In this article, we will take a look at the 25 most valuable oil companies in the world. If you want to skip our detailed analysis of the global oil industry, you can go directly to 5 Most Valuable Oil Companies in the World.
The Oil Sector: Latest Market Trends
The sudden rise in geopolitical tensions has led to economic sanctions, supply chain disruptions, and a surge in oil prices that is negatively impacting many markets around the world. On February 5, Reuters reported that oil prices increased by about $1 a barrel due to concerns that tensions in the Middle East and Russia’s invasion of Ukraine could restrict global oil supplies. Brent crude futures settled at $77.99 a barrel, up 66 cents, and US West Texas Intermediate crude futures added 50 cents to settle at $72.78 a barrel.
Despite many challenges, the crude oil market is expected to expand. According to a report by The Business Research Company, the global crude oil market was valued at $2.82 trillion in 2023. The market is expected to grow at a compound annual growth rate (CAGR) of 5.1% during 2024-2028, propelling it to reach above $3.65 trillion by the end of the forecasted period. The growth of the oil market can be attributed to industrialization and economic growth. Key factors creating a positive market outlook also include the transportation sector and the petrochemical industry. The global demand for energy and electricity generation is further augmenting market growth. Technological advancements within the oil industry are making oil production more efficient and sustainable. This is also increasing the profitability of the businesses operating in this space.
Leading Global Oil Giants
Some of the most prominent names in the global oil industry are Exxon Mobil Corporation (NYSE:XOM), Shell plc (NYSE:SHEL), and Chevron Corporation (NYSE:CVX). Let’s take a look at what these companies have been up to.
Chevron Corporation (NYSE:CVX) is an American multinational energy corporation that offers a variety of high-quality refined products, including gasoline, diesel, premium base oil, marine and aviation fuels, finished lubricants, and fuel oil additives. It also ranks among the best oil stocks to buy for 2024. Chevron Corporation (NYSE:CVX) has a network of 5 refineries in the US that have a combined capacity to process more than 1 million barrels of oil per day. The corporation is also one of the largest net acreage leaseholders and producers in the Permian Basin, the largest oil-producing basin in the United States. On February 2, Chevron Corporation (NYSE:CVX) reported strong earnings for the fiscal fourth quarter of 2023. The company reported earnings per share (EPS) of $3.45, surpassing EPS estimates by $0.23. Chevron Corporation (NYSE:CVX) reported a revenue of $47.18 billion.
Shell plc (NYSE:SHEL) Shell is a British multinational energy company that specializes in the exploration, production, refining, and marketing of oil and natural gas. It is also engaged in the manufacturing and marketing of chemicals. On January 16, Shell plc (NYSE:SHEL) announced that it has reached an agreement to sell The Shell Petroleum Development Company of Nigeria Limited (SPDC), the company’s Nigerian onshore subsidiary, to Renaissance. Renaissance is a consortium of five companies made up of 4 Nigeria-based exploration and production companies and an international energy group. The transaction is valued at $1.3 billion and it will preserve the full range of SPDC’s operating capabilities.
As the global energy landscape continues to evolve, some of the biggest oil companies are increasing oil production to meet the changing market needs and maintain competitiveness. Exxon Mobil Corporation (NYSE:XOM) is an American multinational oil and gas corporation and one of the world’s largest integrated oil and gas companies. On February 7, Reuters reported that Exxon Mobil Corporation (NYSE:XOM), leading a consortium in Guyana, has significantly increased oil production in the country to pump approximately 645,000 barrels per day, up from 400,000 barrels per day in late 2023. This surge can be attributed to the emergence of the South American country as the world's fastest-growing new oil province, with discoveries of over 11 billion barrels of oil and gas. The consortium has reported that all 3 platforms are producing above their initially estimated capacities. The group has proposed budgets of about $40 billion for 6 projects, with $29 billion already spent. The fourth, fifth, and sixth oil projects are expected to have a production capacity of 250,000 barrels per day each, potentially bringing oil output in Guyana to more than 1.2 million barrels per day in 2027.
Now that we have discussed what’s going on in the global oil industry, let’s take a look at the 25 most valuable oil companies in the world.
25 Most Valuable Oil Companies in the World
A wide shot of oil rigs on a field, with the sun setting in the background.
Methodology
In this article, we have listed the 25 most valuable oil companies in 2024. To find the biggest oil companies in the world, we sifted through various sources including industry reports and consulted stock screeners from Yahoo Finance and Finviz. For companies that are publicly traded, we decided to rank them according to their market capitalization as of February 9, 2024. We used fiscal year revenue data to rank the companies that are not publicly traded. For foreign companies, we converted the market caps and revenues to US dollars according to their respective exchange rates. Finally, we narrowed down our selection to rank the 25 most valuable oil companies in the world based on their market capitalization and revenues, which are listed below in ascending order.
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Pioneer Natural Resources Company (NYSE:PXD) is an oil and natural gas exploration and production company. It ranks among the top 25 most valuable oil companies in the world. Pioneer Natural Resources Company (NYSE:PXD) has a market capitalization of $53.08 billion as of February 9, 2024.
Enterprise Products Partners L.P. (NYSE:EPD) is an American midstream natural gas and crude oil pipeline company. It is a major provider of midstream energy services to producers and consumers of crude oil, natural gas, natural gas liquids (NGLs), refined products, and petrochemicals. As of February 9, 2024, Enterprise Products Partners L.P. (NYSE:EPD) has a market capitalization of $56.96 billion.
Marathon Petroleum Corporation (NYSE:MPC) is an American petroleum refining, marketing, and transportation company that ranks among the top 25 most valuable oil companies in the world. With a system of 13 refineries in the US, Marathon Petroleum Corporation (NYSE:MPC) is one of the nation’s largest refiners. The company has a market capitalization of $62.54 billion as of February 9, 2024.
Phillips 66 (NYSE:PSX) is an American multinational oil and gas company. It is a diversified energy manufacturing and logistics company that is engaged in oil refining, marketing, and transportation, as well as chemical manufacturing and power generation. As of February 9, 2024, Phillips 66 (NYSE:PSX) has a market capitalization of $62.63 billion.
EOG Resources Inc. (NYSE:EOG) is an American energy company. It engages in the exploration, development, production, and marketing of crude oil and natural gas. As one of the most valuable oil companies in the world, EOG Resources Inc. (NYSE:EOG) has a market capitalization of $64.75 billion as of February 9, 2024.
Canadian Natural Resources Limited (NYSE:CNQ) is a Canadian oil and natural gas company. It is one of the world’s largest independent crude oil and natural gas producers. With a market capitalization of $66.13 billion as of February 9, 2024, Canadian Natural Resources Limited (NYSE:CNQ) ranks among the top 20 on our list of the most valuable oil companies in the world.
Schlumberger Limited (NYSE:SLB) is an oilfield services company. It is one of the world's largest offshore drilling companies. Schlumberger Limited (NYSE:SLB) provides technology for reservoir characterization, production, drilling, and processing to the global oil and gas industry. As one of the top oil companies in the world, it has a market capitalization of $67.18 billion as of February 9, 2024.
18. Public Joint Stock Company Rosneft Oil Company (MCX:ROSN)
Market Capitalization: $68.74 Billion
Public Joint Stock Company Rosneft Oil Company (MCX:ROSN) is a Russian integrated energy company. As one of Russia’s largest oil refining companies, it specializes in the exploration, extraction, production, refining, transport, and sale of petroleum, natural gas, and petroleum products. Public Joint Stock Company Rosneft Oil Company (MCX:ROSN) has a market capitalization of $68.74 billion as of February 9, 2024.
Enbridge Inc. (NYSE:ENB) is a Canadian multinational pipeline and energy company. Operating one of the world’s longest and most complex crude oil and liquids transportation systems, it owns and operates pipelines throughout Canada and the US. As one of the top most valuable oil companies in the world, Enbridge Inc. (NYSE:ENB) has a market capitalization of $72.75 billion as of February 9, 2024.
Equinor ASA (NYSE:EQNR) is a Norwegian state-owned multinational energy company. It is engaged in the exploration, development, and production of oil and gas. The company also invests in renewable energy. Equinor ASA (NYSE:EQNR) has a market capitalization of $77.1 billion as of February 9, 2024.
15. PT Pertamina (Persero)
Revenue: $84.88 Billion
PT Pertamina (Persero) is an Indonesian state-owned oil and natural gas company that ranks among the top 15 on our list of the most valuable oil companies in the world. The corporation is a major crude oil producer in Indonesia. In 2022, PT Pertamina (Persero) generated a revenue of $84.88 billion.
14. Petronas
Revenue: $85.36 Billion
Petronas, also known as National Petroleum Limited, is a Malaysian multinational oil and gas company. As one of the top oil and gas companies in the world, it has a presence in more than 100 countries. In 2022, Petronas generated $85.36 Billion.
13. China Petroleum & Chemical Corporation (SHA:600028)
Market Capitalization: $92.8 Billion
China Petroleum & Chemical Corporation (SHA:600028), also known as Sinopec, is a Chinese oil and gas company. It has a market capitalization of $92.8 billion as of February 9, 2024. As a vertically integrated energy and chemical company, China Petroleum & Chemical Corporation (SHA:600028) is engaged in oil and gas exploration and production.
12. CNOOC Limited (HKG:0883)
Market Capitalization: $92.91 Billion
CNOOC Limited (HKG:0883) is China's offshore crude oil and natural gas company. It is primarily engaged in the exploration, development, production, and sale of crude oil and natural gas. CNOOC Limited (HKG:0883) has a market capitalization of $92.91 billion as of February 9, 2024. It ranks 12th on our list of the most valuable oil companies in the world.
11. Abu Dhabi National Energy Company PJSC (ADX:TAQA)
Market Capitalization: $96.44 Billion
Abu Dhabi National Energy Company PJSC (ADX:TAQA) is a government-controlled energy holding company of Abu Dhabi, United Arab Emirates. It focuses on oil and gas exploration and production, pipelines, underground gas storage, power generation, and water desalination. As of February 9, 2024, Abu Dhabi National Energy Company PJSC (ADX:TAQA) has a market capitalization of $96.44 billion.
BP plc (NYSE:BP) is a British multinational oil and gas company. Headquartered in London, England, it is an integrated energy company with a presence in 70 countries around the world. As one of the world’s biggest oil and gas corporations, BP plc (NYSE:BP) has a market capitalization of $103.37 billion as of February 9, 2024. It ranks among the top 10 on our list of the most valuable oil companies in the world.
9. Petróleo Brasileiro S.A. - Petrobras (NYSE:PBR)
Market Capitalization: $111.67 Billion
Petróleo Brasileiro S.A. - Petrobras (NYSE:PBR) is a state-owned Brazilian multinational petroleum corporation. The corporation operates in an integrated and specialized manner in the oil, natural gas, and energy industry. As of February 9, 2024, Petróleo Brasileiro S.A. - Petrobras (NYSE:PBR) has a market capitalization of $111.67 billion.
8. Pemex
Revenue: $118.54 Billion
Pemex, also known as Petróleos Mexicanos, is a Mexican state-owned petroleum company. It also ranks among the largest energy companies by revenue. Pemex is managed and operated by the Mexican government. In 2022, the state-owned petroleum company generated a revenue of $118.54 billion.
ConocoPhillips (NYSE:COP) is an American multinational oil and gas corporation. The company is primarily engaged in the exploration and production of oil and gas. As of February 9, 2024, ConocoPhillips (NYSE:COP) has a market capitalization of $130.96 billion.
TotalEnergies SE (NYSE:TTE) is a French multinational integrated energy and petroleum company. It is one of the world's biggest oil companies and it ranks 6th on our list of the most valuable oil companies in the world. TotalEnergies SE (NYSE:TTE) has a market capitalization of $150.47 billion as of February 9, 2024.
