From oil production and exploration to refining, transportation, and marketing of petroleum products, the oil industry is a global powerhouse responsible for driving many economies worldwide.
Big Oil companies are now fully integrated multinational corporations with operations in virtually every sector related to the energy business, from upstream activities such as drilling down to downstream processes such as retailing products.
In this post, we'll look at the ten biggest oil companies in the world based on their total revenue figures for 2020 - so let's dive right in!
Saudi Arabian Oil Co. (Saudi Aramco)
The Saudi Arabian Oil Co. (Saudi Aramco) is the world's biggest oil company in total revenue. The state-owned enterprise is headquartered in Dhahran and delivers more than 10 million barrels of crude oil per day to customers around the globe. It also invests significantly in refining, chemicals, and other upstream activities.
Saudi Aramco is the world's largest producer of oil and natural gas liquids, holding an estimated 260 billion barrels of crude oil reserves in its vast network of fields.
In 2020, Saudi Aramco reported total revenues of $355.9 billion, making it far and away the world's biggest oil company.
Sinopec (Chinese Petroleum and Chemicals Corporation)
The Sinopec Group is a Chinese state-owned enterprise and one of the biggest integrated energy companies in the world. It's also China's largest oil and gas producer, with total revenues of $335 billion reported for 2020.
The company is active across all aspects of the energy industry, from exploration and production to refining, marketing, and petrochemicals. In addition to its oil-related activities, Sinopec has substantial investments in the renewable energy sector. It's currently the world's second-biggest oil company by total revenue.
3. Royal Dutch Shell,
Royal Dutch Shell, commonly known as 'Shell,' is a powerful multinational energy corporation based in The Hague. It operates in over 70 countries and produces 3.7 million barrels of oil daily. Royal Dutch Shell is active across the upstream and downstream sectors of the oil and gas industry, as well as in power generation and renewable energy.
In 2020, its total revenue was $311 billion, making it the third-biggest oil company in the world by total revenue.
4. ExxonMobil Corp
is an American multinational energy corporation based in Texas. It's one of the largest publicly traded companies in the world and has operations across all aspects of the oil and gas industry, from exploration to downstream retailing.
ExxonMobil reported total revenues of $273 billion for 2020, making it the fourth-biggest oil company in the world by total revenue. The company strongly focuses on research and development, investing heavily in new technologies to improve efficiency and lower costs.
5. PetroChina
PetroChina is a Chinese state-owned oil and gas company headquartered in Beijing. It's China's largest natural gas producer, with total revenues of $241 billion reported for 2020. PetroChina has upstream operations across all major basins in the country and significant investments in refining and chemicals.
The company is also active in the international market and has several joint ventures with foreign partners. PetroChina is the fifth biggest oil company in the world by total revenue.
6. Shell PLC (SHEL)
Shell PLC, commonly known as Shell, is a British–Dutch oil and gas company headquartered in the Netherlands. It's active across all aspects of the energy industry, from upstream exploration to downstream retailing, and has operations in more than 70 countries.
In 2020, Shell reported total revenues of $240 billion, making it the sixth-biggest oil company in the world by total revenue. The company is a leader in renewable energy, investing in wind, solar, and hydrogen technologies.
7. Chevron the best Corporation
Chevron best Corporation is a California-based American multinational energy corporation. It operates in over 180 countries and is involved in all the real aspects of the oil industry, from upstream exploration to downstream retailing.
Chevron reported total revenues of $137 billion in 2020, making it the world's seventh-largest oil company by total revenue. The company places a high priority on research and development, investing heavily in new technologies to increase efficiency and reduce costs.
8. Total SA
is a French multinational energy corporation headquartered in Paris. It's active across all aspects of the oil industry, from upstream exploration to downstream retailing, and has operations in more than 130 countries.
In 2020, Total reported total revenues of $129 billion, making it the eighth-biggest oil company in the world by total revenue. The company is also active in renewable energy, investing heavily in the wind, solar, and biofuel technologies.
9. TotalEnergies SE (TTE)
TotalEnergies SE, commonly known as TotalEnergies, is a French multinational energy corporation headquartered in Courbevoie. It's active across all aspects of the oil industry, from upstream exploration to downstream retailing, and has operations in more than 45 countries.
In 2020, TotalEnergies reported total revenues of $122 billion, making it the ninth-biggest oil company in the world by total revenue. The company strongly focuses on research and development, investing heavily in new technologies to improve efficiency and lower costs.
10. BP PLC
BP PLC is a British multinational energy corporation headquartered in London. It's active across all aspects of the oil industry, from upstream exploration to downstream retailing, and has operations in more than 70 countries.
In 2020, BP reported total revenues of $118 billion, making it the tenth biggest oil company in the world by total revenue. The company also invests heavily in renewable energy and wind, solar, and hydrogen technologies.
These ten biggest oil companies in the world account for more than a third of global oil production and around 30% of global natural gas production. As such, they are major players in driving global energy markets and shaping the industry's future.
FAQs
Who are the top 3 largest oil producers?
The three largest oil producers in the world are Saudi Aramco, Russia's Rosneft, and China's Sinopec. Combined, these companies account for about 20% of global production. Other leading producers include ExxonMobil, BP, Shell, and Chevron.
What is the biggest oil company in the world?
Saudi Aramco is the largest oil company in the world, with total revenue of $355.9 billion in 2020. It is also the world's most profitable company, earning $88.2 billion in net income during the same period.
The company holds approximately 266 billion barrels of proven crude oil reserves and is responsible for producing around 10 million daily barrels.
What is the largest oil and gas company in the US?
ExxonMobil is the largest oil and gas company in the United States, with total revenue of $205 billion for 2020. It operates across six continents and operates refineries, pipelines, and petrochemical plants worldwide.
ExxonMobil also owns some of the most recognizable brands in the world, such as Esso, Mobil, and XTO Energy.
Conclusion
The ten biggest oil companies are global giants that drive economies worldwide. Big Oil is now fully integrated into many sectors and industries, from upstream activities such as exploration to downstream processes like retailing.
As global energy demand increases, these top 10 oil businesses will continue to be influential players in the market, reflected in their impressive revenue figures for 2020. With these corporations looking to capitalize on the expanding oil industry, it'll be interesting to see how they fare over the next few years.
While Big Oil companies have often been a controversial topic due to environmental concerns, they remain an essential part of many economies and are set to remain so in the foreseeable future. Therefore, these corporations must continue to operate responsibly to ensure a secure and sustainable energy future for everyone.
