The 12 Largest Oil Companies In The World

The global oil industry is a colossal force, making up a significant portion of the world economy. With an estimated value of nearly $400 billion, it represents approximately 3.8% of global GDP. In the United States, oil companies generate over $180 billion in annual revenue and employ around 9.8 million individuals, contributing to 5.6% of total U.S. employment.

This industry intersects with nearly every sector, providing the critical energy needed for the production of various goods.

In this article, we will explore the 12 largest oil companies in the world and provide insights into their operations and market influence.

The 12 Largest Oil Companies

1. Aramco

   Headquarters: Dhahran, Saudi Arabia
   2022 Revenue: $604.3 billion

   Saudi Aramco, which went public in 2019, has established itself as the world’s largest company by market capitalization, far surpassing its closest competitor, Exxon Mobil.

   The company specializes in crude oil production and refinement while also engaging in petrochemical manufacturing. It boasts the second-largest proven crude oil reserves globally, estimated at 270 billion barrels, and refines oil at the highest rate of 5.4 million barrels per day.

   Traditionally, Aramco managed its shipping operations through a subsidiary, Vela International Marine, but now primarily collaborates with independent tanker companies.

   In recent years, Aramco has significantly expanded its investments in global energy and non-oil infrastructure, including acquiring a 13% stake in Hyundai Oilbank in 2019.

   Additionally, in 2020, it sold its first liquefied natural gas (LNG) to an Indian buyer, marking its entry into the LNG market.

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2. PetroChina Co. Ltd.

   Headquarters: Beijing, China
   2022 Revenue: $479.13 billion

   PetroChina is among the world’s largest oil and gas producers, focusing on crude oil, oil derivatives, and various petrochemical products. The firm is a significant player in petroleum exploration.

   In 2019, PetroChina made significant discoveries, including over 358 billion tons of oil in the Ordos Basin and substantial shale gas in the Sichuan Basin.

   It operates as the publicly traded arm of China National Petroleum Corporation, the country’s largest oil conglomerate, employing over half a million individuals.

3. China Petroleum Chemical Corp.

   Headquarters: Beijing, China
   2022 Revenue: $478.5 billion

   Commonly known as Sinopec, this company is involved in oil and natural gas exploration, refinement, and the production of a broad range of petroleum and petrochemical products.

   Although Sinopec’s crude oil output is less than that of PetroChina, it surpasses its competitor in the production of refined petroleum products.

   Sinopec holds significant stakes in various international oil and gas ventures, including a 33% share in Egypt’s Apache Corporation.

   Its parent company, Sinopec Group, is recognized as the largest oil, gas, and petrochemical conglomerate globally.

4. Exxon Mobil

   Headquarters: Irving, Texas
   2022 Revenue: $413.6 billion

   Engaging in nearly all facets of the oil and gas industry, Exxon Mobil was formed through the merger of Exxon and Mobil in 1999. The company produces around 3% of the world’s oil supply and 2% of its total energy.

   Exxon Mobil’s operations span four segments:

   • Upstream. This segment focuses on oil exploration and extraction, making up over 70% of total revenue.

     The company produces an average of 4.32 billion barrels of oil equivalents daily across extensive landholdings in the U.S., Germany, and the Netherlands.

   • Midstream. Although historically minimal, Exxon Mobil’s midstream operations have expanded through joint ventures established since 2019.

   • Downstream. The company markets its products through well-known brands like Exxon, Mobil, and Esso.

   • Chemicals. As the largest manufacturer of butyl rubber, Exxon Mobil also produces various petrochemicals.

   The company is currently investing in clean energy initiatives, including algae biofuels and biodiesel, although these projects are still in the early development stages, with commercialization expected in the 2030s.

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5. Royal Dutch Shell PLC.

   Headquarters: London, U.K.
   2022 Revenue: $386.2 billion

   Formed in 1907, Royal Dutch Shell is one of the largest investor-owned oil companies globally, producing, refining, and exploring petroleum through numerous subsidiaries.

   Shell operates over 44,000 service stations worldwide and produces a variety of lubricants and fuels.

6. Total SE.

   Headquarters: Paris, France
   2022 Revenue: $285.8 billion

   Total SE is involved in the exploration and production of natural gas, crude oil, and low-carbon electricity for global markets, alongside refining petrochemical products.

   The company operates around 550 gas service stations in North America and over 1,200 in Europe and Africa.

7. BP

   Headquarters: London, United Kingdom
   2022 Revenue: $248.8 billion

   BP is the leading oil company in the UK, involved in exploring, producing, and supplying various oil and petrochemical products, including solar energy.

   The company is actively investing in renewable energy sources to diversify its portfolio.

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8. Chevron

   Headquarters: San Ramon, California
   2022 Revenue: $246.2 billion

   Chevron is a multinational corporation active across all sectors of the oil and gas industry, producing a diverse range of products and operating in over 180 countries.

   The company has significant operations in the U.S., Southeast Asia, and the U.S. Gulf Coast, producing an average of 823,000 barrels of oil daily in the U.S.

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9. Marathon Petroleum

   Headquarters: Findlay, Ohio
   2022 Revenue: $179.9 billion

   Marathon Petroleum refines, transports, supplies, and sells petroleum products globally, mainly within the United States, where it operates extensive pipelines.

   The company sold its Speedway brand and its 4,000 gas service stations in 2020.

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10. Valero Energy

    Headquarters: San Antonio, Texas
    2022 Revenue: $176.3 billion

    Valero Energy manufactures, markets, and sells transportation fuels and other petrochemical products, operating 15 refineries across North America and the UK.

    Valero also manages 11 ethanol plants and a wind farm, producing substantial renewable energy.

    The company generates revenue through contracts with the U.S. Defense Logistics Agency Energy (DLA Energy) to supply military fuels.

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11. Phillips 66

    Headquarters: Houston, Texas
    2022 Revenue: $175.7 billion

    Phillips 66 emerged as an independent company in 2012, focusing on petrochemicals and natural gas liquids, with a presence in 65 countries.

    The company owns a stake in the Dakota Access Pipeline and various oil refineries, producing approximately 2.2 million barrels of oil daily.

    Phillips 66 operates service stations under several brands, including Conoco and 76 in the U.S. and Jet in Europe.

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12. Equinor ASA.

    Headquarters: Stavanger, Norway
    2022 Revenue: $150.8 billion

    Equinor ASA, a state-owned multinational energy company from Norway, focuses on petroleum exploration and production while expanding its renewable energy segment.

    Established in 2007, Equinor is the largest operator on the Norwegian continental shelf and has interests in oil and gas fields globally.

    The company also engages in commodity trading and manages several renewable energy projects, including wind farms across Europe.

Oil Industry FAQ

1. What is an oil company?

   An oil company is any organization involved in one or more of the following:

   • Upstream exploration and production involves extracting oil and natural gas from the earth.

   • Midstream includes the transportation, storage, and processing of oils and other natural gas liquids.

   • Downstream encompasses the refining and distribution of the final product.

   Integrated oil companies, like ExxonMobil and BP, manage all aspects of the oil supply chain.

2. What are the three biggest oil companies in the US?

   The three biggest oil companies in the US by revenue are ExxonMobil, Chevron, and Marathon Petroleum Corp. ExxonMobil’s annual revenue exceeds $200 billion, while Chevron and Marathon report revenues of around $115 billion and $100 billion, respectively.

   In terms of oil production, Chevron leads with over 440,000 barrels per day, followed closely by ExxonMobil at 415,000 and EOG Resources at 365,000.

3. How many oil companies are there in the world?

   There are tens of thousands of oil companies globally. In the U.S. alone, approximately 9,000 independent oil companies operate, defined as those with under $5 million in retail sales or refining fewer than 75,000 barrels of crude oil daily.

   Due to varying disclosure requirements, it is challenging to provide an accurate global count of oil companies.

4. Who is the richest oil tycoon in history?

   The richest oil tycoon in history is John D. Rockefeller. He controlled Standard Oil and approximately 90% of U.S. oil production at its peak. In 1913, his wealth amounted to $900 million, equating to about 3% of the U.S. GDP at that time.

   Adjusting for inflation, Rockefeller’s fortune would be worth approximately $23.6 billion today, placing him behind contemporary billionaires like Elon Musk.

   While Standard Oil was eventually dissolved due to antitrust regulations, its legacy persists in companies like ExxonMobil and Chevron.

Author

Chris Kolmar

Chris Kolmar is a co-founder of Zippia and the editor-in-chief of the Zippia career advice blog. He has hired over 50 people in his career, been hired five times, and wants to help you land your next job. His research has been featured on the New York Times, Thrillist, VOX, The Atlantic, and a host of local news. More recently, he's been quoted on USA Today, BusinessInsider, and CNBC.