WPB: With continuous demand for oil and gas, the leading companies in this sector generate astronomical revenues and play a crucial role in shaping the global energy landscape.
The oil and gas industry has long been the backbone of the global economy, supplying energy for industries, fueling transportation, and sustaining modern life. In a recent report, the website Petrochemical Expert identified the top 10 oil and gas companies by revenue in 2024:
1- Saudi Aramco
Revenue (2024): $510 billion
The state-owned giant Saudi Aramco continues to dominate the oil and gas industry with the highest revenue. Established in 1933, it is not only the world’s largest oil company by revenue but also the most profitable.
Saudi Aramco manages the vast oil reserves of Saudi Arabia, among the largest in the world. Its massive scale allows the company to produce over 12 million barrels of oil per day.
Beyond crude oil production, Aramco operates an extensive refining network, a major petrochemical business, and invests in renewable energy, making it a key player in both traditional and emerging energy markets.
2- ExxonMobil
Revenue (2024): $400 billion
ExxonMobil, one of the world’s largest oil and gas companies, is headquartered in Irving, Texas.
Its diverse business portfolio includes exploration and production, refining and marketing, and chemicals. The company’s upstream activities span North America, the Middle East, and Asia.
3- Shell
Revenue (2024): $380 billion
Headquartered in The Hague, Netherlands, Shell is another major player in the global oil and gas industry.
Renowned for its large-scale upstream and downstream operations, Shell is involved in oil and gas exploration, production, refining, and distribution.
With significant investments in renewable energy, electric vehicle charging infrastructure, and low-carbon technologies, Shell is at the forefront of the energy transition. Its extensive refining capacity and dominant position in global liquefied natural gas (LNG) markets help maintain its status as one of the top-earning oil companies.
4- BP (British Petroleum)
Revenue (2024): $300 billion
London-based BP is one of the oldest and most reputable companies in the global oil and gas sector.
In recent years, BP has diversified its operations, increasing its focus on clean energy and carbon neutrality. With major investments in both upstream and downstream sectors worldwide, BP remains a top oil and gas producer.
The company is heavily involved in wind, solar, and bioenergy projects, reflecting its commitment to reshaping its portfolio and contributing to a greener future. Despite market fluctuations, BP’s ability to generate substantial revenue solidifies its position as a key industry player.
5- Chevron
Revenue (2024): $290 billion
Chevron, an American company operating in over 180 countries, focuses on a diverse portfolio that includes oil and gas exploration, refining, and chemical production.
Its upstream business is heavily centered on oil exploration, while its downstream segment handles refining and marketing of refined products.
Chevron has made significant strides in promoting renewable energy and reducing greenhouse gas emissions through investments in low-carbon technologies such as hydrogen, carbon capture, and renewable fuels.
6- TotalEnergies
Revenue (2024): $275 billion
Based in Paris, France, TotalEnergies is a multinational energy giant engaged in oil and gas exploration, production, refining, and marketing.
The company generates revenue from its upstream operations and extensive refining and marketing business. Through significant investments in wind, solar, and low-carbon technologies, TotalEnergies is emerging as a leader in the renewable energy sector. Its strategy to diversify away from fossil fuels has proven effective, maintaining its strong position in the global energy market.
7- Gazprom
Revenue (2024): $270 billion
Russia’s state-owned energy company, Gazprom, is the world’s largest producer of natural gas. While it is primarily known for its gas operations, Gazprom also engages in significant oil production and refining activities. The company operates the world’s largest natural gas transmission network.
8- ConocoPhillips
Revenue (2024): $240 billion
ConocoPhillips, a multinational American company, is a major player in the global oil and gas industry.
Focused on exploration and production, ConocoPhillips has seen significant growth in its upstream business, with major operations in North America, the Middle East, and Asia. The company has streamlined its operations by focusing on core oil and gas production while divesting non-core assets. This strategy has helped ConocoPhillips remain profitable despite oil price volatility.
9- Eni
Revenue (2024): $220 billion
Headquartered in Rome, Italy, Eni is a global energy company engaged in oil, natural gas, and petrochemical sectors.
Its upstream business includes significant exploration and production activities, particularly in Africa, the Mediterranean, and South America. Eni has been investing in renewable energy sources such as solar and wind while advancing hydrogen and bioenergy initiatives.
10- PetroChina
Revenue (2024): $200 billion
A subsidiary of the China National Petroleum Corporation (CNPC), PetroChina is involved in oil and gas exploration, refining, and petrochemical production.
With extensive reserves in China and abroad, the company has major exploration and production activities in countries like Canada, Kazakhstan, and Indonesia. Despite global oil price fluctuations, PetroChina’s vast scale and strategic investments in upstream and downstream sectors have enabled it to maintain substantial revenues.
By WPB
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