Despite sustainability, renewable energy and the road to net zero being at the forefront of industry focus, oil and gas companies are still prospering.
This era where sustainability and renewable energy are becoming increasingly prioritised doesn't mean that the oil and gas industry plays a role, particularly as it underpins the global economy. Although there are growing environmental concerns and the push for cleaner energy sources, the demand for oil and gas remains robust as a result of industrial needs, transport and everyday consumer products.
For this week’s list, we look at 10 of the world’s most valuable oil and gas giants and how they are adapting to the evolving energy landscape to remain on top.
10. bp
Market cap: US$100.8bn
British multinational oil and gas company bp operates across all areas of the oil and gas industry, including exploration and extraction, refining, distribution and marketing, power generation and trading.
bp is known as one of the oil and gas ‘supermajors’ and is one of the world's largest companies. It is increasing investment into the transition to lower carbon energy, making renewables and power one of its five transition growth engines alongside bioenergy, convenience, hydrogen and EV charging.
CEO Murray Auchincloss says bp’s transition from an international oil company to integrated energy company demonstrates how the company is investing in today’s energy system while building tomorrow’s.
“More than 100 years ago, we started our first value chain — oil fields, attached to refineries, with products sold in service stations and airports,” he explained. “Now, we’re introducing biofuels, such as biodiesel and sustainable aviation fuel and we’re looking at how we can use lower carbon hydrogen and electricity for power to reduce carbon emissions at our plants.”
9. Sinopec
Market cap: US$102.3bn
China Petroleum and Chemical Corporation, more widely known as Sinopec, operates with promoting low-carbon transformation of global energy as its goal. Despite its wealth being built on oil and gas, the brand is committed to leading the future of the energy and chemical industries.
Even though it was only established 25 years ago, Sinopec is the largest oil and petrochemical products supplier and the second largest oil and gas producer in China, the largest refining company and the second largest chemical company in the world. It employs a workforce of a staggering 845,000 across 76 countries and regions.
8. ConocoPhillips
Market cap: US$133.2bn
Headquartered in Houston, Texas, ConocoPhillips is an independent exploration and production (E&P) company that explores for, produces, transports and markets crude oil, bitumen, natural gas, natural gas liquids and liquefied natural gas on a worldwide basis.
It works to minimise environmental risk and impact while benefiting communities and has a long-standing position on sustainable development. Across its 13 countries of operations, 10,000 people work in an integrated way to find and produce oil and natural gas.
As AI demand rises, CEO Ryan Lance sees energy demand booming. “This will be a transformation,” he said at CERAWeek. “The impact will be huge, and it will impact every business here.”
7. CNOOC
Market cap: US$133.2bn
Working with the ethos that it always puts oil and gas exploration and development high on its agenda in an innovative manner to stabilise and further its business development, CNOOC is the third-largest national oil company in China. In response to the challenges posed by climate change, CNOOC has implemented the goal to have CO2 emissions peak before 2030 and achieve carbon neutrality before 2060.
“We have started the composition of the action plan for that goal and fully implemented our green and low-carbon development strategy through clean energy development, energy-saving and emission reduction projects and efficient energy utilisation, fully committed to being a resource-saving green company,” CNOOC said on its website.
6. TotalEnergies
Market cap: US$158.2bn
French multinational integrated energy and petroleum company TotalEnergies celebrates 100 years since it was founded in 2024. It operates to provide the world with the oil and gas it needs through responsible exploration and production, it claims.
With International Energy Agency (IEA) net zero forecasts predicting hydrocarbons are set to account for half of the world's energy needs in 2030 and subsequently decrease below 20% in 2050, TotalEnergies works to leverage its status as a multi-energy company integrated across the entire oil and gas value chain to responsibly, cost-effectively and sustainably produce energy needed to meet the demands of daily life.
With this in mind, the company has the ambition to become the go-to responsible energy major, providing oil and gas that is more affordable, reliable, cleaner and accessible.
5. Shell
Market cap: US$229bn
A pioneer in LNG for more than 50 years, Shell has remained a resilient oil and gas giant despite the challenges posed to industry titans by the energy transition. CEO Wael Sawan said: “The reality is, the energy system of today continues to desperately need oil and gas. Before we are able to let go of that, we need to make sure that we have developed the energy systems of the future.”
To ensure future-proof energy systems are in place, Shell is investing US$10bn to US$15bn in low-carbon energy solutions between 2023 and the end of 2025, as well as investing in oil and gas production with lower emissions.
4. PetroChina
Market cap: US$259.2bn
PetroChina is a Chinese oil and gas company and is the listed arm of the state-owned China National Petroleum Corporation. As Asia’s largest oil and gas producer, PetroChina celebrates 25 years since its founding in 2024. In the quarter of a century since, it has grown to become one of the world’s largest energy firms by engaging in the exploration, production, refining and marketing of oil and natural gas.
PetroChina operates across the entire oil and gas value chain — from upstream exploration and production to downstream refining and marketing — and is also investing in renewable energy and sustainable practices to reduce its environmental footprint.
3. Chevron
Market cap: US$286.2bn
An American multinational energy corporation predominantly specialising in oil and gas, Chevron is active in more than 180 countries. Its operations are vertically integrated, involving the likes of hydrocarbon exploration, production, refining, marketing and transport, chemicals manufacturing and sales and power generation.
Chevron is one of the largest companies in the world and the second largest US-based oil company by revenue, only behind fellow Standard Oil descendant ExxonMobil. It’s leveraging its strengths to safely deliver lower carbon energy and aims to lower carbon intensity oil, products and natural gas and advance new solutions to reduce carbon emissions of major industries.
2. ExxonMobil
Market cap: US$515.7bn
ExxonMobil manages an industry-leading portfolio of resources and is one of the largest integrated fuels, lubricants and chemical companies in the world. It is also the largest refiner and marketer of petroleum products, with its chemical company being one of the largest globally.
When it comes to the energy transition and the part Exxon plays in it, its Chairman and CEO Darren Woods said: “Many people are looking at going into new and different businesses in response to the challenges of climate change and the transition. Our view was that we bring a unique set of skills and capabilities to the world that we’ve developed over the last 140 years.
“Our job in that space is to leverage our capabilities, continue to evolve that technology, drive down those costs and then build up those businesses at scale.”
1. Saudi Aramco
Market cap: US$1.8tn
Also the third largest energy company generally worldwide according to Forbes’ 2024 Global 2000 list, Saudi Aramco is a state-owned oil and gas company based in Saudi Arabia. It is the biggest oil and gas company in the world and is involved in the exploration, production, refining and marketing of oil and natural gas. It has operations in the Middle East, Asia, Europe and North America.
The company, which is a key player in the global energy market, was established in 1933 and, in the more than 30 years since, has overseen the kingdom's vast oil reserves and engages in exploration, production, refining, and distribution. As well as this, Saudi Aramco is globally renowned for its efficiency and technological advancements and it significantly influences global oil prices while playing a vital role in the Saudi economy.
Saudi Aramco CEO Amin Nasser says the current energy transition strategy is failing, adding that the world should abandon the 'fantasy' of phasing out oil. “A transition strategy reset is urgently needed and my proposal is this: We should abandon the fantasy of phasing out oil and gas and instead invest in them adequately reflecting realistic demand assumptions,” he said.
However, the company is working to enhance its environmental stewardship and promote biodiversity by restoring land, providing sanctuaries and helping fight desertification.
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