IW U.S. 500: Top Oil and Energy Companies (slideshow)

Oct. 19, 2023
Massive sales growth, high profitability: As oil prices rose and transportation demand increased in 2022, energy companies reaped the rewards.

With nearly $1.4 trillion in revenues, barely a hair under a 50% year-over-year increase, energy companies dominated the 2023 IW U.S. 500 list of the largest publicly traded manufacturing companies in the country, taking the top five positions.

And, it wasn’t just sales. Profitability leapt sharply with Exxon Mobil and Chevron both achieving double-digit profit margins on 14 of the 18 companies on the list posting profits (the number of oil and gas companies fell from previous IW U.S. 500 lists because of new standards instituted for 2023 that reshaped which companies we continued to view as manufacturers).

Digging into the results a bit, the companies producing oil then refining it into gasoline had the strongest results while service companies that make equipment for drilling struggled a bit. The following slideshow highlights the performances of the 10 largest companies in the dominant energy sector from the 2023 list.

2023 IW U.S. 500 Coverage

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