China Petroleum & Chemical Corporation generated more revenue than any other company within the global energy sector in the financial year 2023. The Chinese oil and gas refining giant also known by its acronym Sinopec reported revenues of 442 billion U.S. dollars. Saudi Arabian Oil Co, also referred to as Saudi Aramco, ranked second, with 441 billion U.S. dollars in revenue.
Global energy sources
In 2023, oil and gas multinational corporations dominated as the leading companies in terms of energy sales. Oil, natural gas, and coal are still the leading sources of primary energy consumption worldwide. By comparison, the revenue of the largest renewable energy companies in the world was below 75 billion U.S. dollars. Their headquarters are mostly located in the United States and Europe.
Global energy demand
China not only boasted some of the world's largest energy conglomerates, but it also led the world in terms of energy consumption. However, per capita energy consumption was higher in the Middle Eastern countries of Qatar and United Arab Emirates. Global energy consumption was projected to increase by 30 percent by 2050, after growing by 80 percent between 1990 and 2022.
Leading energy companies worldwide in financial year 2022/23 based on revenue
(in million U.S. dollars)
Includes companies under the following industries: electric utilities, multi utilities, integrated oil and gas, oil and gas exploration and production, oil and gas refining and marketing, and oil and gas storage and transportation.
Some figures were converted to U.S. dollars according to the following rates of conversion (as of July 1, 2024): one yuan equals approximately 0.14 U.S. dollars; one euro equals approximately 1.08 U.S. dollars; one Russian ruble equals approximately 0.011 U.S. dollars; one Indian rupee equals approximately 0.012 U.S. dollars
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Statista. (July 1, 2024). Leading energy companies worldwide in financial year 2022/23 based on revenue (in million U.S. dollars) [Graph]. In Statista. Retrieved October 11, 2024, from https://www.statista.com/statistics/664868/global-top-energy-companies-by-revenue/
Statista. "Leading energy companies worldwide in financial year 2022/23 based on revenue (in million U.S. dollars)." Chart. July 1, 2024. Statista. Accessed October 11, 2024. https://www.statista.com/statistics/664868/global-top-energy-companies-by-revenue/
Statista. (2024). Leading energy companies worldwide in financial year 2022/23 based on revenue (in million U.S. dollars). Statista. Statista Inc.. Accessed: October 11, 2024. https://www.statista.com/statistics/664868/global-top-energy-companies-by-revenue/
Statista. "Leading Energy Companies Worldwide in Financial Year 2022/23 Based on Revenue (in Million U.S. Dollars)." Statista, Statista Inc., 1 Jul 2024, https://www.statista.com/statistics/664868/global-top-energy-companies-by-revenue/
Statista, Leading energy companies worldwide in financial year 2022/23 based on revenue (in million U.S. dollars) Statista, https://www.statista.com/statistics/664868/global-top-energy-companies-by-revenue/ (last visited October 11, 2024)
Leading energy companies worldwide in financial year 2022/23 based on revenue (in million U.S. dollars) [Graph], Statista, July 1, 2024. [Online]. Available: https://www.statista.com/statistics/664868/global-top-energy-companies-by-revenue/