The oil and gas industry has been a key player in the global economy for decades. It has been a major contributor to global energy needs and has driven the growth and development of many countries worldwide. The industry has faced various challenges in recent years, including fluctuating oil prices, increased regulations, and a growing shift toward renewable energy sources. Despite these challenges, the world's largest oil and gas companies continue to thrive, with a few players dominating the industry.
As of 2023, the world's largest oil and gas companies include Saudi Aramco, ExxonMobil, Chevron, Royal Dutch Shell, PetroChina, TotalEnergies, ConocoPhillips, BP, Sinopec, and Eni. These companies have maintained their dominance in the industry through strategic acquisitions, divestitures, and investments in technology and innovation.
As we celebrate Earth Day, it is important to raise awareness about the impact of the oil and gas industry on the environment and to encourage individuals and corporations to take action toward a sustainable future. This article aims to provide information about the world's largest oil and gas companies and their strategies for adapting to the changing energy landscape. By highlighting their efforts to invest in renewable energy sources and reduce their carbon footprints, we hope to inspire readers to make informed choices about their energy consumption and support companies that prioritize sustainability. Through increased awareness and collective action, we can work towards a healthier planet for future generations.
Comparison of the 3 largest companies from the TradingView chart
1. Saudi Aramco
Country: Saudi Arabia 
Ticker: 2222
Market Cap: $2.033 T
Saudi Aramco, headquartered in Dhahran, Saudi Arabia, is the world's largest oil producer and exporter. The state-owned company has reserves of over 260 billion barrels of crude oil, which is roughly 15% of the world's total oil reserves. In 2019, Saudi Aramco became a publicly traded company with an initial public offering (IPO) that raised $25.6 billion, making it the largest IPO in history. The company has been investing in new technologies to reduce its carbon footprint and has set a target to achieve net-zero emissions by 2050. Saudi Aramco has also been expanding its downstream operations, including refining and petrochemicals, to capture more value from its crude oil production.
2. ExxonMobil
Country: USA
Ticker: XOM
Market Cap: $470.76 B
ExxonMobil, headquartered in Irving, Texas, is currently the world's second-largest publicly traded oil and gas company with a market capitalization of over $470 billion. The company operates in 59 countries and has a strong presence in North America, Asia, and Europe. ExxonMobil is primarily involved in the exploration, production, transportation, and sale of crude oil, natural gas, and petroleum products. In recent years, the company has focused on increasing its natural gas production to meet the growing demand for cleaner-burning energy sources.
3. Chevron
Country: USA
Ticker: CVX
Market Cap: $321.80 B
Chevron, based in San Ramon, California, is a leading integrated energy company with operations in more than 180 countries. The compan y is involved in the exploration, production, and refining of crude oil and natural gas, as well as the marketing and transportation of petroleum products. Chevron has been actively investing in renewable energy projects and has set a goal to increase its renewable energy production to 25% of its portfolio by 2025.
4. Royal Dutch Shell
Country: Netherlands
Ticker: SHEL
Market Cap: $211.06 B
Royal Dutch Shell is another major player in the oil and gas industry, with a market capitalization of over $210 billion. Headquartered in the Netherlands, the company has operations in more than 70 countries and is involved in every stage of the oil and gas value chain. Shell is also heavily invested in renewable energy sources such as wind, solar, and biofuels, and has set ambitious targets to reduce its carbon footprint.
5. PetroChina
Country: China
Ticker: 601857.SS
Market Cap: $189.16 B
PetroChina, based in Beijing, China, is a state-owned oil and gas company that is involved in the exploration, production, refining, and marketing of crude oil and natural gas. The company operates in China and more than 30 countries around the world, currently ranking the 54th company based on market capitalization. PetroChina has been focused on increasing its production of natural gas to meet the growing demand for cleaner-burning energy sources.
6. TotalEnergies
Country: France
Ticker: TTE
Market Cap: $156.45 B
TotalEnergies, formerly known as Total, is a French multinational integrated oil and gas company with operations in over 130 countries. The company is involved in the exploration, production, refining, marketing, and transportation of crude oil and natural gas, as well as the production and sale of renewable energy sources. TotalEnergies has been actively investing in renewable energy projects and aims to have 35 gigawatts of gross renewable energy capacity by 2025.
7. ConocoPhillips
Country: USA
Ticker: COP
Market Cap: $125.76 B
ConocoPhillips, based in Houston, Texas, is an independent oil and gas exploration and production company with operations in more than 15 countries. The company's primary activities include the exploration, production, transportation, and sale of crude oil, natural gas, and natural gas liquids. ConocoPhillips has been focused on reducing its carbon footprint and has set a target to reduce its greenhouse gas emissions by 30% by 2025.
8. BP
Country: UK
Ticker: BP
Market Cap: $118.53 B
BP, headquartered in London, is a global energy company with operations in more than 70 countries. The company's primary activities include the exploration, production, refining, and marketing of crude oil and natural gas, as well as the production and sale of renewable energy sources. In recent years, BP has been focused on reducing its carbon footprint and has set a target to become a net-zero company by 2050.
9. Sinopec
Country: China
Ticker: 600028.SS
Market Cap: $103.22 B
Sinopec, also based in Beijing, China, is another state-owned oil and gas company that is involved in the exploration, production, refining, and marketing of crude oil and natural gas. The company operates in China and more than 30 countries around the world. Sinopec has been investing in new technologies to improve the efficiency of its operations and has also been expanding its presence in the LNG market.
10. Eni
Country: Italy
Ticker: E
Market Cap: $50.32 B
Eni, based in Rome, Italy, is an integrated energy company with operations in over 70 countries. The company is involved in the exploration, production, refining, and marketing of crude oil and natural gas. Eni has been actively investing in renewable energy projects and aims to have 5 GW of installed capacity from renewable sources by 2025. The company has also set a target to reduce its net greenhouse gas emissions by 80% by 2050.
Big Oil, Bigger Emissions
The largest oil and gas companies are also major contributors to greenhouse gas (GHG) emissions due to the nature of fossil fuels.
Saudi Aramco, for instance, has been identified as the world's largest corporate GHG emitter, responsible for over 4% of global emissions since 1965. Similarly, other major players in the industry, including Chevron, ExxonMobil, and BP, are also among the top 20 GHG emitters between 1965 and 2017. While it is necessary to transition to a low-carbon future, it is not currently feasible to completely abandon the oil and gas industry, as the recent global energy crisis has demonstrated.
Final Thoughts
The world's largest oil and gas companies continue to play a significant role in the global economy. Despite the challenges faced by the industry, these companies have maintained their dominance through strategic acquisitions, divestitures, and investments in technology and innovation. As the world moves towards a cleaner energy future, these companies have also been investing in renewable energy sources and have set ambitious targets to reduce their carbon footprints. It will be interesting to see how these companies adapt to the changing energy landscape and what new opportunities and challenges will emerge in the years to come.
* The information provided in the article Ranked Oil & Gas Giants 2023 was compiled from various sources, including Forbes: "Global 2000: The World's Largest Public Companies 2023", Bloomberg: "The World's Biggest Oil Companies Are Getting Greener”, OilPrice.com: "The World's Largest Oil Companies 2023" and other. The information was gathered to provide an overview of the world's largest oil and gas companies in 2023 and their strategies for adapting to a changing energy landscape.
