Top 10 energy companies by market cap

We take a deep dive into the top 10 energy companies, by market capitalisation

With world oil demand forecast rising by 2.22 million barrels per day this year, surpassing pre-pandemic levels, and ongoing geopolitical uncertainty with gas supplies, it's hard to recall a busier time for the energy majors. Along with this, there is increasing consideration given to the tumultuous transition to renewables and low-carbon technologies and operations.

These energy big-hitters are at the forefront of changing oil and gas dynamics and are heading the transition to renewable energy. 

10. Equinor

Market cap: $95.35b

Equinor is a Norwegian energy company that operates in the oil and gas, wind, and solar energy sectors. The company is primarily known for its exploration, production, and transportation of oil and natural gas, but it also has a growing renewable energy division that focuses on developing wind and solar energy projects. Equinor is also involved in energy storage, carbon capture and storage, and hydrogen projects. Equinor is a leading player in the offshore wind industry and has several wind farms under development and in operation in Europe and the United States. The company is committed to reducing its greenhouse gas emissions and has set ambitious goals for reducing its carbon footprint.

9. TAQA

Market cap: $105b

TAQA (Abu Dhabi National Energy Company) is a state-owned energy company based in Abu Dhabi, United Arab Emirates. The company operates in the oil and gas, power generation, and water desalination sectors. In the oil and gas sector, TAQA is involved in exploration, production, and transportation of oil and natural gas, both in the UAE and in international markets. In terms of power generation, the company operates a diverse portfolio of power plants that use various types of fuel such as natural gas, coal, and renewable energy sources. TAQA also operates water desalination plants in the UAE, which provide fresh water for domestic and industrial use. The company also has operations in various countries in North America and Europe, and is committed to sustainable development and reducing its environmental footprint.

8. BP

Market cap: $106.52b

BP (British Petroleum) is a multinational energy company with operations in the oil and gas, renewable energy, and petrochemical sectors. BP is one of the largest oil and gas companies in the world. In addition to its fossil fuel operations, BP is also investing in renewable energy, with a focus on wind and solar power. The company has several wind and solar projects under development, and has set a target to have 50% of its net power generation come from renewable sources by 2030. BP is also involved in the production and marketing of petrochemicals such as plastics, fertilisers and fuels. The company is committed to reducing its greenhouse gas emissions and has set ambitious goals to achieve net-zero emissions by 2050.

7. PetroChina

Market cap: $136.40b

PetroChina is a Chinese state-owned oil and gas company, and one of the largest oil and gas companies in the world. It is involved in the exploration, production, transportation, and sale of oil and natural gas, both in China and internationally. The company has a diverse portfolio of assets, including conventional and unconventional oil and gas resources, as well as liquefied natural gas (LNG) and natural gas pipelines. In addition to its upstream activities, the company also has significant refining and chemical operations, which produce a wide range of products such as gasoline, diesel, jet fuel, and petrochemicals. PetroChina is also actively involved in the development of renewable energy such as solar and wind power. The company has set a target to achieve a 30% reduction in emissions intensity by 2030 compared to 2017. It's worth mentioning that PetroChina is the listed company for China National Petroleum Corporation (CNPC) which is the largest oil and gas company in China, and one of the largest state-owned enterprise in China.

6. ConocoPhillips

Market cap: $148.04b

ConocoPhillips is an American multinational energy company with operations in the oil and gas, and natural gas liquids (NGL) sectors. ConocoPhillips operates in a variety of regions including North America, Europe, Asia, and Australia. It is also active in the development of unconventional oil and gas resources such as shale oil and gas, and tight oil and gas. In addition to its upstream activities, the company also has refining and marketing operations which include the production of gasoline, diesel, jet fuel, and other refined products. The company has set a target to reduce its greenhouse gas emissions and to achieve net-zero emissions from its operations and upstream oil and gas production by 2050. The company also has been investing in low-carbon technologies such as carbon capture and storage, and hydrogen production.

5. Total Energies

Market cap: $158.11b

Total is a French multinational energy company with operations in the oil and gas, renewable energy, and natural gas sectors. The company is involved in the exploration, production, and transportation of oil and natural gas, both in conventional and unconventional resources. In addition to its fossil fuel operations, Total is also investing in renewable energy, with a focus on solar and wind power, as well as in energy storage and hydrogen. The company has several renewable energy projects under development and operation in Europe, North America, and Africa. The company is also involved in refining and marketing of products such as gasoline, diesel, jet fuel, and petrochemicals. Total has set a target to achieve net-zero emissions across its operations and its energy products by 2050 and to reduce its greenhouse gas emissions by 30% by 2025 compared to 2016.

4. Shell

Market cap: $202.4b

Shell is a multinational energy company with operations in the oil and gas, renewable energy, and chemicals sectors. In addition to its fossil fuel operations, Shell is also investing in renewable energy, with a focus on wind and solar power, as well as in hydrogen and electric vehicle charging. The company has several renewable energy projects under development and operation around the world, with aims to provide low-carbon energy options for customers through investments in wind, solar, electric vehicle charging, hydrogen, and more.

3. Chevron

Market cap: $349.66b

Chevron is an American multinational energy company with operations in the oil and gas, and chemicals sectors. The company is involved in the exploration, production, refining, and marketing of oil and natural gas, as well as the production of petrochemicals and lubricants. Chevron has a diverse portfolio of assets, including conventional and unconventional oil and gas resources, and is active in regions around the world, including North America, South America, Africa, Asia, and Australia. The company also has a network of retail and commercial fuel stations, and it's involved in the marketing of lubricants and other products. In terms of renewable energy, Chevron is working on several wind and solar projects, but the company's focus is mainly on its core business, oil and gas exploration and production. The company has set a target to reduce its greenhouse gas emissions, but it does not have a specific target for renewable energy as a portion of its total energy production.

2. Exxon Mobil

Market cap: $468.70b

ExxonMobil is an American multinational energy company with operations in the oil and gas, and chemicals sectors. The company is involved in the exploration, production, refining, and marketing of oil and natural gas, as well as the production of petrochemicals, lubricants, and other products. ExxonMobil is active in regions around the world, including North America, Europe, Africa, Asia, and Australia. The company also has a network of retail and commercial fuel stations, and it's involved in the marketing of lubricants and other products. In terms of renewable energy, ExxonMobil is investing in research and development of new technologies, such as algae-based biofuels, but the company's focus is mainly on its core business, oil and gas exploration and production. The company does not have a specific target for renewable energy as a portion of its total energy production, and it's not among the industry leaders in terms of greenhouse gas emissions reduction.

1. Saudi Aramco

Market cap: $1.933t

Saudi Aramco is a state-owned oil and gas company based in Saudi Arabia. It is the largest oil and gas company in the world, and is involved in the exploration, production, refining, and marketing of oil and natural gas. Saudi Aramco operates in the Middle East, Asia, Europe and North America. The company also has refining and petrochemical operations, which produce a wide range of products such as gasoline, diesel, jet fuel, and petrochemicals. Saudi Aramco is also actively investing in new technologies, such as carbon capture, utilisation, and storage (CCUS), as well as renewable energy such as solar and wind power. The company has set a target to achieve a 30% reduction in emissions intensity by 2030 compared to 2016. 

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