18 World’s Biggest Oil and Gas Companies in 2023

 

18 World’s Biggest Oil and Gas Companies in 2023-According to the Annual Report of Oil and Gas Companies in 2023, there are 18 Biggest Oil and Gas Companies in the World. This company certainly has abundant assets with profits 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 derivative useful products for example diesel fuel, heating oil, jet fuel, petrochemical feedstocks, waxes, lubricating oils, and asphalt.

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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 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 18 World’s Biggest Oil and Gas Companies in 2023. The following is the company’s performance based on the net profit generated in 2023. This data was obtained from the Annual Report of oil and gas companies in 2023.

Table Rank of Biggest Oil and Gas Companies Based on Net Income in 2023

Rank	Name of Company	Revenue	Revenue	Net Income	Net Income
		Origin Currency	US Dollar	Origin Currency	US Dollar
1	Saudi Aramco	USD 440 billion	USD 440 billion	USD 121 billion	USD 121 billion
2	Exxon Mobil	USD 334 billion	USD 413 billion	USD 36 billion	USD 36 billion
3	QatarEnergy	QR 167 billion	USD 45 billion	QR 106 billion	USD 28.6 billion
4	Petrochina	RMB 3,239 billion	USD 453 billion	RMB 180 billion	USD 25.2 billion
5	Petrobras	USD 102 billion	USD 102 billion	USD 24.9 billion	USD 24.9 billion
6	TotalEnergies	USD 237 billion	USD 237 billion	USD 21.5 billion	USD 21.5 billion
7	Chevron	USD 200 billion	USD 200 billion	USD 21.4 billion	USD 21.4 billion
8	Royal Dutch Shell	USD 323 billion	USD 323 billion	USD 19.6 billion	USD 19.6 billion
9	Petronas	RM 305 billion	USD 64 billion	RM 80.7 billion	USD 16.9 billion
10	British Petroleum	USD 213 billion	USD 213 billion	USD 15.8 billion	USD 15.8 billion
11	Sinopec	RMB 3,245 billion	USD 454 billion	RMB 96.6 billion	USD 13.5 billion
12	Equinor	USD 107 billion	USD 107 billion	USD 11.9 billion	USD 11.9 billion
13	Marathon Petroleum	USD 150 billion	USD 150 billion	USD 11.1 billion	USD 11.1 billion
14	ConocoPhillips	USD 58.5 billion	USD 58.5 billion	USD 10.9 billion	USD 10.9 billion
15	Valero	USD 144 billion	USD 144 billion	USD 9.1 billion	USD 9.1 billion
16	Kuwait Petroleum	KD 42 billion	USD 135 billion	KD 2.6 billion	USD 8.3 billion
17	Phillips 66	USD 147 billion	USD 147 billion	USD 7.2 billion	USD 7.2 billion
18	Eni	EUR 94.8 billion	USD 105 billion	EUR 4.8 billion	USD 5.3 billion
Description: Origin Currency = Currency officially used in the Annual Report of 2023
Source: Annual Report, 2023
Currency Rate:
1 Renminbi (RMB)= 0.14 US Dollar (USD)
1 Euro = 1.05 US Dollar (USD)
1 Russian Rubles (RUB) = 0.014 US Dollar (USD)
1 Dinar Kuwait (KD) = 3.23 US Dollar (USD)
1 Qatari Riyal (QR) = 0.27 US Dollar (USD)
1 Ringgit Malaysia (RM) = 0.21 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 2022. These two indicators show the financial positions of the company in running the business.

Table Rank of Biggest Oil and Gas Companies Based on Total Assets in 2023

 

Rank	Name of Company	Total Assets	Total Assets	Total Liabilities	Total Liabilities
		Origin Currency	US Dollar	Origin Currency	US Dollar
1	Saudi Aramco	USD 660 billion	USD 660 billion	USD 197 billion	USD 197 billion
2	Royal Dutch Shell	USD 406 billion	USD 406 billion	USD 217 billion	USD 217 billion
3	Petrochina	RMB 2,752 billion	USD 385 billion	RMB 1,122 billion	USD 157 billion
4	Sinopec	RMB 2,716 billion	USD 380 billion	RMB 1,388 billion	USD 194 billion
5	Exxon Mobil	USD 376 billion	USD 376 billion	USD 163 billion	USD 163 billion
6	TotalEnergies	USD 283 billion	USD 283 billion	USD 164 billion	USD 164 billion
7	British Petroleum	USD 280 billion	USD 280 billion	USD 194 billion	USD 194 billion
8	Chevron	USD 261 billion	USD 261 billion	USD 99 billion	USD 99 billion
9	Petrobras	USD 217 billion	USD 217 billion	USD 138 billion	USD 138 billion
10	Kuwait Petroleum Corporation	KD 51 billion	USD 164 billion	KD 22.8 billion	USD 73.6 billion
11	Petronas	RM 773 billion	USD 162 billion	RM 270 billion	USD 56.7 billion
12	Eni	EUR 142 billion	USD 157 billion	EUR 88.9 billion	USD 98 billion
13	QatarEnergy	QR 562 billion	USD 151 billion	QR 87.7 billion	USD 23.6 billion
14	Equinor	USD 143 billion	USD 143 billion	USD 95 billion	USD 95 billion
15	ConocoPhillips	USD 95.9 billion	USD 95.9 billion	USD 46.6 billion	USD 46.6 billion
16	Marathon Petroleum	USD 85.9 billion	USD 85.9 billion	USD 54.5 billion	USD 54.5 billion
17	Phillips 66	USD 75.5 billion	USD 75.5 billion	USD 43.8 billion	USD 43.8 billion
18	Valero	USD 63 billion	USD 63 billion	USD 36.7 billion	USD 36.7 billion
Description: Origin Currency = Currency officially used in the Annual Report of 2023
Source: Annual Report, 2023
Currency Rate:
1 Renminbi (RMB)= 0.14 US Dollar (USD)
1 Euro = 1.1 US Dollar (USD)
1 Russian Rubles (RUB) = 0.014 US Dollar (USD)
1 Dinar Kuwait (KD) = 3.23 US Dollar (USD)
1 Qatari Riyal (QR) = 0.27 US Dollar (USD)
1 Ringgit Malaysia (RM) = 0.21 US Dollar (USD)

 

 

 Brief Description of the World’s Biggest Oil and Gas Companies in 2023

 

 

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 company has abundant resources of oil gas with Total hydrocarbon reserves 251.2 billion barrels of oil equivalent (BOE) and Total reserves of crude oil and condensate around 198.8 billion barrels. Operationally, this company has gross refining capacity of 6.4 million barrels per day (mmbpd). Furthermore, total employees of Saudi Aramco achieved more than 73,000 and still managed the Ghawar Field (the world's largest onshore oil field) and the Safaniya Field (the world's largest offshore oil field).

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In 2019, Aramco becomes a public company with shares listed on Tadawul or Saudi Stock Exchange. Aramco achieves a historic highest single day crude oil production of 12.1 million barrels per day (mmbpd) and highest single day natural gas production of 10.7 billion Standard Cubic Feet per Day (BSCFD). Aramco completes its historic acquisition of a 70% stake in SABIC or Saudi Basic Industries Corporation. To date, the majority owner of Saudi Aramco was the Government of Saudi Arabia with a percentage of ownership reaching 90.19%. Financially, in 2023, the company generated 440 billion US Dollar of revenue and net income reached 121 billion US Dollar. This performance stated that Saudi Aramco is still the biggest of oil and gas companies based on revenue and net income.

 

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.  Based on business performance, in 2023, PetroChina can produce 937 million barrels of crude oil, 4,932 billion cubic feet of marketable natural gas output. Furthermore, PetroChina has managed 22,755 gas stations. Financially, in 2023, the revenue of the company reached RMB 3,239 billion or equivalent with USD 453 billion US Dollar, meanwhile this company earned net Income of RMB 180 billion RMB or equivalent with 25.2 billion US Dollar.

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.

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Operationally, in 2023, Financially, in 2023, Shell employed 103 thousand people spreading out to more than 70 countries and this company also has more than 47.000 of retail stations. Furthermore, in 2023, Shell has sold 67 million tons of liquefied natural gas (LNG), 279 Terawatt hour (TWh) of power. Financially, in 2023, the revenue of Royal Dutch Shell reached 323 billion US Dollar and gained net income around USD 19.6 Billion USD.

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. The petroleum exploration activities are 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.

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In 2023, operationally, ExxonMobil produced total crude oil reaching 1,6 million barrels per day and natural gas liquid production up to 284 thousand barrels per day. Furthermore, the production of natural gas achieved 7.7 million cubic feet per day. Financially, in 2023, the company generated revenue of 334 billion US Dollar and gained net income around 36 billion US Dollar.

 

 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. Overall, the total crude oil production of Sinopec in 2023 reached 280 million barrels. Financially, in 2023, according to the annual report, Sinopec is still in good positive performance which successfully gained revenue around RMB 3,239 billion or equivalent to USD 453 billion with Net Income around RMB 96.6 billion or equivalent to USD 13.5 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 2023, the total employees of British Petroleum Reached 87 thousand spreading out in 61 countries, British petroleum (BP) produced 2.3 million barrels of oil equivalent per day (MMBOE/d), 32 thousand barrels per day (kb/d), 22 Thousand barrels of oil equivalent per day (mboe/d) of Biogas, 23 million tonnes per year (mtpa) of Liquefied Natural Gas (LNG),  and has more than 29 thousand of electric vehicle charge points. In 2023, based on the annual report, the company could generate revenue of 213 billion US Dollar and gain net income reaching 15.8 billion US Dollar.

 

 

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 2023, Total Energies can produce hydrocarbon (oil and gas) production reaching 2,483 thousand barrels oil equivalent per day (kboe/d), net power production of 33.4 terawatt-hour (TWh). Financially, in 2023, the revenue of the company reached USD 237 billion and gained net income around USD 21.5 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. Statistically, in 2023, Chevron can produce production of crude oil, condensate and synthetic oil reaching 1.4 million barrels per day, 333 thousand of barrels per day of natural gas liquids, 7,744 million cubic feet per day of natural gas. Financially, in 2023, Chevron generated revenue of 200 billion US Dollar and gained net income around USD 21.4 billion US Dollar.

  

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 with employed 33,142 of people in 2023, Eni can produce 1,666 thousand barrels of oil equivalent per day (kboe/d) of hydrocarbon with 50 billion cubic meters (bcm) of natural gas sales, and 9.6 billion cubic meters (bcm) of LNG's sales. Financially, in 2023, the company had revenue around 94.5 billion Euro or equivalent with USD 105 billion and gained net income around EUR 4.8 billion or equivalent with 5.3 billion US Dollar.

  

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 2023, the production of Gasoline reached 1,526 thousand barrels per day (mbpd), Distillates 1,047 million Barrels Per Day (mbpd), Feedstocks and petrochemicals 182 million thousand barrels per day (mbpd), Asphalt 80 million thousand barrels per day (mbpd), Propane 66 thousand barrels per day (mbpd), and Heavy fuel oil 52 thousand barrels per day (mbpd). In 2023, financially, the company generated revenue of 150 billion US Dollar but gained net income of USD 11.1 billion.

  

11.Equinor

 

Equinor is Norwegian oil and gas company, which was founded in 1972.  With around 23.000 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 2023, the total liftings of liquid reached 1,048 thousand barrels of oil per day (mboe/d) and gas achieved 956 thousand barrels of oil per day (mboe/d). Furthermore, total power generation of Equinor is about 4,235 Gigawatt hours (GWh). Financially, in 2023, Equinox has gained USD 107 billion in revenue with Net Income around USD 11.9 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. In 2023, the company’s revenue reached 143 billion, but it gained net income around 7.2 billion US Dollar. 

  

13.Valero

 

Valero was founded on January 1, 1980, and has a main office in San Antonio, Texas, United States. Financially, in 2023, this company has revenue of 144 billion US Dollar and gained net income of USD 9.1 billion.  Along with development of the company, this company 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.

  

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 2023, this company had revenue of KD 42 billion or equivalent with 135 billion US Dollar and gained net income of KD 2.6 billion or equivalent with USD 8.3 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.  Financially, in 2023, according to the annual report, ConocoPhillips gained revenue of USD 58.5 billion with net income of USD 10.9 billion. To date, ConocoPhillips has more than 9,900 employees spread across more than 13 countries. Furthermore, ConocoPhillips can produce of 1,826 thousand barrels of oil equivalent per day (MBOED).

  

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 of LNG, and 2,214 million standard cubic feet per day.  Financially, according to the annual report, Petronas gained revenue of RM 305 billion / USD 64 Billion with net income around RM 80.7 billion / USD 16.9 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. Financially, in 2023, according to the Annual Report of 2023, Qatar Energy gained revenue of QR 167 billion or equivalent with USD 45 billion while gaining net income around QR 106 billion or equivalent with USD 28.6 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. Financially, in 2023, according to its annual report, Petrobras has gained revenue of USD 102 billion with net income around USD 24.9 billion.

 

 

The Summary of 18 World’s Biggest Oil and Gas Companies in 2023

 

The 18 World's Largest Oil and Gas Companies Based on Total Assets in 2023

   The 18 World's Largest Oil and Gas Companies Based on Net Income in 2023

 

Bibliography of 18 World’s Biggest Oil and Gas Companies 2023

 

Saudi Aramco. 2024. Annual Report 2023. Accessed via https://www.aramco.com/en/investors/annual-report on September 29th, 2024.

Exxon Mobil. 2024. Annual Report 2023. Accessed via https://investor.exxonmobil.com/sec-filings/annual-reports  on September 29th, 2024. 

ConocoPhillips. 2024. Annual Report 2023. Accessed via https://www.conocophillips.com/company-reports-resources/annual-report/ on September 29th, 2024.

Royal Dutch Shell. 2024. Annual Report 2023. Accessed via https://www.shell.com/about-us/annual-publications/annual-reports-download-centre.html  on September 29th, 2024.

Qatar Energy. 2024. Annual Report 2023. Accessed via https://www.qatarenergy.qa/en/pages/home.aspx on September 29th, 2024.

Petrobras. 2024. Annual Report 2023. Accessed via https://www.investidorpetrobras.com.br/en/presentations-reports-and-events/annual-reports/ on September 29th, 2024.

Chevron. 2024. Annual Report 2023. Accessed via https://www.chevron.com/-/media/chevron/annual-report/2022/documents/2022-Annual-Report.pdf on September 29th, 2024.

Equinor. 2024. Annual Report 2023. Accessed via https://www.equinor.com/investors/annual-reports  on September 29th, 2024. 

Petrochina. 2024. Annual Report 2023. Accessed via http://www.petrochina.com.cn/ptr/ndbg/202304/160574715e654711b0f723a3868f6e22/files/85e626beab274137ac1e8068de282d72.pdf  on September 29th, 2024.

Total. 2024. Annual Report 2023. Accessed via https://totalenergies.com/investors/publications-and-regulated-information/regulated-information/annual-financial-reports  on September 29th, 2024.

Petronas. 2024. Annual Report 2023. Accessed via https://www.petronas.com/media/reports  on September 29th, 2024.

Eni. 2024. Annual Report 2023. Accessed via https://www.eni.com/en-IT/investors/financial-results-and-reports.html  on September 29th, 2024. 

Marathon Petroleum. 2024. Annual Report 2023. Accessed via https://www.marathonpetroleum.com/Investors/Annual-Report-Proxy-Statement/ on September 29th, 2024. 

Valero. 2024. Annual Report 2023. Accessed via https://investorvalero.com/financials/default.aspx on September 29th, 2024. 

Phillips 66. 2024. Annual Report 2023. Accessed via https://investor.phillips66.com/financial-information/  on September 29th, 2024.

Sinopec. 2024. Annual Report 2023. Accessed via http://www.sinopec.com/listco/En/investor_centre/reports/annual_report/ on September 29th, 2024.

Kuwait Petroleum Corporation. 2024. Annual Report 2023. Accessed via https://www.knpc.com/en/media/publications/periodic-publications/annual-report on September 29th, 2024.

British Petroleum. 2024. Annual Report 2023. Accessed via https://www.bp.com/en/global/corporate/investors/results-reporting-and-presentations/annual-report.html  on September 29th, 2024.