The 25 most valuable oil companies in the world will be examined in this article. You can go straight to the list of the top five oil companies in the world if you’d like to bypass our in-depth examination of the world’s oil market.
The Oil Industry: Current Market Patterns
The abrupt escalation of geopolitical tensions has resulted in supply chain interruptions, economic penalties, and an increase in oil prices that is adversely affecting numerous global markets. According to a report by Reuters on February 5, worries about possible restrictions on global oil supplies resulting from Middle East tensions and Russia’s invasion of Ukraine caused oil prices to rise by approximately $1 per barrel. US West Texas Intermediate crude futures gained 50 cents to conclude at $72.78 a barrel, while Brent crude prices closed at $77.99 a barrel, up 66 cents.
It is anticipated that the crude oil market will grow in spite of certain obstacles. The Business Research Company estimated that in 2023, the global market for crude oil would be worth $2.82 trillion. By 2024–2028, the market is anticipated to expand at a compound annual growth rate of 5.1%, pushing it to surpass $3.65 trillion by the end of the projected decade. Economic growth and industrialization are responsible for the expansion of the oil market.
The transportation and petrochemical industries are other important aspects contributing to the favorable market outlook. The need for energy and electricity generation on a worldwide scale is driving the market’s expansion. Oil industry technological developments are increasing the sustainability and efficiency of oil production. Additionally, this is making the companies in this industry more profitable.
The 25 Most Valuable Oil Companies
25. Pioneer Natural Resources Company
$53.08 billion
Pioneer Natural Resources firm is a production and exploration firm for natural gas and oil. It is one of the world’s top 25 most valuable oil firms. As of February 9, 2024, Pioneer Natural Resources Company has a $53.08 billion market capitalization.
24. Enterprise Products Partners L.P.
$56.96 billion
An American midstream pipeline firm that specializes in natural gas and crude oil is called Enterprise Products Partners L.P.. It is a significant supplier of midstream energy services to producers and users of petrochemicals, refined products, natural gas, crude oil, and NGLs. Enterprise Products Partners L.P. has a $56.96 billion market capitalization as of February 9, 2024.
23. Marathon Petroleum Corporation
$62.54 billion
One of the top 25 most valuable oil firms in the world is Marathon Petroleum Corporation, an American corporation that engages in petroleum refining, marketing, and transportation. One of the biggest refiners in the US is Marathon Petroleum Corporation , which operates a network of 13 refineries. As of February 9, 2024, the company’s market capitalization is $62.54 billion.
22. Phillips 66
$62.63 billion
An American global oil and gas business, Phillips 66. This is a multifaceted energy manufacturing and logistics enterprise that is involved in power generating, chemical production, oil refining, marketing, and transportation. The market capitalization of Phillips 66 is $62.63 billion as of February 9, 2024.
21. EOG Resources Inc.
$64.75 billion
American oil business EOG Resources Inc. was founded in 1996. It works on the development, production, marketing, and exploration of natural gas and crude oil. As of February 9, 2024, EOG Resources Inc., one of the most valuable oil firms in the world, has a $64.75 billion market value.
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20. Canadian Natural Resources Limited
$66.13 billion
An oil and natural gas corporation based in Canada is called Canadian Natural Resources Limited. It is among the biggest independent producers of natural gas and crude oil in the world. On our list of the most valuable oil firms in the world, Canadian Natural Resources Limitedis ranked among the top 20 with a market value of $66.13 billion as of February 9, 2024.
19. Schlumberger Limited
$67.18 billion
The corporation Schlumberger Limited provides services for oilfields. It is among the biggest offshore drilling businesses in the world. Schlumberger Limited supplies the international oil and gas sector with technologies for drilling, processing, production, and reservoir characterization. As of February 9, 2024, it ranked among the top oil businesses in the world with a market valuation of $67.18 billion.
18. Public Joint Stock Company Rosneft Oil Company
$68.74 billion
Rosneft Oil firm, a Russian integrated energy firm, is a public joint stock company. It specializes in the exploration, extraction, production, refining, transportation, and sale of petroleum, natural gas, and petroleum products. It is one of the biggest oil refining businesses in Russia. As of February 9, 2024, Rosneft Oil Company, a public joint stock company, had a market capitalization of $68.74 billion.
17. Enbridge Inc.
$72.75 billion
Canadian multinational pipeline and energy corporation Enbridge Inc.. Owning and running pipelines across Canada and the US, it manages one of the longest and most intricate crude oil and liquids transportation networks in the world. As of February 9, 2024, Enbridge Inc., one of the most valuable oil corporations in the world, with a $72.75 billion market capitalization.
16. Equinor ASA
$77.1 billion
The Norwegian government is in charge of the global energy company Equinor ASA. It is involved in the development, production, and exploration of oil and gas. The business makes investments in green energy as well. As of February 9, 2024, Equinor ASA has a $77.1 billion market capitalization.
15. PT Pertamina
$84.88 billion
On our list of the most valuable oil corporations in the world, PT Pertamina, an Indonesian state-owned company, is ranked among the top 15. The company is one of Indonesia’s biggest producers of crude oil. PT Pertaminabrought in $84.88 billion in revenue in 2022.
14. Petronas
$85.36 billion
Multinational oil and gas corporation Petronas, formerly known as National Petroleum Limited, is based in Malaysia. It is a global leader in the oil and gas industry with operations in over 100 nations. Petronas produced $85.36 billion in revenue in 2022.
13. China Petroleum & Chemical Corporation
$92.8 billion
Sinopec, also known as China Petroleum & Chemical Corporation, is a Chinese oil and gas business. As of February 9, 2024, its market capitalization is $92.8 billion. China Petroleum & Chemical Corporation is a vertically integrated energy and chemical corporation that specializes in the production and exploration of oil and gas.
12. CNOOC Limited
$92.91 billion
China’s offshore crude oil and natural gas corporation is called CNOOC Limited. Its main activities are the production, development, sale, and exploration of natural gas and crude oil. As of February 9, 2024, CNOOC Limitedhad a $92.91 billion market capitalization. On our list of the world’s most valuable oil corporations, it comes in at number twelve.
11. Abu Dhabi National Energy Company PJSC
$96.44 billion
The government of Abu Dhabi, United Arab Emirates, controls the energy holding company Abu Dhabi National Energy Company PJSC. Its main areas of interest are water desalination, electricity generation, pipelines, subterranean gas storage, and oil and gas exploration and production. The market capitalization of Abu Dhabi National Energy Company PJSCis $96.44 billion as of February 9, 2024.
10. BP plc
$103.37 billion
An international British oil and gas corporation is called BP plc. It is an integrated energy firm with operations in 70 countries worldwide, and its headquarters are in London, England. As of February 9, 2024, BP plc, one of the largest oil and gas companies in the world, with a market capitalization of $103.37 billion. On our list of the world’s most valuable oil corporations, it is ranked in the top 10.
9. Petróleo Brasileiro S.A. – Petrobras
$111.67 billion
Brazilian state-owned global petroleum company Petrobras is also known as Petróleo Brasileiro S.A. The company works in the energy, natural gas, and oil sectors in an integrated and specialized manner. Petróleo Brasileiro S.A. – Petrobras has a market capitalization of $111.67 billion as of February 9, 2024.
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8. Pemex
$118.54 billion
Petróleos Mexicanos, or Pemex, is the name of the state-owned petroleum business in Mexico. In terms of revenue, it is also one of the biggest energy firms. The Mexican government oversees and runs Pemex. In 2022, the state-owned petroleum company made $118.54 billion in revenue.
7. ConocoPhillips
$130.96 billion
ConocoPhillips, Inc.is a worldwide oil and gas company based in the United States. The company’s main activities are gas and oil production and exploration. ConocoPhillipshas a market capitalization of $130.96 billion as of February 9, 2024.
6. TotalEnergies SE
$150.47 Billion
The French multinational integrated energy and petroleum firm TotalEnergies SE was founded in 1917. Listed sixth on our list of the most valuable oil firms worldwide, it is one of the largest oil companies in the world. As of February 9, 2024, TotalEnergies SE has a $150.47 billion market capitalization.
5. PetroChina Company Limited
$203.44 billion
Chinese oil and gas business PetroChina business Limitedis ranked in the top 5 most valuable oil companies globally. It is the biggest oil and gas corporation in Asia. As of February 9, 2024, PetroChina Company Limited has a $203.44 billion market capitalization.
4. Shell plc
$206.72 billion
British multinational oil and gas corporation Shell plc. The corporation, which has its headquarters in London, is focused on the production, marketing, refining, and exploration of natural gas and oil. Shell plc has a $206.72 billion market capitalization as of February 9, 2024. It is among the world’s most valuable oil businesses.
3. Chevron Corporation
$279.57 billion
The American global energy company Chevron Corporation is primarily focused on the oil and gas industry. As of February 9, 2024, it has a market capitalization of $279.57 billion, placing it in the top 3 of our ranking of the world’s most valuable oil corporations. The Chevron Corporation is a producer and distributor of premium base oil, gasoline, diesel, marine and aviation fuels, finished lubricants, and fuel oil additives.
2. Exxon Mobil Corporation
$404.13 billion
On our list of the world’s most valuable oil firms in 2024, Exxon Mobil Corporation, an American multinational oil and gas company, comes in second. It is vertically integrated throughout the whole oil and gas business and is among the biggest oil and gas enterprises in the world. Exxon Mobil Corporation will have a market as of February 9, 2024.
1. Saudi Arabian Oil Company
$1.98 trillion
On our list of the 25 most valuable oil firms in the world, Saudi Arabian Oil Company, popularly referred to as Saudi Aramco, comes in first. It is Saudi Arabia’s national oil corporation and a state-owned provider of natural gas and petroleum. As of February 9, 2024, Saudi Arabian Oil Company has a $1.98 trillion market capitalization.
