Major Producers and Midstream Players in Gas Liquids

Overview

The global Natural Gas Liquids (NGL) market is on a steady growth path and is projected to reach around USD 31.2 billion by 2034, rising from USD 18.1 billion in 2024, supported by a 5.6% CAGR between 2025 and 2034. Asia Pacific continues to lead the market, holding a 47.80% share, valued at approximately USD 8.6 billion, largely due to rapid industrial expansion and strong petrochemical demand across the region.

Natural gas liquids—including ethane, propane, butane, isobutane, and pentane—are extracted during natural gas processing and play a critical role as fuels and as feedstocks for chemicals, plastics, and heating applications. Market growth is closely tied to rising petrochemical investments, particularly ethane-based production routes. A major example is INEOS Olefins Belgium, which secured €3.5 billion for its Project ONE development, reinforcing long-term demand for ethane and related NGLs.

Government support and industrial incentives further strengthen the market. Pennsylvania’s USD 1.65 billion tax relief program has enabled large gas-based manufacturing projects, while the state also received nearly USD 400 million from the EPA to deploy emission-reduction technologies linked to gas processing. In parallel, Ares Management raised USD 300 million in U.S. gas project debt from Korea, underscoring continued international confidence in gas and NGL infrastructure.

Canada is also advancing NGL-driven manufacturing, with Alberta moving forward on a USD 4.5 billion propane-to-plastics facility. Together, these investments highlight how funding, policy support, and industrial expansion continue to position natural gas liquids as a core pillar of future energy and manufacturing growth.

Top Key Players in the Market

• ExxonMobil Corporation
• Chevron Corporation
• Royal Dutch Shell plc
• BP plc
• ConocoPhillips
• TotalEnergies SE
• Enterprise Products Partners LP
• Eni S.p.A.
• Occidental Petroleum Corporation
• Saudi Aramco

1. ExxonMobil Corporation

ExxonMobil Corporation is one of the world’s largest publicly traded integrated energy companies, operating across upstream, downstream, and chemical segments. The company focuses on large-scale oil and gas development, refining, fuels marketing, and high-value petrochemical production supported by a broad global asset base.

The company emphasizes disciplined capital allocation, technology leadership, and long-life resources. ExxonMobil is also investing in carbon capture, hydrogen, and lower-emission fuels while maintaining strong cash flow from core hydrocarbon operations.

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2. Chevron Corporation

Chevron Corporation is a global integrated energy company engaged in oil and gas production, LNG, refining, and chemicals. Its diversified portfolio includes significant assets in the United States, Australia, and Kazakhstan, supporting long-term production stability.

The company prioritizes capital discipline, operational excellence, and shareholder returns while expanding investments in renewable fuels, hydrogen, and carbon management to support long-term energy transition goals.

3. Royal Dutch Shell plc

Shell is a global energy and petrochemicals company with strong positions in LNG, fuels, chemicals, and energy trading. Its integrated structure provides operational flexibility across commodity cycles.

The company is scaling investments in power, hydrogen, and biofuels while maintaining leadership in LNG and global trading, supporting resilient earnings and supply reliability.

4. BP plc

BP plc is a multinational energy company active across oil, gas, refining, trading, and low-carbon energy. Its diversified operations span upstream production, fuels marketing, and petrochemicals.

The company is repositioning its portfolio toward transition-aligned investments such as bioenergy, EV charging, and hydrogen while sustaining cash generation from hydrocarbons.

5. ConocoPhillips

ConocoPhillips is a leading independent exploration and production company focused exclusively on upstream oil and gas operations with a strong low-cost resource base.

The company emphasizes capital efficiency, free cash flow generation, and disciplined portfolio management across North America, Asia Pacific, and the Middle East.

6. TotalEnergies SE

TotalEnergies operates across oil, gas, LNG, refining, chemicals, and renewable power. The company maintains a balanced portfolio combining traditional energy with low-carbon solutions.

Its multi-energy strategy supports long-term resilience while expanding solar, wind, and electricity generation alongside core hydrocarbon assets.

7. Enterprise Products Partners LP

Enterprise Products Partners is a leading U.S. midstream company providing natural gas liquids processing, storage, pipelines, and export infrastructure.

The partnership benefits from long-term, fee-based contracts that deliver stable cash flows and infrastructure reliability.

8. Eni S.p.A.

Eni is an integrated Italian energy company with strong upstream, gas, and refining operations, complemented by investments in biofuels and renewables.

The company focuses on energy security, emissions reduction, and diversified supply across international markets.

9. Occidental Petroleum Corporation

Occidental Petroleum is a U.S.-based energy company with a strong upstream portfolio, particularly in the Permian Basin.

The company is also a leader in carbon capture and utilization technologies, supporting lower-emission oil and gas development.

10. Saudi Aramco

Saudi Aramco is the world’s largest integrated oil company, controlling some of the lowest-cost hydrocarbon reserves globally.

The company plays a central role in global energy supply while expanding refining, chemicals, and emissions-reduction initiatives.

Conculsion

Natural Gas Liquids play an important role in the global energy and industrial system by linking natural gas production with fuels, chemicals, and manufacturing needs. Their versatility allows them to support everyday energy use, petrochemical production, and heating applications across residential and industrial sectors. As industries expand and energy systems evolve, natural gas liquids continue to provide a reliable bridge between traditional hydrocarbons and modern manufacturing demand.

Ongoing investments in processing facilities, storage, and transportation infrastructure strengthen supply security and improve market efficiency. In addition, growing focus on cleaner production methods and efficient resource utilization supports the long-term relevance of natural gas liquids. Overall, the market remains well positioned to support industrial growth, energy reliability, and downstream innovation across multiple regions.

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