The World's Biggest Oil Companies in 2019
The world relies on the Oil & Gas industry.
According to the US Energy Information Association, the U.S. alone consumed an average of 20.5 million barrels of petroleum a day in 2018. This amounts to around 7.5 billion barrels over the year and approximately 22% of total world petroleum consumption.
Find out how this list compares to 2022 here.
The world's dependence on oil and gas is increasing as global economies and infrastructure continue to rely heavily on petroleum-based products. Discussions of when world oil and gas production will peak seem to be on the periphery, even amid a weakened global economy and the shrinking availability of oil. Indeed, the oil and gas industry continues to wield incredible influence in international economics and politics - especially in consideration of employment levels in the sector, with the U.S. oil and gas industry supporting at least 10 million jobs.
There are over 200 oil and gas companies in the world. Inrecent years the traditional supermajors have seen stiff competition from the growing number of National Oil Companies – state-owned entities that are increasingly seizing sole rights to major oil reserves.
Who are the key players in the oil sector industry and what companies are able to have the biggest effect on international markets?
In this list, we count down the biggest oil and gas companies in the world ranked by annual revenue.
1. Sinopec
2018 Revenue: $377 billion
Ownership: State-owned
Nationality: China
2018 Net Income: $9.1 billion
2018 Barrels per day: 4.88 million
Established in 1998 from the former China Petrochemical Corporation, the super-large petroleum and petrochemical enterprise group is primarily focused on exploration and production, refining, marketing and distribution.
The largest company on this list with an annual revenue of $377 billion, Sinopec, is a state-owned Chinese oil company based in Beijing. The company significantly expanded its assets by exploring and drilling in African territories, providing China with a major foothold in the continent. In fact, Chinese oil and gas organisations now operate in more than 20 African countries, with Sinopec regularly beating off major western oil and gas competitors to secure lucrative offshore deepwater prospecting blocks.
2.Saudi Aramco
2018 Revenue: $355.9 bn
Ownership: State-owned
Nationality: Saudi Arabia
2018 Net Income: $111.1 bn
2018 barrels per day: 13.6 million
Saudi Aramco is Saudi Arabia's national oil company. Operating in both upstream and downstream segments, the company has extensive operations in production, exploration, petrochemicals, refining, marketing and international shipping.
Not only is Saudi Aramco the most profitable oil company in the world, but it is also the most profitable company in the world by a large margin. In 2018, the company generated $111.1 billion in net income - far exceeding the second most profitable company in 2018, Apple ($59 billion).
Aramco’s history goes back to 1933 when an oil concession agreement was signed between Saudi Arabia and the Standard Oil Company. Over the years the Saudi government gained increasing shareholding stakes until 1988 when it took full control of the company and rebranded from Aramco (Arabian American Oil Company) to Saudi Aramco (Saudi Arabian Oil Company). From its first export of crude oil in 1939, Saudi Aramco says it now produces one out of every eight barrels of oil in the world, or about 12% of global production. Despite its obvious successes, investors remain concerned about Saudi Aramco's innate ties to the KSA economy. Unlike other companies, its revenue streams are virtually tied to a single country, as the KSA has the ability to substantially influence Saudi Aramco through taxation, setting production levels and dividends, as well as indirect geopolitical developments.
3. China National Petroleum
2018 Revenue: $324 billion
Ownership: State-owned
Nationality: China
2018 Net Income: $5.4 billion
2018 Barrels per day: 1.9 million
Established in 1988 and the predecessor of the Ministry of Petroleum Industry of the People's Republic of China, the China National Petroleum Corporation is a state-owned oil and gas company with governmental administrative functions.
With the liberalization of trade in China and the resulting economic boom, CNPC first started to export oil and engage in the development of overseas oil fields in 1993. It has come a very long way since then, with much of its operations organised under its subsidiary, PetroChina, and it is now the worlds 4th largest publically listed company and currently accounts for around two-thirds of China's oil and gas output.
4. Royal Dutch Shell
2018 Revenue: $322 billion
Ownership: Public Limited Company
Nationality: UK-Netherlands
2018 Net Income: $23.9 billion
2018 Barrels per day: 3.7 million
The supermajor more commonly known as Shell was founded in 1907 following the merger of the Royal Dutch Petroleum Company and the "Shell" Transport and Trading Company Ltd of the United Kingdom.
Thanks to its distinctive logo and subsidiary Shell Oil Company’s many service stations, Shell is one of the most well-known oil and gas companies in the world. The Shell name and logo is tied to the "Shell" Transport and Trading Company - it’s founder’s father had originally created a business selling seashells to collectors.
An Anglo-Dutch company, Royal Dutch Shell's revenue is equivalent to 84% of the Netherlands's GDP at the time. In 2012 Shell took the top spot as the biggest company on the FTSE, with a 140.9 billion market capitalisation. In 2017 the company took the number seven spot in Fortune 500’s Global 500 – their annual ranking of the world’s largest corporations.
5. BP
2018 Revenue: $303.7 billion
Ownership: Public Limited Company
Nationality: UK
2018 Net Income: $9.58 billion
2018 Barrels per day: 4.1 million
The Anglo-Persian Oil Company was formed in 1909, itself an offshoot of the Burmah Oil Company. It later rebranded to the Anglo-Iranian Oil Company and then finally to BP. 11 years later the company became the first to strike oil in the North Sea. Thanks to its 20,000 plus service stations, BP is one of the most recognisable oil and gas companies.
Other notable mergers and acquisitions following its privatisation in 1979 / 1987 include Amoco in 1998 and ARCO and Burmah Castrol in 2000, becoming one of the largest petroleum companies in the world
The company rebranded in 2001, dropping its green shield logo in favour of the "Helios" symbol – designed to represent the event in all its forms. The company also adopted the slogan "Beyond Petroleum" – highlighting their focus on all types of energy and stressing their commitment to a lower carbon future.
In recent times, most revenue generated by the petroleum giant is through the downstream segment. This segment includes refinery processing, oil products and chemicals.
6. ExxonMobil
2018 Revenue: $241 billion
Ownership: Private Limited Company
Nationality: U.S.
2018 Net Income: $20.84 billion
2018 Barrels per day: 4.91 million
Formed in 1999 after the merger of Exxon and Mobil, the US multinational oil and gas company is one of the largest refiners in the world. The world’s seventh largest company by revenue, ExxonMobil holds an industry-leading inventory of resources and is one of the largest integrated refiners, marketer of petroleum products and chemical manufacturers in the world.
A descendant of Standard Oil, established by John D. Rockefeller in 1870, ExxonMobil has evolved over the last 140 years from a regional marketer of kerosene in the U.S. to the largest publicly traded oil and gas company in the world.
Their public profile took a hit in 1989 with the Valdez oil spill when 10.8 million US gallons of crude oil were spilt over the next few days. It is considered to be one of the most devastating human-caused environmental disasters and the second largest in US waters, after the 2010Deepwater Horizon oil spill.
7. Total
2018 Revenue: $156 billion
Ownership: Public
Nationality: France
2018 Net Income: $13.6 billion
2018 Barrels per day: 2.8 million
Founded in1924, Total's activities cover the entire oil and gas chain. Total has a very diverse portfolio across difference resource themes with a strong presence in LNG, particularly due to exposure to Australian LNG. Total has produced oil and gas for almost a century and has also branched into renewable energies and electric power. Recently, Xavier Pfeuty, LNG Manager of Total’s Marine Fuel Global Solutions group, the oil giant is committed to promoting LNG as a viable marine fuel. Total has been pursuing major LNG contracts – and in December 2017, won their first supply contract with CMA CGM for 300,000 tonnes of LNG per year for ten years. Demonstrating attractive growth potential, Total grew its production by 8% in 2018 and is set to increase its output by 9% in 2019.
8. Valero
2018 Revenue: $117 billion
Ownership: Public
Nationality: U.S
2018 Net Income: $4.1 billion
2018 Barrels per day: 3.1 million
Fortune 50 company, Valero, is an international manufacturer and marketer of transportation fuels and petrochemical products based in Texas. One of the world’s largest independent petroleum refiners, Valero's activities are predominantly based around refining crude oil as - opposed to drilling - and selling the product through its 6,800 retail outlets.
Formerly know, as Valero Refining and Marketing company, Valero was founded in 1980. It nowoperates 15 petroleum refineries and 14 ethanol plants and employees over 20,000 personnel.
9. Gazprom
2018 Revenue: $112 billion
Ownership: Public
Nationality: Russia
2018 Net Income: $5.8 billion
2018 Barrels per day: 9.7 million
With a global share of gas reserves of 17%, Gazprom owns the world’s largest network of gas trunk lines (171.2 thousand kilometres long), most of which are tied together into the Unified Gas Supply System (UGSS) of Russia. Although a private company, the majority shares of the company are owned by the Russian government. At present, Gazprom is responsible for around 14% of global gas output and 74% of Russian gas output.
Following major reforms initiated by President Vladimir Putin, the company saw a shift in management personnel and policy and later sales by its major subsidiaries resulted in the Russian government gaining the controlling share in the company.
In recent times, Gazprom has been focusing on large scale projects to exploit gas resources in the Yamal Peninsula, Arctic Shelf, Eastern Siberia and the Far East, Developing Russia’s Arctic shelf resources and developing a gas line to China.
10. Phillips 66
2018 Revenue: $111 billion
Ownership: Public
Nationality: U.S.
2018 Net Income: $5.106 billion
2018 Barrels per day: 2.2 million
Major U.S. energy manufacturing and logistics company, Phillips 66, has a diversified portfolio of activities in midstream, chemical, marketing and refining areas of oil and gas production.
Phillips 66 has over 130 years in the sector, but its recent branding can be traced back to 2002 when Conoco and Phillips merged to become Conoco Phillips, resulting in the third-largest company in the US. Phillips 66 emerged from ConocoPhillips' midstream and downstream businesses to create a publicly traded company in 2012. Now, the energy company has 14,400 employees, 13 refineries and 64,000 miles of pipeline - displaying a bright future and impressive ability to gain mainstream traction.
Additional mentions
Kuwait Petroleum Corp
2017 Revenue:$251 billion
Nationality: Kuwait
Lukoil
2017 Revenue: $114 billion
Nationality: Russia
Eni
2017 Revenue: $131 billion
Nationality: Italy
Pemex
2017 Revenue: $117 billion
Nationality: Mexico
Chevron Corporation
2017 Revenue:$129 billion
Nationality: USA
National Iranian Oil Co (NIOC)
2017 Revenue: $110 billion
Nationality: Iran
How does this compare to 2022? Find out here.
Want to Learn more about the Oil and Gas Industry? Checkout out our guides
- Guide to shutdowns and turnarounds
- Oil Price: The Top 25 Events That Rocked The Cost Of Crude Oil
- Guide to FPSO (Floating Production Storage and Offloading)
- A guide to FLNG (floating liquefied natural gas)
- FPSO revival: Opportunities and outlook
Sources: Forbes, EIA, OPEC, Harvard Business Review, Energy Business Review, Financial Times, Time, Wikipedia. Statista, Macrotrends, Financesonline
FAQs
What did oil companies make in 2019? ›
The six largest oil and gas companies reported in excess of $55 billion in combined profits in 2019. Just these six companies have generated $2.4 trillion in profits since 1990 (see table below).
Who is the biggest oil and gas company in the world? ›Saudi Aramco is the world's largest integrated oil and gas company and its stock is not traded in the United States.
How many oil and gas companies are there in the world? ›How many oil companies are there in the world? There are at least tens of thousands of oil companies in the world. In the US alone, there are 9,000 independent oil companies, defined as a company with under $5 million in retail sales or that does not refine more than an average of 75,000 barrels per day of crude oil.
What US companies produce the most oil? ›ExxonMobil ranks first among United States' top ten oil and gas producing companies based on market capitalization. As of October 17, 2022, the Texas-based oil supermajor had a market cap of 410.22 billion U.S. dollars.
Who produced the most oil in 2019? ›The United States
The U.S. is consistently the top oil producer in the world. Its production averages 17.87 million barrels per day, which accounts for 18% of the entire world's production.
Canada is the main source country for petroleum imported into the United States. In 2021, the United States imported around 4.34 million barrels of petroleum per day from its northern neighbor.
Who is America's biggest oil supplier? ›The top five source countries of U.S. gross petroleum imports in 2021 were Canada, Mexico, Russia, Saudi Arabia, and Colombia. Note: Ranking in the table is based on gross imports by country of origin. Net import volumes in the table may not equal gross imports minus exports because of independent rounding of data.
Who controls the most oil in the world? ›Nearly all accounts of Big Oil include ExxonMobil, Chevron, Shell, BP, Eni and TotalEnergies. All six of these companies are vertically-integrated within the industry and operate upstream, midstream, and downstream.
Can the US supply its own oil? ›U.S. oil refineries obtain crude oil produced in the United States and in other countries. Different types of companies supply crude oil to the world market.
Is the US the largest producer of oil and gas in the world? ›
The U.S. is the world's largest oil producer. You'll still pay more for gas.
Who owned 90% of the oil industry? ›In 1882, Standard Oil Trust created a network of Standard Oil companies throughout the country, led by a board of trustees, where Rockefeller owned over one third of the certificates. By the late 1880s, Standard Oil controlled 90% of American refineries.
Why is the US not drilling for oil? ›The reason that U.S. oil companies haven't increased production is simple: They decided to use their billions in profits to pay dividends to their CEOs and wealthy shareholders and simply haven't chosen to invest in new oil production.
What company pumps the most oil? ›Saudi Aramco is the world's largest oil company based on daily oil production. In the 2021 fiscal year, Saudi Arabia's state-owned oil company reported a crude oil output of some 9.2 million barrels per day. This was over a threefold increase from the amount extracted by its closest competitor.
Where does the US rank in oil production? ›| Country | Oil production 2021 (bbl/day) | Oil production per capita 2021 (bbl/day/million people) |
|---|---|---|
| United States | 11,184,870 | 33,556 |
| Russia | 10,111,830 | 69,689 |
| Saudi Arabia (OPEC) | 9,313,145 | 265,991 |
| Canada | 4,459,455 | 114,275 |
They're just not available.” As a result, US oil production is just under 12 million barrels a day, 8% lower than in 2019.
How much oil and gas did US produce in 2019? ›U.S. crude oil production grew 11% in 2019, surpassing 12 million barrels per day. Annual U.S. crude oil production reached another record level at 12.23 million barrels per day (b/d) in 2019, 1.24 million b/d, or 11%, more than 2018 levels. The 2019 growth rate was down from a 17% growth rate in 2018.
Where does the US get its oil 2023? ›Here are the 10 countries providing the most U.S. oil imports: Canada - 1,584,269. Mexico - 259,496. Russia - 245,194.
Where does China get its oil? ›Saudi Arabia is China's main crude oil supplier. In 2021, China imported nearly 81 million metric tons worth of crude oil from the Middle Eastern producing giant. In fact, the majority of China's oil imports originated from countries in the Middle East.
What percentage of oil comes from Russia to the US? ›In 2021, imports from Russia accounted for 8% of all U.S. petroleum imports, which includes the 3% share of crude oil imports and the 20% share of petroleum product imports.
Who is the biggest buyer of oil in the world? ›
| Country/Region | Crude Oil - Imports (bbl/day - est.) | Year of Information |
|---|---|---|
| European Union | 14,060,000 | 2017 |
| China | 10,852,615 | 2020 |
| United States | 5,877,000 | 2020 |
| India | 4,033,050 | 2020 |
Tapis. Tapis, a type of crude found only in Malaysia, is considered the best quality oil in the world. Light and sweet, it's benchmark traded in Singapore and coveted for its remarkably low sulphur content (0.04 percent) and low density of between 43 and 45° API.
Which country has the most oil in the ground? ›...
Service companies.
| Rank | Company | Million Bbl/Year |
|---|---|---|
| 1 | BP | 237.0 |
| 2 | Chevron | 177.0 |
| 3 | ConocoPhillips | 153.0 |
| 4 | ExxonMobil | 112.0 |
According to current estimates, 80.4% (1,241.82 billion barrels) of the world's proven oil reserves are located in OPEC Member Countries, with the bulk of OPEC oil reserves in the Middle East, amounting to 67.1% of the OPEC total.
How many years of oil is left in the US? ›That equates to somewhere in the region of 1.65 trillion barrels of proven oil reserves. Other sources up this estimate a bit, but most agree we have around 50 years left, give or take.
Who are the 6 oil families? ›In the maritime industry, a group of six companies that control the chartering of the majority of oil tankers worldwide are together referred to as "oil majors". These are: Shell, BP, ExxonMobil, Chevron, TotalEnergies and ConocoPhillips.
Who are the 7 sisters of oil? ›The 'seven sisters' comprises Anglo-Persian Oil Company (now BP); Gulf Oil, Standard Oil of California (SoCal) and Texaco (now Chevron); Royal Dutch Shell; Standard Oil of New Jersey (Esso) and Standard Oil Company of New York (Socony), (now ExxonMobil).
Who are the world's top 5 oil producers? ›| Country | Million barrels per day | Share of world total |
|---|---|---|
| United States | 19.89 | 21% |
| China | 14.76 | 15% |
| India | 4.79 | 5% |
| Russia | 3.67 | 4% |
"The U.S. imports oil because consumption of oil products—about 20 million barrels per day—is greater than the quantity of crude oil it produces, about 18 million barrels per day," Kaufmann said. "This difference, about 2-3 million barrels per day, is much smaller than previous years."
Did Biden cancel oil leases? ›
Biden had signed an executive order that suspended new lease sales soon after taking office in 2021.
Who controls gas prices? ›Yes, policies and legislation can certainly play a role, but gas prices are largely dictated by oil prices, and oil prices are dependent upon supply and demand. Presidential control is not as simple as what those posts suggest on social media. The year 2022 is a perfect example.
Who produces more oil U.S. or Russia? ›Oil Production
The United States is by far the world's biggest producer of oil, having produced around 16.6 million barrels of oil on average per day in 2021. Saudi Arabia and Russia follow head to head in second and third place, having produced around 11 and 10.9 million barrels of oil per day, respectively.
According to the U.S. Energy Information Agency, it's not even close. The EIA reports that as of 2021, the U.S. produced 18.88 million barrels per day — or about 10 million per day more than no. 2 Saudi Arabia (10.84 million) and no. 3 Russia (10.78 million).
What is the oldest oil company? ›The first oil corporation, which was created to develop oil found floating on water near Titusville, Pennsylvania, was the Pennsylvania Rock Oil Company of Connecticut (later the Seneca Oil Company).
Do the Rockefellers still own Exxon? ›Rockefeller, who founded Standard Oil in 1870, are exiting the family business. The Rockefeller Family Fund, a charity that supports causes related to the environment, economic justice and other issues, is liquidating its investments in fossil fuel companies, including Exxon Mobil (XOM).
Does the US government drill its own oil? ›Three-quarters of America's oil production and 86% of its gas production happens on private and state land -- not U.S. government lands and waters. Still, oil and gas companies held more than 9,000 approved-but-unused permits to drill in already-leased federal lands onshore as of Dec.
Can oil be drilled in the United States? ›The truth is that the number of rigs drilling for oil in the U.S. is steadily climbing. The year-over-year increase in the Baker Hughes North America Rig Count is now about 60%.
Can the US just drill more oil? ›U.S. oil companies are under pressure to drill more, but they are constrained in how much they can do. It might seem like a logical fix. With domestic gasoline prices surging this month, oil producers could just drill more, right here in the United States.
What company owns the most oil reserves? ›ExxonMobil has the greatest proved reserves of the Big Oil companies in 2021. That year, the United States-based oil and gas producer had proved reserves of some 19 billion barrels of oil equivalent.
Was 2019 a good year for oil & gas industry? ›
Amazingly, overall U.S. crude and natural gas production still rose during that time thanks to shorter drilling times, increased efficiencies and rising per-well recoveries.
How much oil did the US export in 2019? ›U.S. crude oil exports increased to nearly 3 million barrels per day in 2019. U.S. crude oil exports averaged 2.98 million barrels per day (b/d) in 2019, up 45% (930,000 b/d) from 2018.
Why did oil production drop in 2019? ›Oil coursed downward with other global markets as concerns grew that the China-U.S. trade conflict was fast turning into a technology cold war between the world's two largest economies.
What was oil demand in 2019? ›| Characteristic | Demand in million barrels per day |
|---|---|
| 2019 | 99.7 |
| 2018 | 99.3 |
| 2017 | 97.9 |
| 2016 | 96.2 |
U.S. crude oil production grew 11% in 2019, surpassing 12 million barrels per day. Annual U.S. crude oil production reached another record level at 12.23 million barrels per day (b/d) in 2019, 1.24 million b/d, or 11%, more than 2018 levels. The 2019 growth rate was down from a 17% growth rate in 2018.
How much was a barrel of oil back in 2019? ›The price of Brent crude oil, the international benchmark, averaged $64 per barrel (b) in 2019, $7/b lower than its 2018 average. The price of West Texas Intermediate (WTI) crude oil, the U.S. benchmark, averaged $57/b in 2019, $7/b lower than in 2018.
How much oil does US buy from Russia? ›In 2021, imports from Russia accounted for 8% of all U.S. petroleum imports, which includes the 3% share of crude oil imports and the 20% share of petroleum product imports.
Where does US get most of its oil? ›- The top five sources of U.S. total petroleum (including crude oil) imports by percentage share of total petroleum imports in 2021 were:
- Canada51%
- Mexico8%
- Russia8%
- Saudi Arabia5%
- Colombia2%
In December 2015, Congress effectively repealed the ban, allowing the free export of U.S. crude oil worldwide.
Why are US oil companies not producing more oil? ›The reason that U.S. oil companies haven't increased production is simple: They decided to use their billions in profits to pay dividends to their CEOs and wealthy shareholders and simply haven't chosen to invest in new oil production.
Did the US cut oil production? ›
USD/bbl. The US government lowered its annual oil production targets and raised its global demand outlook, adding to supply risks as OPEC and its allies plan output cuts to defend crude prices.
Why isn t the US drilling more oil? ›The biggest reason oil production isn't increasing is that American energy companies and Wall Street investors are not sure that prices will stay high long enough for them to make a profit from drilling lots of new wells.
Who buys oil from Russia? ›India and China have become the largest buyers of Russian oil as Western nations restrict purchases and impose sanctions.
How many gallons are in a barrel? ›The 42-gallon barrel standard was adopted by the Petroleum Producers Association in 1872.
How much of the world's gas comes from Russia? ›In 2021, Russian crude and condensate output reached 10.5 million barrels per day (bpd), making up 14% of the world's total supply. Russia has oil and gas production facilities throughout the country, but the bulk of its fields are concentrated in western and eastern Siberia.