Sinopec (China Petroleum & Chemical Corporation) is the leading global oil and gas company by revenues generated. In its 2022 fiscal year, the Chinese state-owned enterprise generated 372.5 billion U.S. dollars in revenues.
State-owned enterprises are largest producers
State-owned businesses are among the largest within the oil and gas industry. Saudi Arabia's Saudi Aramco is the leading oil company worldwide based on daily oil production, at over 13 million barrels per day. This is significantly more than the daily output of BP. At 1.1 million barrels of crude oil per day, it is the largest producer among public companies not majority owned by any state. The United Kingdom-based oil and gas giant BP generated 197.6 billion U.S. dollars in revenues in its 2022 fiscal, ranking it behind Big Oil competitors ExxonMobil, Shell, and Total Energies.
Diversification of oil & gas portfolios
In light of the effect the coronavirus pandemic had on corporate results, as well as more stringent emission reduction targets of multiple countries, many within the oil and gas industry are looking to diversify their assets. In late May 2021, investor pressure led to ExxonMobil being forced into accepting new board members endorsed by climate activists, while the majority of Chevron's shareholders voted in favor of greater emission cuts. Meanwhile, a court in its home country ordered Shell to reduce its emissions by 45 percent by the end of the decade. The first ever judicial ruling made on such a scale has been deemed a great win for climate activists. Their efforts have been supported by an increasing number of investment funds and asset managers. However, the necessary dismantling of heavily polluting assets may only be achieved if companies such as Shell increase capital expenditure for clean energy projects. Many European oil majors have already begun looking for clean energy ventures where their expertise may help them gain footing fast, such as offshore wind and blue hydrogen.
Leading oil and gas companies worldwide based on revenue as of 2023
(in billion U.S. dollars)
Characteristic
Revenue in billion U.S. dollars
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Financial Times. (June 12, 2023). Leading oil and gas companies worldwide based on revenue as of 2023 (in billion U.S. dollars) [Graph]. In Statista. Retrieved June 18, 2024, from https://www.statista.com/statistics/272710/top-10-oil-and-gas-companies-worldwide-based-on-revenue/
Financial Times. "Leading oil and gas companies worldwide based on revenue as of 2023 (in billion U.S. dollars)." Chart. June 12, 2023. Statista. Accessed June 18, 2024. https://www.statista.com/statistics/272710/top-10-oil-and-gas-companies-worldwide-based-on-revenue/
Financial Times. (2023). Leading oil and gas companies worldwide based on revenue as of 2023 (in billion U.S. dollars). Statista. Statista Inc.. Accessed: June 18, 2024. https://www.statista.com/statistics/272710/top-10-oil-and-gas-companies-worldwide-based-on-revenue/
Financial Times. "Leading Oil and Gas Companies Worldwide Based on Revenue as of 2023 (in Billion U.S. Dollars)." Statista, Statista Inc., 12 Jun 2023, https://www.statista.com/statistics/272710/top-10-oil-and-gas-companies-worldwide-based-on-revenue/
Financial Times, Leading oil and gas companies worldwide based on revenue as of 2023 (in billion U.S. dollars) Statista, https://www.statista.com/statistics/272710/top-10-oil-and-gas-companies-worldwide-based-on-revenue/ (last visited June 18, 2024)
Leading oil and gas companies worldwide based on revenue as of 2023 (in billion U.S. dollars) [Graph], Financial Times, June 12, 2023. [Online]. Available: https://www.statista.com/statistics/272710/top-10-oil-and-gas-companies-worldwide-based-on-revenue/