US Mining and Energy Extraction Sector


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Industry Profile Report

Dive Deep into the industry with a 25+ page industry report (pdf format) including the following chapters

Industry Overview Current Conditions, Industry Structure, How Firms Operate, Industry Trends, Credit Underwriting & Risks, and Industry Forecast.

Call Preparation Call Prep Questions, Industry Terms, and Weblinks.

Financial Insights Working Capital, Capital Financing, Business Valuation, and Financial Benchmarks.

Industry Profile Excerpts

Industry Overview

The 22,472 mining and energy extraction establishments in the US remove natural-occurring minerals, metals, crude petroleum and natural gas from the earth. Establishments also provide support activities such as surveying and mapping, site preparation, drilling and blasting, well casing and mine wall shoring, inspection, maintenance and cleaning, demolition and waste removal, and land reclamation.

Opposition to Development

Companies may face resistance from area residents and lawmakers regarding the proposal to start a new mining or extraction project.

Environmental Compliance

The mining and energy extraction sector is directly impacted by a wide range of environmental regulations that affect production site permitting, operation, and reclamation.

Industry size & Structure

The mining and energy extraction sector comprises 22,472 establishments that employ 595,000 workers and generate about $597 billion in annual revenue, according to government sources.

    • The mining and energy extraction sector represents 1.9% of the nation's Gross Domestic Product (GDP) and employs less than 1% of the country's workers.
    • The sector is concentrated: the 20 largest mining and energy extraction firms represent 34% of revenue. The 50 largest firms represent 50% of revenue.
    • In addition to employer establishments, the mining and energy extraction sector has 67,750 owner-operated establishments with no employees. The majority of nonemployer establishments are in the subsectors of oil and gas extraction (65%) and support services for mining (27%). The owners of nonemployer establishments typically perform the work or subcontract labor for large or complex jobs.
    • Nearly 29% of all US mining and energy extraction establishments are in Texas.
    • Employment in the mining, quarrying, and energy extraction sector is forecast to decline by 2.6% between 2022 and 2023, primarily due to the sharp decline in employment by US coal mines, according to the Bureau of Labor Statistics.
                                    Industry Forecast
                                    US Mining and Energy Extraction Sector Industry Growth
                                    Source: Vertical IQ and Inforum

                                    Recent Developments

                                    Mar 14, 2025 - Renewables Top Coal for Electricity Generation in 2024
                                    • Wind and solar energy generated more electricity in the US than coal for the first time last year, according to analysis from clean-energy think tank Ember, The Wall Street Journal reported in March. Solar was the fastest-growing energy source in 2024, up 27% from 2023, while wind rose 7% year over year. Together the two renewables accounted for 17% of the nation’s power mix, while coal fell to a low of 15%. Wind and solar have overtaken coal in 24 states, according to Ember, with Illinois the latest to join the ranks in 2024, following Arizona, Colorado, Florida and Maryland in 2023. Electric power generated with natural gas – by far the largest source of the nation’s electricity – increased by 3.3% last year, representing 43% of the mix, according to WSJ.
                                    • The price of antimony – a critical metal used in munitions, solar panels, semiconductors, and other industrial products – has soared following China’s ban on certain rare earth mineral (REM) exports to the US, Reuters reports. In December, China banned exports of certain REMs to the US in retaliation for the Biden administration’s imposition of export controls to China, pushing antimony prices to all-time highs, $51,500 per metric ton as of February 2025. Overall, antimony prices soared by around 250% last year. China controls roughly half of global antimony production, with Tajikistan and Russia controlling some 30%, leaving the US dependent of foreign sources. A proposed antimony mine in Idaho received its final approvals in January after a decade-long wait. The mine’s operator, Perpetua, estimates the mine will be able to provide as much as 35% of the nation’s antimony needs once it becomes fully operational in 2028.
                                    • The Trump administration may classify uranium as a critical mineral, unlocking federal funding and fast-track permitting for US projects, OilPrice.com reported in February. In 2023, the US had five operating uranium mines, down from 20 mines in 2009. Currently, the US imports nearly all of the uranium concentrate used in its nuclear generators, according to the Energy Information Administration (EIA). Since peaking in the early 1980s, domestic production of uranium concentrate – the first step in the nuclear fuel production process – has fallen to the point where imports account for 99% used to make nuclear fuel. US uranium mines produced just 50,000 pounds of uranium concentrate in 2023, a significant decrease from the 194,000 pounds produced in 2022, per the EIA. Demand for uranium is expected to grow due to increasing the power requirements from AI data centers.
                                    • As president, Trump is expected to “significantly prioritize” building more mines, processing facilities, and refineries in the US, as opposed to the Biden administration's focus on international cooperation to reduce US reliance on foreign supply chains for critical minerals, according to Gregory Wischer, founder of critical minerals consultancy Dei Gratia Minerals. Wischer also predicts that the Trump administration will continue and accelerate bipartisan policies strengthening US mineral supply chains. “In particular, I think you can expect the [Trump] administration to focus heavily on domestic onshoring of all parts of the mineral supply chain, especially mineral extraction,” Wischer told Mining Technology (MT) after the election. Trump’s approach will likely entail streamlining the permitting process and imposing tariffs to incentivize domestic mineral production, Wischer adds. Also, Trump’s more relaxed approach to environmental regulation is likely to benefit the mining and fossil fuel sectors, per MT.
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