Biggest oil and gas companies in the world in 2024
One of the most important and significant sectors of the world economy, the oil and gas industry shapes geopolitical environments, powers society, and fuels economic expansion. Certainly, the oil and gas industry is a dominant source of energy across the globe and several oil companies supply billions of barrels of petroleum products daily to power transportation and industry.
This industry has continuously evolved to meet the demands of the market, emerging technologies and environmental concerns. The global oil and gas market is likely to touch $8,917.40 billion by 2031, as per a report by Kings Research.
Let’s take a look at some of the biggest oil and gas companies in the world by market captalisation as of June 2024, as per the report by Statista.
Saudi Aramco (Market cap: $1.8 trillion)
Far ahead of the competition is energy behemoth Saudi Aramco. The world’s largest oil producer is the cornerstone of the Saudi Arabian economy. With operations spanning exploration, production, refining and distribution, Aramco’s influence extends far beyond its home country. Its IPO in 2019 was the largest in history, solidifying its status as a financial powerhouse.
Aramco traces its beginnings to 1933 when a concession agreement was signed between Saudi Arabia and the Standard Oil Company of California (SOCAL). A subsidiary company, the California Arabian Standard Oil Company (CASOC), was created to manage the agreement.
“After surveying the Saudi desert for oil, drilling began in 1935. Following years of effort with little to show for it, in 1937 SOCAL executives sought advice from their chief geologist, Max Steineke. Drawing on years of fieldwork, Steineke told them to keep on drilling. In 1938, the efforts finally paid off with the commencement of commercial oil production from Dammam No. 7 — the aptly named ‘Prosperity Well’, the company says.
ExxonMobil Corporation (Market cap: $497.62 billion)
ExxonMobil is one of the largest publicly traded international energy and petrochemical companies. It creates solutions that improve quality of life and meet society’s evolving needs. The corporation’s primary businesses – upstream, product solutions and low carbon solutions – provide products that enable modern life, including energy, chemicals, lubricants and lower emissions technologies. ExxonMobil holds an industry-leading portfolio of resources. It is one of the largest integrated fuels, lubricants and chemical companies in the world.
ExxonMobil also owns and operates the largest CO2 pipeline network in the United States. In 2021, ExxonMobil announced Scope 1 and 2 greenhouse gas emission-reduction plans for 2030 for operated assets, compared to 2016 levels. The company’s plans are to achieve a 20-30 percent reduction in corporate-wide greenhouse gas intensity; a 40-50 percent reduction in greenhouse gas intensity of upstream operations; a 70-80 percent reduction in corporate-wide methane intensity; and a 60-70 percent reduction in corporate-wide flaring intensity.
With advancements in technology and the support of clear and consistent government policies, ExxonMobil aims to achieve net-zero Scope 1 and 2 greenhouse gas emissions from its operated assets by 2050.
Chevron Corporation (Market cap: $284.22 billion)
Chevron primarily operates in some of the world’s most important oil and gas regions. It leverages innovation and the effective use of technology to maximize mature fields, discover new resources and meet the world’s growing demand for energy. It aims to continue making progress in reducing upstream greenhouse gas intensity through technology development and partnerships.
The company’s upstream portfolio is anchored by key assets, including oil in Kazakhstan, LNG in Australia, shale and tight oil onshore U.S. and Argentina, deepwater assets in the U.S. Gulf of Mexico, and natural gas in the Eastern Mediterranean. These assets are complemented by other competitive assets globally.
PetroChina (Market cap: $244.41 billion)
PetroChina is one of the major oil and gas producers and distributors in China, as well as a significant player in the global oil and gas industry. It is engaged in a wide range of activities related to oil, gas and new energy, and sustainably provide energy and oil products for economic and social development.
Technological innovation is an important support and powerful driving force for the company to promote high-quality development and build a world-class comprehensive international energy enterprise. With innovation as its top strategy, PetroChina continues to invest in science and technology, and enhance its competency in research and development. The company has built innovation capabilities along the industrial chain to create value for now and the future.
Reliance Industries (Market cap: $237.31 billion)
Reliance is India’s largest and most profitable private sector company. In just over four decades, the company has emerged as one of India’s most valuable, stakeholder-centric organisations. It is building valuable assets for India and innovating for a better future for all Indians. The company has shaped its ambitions and actions every day since inception. It has evolved from being a textile and polyester company to an integrated player across energy, materials, retail, entertainment, and digital services. This has put India on the global energy map and triggered a nationwide retail and digital revolution.
Reliance is committed to self-reliant and sustainable growth. It is embracing the new energy and digital-first future by…
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2024-07-21 07:56:48