The oil and gas industry is one of the largest sectors in the world, with a revenue of roughly $3.3 trillion dollars annually. America is one of the largest producers of oil and gas. The oil industry in America is responsible for creating 10.3 million jobs, and with an 8% contribution to the GDP, it is one of the most important sectors. The GDP, Gross Domestic Product, refers to the size of the country’s economy and growth rate.
When looking at oil and gas companies, we often look at things like overall revenue, output and production and profit margins to rate them. But these are not the only ways to determine the best in the country. Reading online reviews of oil and gas companies will give you better insight into the revenue, output, etc.
The best oil and gas companies in America are the ones who are able to account for the following:
1. The impact they have on the environment, and how they combat a negative impact
2. The impact they have on the economy
3. The impact the company has on it’s employees in terms of job satisfaction
Environmental impact:
The oil and gas industry has always had a bad name when it comes to the environment. Many people feel that oil and gas companies drain the earth of its natural resources, while contributing to things like pollution and destruction of the earth’s flora. But things have changed.
The top oil and gas companies in America have turned a new page when it comes to how they operate. More companies have spent billions on developing new advanced energy technology, which aims to reduce greenhouse emissions while meeting the future energy needs of the American consumers. These companies develop less carbon based fuels, which reduce the amount of emission of gas into the atmosphere or groundwater (fugitive gas emissions).
Economic Impact:
The oil and gas industry is a big contributor to the economy in the form of the taxes they pay. Taxes paid by oil and gas companies amount to roughly 37% of their income tax expenses. They also pay royalties and lease payments for production access to the federal government. While their revenues are large, so are the costs of providing energy to American consumers. These costs include finding and producing oil and gas, as well as the cost of refining, distributing and marketing it. Oil and gas companies also aim to add value for their shareholders by doing stock repurchasing. 28% of their revenue is spent on stock repurchasing.
Employee Satisfaction:
In any industry, an employee is the most important asset, and with the oil and gas industry the same applies. The best oil and gas companies have a fair and standard salary placement, which assists in retaining employees, as well as maintaining a motivating work environment. It is no secret that well motivated employees will work harder. Employees in the oil and gas industry are usually paid on an above average wage scale, and have excellent benefits such as medical, dental and retirement plans.