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15 Largest Oil Companies in the World

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Ty Haqqi
·9 min read
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In this article we are going to list the 15 largest oil companies in the world. Click to skip ahead and jump to the 5 largest oil companies in the world. The oil industry is among the biggest industries in the world, which is why you will also find oil companies to be among the largest companies in the world. The current world cannot be imagined without oil, due to the fact that it is one of the most essential commodities in the world, and is an intrinsic raw material in the creation and generation of energy as well as refined into petroleum and is used to power most car engines in the world.

The oil and gas industry is broken down into three streams, namely upstream, middle stream and downstream. The upstream industry consists of companies which are involved in the exploration as well as extraction of oil, which includes drilling for oil as well. If you want to learn more about the drilling process and the drilling industry, consider taking a look at the 15 largest offshore drilling companies in the world. Meanwhile, the midstream industry consists of companies which aren't involved in either the extraction or drilling of oil and gas; rather, they're more interested in the transportation and storage. The fact that transportation and storage of oil and gas is another industry in and of itself speaks to the strength of the oil and gas sector. Then we are finally left with the downstream industry, which involves the refining as well as marking of the finished products. The upstream and downstream companies in this sector tend to be the biggest companies, without which the industry could not operate. However, we also have companies which are involved in the entire cycle of oil and gas exploration, production, storage, refinement and selling, which means these companies basically control the entire supply chain of the industry.

The oil and gas drilling factor is said to be worth more than $3.3 trillion alone, though this has taken a serious hit in the midst of a pandemic. When Covid-19 hit, most industries in the world were affected; however, the shock faced by the oil industry is none like it has ever faced before. While the industry has been notoriously over the decades, the impact of Covid-19 destabilized the entire industry and economy like never before, resulting in the crumbling of oil prices. So why did the pandemic have such a strong effect on the oil industry? Well, there are multiple reasons behind the hit, which include a major decline in the demand of oil, as transportation across the world came to a halt and so fuel consumption declined significantly. This came during the war between Russia and Saudi Arabia, which was started by the latter when the former refused to lower production in order to maintain oil prices. Saud Arabia lowered the price of oil which resulted in a price war which saw the price of oil fall on a quarterly level by 65%. This, combined with the drop in demand due to the pandemic, actually saw oil futures become negative for the first time in history. Generally, lower prices see a rise in consumption as people are more induced to purchase it, but due to the pandemic, this stimulant was not present. Many people have dubbed it 'the great compression' of the oil and gas industry.

Of course, it's not all bad news and dark clouds. Most countries have started to recover from the pandemic, with lockdowns ending partially or fully across most of the world during the summer and fall. Oil demand had fallen by 25% globally back in April, at the height of lockdowns, but the industry has rallied and beaten expectations to reduce the losses to just 8%. Of course, now that a second wave has hit most of the world amid winter, and lockdowns are once again being enforced in several nations, we will only truly find out the proper impact by next year.

Like I mentioned earlier, the biggest companies in the oil industry are also among the biggest companies in the world, regardless of revenue. This includes Saudi Aramco, which had the biggest IPO in history, and is the second biggest company in the world by market cap right now. Furthermore, it is also the most profitable company in the entire world in 2020 and yet, it still does not top our list. We have considered not just revenue, but assets, profits and number of employees in assessing the largest oil companies in the world, with all of the data coming from Fortune. So let's take a look at the current oil giants, starting with number 15:

15. Pemex

Total revenue of the company in 2019 (in billions of dollars): 72,820

Total profit of the company in 2019 (in billions of dollars): -18,039

Total assets of the company in 2019 (in billions of dollars): 101,602

Total employees of the company in 2019: 125,735

We kick off our list with the largest Mexican oil company in Pemex, which is one of the oldest companies in our list, having been established 82 years ago in 1938. It is one of Latin America's largest companies and is owned by the government of Mexico.

Pixabay/Public Domain

14. Marathon Petroleum (NYSE:MPC)

Total revenue of the company in 2019 (in billions of dollars): 124,813

Total profit of the company in 2019 (in billions of dollars): 2,637

Total assets of the company in 2019 (in billions of dollars): 98,556

Total employees of the company in 2019: 60,910

The third largest American oil company was established 11 years ago in 2009, and has branded locations across the company, which includes branded outlets of the company as well. It has 6,900 independently owned retail outlets as well as 3,900 company owned and operated convenience stores, as well as 1,100 direct dealer locations.

Marathon Petroleum Corp (NYSE:MPC)
Marathon Petroleum Corp (NYSE:MPC)

13. Chevron (NYSE:CVX)

Total revenue of the company in 2019 (in billions of dollars): 146,516

Total profit of the company in 2019 (in billions of dollars): 2,924

Total assets of the company in 2019 (in billions of dollars): 237,428

Total employees of the company in 2019: 48,200

The second largest American oil company is Chevron, which has a strong global presence, with activities in more than 180 countries, and is involved in every part of the oil and gas industry including exploration, production, refinement, transport and marketing in addition to downstream activities.

Chevron Corporation (NYSE:CVX), Sign, gass station, logo, Symbol, oil, fuel
Chevron Corporation (NYSE:CVX), Sign, gass station, logo, Symbol, oil, fuel

Ken Wolter / Shutterstock.com

12. Petrobras (NYSE:PBR)

Total revenue of the company in 2019 (in billions of dollars): 76,589

Total profit of the company in 2019 (in billions of dollars): 10,151

Total assets of the company in 2019 (in billions of dollars): 229,740

Total employees of the company in 2019: 57,983

The largest Brazil oil company is state-owned and was founded 67 years ago in 1953. The company makes around 2.07 million barrels each day.

Petroleo Brasileiro Petrobras SA (ADR) (NYSE:PBR)
Petroleo Brasileiro Petrobras SA (ADR) (NYSE:PBR)

Pixabay/Public Domain

11. Lukoil

Total revenue of the company in 2019 (in billions of dollars): 114,621

Total profit of the company in 2019 (in billions of dollars): 9,895

Total assets of the company in 2019 (in billions of dollars): 95,773

Total employees of the company in 2019: 101,000

Lukoil is the second biggest oil company in Russia, and is the largest non-state company in terms of revenue. The company was founded 29 years ago back in 1991.

Pixabay/Public Domain

10. China National Offshore Oil

Total revenue of the company in 2019 (in billions of dollars): 108,687

Total profit of the company in 2019 (in billions of dollars): 6,957

Total assets of the company in 2019 (in billions of dollars): 184,922

Total employees of the company in 2019: 92,080

The third biggest oil company in China is a government owned company, which was founded 38 years ago in 1982.

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azerbaijan, baku, business, crane, dawn, derricks, drilling, energy, engineering, equipment, evening, exploration, fuel, gas, gasoline, industrial, industry, installation, land, machinery, offshore, oil, petrol, petroleum, platform, power, production, pumps, rig, sea, shallow, ship, silhouette, sky, technology, tool, tug, vessel, water, well

Copyright: Elnur / 123RF Stock Photo

9. BP (NYSE:BP)

Total revenue of the company in 2019 (in billions of dollars): 282,616

Total profit of the company in 2019 (in billions of dollars): 4,026

Total assets of the company in 2019 (in billions of dollars): 295,194

Total employees of the company in 2019: 72,500

BP is the biggest oil company in the United Kingdom and one of the largest oil companies in the world, and is another company involved in all of the areas of the oil and gas industry. It has operations in more than 80 countries and makes around 3.7 million barrels each day.

BP plc (ADR) (NYSE:BP), British Petroleum, Logo, Sign, Symbol, Isolated, Gas, Oil, Fuel
BP plc (ADR) (NYSE:BP), British Petroleum, Logo, Sign, Symbol, Isolated, Gas, Oil, Fuel

sergspb / Shutterstock.com

8. Reliance Industries

Total revenue of the company in 2019 (in billions of dollars): 86,270

Total profit of the company in 2019 (in billions of dollars): 5,626

Total assets of the company in 2019 (in billions of dollars): 154,196

Total employees of the company in 2019: 195,618

The biggest company in India by market capitalization, Reliance is owned by Mukesh Ambani, one of the top 20 richest people in the world.

Reliance Industries Limited (NSE:RELIANCE)
Reliance Industries Limited (NSE:RELIANCE)

Pixabay/Public Domain

7. Exxon Mobil (NYSE:XOM)

Total revenue of the company in 2019 (in billions of dollars): 264,938

Total profit of the company in 2019 (in billions of dollars): 14,340

Total assets of the company in 2019 (in billions of dollars): 362,597

Total employees of the company in 2019: 74,900

Exxon Mobil is the biggest American oil company and only came into existence 21 years ago after the merger of Exxon and Mobil. It is the largest descendant of the oil giant Standard Oil, which came to an end after being declared an illegal monopoly.

Exxon Mobil Corporation (NYSE:XOM), Gas Station, Oil, Fuel, Logo, Sign,
Exxon Mobil Corporation (NYSE:XOM), Gas Station, Oil, Fuel, Logo, Sign,

Barry Blackburn / Shutterstock.com

6. Saudi Aramco

Total revenue of the company in 2019 (in billions of dollars): 329,784

Total profit of the company in 2019 (in billions of dollars): 88,211

Total assets of the company in 2019 (in billions of dollars): 398,349

Total employees of the company in 2019: 79,000

The most profitable company in the world is owned by the government of Saudi Arabia, and is the sixth largest company in the world by revenue, and has the second largest proven crude oil reserves, which exceed 270 billion barrels.

Please continue to see the 5 largest oil companies in the world.

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Disclosure: No position. 15 largest oil companies in the world is originally published at Insider Monkey.