With oil prices falling during the COVID-19 pandemic and then rising this year due to Russia’s invasion of Ukraine, the oil and gas industry has had a challenging few years. The industry has seen tremendous transformation recently as governments and world leaders attempt to reduce industrial carbon emissions.
Oil and gas continue to be significant components of the energy mix despite the aim of net zero energy. The world’s population is growing, and consumers in developing countries are becoming more affluent, driving up global energy demand.
The IEA projects that the oil demand will increase to 101.6 million barrels per day in 2023, surpassing pre-COVID levels.
Who are the top players in the oil sector, then? On this list, we rank the biggest oil companies in the world according to their annual revenue.
1. Saudi Aramco
Saudi Aramco is Saudi Arabia’s national oil firm and is frequently named the world’s most lucrative enterprise (thanks partly to the low cost of oil production in the kingdom). It has significant activities in production, exploration, petrochemicals, refining, marketing, and international shipping, both upstream and downstream. The business has the world’s second-largest oil reserves and operates refining plants in Saudi Arabia and globally.
Furthermore, the company’s yearly sales last year were $1.3 trillion.
2. PetroChina
State-owned China National Petroleum Corp.’s publicly traded subsidiary is called PetroChina. The corporation surpassed its post-pandemic predictions, according to its 2020 annual report. Chairman Zhou Jiping attributed this to the Covid-19 expansion’s focus on high-yield activities.
The company discovered hydrocarbon resources in the Tarim, Ordos, and Sichuan basins that it will now exploit. The company also found things in Kazakhstan and Chad. With a “near-zero” emissions target by 2050, PetroChina plans to reduce emissions in 2025. Moreover, the annual revenue of the company is $367 billion.
3. Sinopec (Chinese Petroleum and Chemicals Corporation)
Various petrochemical and petroleum products are produced and sold by China Petroleum & Chemical. The corporation sells multiple goods, including jet fuel, synthetic rubber and resins, kerosene, diesel, and gasoline. One of the world’s top petrochemical, gas, and oil refining companies is China Petroleum & Chemical, or Sinopec. Moreover, the company has a total revenue of $353.2 billion.
4. ExxonMobil Corp.
The largest non-state oil company in the world is ExxonMobil. One of the greatest refiners in the world is the US multinational oil and gas company, which was created in 1999 from the merger of Exxon and Mobil. One of the largest integrated refiners, marketers of petroleum products, and producers of chemicals in the world, ExxonMobil has a resource inventory that leads the industry. Moreover, the company’s annual revenue was $280.4 billion last year.
5. TotalEnergies SE
To emphasize the company’s transition to broader energy efforts, Total rebranded TotalEnergies last year.
Discoveries of reservoirs off the coasts of South Africa, Egypt, and the United Kingdom helped to protect the company’s holdings. To create carbon capture, utilization, and storage applications, Total and ADNOC have collaborated in the United Arab Emirates. Soon after, the company announced that it would join Shell and Equinor in funding a CCS project in Norway. The company’s annual revenue was $184.6 billion last year.
6. BP PLC
The British company BP is in the business of discovering, producing, and supplying oil and petrochemicals. The company refines and sells petroleum products such as acetic acid, ethylene, polyethene, and terephthalic acid, with annual revenue of $157.7 billion. BP produces and markets solar energy as well.
7. Chevron Corp.
The operations of Chevron Corporation include midstream transportation to upstream exploration. Additionally, it engages in retail and downstream manufacturing. Since its first predecessor was founded in 1879, Chevron, which has annual revenues of $155.6 billion, has evolved and diversified to operate in all facets of the oil and gas industry.
8. Marathon Petroleum Corp.
To respond to the epidemic, Marathon almost cut in half its capital investment, with more reductions scheduled for 2021. Despite this, the company had a challenging year recently marked by a significant sale.
A 15-year supply contract between Marathon and winning bidder 7-Eleven is included in the sale of Speedway, the company’s car-gas station division. The $21 billion cash acquisition, according to Marathon CEO Michael Hennigan, “delivers on [its] commitment to release asset value.”
Additionally, the business generated $120 billion in sales annually.
9. Valero Energy Corp.
One of the biggest independent petroleum refiners and distributors in the world, Valero is a Fortune 50 company. The company was founded in 1980 and owned and operated 15 petroleum refineries in the US, UK, and Canada. Along with the most significant renewable biodiesel factory in North America, it also manages 12 more ethanol operations.
Nearly 7,000 independently operated fuel stations in the United States, Canada, the United Kingdom, Ireland, and Mexico receive fuel from the firm. The company’s annual sales were $114 billion last year.
10. Phillips 66
In addition to running 13 refineries across the US and Europe, Phillips 66 also manages storage and pipelines for gasoline. It holds a 50 per cent ownership in a chemical joint venture with investments in around 30 plants across the globe and two US research facilities. Moreover, the company’s annual sales were $111.5 billion last year.
Wrapping up
So, this was the index of the top 10 oil companies worldwide. For more information, keep visiting us!
