20 World’s Biggest Oil and Gas Companies in 2024

 

20 World’s Biggest Oil and Gas Companies in 2024-According to the Annual Report of Oil and Gas Companies in 2024, there are 20 Biggest Oil and Gas Companies in the World. This company certainly has abundant total assets with profits/ net income of up to billions of US dollars. As we all know, these companies certainly have abundant oil and gas production and with huge oil and gas deposits/ reserves, this can be processed into some useful derivative products for example diesel fuel, heating oil, jet fuel, petrochemical feedstocks, waxes, lubricating oils, and asphalt.

Chemically, oil and gas are natural resources found under the earth’s surface. Some companies try to find and process it into useful products for humans. Along with the passage of time and technological developments and industries, since the industrial revolution, the need for oil and gas has been increasing day by day. Many transportations, manufacturers, and most of the global economy sectors were driven by the availability of oil and gas.

 

From time to time, in this world, there are some largest oil and gas companies. Many of these companies have huge deposits of oil and gas and production of oil and gas. They can produce many products which people need. Here are the ranks of 20 World’s Biggest Oil and Gas Companies in 2024. The following is the company’s performance based on the net profit generated in 2024. This data was obtained from the Annual Report of oil and gas companies in 2024.

 

Table Rank of Biggest Oil and Gas Companies Based on Net Income in 2024

 

Rank	Name of Company	Total Revenue in 2024	Total Revenue in 2024	Net Income in 2024	Net Income in 2024
		Origin Currency	US Dollar	Origin Currency	US Dollar
1	Saudi Aramco	USD 436 billion	USD 436 billion	USD 106 billion	USD 106 billion
2	Exxon Mobil	USD 349 billion	USD 349 billion	USD 33.6 billion	USD 33.6 billion
3	QatarEnergy	QAR 177 billion	USD 47.8 billion	QAR 96 billion	USD 26 billion
4	Petrochina	RMB 2,937 billion	USD 411 billion	RMB 183 billion	USD 25.6 billion
5	Chevron	USD 202 billion	USD 202 billion	USD 17.7 billion	USD 17.7 billion
6	Royal Dutch Shell	USD 289 billion	USD 289 billion	USD 16.5 billion	USD 16.5 billion
7	TotalEnergies	USD 214 billion	USD 214 billion	USD 16 billion	USD 16 billion
8	Rosneft	RUB 10,139 billion	USD 121 billion	RUB 1,341 billion	USD 16 billion
9	Petronas	MYR 305 billion	USD 73 billion	MYR 55 billion	USD 13.2 billion
10	ConocoPhillips	USD 57 billion	USD 57 billion	USD 9.2 billion	USD 9.2 billion
11	Equinor	USD 102 billion	USD 102 billion	USD 8.8 billion	USD 8.8 billion
12	Sinopec	RMB 3,074 billion	USD 430 billion	RMB 57.4 billion	USD 8 billion
13	Petrobras	USD 91 billion	USD 91 billion	USD 7.6 billion	USD 7.6 billion
14	Marathon Petroleum	USD 140 billion	USD 140 billion	USD 5 billion	USD 5 billion
15	Kuwait Petroleum Corporation	KWD 36.6 billion	USD 120 billion	KWD 1.46 billion	USD 4.8 billion
16	Valero	USD 129 billion	USD 129 billion	USD 3 billion	USD 3 billion
17	Eni	EUR 91.2 billion	USD 101 billion	EUR 2.7 billion	USD 3 billion
18	Phillips 66	USD 145 billion	USD 145 billion	USD 2.1 billion	USD 2.1 billion
19	Eneos	JPY 12,322 billion	USD 83.7 billion	JPY 286 billion	USD 1.9 billion
20	Indian Oil Corporation	859,362 Crore	USD 94.5 billion	13,788 Crore	USD 1.5 billion
21	British Petroleum	USD 194 billion	USD 194 billion	USD 1.22 billion	USD 1.22 billion
22	Pemex	USD 82.2 billion	USD 82.2 billion	(USD -38 billion)	(USD -38 billion)
Description: Origin Currency = Currency officially used in the Annual Report of 2024
Source: Annual Report, 2024
Currency Rate:
1 Renminbi (RMB)= 0.14 US Dollar (USD)
1 Euro = 1.05 US Dollar (USD)
1 Kuwaiti Dinar (KWD) = 3.28 US Dollar (USD)
1 Qatari Riyals (QAR) = 0.27 US Dollar (USD)
1 Malaysian Ringgit (MYR) = 0.24 US Dollar (USD)
1 Japanese Yen (JPY) = 0.0068 US Dollar (USD)
1 Russian Ruble (RUB)= 0.012 US Dollar (USD)
1 Indian Rupee (INR)= 0.011 US Dollar (USD)
1 Crore = 10,000,000 Indian Rupee (INR)
1 Russian Ruble (RUB)= 0.012 US Dollar (USD)

 

 

Besides the revenue and the net income, there is some additional data related to the financial position of the oil and gas companies, i.e., total assets and total liabilities. This data came from the Balance Sheet, Company Annual Report in 2024. These two indicators show the financial position of the company in running the business.

 

Table Rank of Biggest Oil and Gas Companies Based on Total Assets in 2024

 

Rank	Name of Company	Total Assets in 2024	Total Assets in 2024	Total Liabilities in 2024	Total Liabilities in 2024
		Origin Currency	US Dollar	Origin Currency	US Dollar
1	Saudi Aramco	USD 646.3 billion	USD 646.3 billion	USD 206 billion	USD 206 billion
2	Exxon Mobil	USD 453 billion	USD 453 billion	USD 182 billion	USD 182 billion
3	Royal Dutch Shell	USD 387 billion	USD 387 billion	USD 207 billion	USD 207 billion
4	Petrochina	RMB 2,752 billion	USD 385 billion	RMB 1,043 billion	USD 146 billion
5	Sinopec	RMB 2,084 billion	USD 291 billion	RMB 1,108 billion	USD 155 billion
6	TotalEnergies	USD 285 billion	USD 285 billion	USD 165 billion	USD 165 billion
7	British Petroleum	USD 282 billion	USD 282 billion	USD 203 billion	USD 203 billion
8	Chevron	USD 257 billion	USD 257 billion	USD 103.7 billion	USD 103.7 billion
9	Rosneft	RUB 20,682 billion	USD 248 billion	RUB 11,525 billion	USD 138 billion
10	Petronas	MYR 766 billion	USD 183 billion	MYR 260 billion	USD 62.4 billion
11	Petrobras	USD 181 billion	USD 181 billion	USD 122 billion	USD 122 billion
12	Kuwait Petroleum Corporation	KWD 52.3 billion	USD 171 billion	KWD 22.3 billion	USD 73 billion
13	Eni	EUR 147 billion	USD 163 billion	EUR 91.2 billion	USD 101 billion
14	QatarEnergy	QAR 599 billion	USD 161 billion	QAR 134 billion	USD 36 billion
15	Equinor	USD 131 billion	USD 131 billion	USD 88.7 billion	USD 88.7 billion
16	ConocoPhillips	USD122.7 billion	USD 122.7 billion	USD 57.9 billion	USD 57.9 billion
17	Pemex	USD 108 billion	USD 108 billion	USD 206 billion	USD 206 billion
18	Marathon Petroleum	USD 78.8 billion	USD 78.8 billion	USD 54.3 billion	USD 54.3 billion
19	Phillips 66	USD 72.5 billion	USD 72.5 billion	USD 44.1 billion	USD 44.1 billion
20	Valero	USD 60 billion	USD 60 billion	USD 32.6 billion	USD 32.6 billion
21	Eneos	JPY 8,789 billion	USD 59.7 billion	JPY 5,318 billion	USD 36 billion
22	Indian Oil Corporation	506,867 Crore	USD 56 billion	276,268 Crore	USD 30 billion
Description: Origin Currency = Currency officially used in the Annual Report of 2024
Source: Annual Report, 2024
Currency Rate:
1 Renminbi (RMB)= 0.14 US Dollar (USD)
1 Euro = 1.1 US Dollar (USD)
1 Kuwaiti Dinar (KWD) = 3.28 US Dollar (USD)
1 Qatari Riyals (QAR) = 0.27 US Dollar (USD)
1 Malaysian Ringgit (MYR) = 0.24 US Dollar (USD)
1 Russian Ruble (RUB)= 0.012 US Dollar (USD)
1 Japanese Yen (JPY) = 0.0068 US Dollar (USD)
1 Russian Ruble (RUB)= 0.012 US Dollar (USD)
1 Indian Rupee (INR)= 0.011 US Dollar (USD)
1 Crore = 10,000,000 Indian Rupee (INR)

 

 

Brief Description of the World’s Biggest Oil and Gas Companies in 2024

 

 

1. Saudi Aramco

The Saudi Arabian Oil Company or commonly known as Saudi Aramco is one of the world’s biggest oil and gas companies. This Company was founded on 29 May 1933 and has a main office in Dhahran, Saudi Arabia.  This Saudi Aramco has abundant resources of oil gas with Total hydrocarbon reserves 250 billion barrels of oil equivalent (BOE), total reserves of crude oil and condensate around 198.8 billion barrels, Natural gas reserves around 209.8 trillion standard cubic feet (TSCF). Furthermore, total employees of Saudi Aramco achieved more than 75,118 and Saudi Aramco still managed the Ghawar Field (the world's largest onshore oil field) and the Safaniya Field (the world's largest offshore oil field).

In 2019, Aramco becomes a public company with shares listed on Tadawul or Saudi Stock Exchange. Throughout the year of 2024, Saudi Aramco has hydrocarbon production around 12.4 million barrels of oil equivalent per day (mmboed), liquids production around 10.3 million Barrels of Oil Per Day (mmbpd), gas production around 10.8 billion standard cubic feet per day (bscfd). Overall, Saudi Aramco has marketed some diversified products including Crude oil, Gas, NGL, Condensate, Refined products, Chemicals, Electricity, Blue ammonia, and Nonmetallics. In terms of business activities, Aramco completes its historic acquisition of a 70% stake in SABIC or Saudi Basic Industries Corporation in 2020. To date, the majority owner of Saudi Aramco was the Government of Saudi Arabia with a percentage of ownership reaching 90.19%.

Financially, in 2024, the Saudi Aramco successfully generated USD 436 billion of total revenue and net income reached USD 106 billion. Furthermore, in terms of financial position based on the balance sheet in the annual report of 2024, Saudi Aramco has total assets of around USD 646.3 billion with total liabilities of around USD 206 billion. Overall, this performance stated that Saudi Aramco is still the world’s biggest of oil and gas companies based on total revenue, total assets and net income compared to other oil and gas companies.

 

2. PetroChina

PetroChina Company Limited, or commonly known as PetroChina, is one of the biggest ones. The Company was established as a joint stock company with limited liability under the Company Law of the People’s Republic of China (the “PRC” or “China”) (the “Company Law”) on November 5, 1999, as part of the restructuring of China National Petroleum Corporation (“CNPC”). Operationally, this company has a main office in Dongzhimen North Street, Dongcheng District, Beijing.  Geographically, in China, the exploration sites of oil and gas from PetroChina are located across Daqing, Changqing, Xinjiang, Tarim, and Sichuan.

 

Based on business performance, in 2024, PetroChina can produce the oil and gas by achieving crude oil of 942 million barrels, natural gas output of 5,133 billion cubic feet, oil and natural gas output of 1,797 million barrels. In addition, as of 2024, PetroChina still has reserves of 6,183 million barrels of crude oil and natural gas around 72,814 billion cubic feet. Based on quantities of its marketed product in 2024, PetroChina successfully sold Crude oil 155 million tons, natural gas 2,877.53 hundred million cubic meters, Gasoline 64 million tons, Diesel 74 million tons, Kerosene 20 million tons, Polyethylene 6 million tons, Polypropylene 3.7 million tons, and Lubricant 1.89 million tons.

 

Financially, in 2024, the total revenue of PetroChina reached RMB 2,937 billion or equivalent to USD 411 billion, in addition, the PetroChina earned net Income of RMB 183 billion or equivalent to USD 25.6 billion. In terms of financial position in 2024, total assets of PetroChina reached RMB 2,752 billion or equivalent to USD 385 billion and total liabilities of RMB 1,043 billion or equivalent to USD 146 billion.

 

3. Royal Dutch Shell

Royal Dutch Shell plc is an Anglo-Dutch multinational oil and gas company. This company has two main offices i.e., Haagse Hout, The Hague,​Netherlands (Headquarters) and Shell Centre, London,​ England, UK (Registered office). Historically, this company was founded in April 1907 by Marcus & Samuel, Jean B.A. Kessler, Henri Deterding, and Hugo Loudon.

 

Financially, in 2024, Shell employed 103 thousand people spreading out to more than 70 countries and this company also has more than 47,000 retail stations. Furthermore, throughout 2024, Shell produced Crude oil and natural gas liquids 1,452 thousand Barrels of Oil Equivalent Per Day (boe/d), Synthetic crude oil 51 thousand Barrels of Oil Equivalent Per Day (boe/d), and Natural gas 1,333 thousand Barrels of Oil Equivalent Per Day (boe/d). Geographically, the location of oil and gas exploration and production activities are spreading across Europe (Albania, Netherlands, Norway, United Kingdom), Asia (Brunei, Malaysia, Oman), Oceania (Australia), Africa (Egypt, Namibia, Nigeria, São Tomé and Príncipe, and South Africa), North America (Barbados, Canada, Mexico, USA), South America (Argentina, Brazil, Colombia, Suriname, Trinidad and Tobago, Uruguay).  

Financially, in 2024, according to its annual report, the revenue of Royal Dutch Shell reached USD 289 billion, and Shell gained net income around USD 16.5 billion. In terms of financial position, Royal Dutch Shell has total assets of around USD 387 billion and total liabilities of around USD 207 billion.

             

4. ExxonMobil

Exxon Mobil Corporation was founded on November 30, 1999, with a merger between Exxon and Mobil. Presenced in 60 countries globally with more 62,000 scientists, engineers, researchers, technicians, professionals and other employees, ExxonMobil still has headquartered in Spring, Texas, U.S.A. Operationally, this company has some exploration areas in some countries with the ExxonMobil exploration activities concentrated in the Permian Basin, Bakken Formation, Woodford Shale, Caney Shale, and the Gulf of Mexico. Meanwhile, some sites of gas exploration are located in Marcellus Shale, Utica Shale, Haynesville Shale, Barnett Shale, and Fayetteville Shale. Overall, as of 2024, total productive development wells drilled owned by Exxon Mobil are 571 units, and most of its wells located in the United States with 533 units.

In 2024, ExxonMobil produced Crude Oil of around 2,068 thousands of barrels daily, Liquefied Natural Gas (NGL) 483 thousand of barrels daily, and Total natural gas production available for sale 8,078 millions of cubic feet daily. Meanwhile, as of 2024, total Exxon Mobil’s proved reserves is about Crude Oil 8,488 million barrels, Natural Gas Liquids 2,478 million barrels, Bitumen 2,429 million barrels, Synthetic Oil 296 million barrels, Natural Gas 37,549 billions of cubic feet.

 

Financially, in 2024, according to its annual report, ExxonMobil successfully generated total revenue of USD 289 billion and gained net income around USD 16 billion. In terms of financial position, total assets of Shell in 2024 reached USD 387 billion with total liabilities around USD 207 billion.

 

 5. Sinopec

China Petroleum & Chemical Corporation or commonly known as Sinopec is a Chinese oil and gas company established in July 1998. Operationally, Sinopec still has a main office in Chaoyang, Beijing, China. Related to exploration and production aspects in 2024, Sinopec can produce Oil and gas production 515.35 million barrels of oil equivalent (mmboe), Crude oil production 281.85 million barrels of oil (mmbbls), Natural gas production 1,400.39 billion Cubic Feet (bcf).  Furthermore, total crude oil proved reserves are around 2,097 million barrels of oil (mmbbls) as of December 2024.

 

Financially, in 2024 based on its annual report, according to the annual report, Sinopec is still in good positive performance which successfully gained total revenue around RMB 3,074 billion or equivalent to USD 430 billion with net income around RMB 57.4 billion or equivalent to USD 8 billion. In terms of financial position, total assets of Sinopec reached RMB 2,084 billion or equivalent to USD 291 billion with total liabilities of around RMB 1,108 billion or equivalent to USD 155 billion.

 

 6. British Petroleum

 

The British Petroleum Company plc is the next British-based company that became the biggest oil and gas company. This company was founded by William Knox D’Arcy and Charles Greenway in April 1909. Operationally, this company has its main office in London, England.  As of 2024, the total employees of British Petroleum Reached 100 thousand spreading out in 60 countries, British petroleum (BP) produced Liquids 1,166 thousand barrels per day (mb/d), Natural gas 6,914 million cubic feet per day (mmcf/d), and total hydrocarbons 2,358 thousand barrels of oil equivalent per day (mboe/d). Meanwhile, the net proved reserves of British Petroleum reached Liquids 3,699 million barrels (mmb) of Liquids, Natural gas 14,786 billion cubic feet(bcf) of Natural Gas, 6,248 million barrels of oil (mmboe) of hydrocarbons.  Geographically, British Petroleum (BP) has oil and gas activities in some regions including the Europe (UK, Norway), North America (deepwater Gulf of America, the Lower 48 states, Canada and Mexico), South America (Argentina, Brazil, Trinidad and Tobago, Argentina and Bolivia), Africa (Angola, Egypt, Libya, Mauritania and Senegal), Asia (Abu Dhabi, Azerbaijan, China, India, Indonesia, Iraq, Kuwait and Oman).

Financially, in 2024, based on the annual report, the British Petroleum could generate total revenue of USD 194 billion and gain net income reaching USD 1.22 billion. In terms of financial position, British Petroleum has total assets of around USD 282 billion with total liabilities of around USD 203 billion.  

  

7. TotalEnergies

 

TotalEnergies is an oil and gas company from Europe that has become the biggest oil and gas company. Operationally, this company has a main office in Tour Total, Courbevoie, France. Historically, this company was founded by Ernest Mercier and Raymond Poincaré. Statistically, based on the performance in 2023, As of 2024, Total Energies produced Oil (including bitumen) achieving 1,314 thousand barrels per day (kb/d) and   Gas (including condensates and associated NGL) reaching 1,120 thousand barrels of oil equivalent per day (kboe/d).  Geographically, the production sites of Liquids and Natural gas of TotalEnergies located in some regions including Africa (Angola, Gabon, Nigeria, Republic of the Congo),  Americas (Argentina, Bolivia, Brazil, Canada, United States, Venezuela),  Asia-Pacific (Australia, Brunei, China, Indonesia, Kazakhstan, Malaysia, Myanmar, Thailand), Europe (Azerbaïjan, Denmark, Italy, Norway, Netherlands, United Kingdom, Russia), and Middle East and North Africa (Algeria, Egypt, United Arab Emirates, Iraq, Libya, Oman, Qatar, Yemen).

Financially, in 2024, based on TotalEnergies’ annual report, the total revenue of TotalEnergies reached USD 214 billion and gained net income around USD 16 billion. In terms of financial position, TotalEnergies has total assets of around USD 285 billion and total liabilities of around USD 165 billion.

 

8. Chevron

Chevron Corporation is the oldest company in the oil and gas industry. This company was founded on September 10, 1879, and has a main office in San Ramon, California with total employees around 39,742 people.

Statistically, In the year of 2024, Chevron Corporation has net production of crude oil, condensate and synthetic oil reaching 1,560 thousand of barrels per day, net production of natural gas liquids of 415 thousands of barrels per day, net production of natural gas 8,178 millions of cubic feet per day.  Meanwhile, based on its resources, Chevron Corporation has net proved reserves of crude oil, condensate and synthetic oil reaching 3,916 millions of barrels, Net proved reserves of natural gas liquids of 1,159 million barrels, and net proved reserves of natural gas 28,375 billion cubic feet.  Geographically, Chevron Corporation has productive oil wells of around 41,859 and most of the productive oil wells located in the United States of America with total wells around 41,859 units. Meanwhile, the productive gas wells located at Chevron corporation reached 41,859 units with most of the gas wells located in the United States with around 2,110.

 

 

Financially, in 2024, according to its annual report, Chevron successfully generated total revenue of USD 202 billion and gained net income around USD 17.7 billion. In terms of financial position, Chevron has total assets of around USD 257 billion with total liabilities around USD 103.7 billion   

  

9. Eni

 

Eni S.p.A is an Italian-based company that has a main office in Rome, Italy. Historically, this company was founded on 10 February 1953.To date, Eni has become one of the world’s largest Oil and gas companies in 2023. Presented in more than 60 countries and employed 9,188 people in 2024.

Operationally, in 2024, Eni has production of hydrocarbons reaching 1,707 thousand barrels of oil equivalent per day (kboe/day). Meanwhile, the net proved reserves of hydrocarbons achieved 6,497 million barrels of oil equivalent (mmboe). In more detail, the hydrocarbons production of Eni concentrated in North Africa with production of around 214 million barrels of oil equivalent (mmboe). Based on the geographical region, Egypt still becomes the main producer with output of hydrocarbons reaching 102 million barrels of oil equivalent (mmboe), followed by Libya with output of 65 million barrels of oil equivalent (mmboe), and Kazakhstan with 58 million barrels of oil equivalent (mmboe). In other resources of Eni, the natural gas of Eni mostly explored in North Africa with production of 778 billion cubic feet (bcf) and Egypt has huge production of Eni’s natural gas with output around 419 billion cubic feet (bcf), followed by Libya with 222 billion cubic feet (bcf), and Algeria with 134 billion cubic feet (bcf).

Financially, in 2024, Eni S.p.A successfully gained total revenue around EUR 91.2 billion or equivalent with USD 101 billion and gained net income of around EUR 2.7 billion or equivalent to USD 3 billion. In terms of financial position, Eni S.p.A has total assets of around EUR 147 billion or equivalent to USD 163 billion and total liabilities of around EUR 91.2 billion or equivalent to USD 101 billion.

  

10. Marathon Petroleum

 

Marathon Petroleum was founded on November 9, 2009, and has a main office in Findlay, Ohio, United States. To date, Marathon petroleum still owns and operates refineries in the Gulf Coast, Mid-Continent and West Coast regions of the United States. Statistically, based on the business performance in 2024, the production of Gasoline 1,922 Thousand Barrels per Day (mbpd), Distillates 1,187 Thousand Barrels per Day (mbpd),  NGLs and petrochemicals 231 Thousand Barrels per Day (mbpd),  Asphalt 82 Thousand Barrels per Day (mbpd),  Propane 104 Thousand Barrels per Day (mbpd), Heavy fuel oil 59 Thousand Barrels per Day (mbpd).

Financially, in 2024, Marathon Petroleum successfully generated total revenue of USD 140 billion but gained net income of USD 5 billion. In terms of  financial position, Marathon Petroleum has total assets of around USD 78.8 billion with total liabilities of around USD 54.3 billion.  

  

11.Equinor

 

Equinor is Norwegian oil and gas company, which was founded in 1972.  With around 25,000 employees spread around 30 countries, Eaunor still has its headquarters in Stavanger, Norway. In their business performance, in oil and gas, Equinor operates around 70% of the total Norwegian oil and gas production. In 2024, Liquids liftings of Equinor reached 1,009 thousand barrels of oil equivalent per day (mboe) per day and Gas liftings of Equinor reached 973 thousand barrels of oil equivalent per day (mboe) per day). Specifically, some of the Liquids and gas production areas/ field operated by Equinor and has huge contribution to Equinor's output production are Johan Sverdrup with output production reaching 320 thousand barrels of oil equivalent per day (mboe/day), followed by Troll Phase 1 (Gas) with output of 230 thousand barrels of oil equivalent per day (mboe/day), Appalachian (APB) with output of 213 thousand barrels of oil equivalent per day (mboe/day), Oseberg with output of 109 thousand barrels of oil equivalent per day (mboe/day), Block with output of 77 thousand barrels of oil equivalent per day (mboe/day), Aasta Hansteen with output of 71 thousand barrels of oil equivalent per day (mboe/day), Gullfaks with output of 71 thousand barrels of oil equivalent per day (mboe/day), and Visund with output of 50 thousand barrels of oil equivalent per day (mboe/day).

Financially, in 2024, Equinox gained USD 102 billion in total revenue with Net Income around USD 8.8 billion. In terms of financial position, Equinor has total assets of around USD 131 billion with total liabilities of around USD 88.7 billion.

  

12. Phillips 66

 

The Phillips 66 Company, formerly known as ConocoPhillips (2002–2012) was founded by L.E. Phillips and Frank Phillips. This company has a main office in Westchase, Houston, Texas, U.S. As of 2023, Phillips 66 has more than 72,000 miles of U.S Pipelines, 719,000 barrels per day (bpd) of fractionation capacity, 5.5 billion cubic feet per day (BSFD) of natural gas processing. Furthermore, some of the refineries owned by Phillips 66 are Bayway Refinery, Billings Refinery, Borger Refinery, Ferndale Refinery, Humber Refinery, Lake Charles Manufacturing Complex, Los Angeles Refinery, MiRO Refinery, Ponca City Refinery, Santa Maria Refinery, Sweeny Refinery, Wood River Refinery.

Financially, in 2024, according to its annual report, Phillips 66 successfully gained total revenue of around USD 145 billion, furthermore Phillips 66 gained net income around USD 2.1 billion. In terms of financial position, total assets of Phillips 66 are around USD 72.5 billion with total liabilities of around USD 44.1 billion.         

  

13.Valero

Valero was founded on January 1, 1980, and has a main office in San Antonio, Texas, United States. Along with development of the company, Valero has 15 petroleum refineries located in the U.S., Canada, and the U.K. with total capacity 3.1 million barrels per day. In addition, Valero also has 12 ethanol plants located in the states of Indiana, Iowa, Minnesota, and Nebraska. Overall, these ethanol plants have a combined ethanol production capacity of approximately 1.6 billion gallons per year, 4 million tons of DDGs, and 553 million bushels of corn processing capacity. In terms of marketing products, Valero sold its products primarily in the United States (U.S.), Canada, the United Kingdom (U.K.), Ireland, and Latin America.

Financially, in 2024, Valero has total revenue of USD 129 billion and gained net income of USD 3 billion. In terms of financial position, Valero has total assets of around USD 60 billion with total liabilities of around USD 32.6 billion.

    

14. Kuwait Petroleum Corporation

The Kuwait Petroleum Corporation (KPC) was established in October 1980. Based on business structure, Kuwait Petroleum Corporation also has some subsidiary companies including Kuwait Gulf Oil Company, Kuwait Oil Company, and Kuwait National Petroleum Company. Specifically, Kuwait Petroleum Corporation has oil refining capacity achieving 879 thousand barrels per day (mboe/d) with the refining facility located in Al-Zour, Mina Al-Ahmadi, Mina Abdullah. In addition, through its subsidiary company, namely Kuwait National Petroleum Company (KNPC), Kuwait Petroleum Corporation owns a gas liquefaction plant at Mina Al-Ahmadi Refinery, which includes 5 gas processing and production units with a total production capacity of 3.13 billion standard cubic feet per day of gas and 332 thousand barrels per day of condensates.

Financially, in 2024, Kuwait Petroleum Corporation successfully gained total revenue of KWD 36.6 billion or equivalent to USD 120 billion and gained net income of KWD 1.46 billion or equivalent to USD 4.8 billion. Related to financial position, Kuwait Petroleum has total assets of around KWD 52.3 billion or equivalent to USD 171 billion with total liabilities of around KWD 22.3 billion or equivalent to USD 73 billion.

  

15. ConocoPhillips       

 

ConocoPhillips is an Exploration & Production (E&P) company which has a main office in Houston, Texas. Historically, this company was founded on August 30, 2002, with the merger between Conoco Inc. and Phillips Petroleum Company.  To date, ConocoPhillips has more than 9,900 employees across more than 13 countries. Furthermore, ConocoPhillips can produce 1,826 thousand barrels of oil equivalent per day (MBOED). On November 22, 2024, ConocoPhillips completed the acquisition of Marathon Oil Corporation (Marathon Oil). Based on its resources, ConocoPhillips has Net Proved Reserves including Total Crude Oil of 3,514 Millions of Barrels of Oil, Total Natural Gas Liquids of 1,209 millions of Barrels of Oil Total Natural Gas of 2,606 Millions of Barrels of Oil. ConocoPhillips is the largest crude oil producer in Alaska and has major ownership interests in Prudhoe Bay, Kuparuk and Western North Slope asset areas. Specifically, Alaska operations contributed 14 percent of ConocoPhillips's consolidated liquids production and two percent of ConocoPhillips's consolidated natural gas production.

Financially, in 2024, according to the annual report, ConocoPhillips gained positive performance with total revenue of USD 57 billion with net income of USD 9.2 billion. In terms of financial position, ConocoPhillips has total assets of around USD 122.7 billion with total liabilities of around USD 57.9 billion.

  

16. Petronas     

 

 

National Petroleum Limited or commonly known as Petronas is a Malaysian oil and gas company which was founded on August 17th, 1974. Operationally, this company still has a main office in Petronas Towers, Kuala Lumpur, Malaysia. This company also has 5 refineries, 19 petrochemical manufacturing sites, 4 LNG plants, 2 LNG floating facilities, 5 gas processing complexes. Along with business development, in 2023, Petronas had a total daily production average of 2,431 thousand barrels of oil equivalent (boe) per day. In addition, in 2023, Petronas can sell petrochemical products of 9.4 million metric tons, 296 million barrels of petroleum, 32 million LNG, and 2,214 million standard cubic feet per day. 

 

Financially, according to the annual report, Petronas gained total revenue of MYR 305 billion or equivalent to USD 73 billion with net income around MYR 55 billion or equivalent to USD 13.2 billion. In terms of financial position obtained from the Balance sheet, Petronas has total assets of around MYR 766 billion or equivalent to USD 183 billion with total liabilities of around MYR 260 billion or equivalent to USD 62.4 billion.

  

17. Qatar Energy            

 

QatarEnergy is a state-owned petroleum company of Qatar. Historically, this company was founded in 1974 and still has a main office in Doha Qatar. Operationally, Qatar Energy manages the world's largest single non-associated gas field, the North Field, spanning over 6,000 km2 and it contains 20% of the world's total gas reserves.  In Onshore Oil production, Dukhan is one of the largest onshore oil and gas fields and this field produces crude oil, associated gas, condensate and non-associated gas. Furthermore, QatarEnergy​ operates three offshore production stations on these fields, PS-1, PS-2 and PS-3 with the average oil production from PS-1, PS-2 and PS-3 is more than 100,000 barrels per day and gas delivery to the downstream of more than 50 million Standard Cubic Feet (mmscf) per day.

In terms of financial aspects, throughout the year of 2024, according to the Annual Report, Qatar Energy gained total revenue of QAR 177 billion or equivalent to USD 47.8 billion. Furthermore, Qatar energy had gained net income around QAR 96 billion or equivalent to USD 26 billion. Meanwhile, in the financial position, total assets of Qatar Energy reached   QAR 599 billion or equivalent to USD 161 billion with total liabilities of around QAR 134 billion or equivalent to USD 36 billion.

 

18. Petrobras   

 

Petrobras is a Brazilian oil and gas company which was founded on October 3, 1953. This company still has a main office in Rio De Janeiro and has a number of employees of around 45 thousand. Statistically, Petrobras still become the backbone of oil production to Brazil because this company contributes around 30% of Brazil's national oil and gas production. In 2023, Petrobras managed 280 production wells. Basically, some of the Petrobras oil came from Campos Basin, Santos Basin, and other areas in Brazil.  Specifically, in 2024, the proved reserves of oil of Petrobras reached 11,389 million Barrel of Oil (boe) and oil and natural gas production around 2.7 million Barrel of Oil per day (boed).

Financially, in 2024, according to its annual report, Petrobras has gained total revenue of USD 91 billion with net income around USD 7.6 billion throughout 2024. In terms of financial position, Petrobras has total assets of around USD 181 billion with total liabilities of around USD 122 billion. 

 

19. Rosneft       

PJSC Rosneft Oil Company or commonly known as Rosneft is The Leader of The Russian Oil Industry which operates in all major oil and gas bearing provinces of Russia, including Western and Eastern Siberia, the Volga region, the Urals, the Far East, Timan-Pechora, Krasnodar Territory, as well as in the offshore regions of the Russian Federation. Based on statistical data, Rosnest contributed 40% share in oil production in Russia, 14% share in gas production in Russia. Specifically, in 20204, Hydrocarbon production of Rosneft in 2024 reached  5.2 million barrels of oil equivalent (mmboe) per day with total production in 2024 achieving 255.9 Million Metric Ton of oil (mmtoe). Furthermore, total natural gas of Rosneft is around 87.5 Billion Cubic Meters (bcm).  

 

Financially, according to the annual report of 2024, Rosneft has total assets of around RUB 20,682 billion or equivalent to USD 248 billion with total liabilities of around RUB 11,525 billion or equivalent to USD 138 billion. Related to financial and business performance in 2024, Rosneft successfully gained total revenue of around RUB 10,139 billion or equivalent to USD 121 billion with net income of around RUB 1,341 billion or equivalent to USD 16 billion.

 

20. Eneos

Eneos Corporation was Established on May 10, 1888, and still has headquarters in Otemachi, Chiyoda-ku, Tokyo.  As of March 31, 2025, total employees of Eneos Corporation reached 7,159 people. Operationally, Eneos has some refineries throughout Japan including Oita Refinery, Sendai Refinery, Kashima Refinery, Negishi Refinery, Mizushima Refinery, Kawasaki Refinery, Marifu Refinery, Chiba Refinery, Sakai Refinery.

Financially, in 2024, Eneos has total assets of around  JPY 8,789 billion or equivalent to USD 59.7 billion with total liabilities of around  JPY 5,318 billion or equivalent to USD 36 billion. In terms of business performance in 2024, Eneos gained total revenue of around JPY 12,322 billion or equivalent to USD 83.7 billion     and net income of around JPY 286 billion or equivalent to USD 1.9 billion.

 

21. Indian Oil Corporation

Indian Oil Corporation Limited (IOCL or IOC) or known as Indian Oil is one of India’s foremost downstream energy players. Historically, Indian Oil was founded on 30 June 1959 and still has headquarters in New Delhi, India. There are some major business activities in the organisation including Refining, Pipelines, Research & Development, Marketing, Petrochemicals, Natural Gas, City Gas Distribution (CGD), E&P, Explosives, and Cryogenics. In refining industry, Indian Oil has some refinery facilities including Bongaigaon Refinery, Barauni Refinery, Paradip Refinery, Haldia Refinery, Mathura Refinery, Gujarat Refinery, Panipat Refinery & Petrochemical Complex, Guwahati Refinery, Digboi Refinery.

Indian Oil Corporation has total assets of around 506,867 Crore or equivalent to USD 56 billion with total liabilities of around 276,268 Crore or equivalent to USD 30 billion. In terms of business performance in 2024, Indian Oil Corporation collected total revenue of around 859,362 Crore or equivalent to USD 94.5 billion with net income of around 13,788 Crore or equivalent to USD 1.5 billion.

 

22. Pemex         

Pemex or Petróleos Mexicanos is the Mexican state-owned petroleum corporation founded on June 7, 1938. Operationally, the Crude oil and condensate production of Pemex in 2024 reached 1,670 million Barrels per day (Mbd), Natural gas production of Pemex 3,611 million Standard Cubic Feet per Day (MMpcd), and Crude Process of around 786 million Barrels per day (Mbd).

Financially, in 2024, Pemex has total assets of around USD 108 billion and total liabilities of around USD 206 billion. In terms of business performance in 2024, Pemex has collected total revenue of around USD 82.2 billion but unfortunately, Pemex suffered a net loss of around (USD -38 billion).

 

 

 

The 20 World's Largest Oil and Gas Companies Based on Total Assets in 2024 

 

   The 20 World's Largest Oil and Gas Companies Based on Net Income in 2024

 

 

 

Bibliography of 20 World’s Biggest Oil and Gas Companies 2024

 

Saudi Aramco. 2025. Annual Report 2024. Accessed via https://www.aramco.com/en/investors/annual-report on August 29th, 2025.

Exxon Mobil. 2025. Annual Report 2024. Accessed via https://investor.exxonmobil.com/sec-filings/annual-reports  on August 29th, 2025.

ConocoPhillips. 2025. Annual Report 2024. Accessed via https://www.conocophillips.com/company-reports-resources/annual-report/ August 29th, 2025.

Royal Dutch Shell. 2025. Annual Report 2024. Accessed via https://www.shell.com/about-us/annual-publications/annual-reports-download-centre.html  on August 29th, 2025.

Qatar Energy. 2025. Annual Report 2024. Accessed via https://www.qatarenergy.qa/en/pages/home.aspx on September 29th, 2024.

Petrobras. 2025. Annual Report 2024. Accessed via https://www.investidorpetrobras.com.br/en/presentations-reports-and-events/annual-reports/ on August 29th, 2025.

Chevron. 2025. Annual Report 2024. Accessed via https://www.chevron.com/-/media/chevron/annual-report/2022/documents/2022-Annual-Report.pdf on August 29th, 2025.

Equinor. 2025. Annual Report 2024. Accessed via https://www.equinor.com/investors/annual-reports  on August 29th, 2025.

Petrochina. 2025. Annual Report 2024. Accessed via http://www.petrochina.com.cn/ptr/ndbg/202304/160574715e654711b0f723a3868f6e22/files/85e626beab274137ac1e8068de282d72.pdf  on August 29th, 2025.

Total. 2025. Annual Report 2024. Accessed via https://totalenergies.com/investors/publications-and-regulated-information/regulated-information/annual-financial-reports  on August 29th, 2025.

Petronas. 2025. Annual Report 2024. Accessed via https://www.petronas.com/media/reports  on August 29th, 2025.

Eni. 2025. Annual Report 2024. Accessed via https://www.eni.com/en-IT/investors/financial-results-and-reports.html  on August 29th, 2025.

Marathon Petroleum. 2025. Annual Report 2024. Accessed via https://www.marathonpetroleum.com/Investors/Annual-Report-Proxy-Statement/ on August 29th, 2025.

Valero. 2025. Annual Report 2024. Accessed via https://investorvalero.com/financials/default.aspx on August 29th, 2025.

Phillips 66. 2025. Annual Report 2024. Accessed via https://investor.phillips66.com/financial-information/  on August 29th, 2025.

Sinopec. 2025. Annual Report 2024. Accessed via http://www.sinopec.com/listco/En/investor_centre/reports/annual_report/ on August 29th, 2025.

Kuwait Petroleum Corporation. 2025. Annual Report 2024. Accessed via https://www.knpc.com/en/media/publications/periodic-publications/annual-report on August 29th, 2025.

British Petroleum. 2025. Annual Report 2024. Accessed via https://www.bp.com/en/global/corporate/investors/results-reporting-and-presentations/annual-report.html  on August 29th, 2025.

Rosneft. 2025. Annual Report 2024. Accessed via https://www.rosneft.com/Investors/Reports_and_presentations/Annual_reports/  on August 29th, 2025.

Eneos. 2025. Annual Report 2024. Accessed via https://www.hd.eneos.co.jp/english/ir/library/annual/  on August 29th, 2025.

Indian Oil Corporation. 2025. Annual Report 2024. Accessed via https://iocl.com/pages/AnnualReports  on August 29th, 2025.

Pemex. 2025. Annual Report 2024. Accessed via https://www.pemex.com/en/investors/publications/Paginas/annual-report.aspx  on August 29th, 2025.