China’s Sinopec Group ranks first on the list of the world’s leading oil and gas companies of 2019 with revenues of more than US$430 billion, ahead of Shell and Saudi Aramco. According to company filings, U.S. oil and gas company Exxon Mobil ranked sixth that year, with a total 2019 revenue of some US$275 billion.
Three-digit sales in the billions are not uncommon in the oil and gas industry. However, revenues are highly dependent on the development of crude oil prices on the world market. Sinopec, for example, has therefore integrated both the energy and chemicals businesses into its operations.
Saudi Arabian oil company Saudi Aramco was a newcomer to the list in 2018 and that year remains the only know revenue figure for the company. In April 2019, Saudi Aramco placed bonds worth around $12 billion on the stock exchange for the first time in preparation for an IPO, which was eventually delayed till December. The oil company, which continues to be primarily state-controlled, published financial figures for the first time then. Previously, Saudi Aramco’s accounts had remained mostly secret since the company was nationalized in the 1970s.