Oil is one of the world’s most important and valuable commodities, and it plays a vital role in the global economy. In this blog, I will introduce you to some of the world’s biggest and most influential oil companies, as well as provide you with some recent statistics and trends in the oil market.
Oil companies are involved in various activities related to the exploration, production, refining, transportation, and marketing of oil and its products. They operate in different regions and markets and face different challenges and opportunities. Some of the factors that affect their performance include oil prices, supply and demand, geopolitics, environmental regulations, technological innovations, and consumer preferences.
According to a report by S&P Global Commodity Insights, the top 10 oil companies in the world by revenue in 2022 were:
- Sinopec (Chinese Petroleum and Chemical Corporation): $405.4 billion
- PetroChina: $386.86 billion
- Saudi Aramco: $359.18 billion
- ExxonMobil: $285.64 billion
- Shell: $199.42 billion
- TotalEnergies: $184.93 billion
- Chevron: $174.96 billion
- BP: $172.28 billion
- Equinor: $95.77 billion
- ConocoPhillips: $88.25 billion
1. Sinopec
Sinopec is the largest oil refiner in Asia and the second-largest in the world, with a refining capacity of over 6 million barrels per day. Sinopec is also a major producer and supplier of natural gas, petrochemicals, and other energy products in China and abroad. Sinopec was founded in 2000 as a subsidiary of China Petrochemical Corporation (Sinopec Group), a state-owned enterprise. Sinopec is listed on the Shanghai, Hong Kong, New York, and London stock exchanges.
2. PetroChina
PetroChina is the largest oil and gas producer and distributor in China, with a daily output of over 4 million barrels of oil equivalent. PetroChina is also involved in refining, petrochemicals, pipeline transportation, and marketing of oil and gas products. PetroChina was established in 1999 as a joint stock company under China National Petroleum Corporation (CNPC), a state-owned enterprise. PetroChina is listed on the Shanghai, Hong Kong, and New York stock exchanges.
3. Saudi Aramco
Saudi Aramco is the world’s largest oil exporter and the most profitable company in history. Saudi Aramco has the world’s second-largest proven crude oil reserves, at more than 270 billion barrels, and the largest daily oil production of all oil-producing companies. Saudi Aramco was founded in 1933 as a joint venture between Saudi Arabia and Standard Oil of California (later Chevron). In 1980, Saudi Arabia acquired full ownership of the company. In 2019, Saudi Aramco listed 1.5% of its shares on the Tadawul stock exchange, valuing the company at over $2 trillion.
4. ExxonMobil
ExxonMobil is the largest publicly traded oil company in the world by revenue and market capitalization. ExxonMobil operates in all sectors of the oil and gas industry, including exploration, production, refining, chemicals, and power generation. ExxonMobil traces its history back to 1870, when John D. Rockefeller founded Standard Oil. ExxonMobil is one of the direct descendants of Standard Oil after its breakup in 1911. ExxonMobil was formed in 1999 by the merger of Exxon and Mobil, two former Standard Oil subsidiaries. ExxonMobil is headquartered in Texas and listed on the New York Stock Exchange.
5. Shell
Shell is one of the world’s largest energy companies, with operations in more than 70 countries and territories. Shell produces and markets oil, natural gas, liquefied natural gas (LNG), biofuels, hydrogen, and renewable power. Shell also has a chemicals division that produces plastics, synthetic rubber, and other chemical products. Shell was founded in 1907 by the merger of Royal Dutch Petroleum Company and The Shell Transport and Trading Company. Shell is headquartered in The Hague, Netherlands, and London, UK. Shell is listed on the London, Amsterdam, and New York stock exchanges.
6. TotalEnergies
TotalEnergies is a French multinational energy company that produces and markets a variety of energies, including oil, natural gas, renewables, electricity, hydrogen, biofuels, and biogas. TotalEnergies also has a chemicals division that produces polymers, resins, adhesives, and other materials. TotalEnergies aims to become a net-zero emissions company by 2050 or sooner. TotalEnergies was founded in 1924 as Compagnie Française des Pétroles (CFP). TotalEnergies changed its name several times over the years, most recently from Total to TotalEnergies in 2021 to reflect its energy transition strategy. TotalEnergies is headquartered in Paris and listed on the Paris, Brussels, London, and New York stock exchanges.
7. Chevron
Chevron is an American multinational oil and gas company that operates in more than 180 countries. Chevron engages in upstream and downstream activities, such as exploration, production, refining, transport, distribution, and marketing of oil and gas products. Chevron also has interests in chemicals, power generation, mining, and renewable energy sources. Chevron traces its origins to 1879, when Pacific Coast Oil Company was founded in California. Chevron later merged with Gulf Oil in 1985 and acquired Texaco in 2001. Chevron is headquartered in California and listed on the New York Stock Exchange.
8. BP
BP is a British multinational energy company that was founded in 1909 as the Anglo-Persian Oil Company by William D’Arcy and Charles Greenway. It later changed its name to British Petroleum and then to BP in 2001. BP is headquartered in London, England, and is one of the world’s largest oil and gas producers, as well as a leader in renewable energy. BP operates in more than 80 countries and has around 18,700 service stations worldwide.
9. Equinor
Equinor is a Norwegian state-owned energy company that was founded in 1972 as the Norwegian State Oil Company (Statoil) by the Norwegian government. It later changed its name to Equinor in 2018 to reflect its ambition to be a leading company in the energy transition. Equinor is headquartered in Stavanger, Norway, and is one of the world’s largest offshore operators, as well as a growing player in renewables and low-carbon solutions. Equinor has operations in 13 countries and produces around 3.7 million barrels of oil equivalent per day.
10. Eni
Eni is an Italian multinational oil and gas company that was founded in 1953 by Enrico Mattei as Ente Nazionale Idrocarburi (National Hydrocarbons Authority). Eni is headquartered in Rome, Italy, and is one of the world’s largest integrated energy companies, with activities ranging from exploration and production to refining and marketing. Eni operates in 66 countries and has a net production of around 1.8 million barrels of oil equivalent per day. Eni is also committed to achieving net-zero emissions by 2050 and investing in renewable energy sources.
The oil market is also undergoing a major transformation as regulators and global leaders push to reduce industrial carbon emissions and achieve net-zero targets by 2050 or sooner. This requires oil companies to invest more in low-carbon technologies and solutions, such as carbon capture and storage (CCS), hydrogen, biofuels, electric vehicles, solar, wind, and geothermal energy. Some of the oil companies have already announced their net-zero ambitions and plans.
The world’s top oil companies are facing a complex and dynamic environment that requires them to adapt and innovate constantly. They have to balance their short-term profitability with their long-term sustainability, while also meeting the expectations of their stakeholders and society at large. The future of the oil industry will depend on how well these companies can navigate these challenges and opportunities, as well as how they can contribute to a cleaner and more secure energy system for everyone.
