In this piece, we will take a look at the 20 biggest oil companies in the world. For more companies, head on over to 5 Biggest Oil Companies in the World.
While as a whole, 2022 has been a difficult year for business, as firms have struggled with high costs and rising interest rates, some industries have fared much better than others due to to the tumultuous global economic environment. One such industry is the oil industry, which saw renewed interest after the push to renewables had ended up reducing its prospects and favorability among investors.
The Russian invasion of Ukraine resulted in tough sanctions against Russia by the U.S. government which aimed to stem the flow of funds to Moscow so that it couldn't fund its war. The Americans were followed by the British, who also banned all Russian hydrocarbon imports, with the European Union also pitching in by announcing a plan to reduce the imports. The sanctions however led to a meteoric rise in crude oil prices, as all those who stopped buying Russian oil had to look elsewhere to meet their energy demands. Brent crude oil prices, which were already rising before February due to the post pandemic recovery, soared to a massive $139 per barrel in March.
Naturally, the higher the price of your product, the more profit you make, and oil companies bathed in billions of dollars of profits this year. The petro majors of the world, or the largest oil companies on the planet, namely Exxon Mobil Corporation (NYSE:XOM), Chevron Corporation (NYSE:CVX), BP p.l.c. (NYSE:BP), and Shell plc (NYSE:SHEL) raked in $20 billion, $11 billion, $9.5 billion, and $8 billion in net income, which is the amount available to the firm after all of its expenses have been taken out. Saudi Aramco, which is one of the world's largest oil companies, brought in another $42 billion. These profits were met by criticism from the U.S. administration, who asked the American companies to increase their production in order to bring the prices down. However, the oil companies, beholden to their shareholders, did not increase capacity, countering that any capacity increase today will yield results years into the future - when oil will be much cheaper than it is today.
However, with 2022 coming to an end, crude oil prices have now reversed most of their gains and even entered into negative territory in late November. Primary reasons for this are the worries of a recession in the U.S. and other advanced economies and the Chinese struggle to contain the coronavirus pandemic three years after the first case was reported.
Today we will look at the biggest oil companies in the world, with the notable picks being Exxon Mobil Corporation (NYSE:XOM), Saudi Arabian Oil Company (TADAWUL:2222.SR), and China Petroleum & Chemical Corporation (SHA:600028.SS)
We studied the oil industry to sift out the largest firms in terms of their revenue. The firms are ranked according to this metric too, with the trailing twelve months figure used for most of the companies. These figures have been provided alongside the revenues in 2021 to provide an idea of the growth the firms have experienced this year due to high oil prices. You can also check out the 17 biggest energy companies in the US here.
20 Biggest Oil Companies in the World
20. ENEOS Holdings, Inc. (TYO:5020.T)
Trailing twelve month revenue as of Q3 2022: $102 billion (1Yen = 0.0075 USD)
Revenue during 2021:$82 billion (1Yen = 0.0075 USD)
ENEOS Holdings, Inc. (TYO:5020.T) is a Japanese firm that was set up in 1888 and is headquartered in Tokyo. The company sells petroleum products and lubricants as well as supplying gas, hydrogen, and electricity.
Along with Saudi Arabian Oil Company (TADAWUL:2222.SR), Exxon Mobil Corporation (NYSE:XOM), and China Petroleum & Chemical Corporation (SHA:600028.SS), ENEOS Holdings, Inc. (TYO:5020.T) is one of the biggest oil companies in the world.
19. Indian Oil Corporation Limited (NYSE:IOC.NS)
Trailing twelve month revenue as of Q3 2022: $107 billion (1INR= 0.12USD)
Revenue during 2021:$70 billion (1INR= 0.12USD)
Indian Oil Corporation Limited (NYSE:IOC.NS) is an Indian diversified oil company that refines, transports, markets, and sells oil products. The firm has roughly 35,000 fuel pumps in India, alongside thousands of kilometers of pipelines. Indian Oil Corporation announced in December 2022 that it will set up a new company to target the renewable energy sector.
18. Public Joint Stock Company Rosneft Oil Company (LON:ROSN.L)
Trailing twelve month revenue as of Q3 2022: $116.8 billion (1RUB= 0.014USD)
Revenue during 2021: $50 billion
Public Joint Stock Company Rosneft Oil Company (LON:ROSN.L) is a Russian oil and gas company that explores and sells petroleum products. It is one of the Russian companies that have been sanctioned by the U.S. government due to the Russian invasion of Ukraine. This has also led to its European managers leaving the company.
17. Petróleo Brasileiro S.A. - Petrobras (NYSE:PBR)
Trailing twelve month revenue as of Q3 2022: $118 billion
Revenue during 2021:
Petróleo Brasileiro S.A. - Petrobras (NYSE:PBR) is a Brazilian state owned company that explores, transports, and sells crude oil and other fuels. Brazil's President-elect Luiz Inácio Lula da Silva has shared his hope that the company will expand its investment into renewables, and Petróleo Brasileiro S.A. - Petrobras (NYSE:PBR) has allocated $78 billion in spending for 2023 to 2027.
By the end of this year's third quarter, 33 of the 920 hedge funds polled by Insider Monkey had bought Petróleo Brasileiro S.A. - Petrobras (NYSE:PBR)'s shares.
Petróleo Brasileiro S.A. - Petrobras (NYSE:PBR)'s largest investor is Rajiv Jain's GQG Partners which owns 214 million shares that are worth $2.6 billion.
16. Eni S.p.A. (BIT:ENI.MI)
Trailing twelve month revenue as of Q3 2022: $131 billion (1EUR = 1.07 USD)
Revenue during 2021:$81.71 billion (1EUR = 1.07 USD)
Eni S.p.A. (BIT:ENI.MI) is an Italian oil company with more than six million barrels of proven oil equivalent reserves. The firm made an important announcement in December 2022, when it shared that it will build Italy's first decarbonization plant.
15. PJSC LUKOIL (OTCMKTS:LUKOY)
Trailing twelve month revenue as of Q3 2022: $131 billion (1RUB= 0.014USD)
Revenue during 2021: $88 billion
PJSC LUKOIL (OTCMKTS:LUKOY) is a large Russian oil company that is headquartered in Moscow. As of 2020 end, it had 23.7 billion barrels of oil equivalent in reserves. Additionally, it has been under U.S. sanctions since 2014, and is considering selling an Italian refinery after tighter European laws for Russian oil.
14. Reliance Industries Limited (NSE:RELIANCE.NS)
Trailing twelve month revenue as of Q3 2022: $144 billion (1INR= 0.012USD)
Revenue during fiscal 2022:$89.5 billion (1INR= 0.012USD)
Reliance Industries Limited (NSE:RELIANCE.NS) is an Indian company with different businesses. Its oil division is called Reliance Petroleum, which also owns one of the largest oil refineries in the world. Its holding company is also investing in renewables, by having invested $10 billion so far.
Trailing twelve month revenue as of Q3 2022: $147 billion
Revenue during 2021:$88 billion
Equinor ASA (NYSE:EQNR) is a Norwegian oil company with a global presence. The firm is also heavily investing in solar power in Brazil and Poland and is targeting aggressive 8% returns despite supply chain problems.
Insider Monkey took a look at 920 hedge funds for their third quarter of 2022 investments to discover that 17 had bought Equinor ASA (NYSE:EQNR)'s shares.
Equinor ASA (NYSE:EQNR)'s largest hedge fund investor is Peter Rathjens, Bruce Clarke, and John Campbell's Arrowstreet Capital which owns 9.9 million shares that are worth $329 million.
Trailing twelve month revenue as of Q3 2022: $162 billion
Revenue during 2021:$111 billion
Phillips 66 (NYSE:PSX) is an American company that refines and transports oil and other products. The firm is also investing heavily to produce biodiesel from cooking oil and animal fat.
34 of the 920 hedge funds holdings studied by Insider Monkey for this year's third quarter had invested in Phillips 66 (NYSE:PSX).
D.E. Shaw's D E Shaw is Phillips 66 (NYSE:PSX)'s largest investor. It owns 3.1 million shares that are worth $250 million.
Trailing twelve month revenue as of Q3 2022: $170 billion
Revenue during 2021:$113 billion
Valero Energy Corporation (NYSE:VLO) is an American company that refines and sells ethanol and diesel. It also operates one of the largest sustainable and renewable diesel facilities in the world.
As part of their third quarter of 2022 investments, 47 of the 920 hedge funds polled by Insider Monkey have invested in Valero Energy Corporation (NYSE:VLO).
Out of these, Peter Rathjens, Bruce Clarke, and John Campbell's Arrowstreet Capital is Valero Energy Corporation (NYSE:VLO)'s largest shareholder. It owns 3.1 million shares that are worth $334 million.
Trailing twelve month revenue as of Q3 2022: $172 billion
Revenue during 2021: $119 billion
Marathon Petroleum Corporation (NYSE:MPC) is an oil and gas refiner and marketer that is headquartered in Findlay, Ohio.
Marathon Petroleum Corporation (NYSE:MPC) is one of the companies that is utilizing the subsidies offered by the Inflation Reduction Act to convert its refineries to produce sustainable and renewable diesel. It is also setting up a new facility in Martinez, California to produce sustainable fuels.
Insider Monkey profiled 920 hedge fund portfolios for 2022's second quarter to discover that 50 had bought Marathon Petroleum Corporation (NYSE:MPC)'s shares.
Marathon Petroleum Corporation (NYSE:MPC)'s largest investor is Paul Singer's Elliott Management which owns 11 million shares that are worth $1 billion.
9. Public Joint Stock Company Gazprom (MCX:GAZP.ME)
Revenue during 2021: $145 billion
Public Joint Stock Company Gazprom (MCX:GAZP.ME) is a Russian state owned gas company that is one of the world's largest producers of natural gas. It also produces oil through its subsidiary Gazprom Neft. The company's executives have faced U.S. sanctions since 2014, and the European Union has also joined in. Gazprom's latest financial results are available only for its calendar year 2021.
Trailing twelve month revenue as of Q3 2022: $222 billion
Revenue during 2021: $157 billion
BP p.l.c. (NYSE:BP) is a British oil company with operations all over the world. It is headquartered in London. The company, like other oil majors, is also expanding its renewable energy efforts as it announced in December 2022 that it will invest $13 million in an Australian solar energy producer.
By the end of Q3 2022, 25 of the 920 hedge funds polled by Insider Monkey had invested in BP p.l.c. (NYSE:BP).
BP p.l.c. (NYSE:BP)'s largest investor is Peter Rathjens, Bruce Clarke, and John Campbell's Arrowstreet Capital which owns 27 million shares that are worth $772 million.
Trailing twelve month revenue as of Q3 2022: $227 billion (1BRL= 0.19USD)
Revenue during 2021: $155 billion
Chevron Corporation (NYSE:CVX) is an American oil company that is involved in all stages of petroleum production, from the field to the pump. It also has a variety of different renewable energy projects, with the latest one being an investment in the carbon capturing firm Svante.
66 of the 920 hedge funds part of Insider Monkey's survey for 2022's third quarter had bought Chevron Corporation (NYSE:CVX)'s shares.
Out of these, Warren Buffett's Berkshire Hathaway is Chevron Corporation (NYSE:CVX)'s largest investor. It owns 165 million shares that are worth $23 billion.
Trailing twelve month revenue as of Q3 2022: $254 billion
Revenue during 2021: $184 billion
TotalEnergies SE (NYSE:TTE) is a French oil company that explores, produces, transports, and sells petroleum products and natural gas. The firm announced in December 2022 that is building Kazakhstan's largest wind power project capable of producing 1 Gigawatt of electricity.
Insider Monkey took a look at 920 hedge fund holdings for Q3 2022 to discover that 22 had owned a stake in TotalEnergies SE (NYSE:TTE).
TotalEnergies SE (NYSE:TTE)'s largest shareholder is Ken Fisher's Fisher Asset Management which owns 23 million shares that are worth $1 billion.
TotalEnergies SE (NYSE:TTE), Exxon Mobil Corporation (NYSE:XOM), Saudi Arabian Oil Company (TADAWUL:2222.SR), and China Petroleum & Chemical Corporation (SHA:600028.SS) are some of the biggest oil companies in the world.
