Top 20 Oil and Gas Companies in the World in 2024

Let’s jump into the big world of energy, where giant companies ensure our lights turn on and our cars go vroom! Think of these companies as super strong giants, digging deep into the earth to get the energy we use daily. We will meet some of the biggest names, like Saudi Aramco, which is rich because it has a lot of oil, and Exxon Mobil, which uses cool tech to find oil. Thus, we discuss the Top Oil and Gas Companies in this article.

We’ll also see how some companies, like TotalEnergies, try to be friends with the planet by using cleaner energy. It’s like a big adventure through different places, from hot deserts to big cities, discovering how these giants work hard, face challenges, and try to keep the earth happy.

Top Oil and Gas Companies in the World

1. Saudi Aramco

Saudi Aramco holds the top spot with a staggering market capitalization of $2.023 trillion as of Feb 2024. Founded in 1933, this Saudi Arabia-based company has the world’s largest proven crude oil reserves and is the largest exporter of petroleum. Aramco’s supremacy is deeply rooted in its abundance of untapped reserves, advanced extraction technology, and significant role in global energy security.

A wide-reaching influence, vast oil reserves, superior performance in oil production alone, and profitable downstream operations define Saudi Aramco’s market leadership.

2. Exxon Mobil

The American multinational Exxon Mobil is second, boasting a market cap of  $406.11 Billion as of  Feb 2024. Known for its technology-driven exploration, top-tier operational efficiency, and robust portfolio, Exxon Mobil has set a high standard in the industry since its inception in 1999.

Exxon Mobil’s gateway to the top is driven by its vast network, technology-driven strategy, substantial brand value, and progressive efforts toward lower-emission energy solutions.

3. Chevron

Another U.S.-based multinational, Chevron, sits impressively in third place with its $281.99 Billion market capitalization. With a history of 1879, Chevron is recognized for its integrated business model, operational excellence, and commitment to sustainable energy.

Chevron’s deep-seated global presence, sound financial health, and persistent efforts in sustainable and diverse energy solutions help it secure this high-ranking position.

4. Shell

With a market cap of $206.66 Billion, Shell captures fourth place. Based in the Netherlands and incorporated in the UK, Shell is a significant player in all oil and gas industry sectors. It is known for its innovative approach to energy and wide-ranging portfolio of energy solutions.

Shell’s position in the top five is attributed to its extensive global recognition, sizable exploration portfolio, commitment to transition to a low-carbon future, and robust performance in the gas market.

5. PetroChina

Rounding out the top five is PetroChina, the most valuable oil and gas brand in Asia, with a market cap of $197.99 Billion. Since its establishment in 1999, PetroChina has capitalized on massive domestic demand in China and diversified contributions across exploration, refining, and marketing domains.

PetroChina’s competitive edge lies in its dominance in the rapidly growing Chinese market, comprehensive offerings, and state-backed solid support.

Each company, unique in its strengths, significantly influences the oil and gas sector. The competitive landscape continues to evolve, and these companies must maintain their strategic edges to stay relevant amid the industry’s dynamism.

6. TotalEnergies

The French multinational TotalEnergies boasts a market cap of $155.12 Billion. Its rich history, dating back to 1924, and its ambitious rebranding from Total to TotalEnergies in 2021 signify significant strides in its commitment to a sustainable energy future.

TotalEnergies’ ranking is bolstered by its integrated business model, geographical diversification, ambitious transition towards greener energies, and consistent profitable growth.

7. ConocoPhillips

With a market capitalization of $135.41B, ConocoPhillips is one of the world’s largest independent E&P companies. Established in 1917, its strategic focus is primarily on exploring, developing, and marketing oil and gas.

ConocoPhillips’ core competencies in production optimization, significant reserves, and strategic shift towards cleaner energy sources contribute to its high standing in the industry.

8. BP

BP is a British multinational boasting a market cap of $105.59B. With roots dating back to 1908, BP is recognized for its integrated operations spanning oil exploration and selling fuel and manufactured products.

BP’s substantial global presence, commitment to transition to a net-zero company by 2050 or sooner, and robust refining and retail operations facilitate its ranking in the top ten.

9. TAQA

Founded in 2005, Abu Dhabi National Energy Company (TAQA) with a market capitalization of $97.04B. The state-controlled energy company specializes in oil and gas exploration, production, power generation, and desalination.

TAQA’s position on the list is underpinned by its vast resource base in the Middle East, strategic global acquisitions, and government backing.

10. Petrobras

Brazil’s state-controlled oil company, Petrobras, with a market cap of $111.73B. Established in 1953, it commands significant resources and plays a crucial role in Brazil’s oil industry.

Fueling Petrobras’ spot in the top ten are its extensive reserves, dominant local market share, aggressive offshore drilling program, and advancements in deepwater exploration technology.

These titans of the oil and gas industry flourish in the face of relentless competition and volatile markets, testifying to their resilient strategies and core competencies.

11. Equinor

Equinor, the Norwegian multinational, with a market cap of $84.82B. Founded in 1972, Equinor has made a name for itself through its robust exploration efforts, safe and efficient operations, and commitment to sustainability.

Equinor’s North Sea field dominance, strategic partnerships, and focused transition towards greener energy sources exemplify its stand as a top industry player.

12. Sinopec

China’s Sinopec Group boasts a market cap of $90.34B. Since its founding in 1998, Sinopec has been a significant force in the Chinese and global oil and gas markets, showcasing a remarkable upstream-downstream integration.

Sinopec’s commanding position in the high-potential Asian market for gasoline, vast refining capacity, and dedicated investments in alternative energy reinforce its top-tier status.

13. CNOOC

CNOOC is China’s largest offshore oil and gas producer, with a market cap of $93.35B. Established in 1982, CNOOC has increased organically and through international acquisitions to become a global exploration powerhouse.

CNOOC’s expertise in deepwater exploration, solid global presence, and dominance in the influential Chinese market underpin its position in the top 15.

14. Southern Company

Southern Company is an American gas and electric utility with a market cap of $73.60B. Established in 1945, Southern Company consistently strengthens its integrated gas strategy and embraces renewable energy investments.

Southern Company’s extensive customer base, innovative technology, and commitment to clean and efficient energy production solidify its role as a key industry competitor.

15. Enbridge

Rounding out the top 15 is the Canadian energy company Enbridge, which boasts a market cap of $75.03B. Since its inception in 1949, Enbridge has grown to operate the world’s most protracted and most complex crude oil and natural gas liquids transportation system.

Enbridge’s strategic and vast pipeline infrastructure, ambitious growth plan in the renewable energy sector, and unwavering vision for a sustainable future contribute to its eminent standing.

Each brand earns a rightful spot in the upper echelon of the oil and gas sector, poised to build on its foundations and competitive edges to unlock potential opportunities in an ever-evolving market landscape. Armed with this knowledge, readers can appreciate the tireless efforts of research and strategic maneuvers these companies undertake to stay at the pinnacle of the game.

16. Schlumberger

Schlumberger, the leading oilfield services company globally, has a market cap of $68.51B. Its inception in 1926 marked the beginning of a journey filled with technological innovations and high-impact solutions for the energy industry.

Schlumberger’s prominence in the list is underpinned by its unparalleled service portfolio, world-class technology, and strong commitment to customer satisfaction, bolstering its reputation as an industry pioneer.

17. Canadian Natural Resources

Coming in very close is Canadian Natural Resources, with a market cap of $66.30B. Known for its balanced product portfolio, this Canadian corporation has exerted influence in the oil and gas forum since its establishment in 1989.

Canadian Natural Resources is adept at managing large oil sands projects, with its acquisition-driven growth strategy and commitment to responsible operations, to secure its high-ranking position.

18. Duke Energy

Duke Energy is a premier North American utility company with a market cap of $74.15B. From its humble beginning in 1904, Duke Energy has expanded its operations to serve an extensive base of customers with sustainable and reliable energy.

Robust utility services, customer-centricity, and investment in clean energy transition highlight Duke Energy’s strategic approach, earning its place in this esteemed list.

19. EOG Resources

EOG Resources is an American pioneer in horizontal drilling with a market cap of $35.24 B. With roots dating back to 1985, it has made quite a name through its efficient exploration and production strategies in diverse geographics.

Thanks to EOG’s proficiency in unconventional resource extraction, solid reserve replacement ratio, and impressive production capabilities, it secures a top spot.

20. Rosneft

Rosneft comes in with a market cap of $68.55B. Being the leader in Russia’s petroleum industry, Rosneft has significantly impacted the global front since its inception in 1993.

The government-backed Rosneft scores high on its substantial oil and gas reserves, extensive refining system, and a strong foothold in Russian revenue, warranting its inclusion in the top oil and gas brands.

Understanding their strengths and why they cut further illuminates the competitive dynamics involved within the global oil and gas industry.

Liked this post? Check out the complete series on Lists