The Top 10 Oil & Gas Companies in the World: 2019

We count down the biggest oil and gas companies in the world ranked by annual revenue.

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Adam Muspratt

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. 

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. In recent 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 2010 Deepwater 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 now operates 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


2017 Revenue: $114 billion 
Nationality: Russia


2017 Revenue: $131 billion 
Nationality: Italy


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

Want to Learn more about the Oil and Gas Industry? Checkout out our guides

Sources: Forbes, EIA, OPEC, Harvard Business Review, Energy Business Review, Financial Times, Time, Wikipedia. Statista, Macrotrends, Financesonline