Introduction: Biggest Oil Companies in the World
The oil and gas industry is one of the most critical sectors of the global economy, with companies in this industry driving much of the world’s energy needs. Oil and gas companies provide fuel for transportation, heating, and electricity generation, among other uses. They also manufacture a wide range of products, such as lubricants, chemicals, and plastics, which are used in various industries. In this article, we will discuss the ten biggest oil companies in the world, classified according to their revenue and net income.
1. Saudi Arabian Oil Co. (Saudi Aramco)
Revenue: $590.3 billion
Net Income: $156.5 billion
Saudi Aramco operates in innovation hubs across the United States, Europe, and Asia, making it the biggest integrated oil and gas company in the world. The company is responsible for over 10% of the world’s oil production, and is a key player in the OPEC cartel.
Saudi Aramco operates the largest oil processing and crude stabilization plant in the world, capable of processing 7 million barrels per day. The company also owns and operates a fleet of tankers and pipelines, allowing it to transport oil to customers all over the world. Despite its huge size, Saudi Aramco is notoriously private, with limited public information available about its operations and finances.
2. China Petroleum & Chemical Corp. (Sinopec)
Revenue: $486.8 billion
Net Income: $10.5 billion
China Petroleum & Chemical (Sinopec), a state-owned oil and gas company, has quickly become the world’s second-largest oil company. Sinopec is a producer and distributor of a variety of petrochemical and petroleum products, including gasoline, diesel, kerosene, synthetic rubbers and resins, jet fuel, and chemical fertilizers.
Sinopec is also a major player in the global energy market, with operations in over 30 countries. The company has expanded its downstream operations, including refineries and gas stations, in several overseas markets in recent years. Sinopec is also investing heavily in alternative energy sources, including solar power and natural gas, in an effort to reduce its environmental impact.
3. PetroChina Co. Ltd.
Revenue: $486.4 billion
Net Income: $20.9 billion
PetroChina is the publicly listed unit of the state-owned China National Petroleum Corporation, and is the largest oil and gas producer and distributor in China. PetroChina contributed approximately 50% and 60% of China’s domestic oil and gas production volume respectively. The company has a massive presence in China, with operations spanning from upstream exploration and production to downstream refining and marketing.
PetroChina’s international operations are focused on oil and gas exploration and production, primarily in Central Asia, the Middle East, and Africa. The company also has a significant presence in the Canadian oil sands, and has made several large acquisitions in recent years to expand its global footprint.
4. Exxon Mobil Corp.
Revenue: $386.8 billion
Net Income: $51.9 billion
Exxon Mobil is one of the largest and most profitable oil and gas companies in the world. The company explores, produces, trades, transports, and sells oil and natural gas. ExxonMobil operates facilities or markets products globally and explores oil and natural gas on six continents. The company markets fuels, lubricants, and chemicals under four brands: Esso, Exxon, Mobil, and ExxonMobil.
ExxonMobil’s global reach and size allow it to influence the global energy landscape. The company has invested heavily in new technologies to reduce its environmental impact, including carbon capture and storage, and has also been vocal in its support of a carbon tax. However, the company has faced criticism from environmental groups for its role in contributing to climate change and for its resistance to renewable energy sources.
5. Shell PLC
Revenue: $365.3 billion
Net Income: $43.4 billion
Shell is a multinational oil and gas company with locations in over 70 countries worldwide. The company is involved in the exploration, production, refining, and marketing of oil and natural gas, as well as the manufacturing and marketing of chemicals.
Shell has a diverse portfolio, including the provision of lubricants, bitumen, and liquefied petroleum gas (LPG). The company also has interests in renewable energy, including wind and solar power.
Shell has set ambitious goals to reduce its carbon emissions and is investing heavily in research and development to make its operations more sustainable. The company aims to reduce its net carbon footprint by 2-3% by 2021, 20% by 2030, and 45% by 2035. Moreover, Shell has a target of becoming a net-zero emissions energy company by 2050.
6. TotalEnergies SE
Revenue: $254.7 billion
Net Income: $23.1 billion
TotalEnergies is one of the biggest oil companies headquartered in France. The company is involved in the exploration and production of crude oil and natural gas, as well as the production of low-carbon electricity.
TotalEnergies also refines and produces petrochemical products, including plastics and specialty chemicals. The company owns and operates gas stations throughout Europe, the United States, and Africa.
In recent years, TotalEnergies has made significant investments in renewable energy, including wind and solar power. The company has set ambitious targets to become a net-zero carbon company by 2050.
7. Chevron Corp.
Revenue: $227.1 billion
Net Income: $34.2 billion
Chevron, a multinational energy company, operates across the entire oil and gas value chain, exploring and producing oil and natural gas, and engaging in downstream operations that include refining, transportation, and marketing. The company participates in chemical and mining operations, and also engages in non-energy activities such as developing technology.
Chevron has a strong focus on expanding its portfolio of wind, solar, and geothermal projects, as it invests heavily in renewable energy.
To reduce its environmental impact, Chevron has set targets to reduce its carbon emissions intensity by 35% by 2028 and is investing in innovative technologies to help reduce emissions and improve operational efficiency.
8. BP PLC (BP)
Revenue: $222.7 billion
Net Income: $11 billion
BP explores, produces, and supplies oil and petrochemicals. The company refines and sells petroleum products, including chemicals such as acetic acid, ethylene, polyethylene, and terephthalic acid.
In recent years, BP has shifted its focus from being an international oil company to becoming an integrated energy company that delivers solutions for customers. The company is investing heavily in renewable energy, including wind, solar, and biofuels, and has set a target to become a net-zero company by 2050.
BP is also committed to reducing its carbon emissions and has set targets to reduce its emissions intensity by 50% by 2030. The company is investing in innovative technologies, such as carbon capture, utilization, and storage (CCUS), to help achieve its goals.
9. Marathon Petroleum Corp. (MPC)
Revenue: $173 billion
Net Income: $12 billion
Marathon Petroleum is a leading oil refining and marketing company in the United States. The company refines and ships petroleum products and is a leaseholder or owner of thousands of miles of petroleum pipelines.
MPC’s marketing system includes branded locations across the United States, including Marathon brand retail outlets. The company also operates a midstream segment, which includes pipeline transportation and storage of crude oil and refined products. Its retail segment consists of Speedway, a chain of gasoline and convenience stores, which the company acquired in 2018 for $23.3 billion.
Marathon Petroleum has its headquarters in Findlay, Ohio, and employs more than 60,000 people. The company has a market capitalization of around $43 billion as of September 2021.
Marathon Petroleum has also been working to strengthen its financial position and optimize its portfolio. In 2020, the company announced a series of strategic actions aimed at enhancing shareholder value. These include the sale of its Speedway retail business to 7-Eleven for $21 billion, the conversion of its MLP into a C-Corporation, and the issuance of $4 billion of common stock.
10. Valero Energy Corp.
Revenue: $170.5 billion
Net Income: $9.4 billion
Valero Energy Corporation is a multinational energy company that is primarily involved in the refining and marketing of petroleum products. Headquartered in San Antonio, Texas, Valero is the largest independent petroleum refiner in the world and the world’s second-largest renewable fuels producer.
The company operates 15 refineries in the United States, Canada, and the United Kingdom, with a total refining capacity of approximately 3.2 million barrels per day. Valero’s refineries are capable of producing a wide range of petroleum products, including gasoline, diesel fuel, jet fuel, asphalt, and other specialty products.
In addition to refining, Valero is also involved in the marketing and distribution of petroleum products. The company operates a network of approximately 7,000 branded retail outlets in the United States, Canada, the United Kingdom, and Ireland, under brands such as Valero, Diamond Shamrock, Shamrock, Ultramar, and Beacon.
Valero is also a major player in the renewable fuels industry. The company has a total capacity of approximately 1.8 billion gallons per year of renewable diesel production and is the world’s second-largest producer of renewable diesel.
*The financials mentioned above are trailing 12-month (TTM) revenue and net income sourced