- General
- December 24, 2023
- 7 minutes read
The 10 Largest Oil And Gas Companies Globally
Oil and gas is a critical industry in our modern world. Energy underpins the global economy, and fossil fuels currently…
Oil and gas is a critical industry in our modern world. Energy underpins the global economy, and fossil fuels currently supply most of the world’s energy needs. Fossil fuels are gradually being phased out in favor of renewable energy sources, which are growing at an unprecedented rate, especially in richer, developed countries. But they remain a vital part of the global economy.
We want to examine the top ten oil and gas producers by revenue. They include:
1. Saudi Aramco
2022 revenue: $535bn
2022 net income: $161bn
Saudi Aramco is an oil and gas producer owned by the Saudi Arabian government. It’s the highest-grossing oil and gas company globally and the most profitable, thanks to Saudi Arabia’s oil deposits being relatively cheap to extract. It reported a record net profit of $161bn in 2022 or over $2mn per employee.
Aramco funds a sizeable part of the Saudi government’s budget. It’s chaired by chief executive Amin Nasser and chairman Yasir Al-Rumayyan.
2. China Petroleum & Chemical Corporation (Sinopec)
2022 revenue: $491bn
2022 net income: $9.7bn.
Sinopec is controlled by the Chinese government. It specializes in refined petroleum products like gasoline, diesel, jet fuel, chemical fertilizers, and kerosene. Sinopec was founded in 2000 and is listed on the Shanghai and Hong Kong stock exchanges.
3. PetroChina
2022 revenue: $479bn
2022 net income: $23bn.
PetroChina is another company owned by the Chinese government. It explores and extracts raw crude oil and gas, unlike Sinopec, which focuses on refined end products. PetroChina is Asia’s largest oil and gas producer. Its shares are listed on the Shanghai and Hong Kong stock exchanges.
4. ExxonMobil Corp
2022 revenue: $414bn
2022 net income: $56bn.
ExxonMobil is an American oil and gas producer listed on the New York Stock Exchange. It is a descendant of Standard Oil, once the largest oil company in the world, until the U.S. government deemed it an illegal monopoly and forced it to break up into smaller units. Standard Oil was founded by famous tycoon John D. Rockefeller. Titan: The Life of John D. Rockefeller, Sr. tells the fascinating story of Rockefeller’s founding of Standard Oil and rise into a global oil tycoon.
ExxonMobil is huge and still keen on expanding. It recently struck a deal to acquire Pioneer, a shale gas rival, for $60bn. ExxonMobil is the largest oil and gas producer in the Western world.
5. Shell plc
2022 revenue: $381bn
2022 net income: $43bn
Shell is a British oil and gas producer listed on the London, New York, and Euronext Amsterdam stock exchanges. The company is vertically integrated, meaning it’s active in all parts of the oil and gas supply chain, from extraction to refining, transport, distribution, power generation, and trading. Shell has over 90,000 employees across the globe.
6. TotalEnergies
2022 revenue: $281bn
2022 net income: $21bn
TotalEnergies is a French oil and gas producer jointly listed on the Euronext Paris and New York Stock Exchange. It is a vertically integrated producer like Shell. It was founded in the 1900s as a state-owned company but is now primarily owned by public investors. The company is led by French engineer Patrick Pouyanné.
7. BP
2022 revenue: $241bn
2022 net income: $28bn
BP, formerly British Petroleum, is headquartered in London, England. Its origin traces back to a British state-owned company founded to extract oil in Iran. Now, it’s listed on the London Stock Exchange and owned mainly by public investors.
BP had major operations in Russia until sanctions following the Ukraine invasion caused it to write off Russian assets for a $24bn loss. However, rising commodity prices in 2022 largely covered that loss.
8. Chevron Corporation
2022 revenue: $236bn
2022 net income: $35bn
Chevron Corporation is an American oil and gas producer and another descendant of John D. Rockefeller’s Standard Oil. The company is listed on the New York Stock Exchange. It is active in more than 180 countries, most recently in Guyana, where it found massive new oil and gas reserves. Chevron recently agreed to acquire oil rival Hess Corporation in a $53bn deal.
9. Marathon Petroleum
2022 revenue: $177bn
2022 net income: $14.5bn
Marathon Petroleum is an American petroleum refining, marketing, and transportation company. It’s also another descendant of John D. Rockefeller’s Standard Oil. Marathon is the largest petroleum refinery operator in the U.S., with 2.9 million barrels per day of crude oil refining capacity.
10. Valero Energy Corporation
2022 revenue: $176bn
2022 net income: $11.6bn
Valero is an American petroleum refiner operating 15 refineries across the U.S., Canada, and the United Kingdom and 12 ethanol plants in the U.S. It was founded in 1980 by entrepreneur Bill Greehey. The company is listed on the New York Stock Exchange.
