One of the most important and significant sectors of the world economy, the oil and gas industry shapes geopolitical environments, powers society, and fuels economic expansion. Certainly, the oil and gas industry is a dominant source of energy across the globe and several oil companies supply billions of barrels of petroleum products daily to power transportation and industry.
This industry has continuously evolved to meet the demands of the market, emerging technologies and environmental concerns. The global oil and gas market is likely to touch $8,917.40 billion by 2031, as per a report by Kings Research.
Let’s take a look at some of the biggest oil and gas companies in the world by market captalisation as of June 2024, as per the report by Statista.
Saudi Aramco (Market cap: $1.8 trillion)
Far ahead of the competition is energy behemoth Saudi Aramco. The world’s largest oil producer is the cornerstone of the Saudi Arabian economy. With operations spanning exploration, production, refining and distribution, Aramco’s influence extends far beyond its home country. Its IPO in 2019 was the largest in history, solidifying its status as a financial powerhouse.
Aramco traces its beginnings to 1933 when a concession agreement was signed between Saudi Arabia and the Standard Oil Company of California (SOCAL). A subsidiary company, the California Arabian Standard Oil Company (CASOC), was created to manage the agreement.
“After surveying the Saudi desert for oil, drilling began in 1935. Following years of effort with little to show for it, in 1937 SOCAL executives sought advice from their chief geologist, Max Steineke. Drawing on years of fieldwork, Steineke told them to keep on drilling. In 1938, the efforts finally paid off with the commencement of commercial oil production from Dammam No. 7 — the aptly named ‘Prosperity Well’, the company says.
ExxonMobil Corporation (Market cap: $497.62 billion)
ExxonMobil is one of the largest publicly traded international energy and petrochemical companies. It creates solutions that improve quality of life and meet society’s evolving needs. The corporation’s primary businesses – upstream, product solutions and low carbon solutions – provide products that enable modern life, including energy, chemicals, lubricants and lower emissions technologies. ExxonMobil holds an industry-leading portfolio of resources. It is one of the largest integrated fuels, lubricants and chemical companies in the world.
ExxonMobil also owns and operates the largest CO2 pipeline network in the United States. In 2021, ExxonMobil announced Scope 1 and 2 greenhouse gas emission-reduction plans for 2030 for operated assets, compared to 2016 levels. The company’s plans are to achieve a 20-30 percent reduction in corporate-wide greenhouse gas intensity; a 40-50 percent reduction in greenhouse gas intensity of upstream operations; a 70-80 percent reduction in corporate-wide methane intensity; and a 60-70 percent reduction in corporate-wide flaring intensity.
With advancements in technology and the support of clear and consistent government policies, ExxonMobil aims to achieve net-zero Scope 1 and 2 greenhouse gas emissions from its operated assets by 2050.
Chevron Corporation (Market cap: $284.22 billion)
Chevron primarily operates in some of the world’s most important oil and gas regions. It leverages innovation and the effective use of technology to maximize mature fields, discover new resources and meet the world’s growing demand for energy. It aims to continue making progress in reducing upstream greenhouse gas intensity through technology development and partnerships.
The company’s upstream portfolio is anchored by key assets, including oil in Kazakhstan, LNG in Australia, shale and tight oil onshore U.S. and Argentina, deepwater assets in the U.S. Gulf of Mexico, and natural gas in the Eastern Mediterranean. These assets are complemented by other competitive assets globally.
PetroChina (Market cap: $244.41 billion)
PetroChina is one of the major oil and gas producers and distributors in China, as well as a significant player in the global oil and gas industry. It is engaged in a wide range of activities related to oil, gas and new energy, and sustainably provide energy and oil products for economic and social development.
Technological innovation is an important support and powerful driving force for the company to promote high-quality development and build a world-class comprehensive international energy enterprise. With innovation as its top strategy, PetroChina continues to invest in science and technology, and enhance its competency in research and development. The company has built innovation capabilities along the industrial chain to create value for now and the future.
Reliance Industries (Market cap: $237.31 billion)
Reliance is India’s largest and most profitable private sector company. In just over four decades, the company has emerged as one of India’s most valuable, stakeholder-centric organisations. It is building valuable assets for India and innovating for a better future for all Indians. The company has shaped its ambitions and actions every day since inception. It has evolved from being a textile and polyester company to an integrated player across energy, materials, retail, entertainment, and digital services. This has put India on the global energy map and triggered a nationwide retail and digital revolution.
Reliance is committed to self-reliant and sustainable growth. It is embracing the new energy and digital-first future by making it India’s own. In 2010, Reliance Foundation was set up to drive the various philanthropic initiatives of Reliance Industries.  Reliance Foundation is creating change in the areas of rural transformation, health, education, sports for development. Also, it is bringing change in disaster response, arts, culture & heritage, and urban renewal.
Royal Dutch Shell plc (Market cap: $221.92 billion)
Shell is a global group of energy and petrochemical companies. It employs 103,000 people and has operations in more than 70 countries. The company uses advanced technologies and takes an innovative approach as it seeks to help the world build a sustainable energy future. The company is a customer-focused organisation. It serves more than one million commercial and industrial customers, and around 33 million customers daily at more than 47,000 Shell-branded retail service stations.
Shell’s target is to become a net-zero emissions energy business by 2050. This implies reducing emissions from its operations and from the fuels and other energy products. These are electricity, which the company sells to its customers. It also means capturing and storing any remaining emissions using technology, protecting natural carbon sinks and providing high-quality carbon credits to its customers to compensate for hard-to-abate emissions.
TotalEnergies (Market cap: $164.67 billion)
TotalEnergies is a global integrated energy company that produces and markets energies. These are oil and biofuels, natural gas and green gases, renewables and electricity. The company has more than 100,000 employees and is active in about 120 countries. TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.
In affirming its ambition to be a major player in the energy transition and to achieve carbon neutrality by 2050, TotalEnergies has committed to profoundly transforming its production and sales. Though it continues to work towards meeting the energy needs of a growing population. To do that, the company is reinventing and diversifying our energy offering to promote renewable and decarbonized energies, as well as sparing, well-considered use of fossil energies.
China National Offshore Oil Corporation (Market cap: $137.62 billion)
China National Offshore Oil Corporation is one of the largest offshore oil and gas producers in China. It was established as a state-owned mega company with the approval of the state council on February 15, 1982. The company’s registered capital is RMB 113.8 billion, with five listed companies. The main business covers oil & gas exploration and development, professional technical services, refining product sales and fertilizers. It also covers natural gas production and power generation. Also, it covers financial services, new energy business like offshore wind power.
The company was ranked 42nd in 2023 Fortune Global 500. The main business performance remains at the forefront of central enterprises, and was rated as A-level by the SASAC for 19 consecutive years. Moody’s and Standard & Poor’s rated the company with credit ratings of A1 and A+, and the outlook is stable.
ConocoPhillips Company (Market cap: $130.62 billion)
ConocoPhillips is one of the world’s largest independent E&P companies based on production and proved reserves. Its technical capabilities, asset quality and scale, and financial strength are unmatched among independent exploration and production companies and uniquely position the firm to compete around the world.
ConocoPhillips is committed to the efficient and effective exploration and production of oil and natural gas. Producing oil and natural gas and getting them to market takes ingenuity, technology and investment. Its innovative, collaborative efforts yield products that improve quality of life globally. And, it also produces economic benefits with far-reaching influence.​ It has been on a journey to integrate sustainability into planning and decision making for decades. Before its first sustainable development (SD) report was published in 2005, the company had implemented a process to identify and manage environmental and social issues and to assess performance.
China Shenhua (Market cap: $118.86 billion)
China Shenhua is mainly specialized in the integrated industrial chain involving coal production, coal transportation (railway, port and shipping) and coal conversion (power generation and coal-to-chemicals). In 2023, China Shenhua actively followed CHN Energy Policy for stable supply and price by holding firm to the corporate mission of ‘Ballast for Energy Supply and Pioneer in Energy Revolution’. The company achieved safe and efficient operation in an integrated way and made solid efforts for energy supply. With emphasis over clean and efficient coal use, China Shenhua contributed to strategic emerging industries in full swing, and efficiently realized the annual production and operation goals.
Thermal coal is the dominating coal product manufactured and sold by China Shenhua. In 2023, the company insisted on energy security through coal business. Long-acting energy supply mechanism in normal state was consolidated and expanded. High-quantity and stable coal production sustained. The annual commercial coal yield reached 324.5 million tonnes, 3.5 percent up year on year. China Shenhua vigorously optimized the layout of production system and popularized the technology of gob-side roadway retaining without coal pillar. This raises mining and tunnelling ratio and making production more efficient.
BP Plc ($99.23 billion)
BP Plc (BP) is an integrated oil and gas company. Its upstream operations include exploration, development and production of oil and natural gas, field development and production. And, midstream operations include transportation, marketing and trading of natural gas. This includes liquefied natural gas (LNG), and natural gas liquids (NGLs). The company’s downstream operations include marketing, transportation, refining, manufacturing, supply and trading of crude oil. Also, it includes petroleum, petrochemical products, and provision of related services to wholesale and retail customers.
BP provides fuel, energy, lubricants, and petrochemicals to customers. The company has operational presence in Africa, Asia, Europe, Australasia, North America, and South America. BP is headquartered in London, Greater London, the UK. The company’s aim is to reimagining energy for people and the planet. The firm want to help the world reach net zero and improve people’s lives. BP aims to dramatically reduce carbon in its operations and production, and grow new low carbon businesses, products and services.
China Petroleum and Chemical Corporation (Market cap: $98.72 billion)
China Petrochemical Corporation is the largest oil and petrochemical products supplier. It is also the second largest chemical company in the world. Its total number of gas stations ranks the second place in the world. It ranked the 5th on Fortune’s Global 500 List in 2022.
Principal businesses of the company include industrial investment and investment management. Petroleum and natural gas exploration, production is also included. Additionally, it entailed storage and transportation (including pipeline transportation), sales and comprehensive utilization; coal production, etc.
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