Ranking highlights energy sector companies as part of US manufacturing industry

Declines in oil prices lowered sales and profitability in the energy sector in 2024, a trend that continued from the previous year, albeit unevenly, as reported by IndustryWeek in a recent report.

As part of its larger 2025 IW US 500 — IndustryWeek’s annual ranking of the 500 largest publicly held US manufacturers — the publication detailed a certain segment of the energy industry whose operations place them on the list.

“The big, consolidated oil and gas producers such as Exxon and Chevron posted big declines. Marathon Petroleum Co.’s earnings fell $6.2 billion to $3.4 billion,” IndustryWeek editor-in-chief Robert Schoenberger noted as part of the June 11 report. Despite the declines, ExxonMobil and Chevron occupied the No. 1 and No. 2 spots on the list for 2024.

In other energy segments, increases, the report showed. “[C]ompanies that make oilfield equipment rebounded nicely following 2023 declines. Sales at Baker Huges Co. were up 9% to $27.8 billion, with profits up 53%,” according to the report.

IndustryWeek and Oil & Gas Journal are both owned by Endeavor Business Media. Find the full IW US 500 rankings here.