of choice” after the major Gulf Oil Spill back in 2010.
Oil spills, while not as major as the Gulf Oil Spill, happen every year. Midstream oil and gas companies are responsible for minimizing this risk, plus a few other responsibilities.
- Transportation Companies: Operate pipelines, tankers, and rail systems to transport oil and gas from production sites to refineries and markets.
- Storage Companies: Provide facilities for storing oil, gas, and refined products. Storage solutions include tank farms, underground caverns, and LNG terminals.
- Processing Companies: Handle the initial processing of oil and gas, such as separating hydrocarbons from water and other impurities.
Examples of midstream oil and energy companies include Cheniere Energy, Enbridge Inc, and The Williams Companies, Inc.
3. Downstream companies
Downstream oil and gas companies focus on the third stage of industry operations: filtering and processing the oil to turn into products we can actually use in our everyday lives, and getting these products on store shelves and gas stations.
The oil and gas companies focused on downstream production go through a three-step process to refine the oil into usable products: separation, conversion, and treatment. Once the oil has been processed and ready for consumers to use, marketing and distribution companies transport the finished product to end users.
- Refining Companies: Process crude oil into refined products such as gasoline, diesel, jet fuel, and petrochemicals.
- Marketing and Distribution Companies: Distribute and sell refined products to consumers, retailers, and businesses. This includes gas stations, wholesale distributors, and retail outlets.
Some examples of downstream oil and energy companies include leading U.S. refiners Marathon Petroleum (MPC) and Phillips 66 (PSX).
4. Integrated oil companies
Integrated oil and gas companies are your typical huge corporations that basically do everything end-to-end in the industry’s operations, from upstream to downstream processes.
Most of the Big Five oil and gas companies are great examples of integrated oil companies that cover this wide range of operations.
- Major integrated oil companies (IOCs): Operate across the entire oil and gas value chain, from exploration and production to refining, marketing, and distribution. Examples include ExxonMobil, Chevron, and Shell.
- National oil companies (NOCs): State-owned entities that control the oil and gas resources of a country. They often operate across the entire value chain as well. Examples include Saudi Aramco, Petrobras, and Gazprom.
5. Service and supply companies
Service and supply companies in the oil and energy industry provide all the services and supplies needed for exploration companies to find, maintain, or process oil and gas resources. They help upstream companies do resource extraction and management.
- Oilfield services companies: Provide specialized services and equipment to exploration and production companies. Services include drilling, well completion, seismic surveys, and hydraulic fracturing. Examples include Schlumberger, Halliburton, and Baker Hughes.
- Equipment manufacturers: Supply the necessary equipment and machinery for exploration, production, transportation, and refining. This includes drilling rigs, pipelines, compressors, and refinery components.
Some examples of oil service and supply companies include Schlumberger, Halliburton, and Helmerich & Payne.
6. Engineering, procurement, and construction (EPC) companies
EPC Companies design, build, and manage oil and gas infrastructure projects, including refineries, pipelines, offshore platforms, and LNG facilities. They basically provide a complete package of resources for other oil and energy companies to pull of entire infrastructure projects.
Some examples of EPC oil and gas companies include Bechtel, Fluor, and TechnipFMC.
7. Petrochemical companies
Petrochemical producers convert natural gas and refined products into chemicals and materials used in various industries, such as plastics, fertilizers, and synthetic fibers. Examples include BASF, Dow Chemical, and LyondellBasell.
Some examples of petrochemical companies include Rosneft, Mitsubishi Corporation, and Valero Energy Corporation.
8. Renewable energy divisions
The renewable energy division in the oil and energy industry is huge. There are companies that are dedicated to providing renewable energy for the end-users (other companies or individual consumers) and companies that are involved with generating renewable energy.
A lot of renewable energy companies that generate this type of energy are closely linked with other companies in the supply chain such as manufacturing wind turbines. Many traditional oil and gas companies have divisions focused on renewable energy sources such as wind, solar, and bioenergy. This diversification aims to address the growing demand for sustainable energy solutions.
Some examples of renewable energy companies include the household name brand General Electric, Canadian Solar, and Vestas.
9. Trading and brokerage firms
Trading companies buy and sell crude oil, natural gas, and refined products on the global market. They engage in physical trading, futures, and derivatives to manage supply and demand dynamics. Examples of trading companies include Vitol, Glencore, and Trafigura.
10. Consulting and advisory firms
Consulting firms provide strategic, technical, and regulatory advice to oil and gas companies. They help other organizations maximize the value of their reserves and use the latest IT solutions to create more efficient processes. Some of the services that oil and energy consulting companies do include market analysis, environmental consulting, and project management.
You’ve probably heard of a few of the top consulting companies in this industry: McKinsey & Company, Wood Mackenzie, and Rystad Energy.
How to find the best oil and gas companies
Finding the right oil and energy companies for your needs depends on knowing exactly what part of the sector you’re looking to target. The good news is, there are so many options and niches in this industry that are ripe for opportunity.
Here are a few different ways and platforms to help you find the best oil and gas companies. Use these resources to help you in your search for oil and energy companies in any niche.
Contact databases and tools
- Powerful industry databases like Upstream Online
- B2B contact search engine tools like Seamless.AI
- National Oil Company Database
- Plunkett Research
- GlobalData: Oil and Gas
- U.S. Securities and Exchange Commision
- Crunchbase
- ProQuest Historical Annual Reports
- American Oil and Gas Historical Society: Oil and Natural Gas Company Histories
- S&P Global Commodity Insights Top 250 Global Energy Company Rankings
Industry events and conferences
- Offshore Technology Conference
- North American Petroleum Expo
- World Chemical Forum
- Clean Fuels Conference
Industry associations
- American Petroleum Institute
- Society of Petroleum Engineers
- American Fuel and Petrochemical Manufacturers
- Industrial Energy Consumers of America
There are endless oil, gas, and energy industry associations or groups you can join. While the ones mentioned above are some of the bigger names, you can easily find more local groups online based on location or market.
Most associations will have directories and resources to help you in your prospecting and list building efforts. Join a few associations according to your niche or target market, and start getting access to the directories of all the different companies in your association or chapter.
Government and regulatory resources
Accessing public filings and reports from the government isn’t the hard part, interpreting different documents and reports is. The key to searching government resources is knowing how to search for specific data and knowing what different key documents mean, such as a 10-K (annual report), a 10-Q (Quarterly report), or a proxy statement.
Get familiar with different government filings and documents and what they mean to find the right information you need.
- U.S. Energy Information Administration
- International Energy Agency
- State regulatory agencies like the Texas Railroad Commission or the North Dakota Industrial Commission
LinkedIn and social media
Yes, oil and gas companies like Chevron or Exxon have social media too.
Social media presence and engagement is still a great way to find oil and gas companies. They usually use social media to engage with other businesses, investors, and stakeholders.
You can use a mix of different social media platforms like X (Twitter), LinkedIn, or Meta (Facebook).
Related: How to leverage community engagement on social media
Referral networks
As with any other industry, getting referrals and word-of-mouth marketing is like hitting the jackpot.
In the oil and gas industry, referrals give you credibility and help you get more inbound leads compared to constantly prospecting for new customers.
The key to getting more referrals is to create a referral program with an incentive for your current business partnerships to pass your name along, and always check in with your current customers to make sure they’re getting the products or services worthy of singing your praises.
Characteristics of high-quality oil and energy companies
1. They move the needle through technological innovation.
Oil and energy companies that keep a pulse on the latest and greatest in technology, or creating new solutions, are the ones you want to keep an eye on.
With so many complex processes and operations, oil and energy companies are always looking to streamline, streamline, streamline. Here are a few different innovations that set the cream of the crop apart from the rest:
Advanced Exploration and Extraction Techniques: Utilization of cutting-edge technologies like 3D seismic imaging, horizontal drilling, and hydraulic fracturing to optimize resource extraction.
Digitalization and Automation: Implementing IoT, AI, and machine learning for predictive maintenance, operational efficiency, and data-driven decision-making.
2. A diverse energy portfolio.
Nowadays, oil and energy companies aren’t just looking at oil as their main source of energy or fuel. We’re in an era of renewable, clean, and sustainable energy. Look for companies that are aware of this shift and actively working to diversify their portfolio of business partnerships, investments, or current solutions.
Renewable Energy Integration: Investment in renewable energy sources such as wind, solar, and bioenergy to diversify their energy portfolio and reduce dependency on fossil fuels.
Energy Storage and Distribution: Advanced capabilities in energy storage solutions and efficient distribution networks to manage energy supply and demand effectively.
3. Strong environmental and social governance (ESG) practices
ESG, or environmental and social governance practices, are the backbone of the oil and energy industry. This industry has a direct impact on the environment, natural resources, and ecosystems.
What are ESG practices? They are standards that make a framework for evaluating the sustainability and ethics of oil and gas companies.
Here are a few ESG practices you should keep an eye out for when prospecting for oil and energy companies:
- Reducing carbon footprint
- Increasing energy efficiency
- Decreasing waste generation
- Ethical sourcing
- Sustainable supply chain management
- Net-zero emissions
4. Strategic partnerships with other innovative organizations.
Oil and energy companies make the world go round, and it takes a lot of collaboration to make this happen.
Look for companies in this industry that have these characteristics:
Joint ventures: Forming strategic alliances and joint ventures with other industry players, technology providers, and research institutions to share risks and benefits.
Global reach: Expanding operations and partnerships across various regions to tap into new markets and resources.
5. Strong Financial Management
There’s a lot of volatility in the oil and gas market, which means that you need to find companies that are aware of this risk and put together financial guardrails or strategies that protect their financial investments.
Here are a few ways that oil and gas companies can practice strong financial management:
Cost Efficiency: Maintaining strict cost control measures, optimizing supply chains, and improving operational efficiency to maximize profitability.
Capital Discipline: Prudent capital allocation and investment strategies to ensure long-term financial stability and growth.
6. Compliant with regulations.
The oil and gas industry is riddled with regulations at multiple levels of the government. It’s no surprise given how this industry touches almost all aspects of life and society.
When prospecting for new oil and energy companies, you either have to:
A) Be an expert in industry regulations and how to stay compliant
B) Narrow your search down to companies that are certified or compliant with regulations
C) Both.
Most oil and gas companies that are compliant with regulations might show badges on their websites for certain standards like ISO 9001, ISO 14001, ISO 45001, and the list goes on.
Look out for oil and gas companies that show their expertise in navigating complex regulations, comply with local, national, and international laws, and have proactive risk management strategies to mitigate geopolitical, environmental, and market risks.
7. Skilled workforce and leadership
With so many stakeholders and people involved at all levels of an oil and gas company’s operations, take some time to get familiar with the real decision-makers of an organization you’re prospecting.
Here are some qualities you want to keep an eye out for:
Experienced Leadership: Strong, visionary leadership with a deep understanding of the industry dynamics and the ability to steer the company through challenges.
Talent Development: Investing in workforce development, training, and retention to maintain a highly skilled and motivated team.
8. Focus on research and development (R&D)
High-quality oil and gas companies that are always pushing the envelope will always keep research and development top-of-mind.
Maybe they’re establishing dedicated R&D centers and innovation hubs to create new technology solutions or processes, or maybe they’ve built a strong portfolio of patents and intellectual property to commercialize their innovations.
These are characteristics of more large-scale, enterprise oil and gas companies, but smaller players in the market should show some signs of making research and development the core of their solutions.
9. Adaptive to the market
This characteristic signals to investors and other businesses that an organization can handle market changes, technological advancements, and evolving customer demands.
Anything can happen in the oil and gas industry–there could be another major oil spill, a new AI advancement, or a new location for extracting oil and other resources. The point is that companies in this industry need to stay on top of the constantly changing nature of the market, whatever the change may be.
Look for companies that are quick to respond to these changes, and continuously improve their operations to adapt.
Prospecting oil and gas companies made easy
Ready to find the best oil and gas companies? Visit the Seamless.AI Directory of Oil and Gas Companies to find a complete list of fresh contact data on the latest companies.