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Ranked: The Largest Oil and Gas Companies in the World

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Largest Oil and Gas companies

The Largest Oil & Gas Companies in 2021

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The pandemic brought strong headwinds for the oil and gas industry, and oil majors felt the blow.

Global primary energy consumption fell by 4.5% relative to 2019 and oil demand declined by 9%. For a brief period in April 2020, the price of West Texas Intermediate (WTI) crude futures went subzero, marking the largest one-day price plunge since 1983.

Some expected the demand crash to have a lasting impact on the industry, but it’s safe to say that 2021 has proved otherwise.

Oil Resurfaces as Energy Crisis Deepens

The world is facing a shortage of energy, and peak winter is yet to hit most parts of the globe.

Pandemic-induced supply restraints from producers, in addition to rising energy demand from recovering economies, have sent nations scrambling for petroleum products. Consequently, oil prices are resurfacing to pre-pandemic levels.

As of today, prices of WTI crude futures are at their highest levels in the last five years at over $80 per barrel. Furthermore, U.S. natural gas prices hit a 7-year high of $6.5 per million British thermal units (BTU) earlier this month. Elsewhere, European benchmark natural gas futures have surged 1,300% since May 2020.

Of course, the largest oil and gas companies are riding this wave of resurgence. Using data from CompaniesMarketCap.com, the above infographic ranks the top 20 oil and gas companies by market cap as of October 7, 2021.

Big Oil: The Largest Oil and Gas Companies by Market Cap

Given that we often see their logos at gas stations, the largest oil and gas companies are generally quite well-known. Here’s how they stack up by market cap:

RankCompanyMarket Cap* (US$, billions)Country
1Saudi Aramco$1,979Saudi Arabia 🇸🇦
2ExxonMobil$257.30U.S. 🇺🇸
3Chevron$205.29U.S. 🇺🇸
4Shell$175.28Netherlands 🇳🇱
5PetroChina$162.55China 🇨🇳
6TotalEnergies$130.56France 🇫🇷
7Gazprom$121.77Russia 🇷🇺
8ConocoPhillips$95.93U.S. 🇺🇸
9BP$93.97U.K. 🇬🇧
10Rosneft$84.07Russia 🇷🇺
11Equinor$83.60Norway 🇳🇴
12Enbridge$82.82Canada 🇨🇦
13Sinopec$80.48China 🇨🇳
14Novatek$79.18Russia 🇷🇺
15Duke Energy$78.08U.S. 🇺🇸
16Petrobras$69.91Brazil 🇧🇷
17Southern Company$66.64U.S. 🇺🇸
18Lukoil$64.70Russia 🇷🇺
19CNOOC$52.04China 🇨🇳
20Enterprise Products$50.37U.S. 🇺🇸

*As of October 7, 2021.

Saudi Aramco is one of the five companies in the trillion-dollar club as the world’s third-largest company by market cap. Its market cap is nearly equivalent to the combined valuation of the other 19 companies on the list. But what makes this figure even more astounding is the fact that the company went public less than two years ago in December 2019.

However, the oil giant’s valuation doesn’t come out of the blue. Aramco was the world’s most profitable company in 2019, raking in $88 billion in net income. Apple took this title in 2020, but high oil prices could propel Aramco back to the top in 2021.

Although Standard Oil was split up a century ago, its legacy lives on today in the form of Big Oil. ExxonMobil and Chevron—the second and third-largest companies on the list—are direct descendants of Standard Oil. Furthermore, Shell and BP both acquired assets from Standard Oil’s original portfolio on the road to becoming global oil giants.

The geographical distribution of the largest oil and gas companies shows how global the industry is. The top 20 oil and gas companies come from 10 different countries. The U.S. hosts six of them, while four are headquartered in Russia. The other 10 are located in one of China, Brazil, Saudi Arabia, or Europe.

Big Oil, Bigger Emissions

Due to the nature of fossil fuels, the biggest oil and gas companies are also among the biggest greenhouse gas (GHG) emitters.

In fact, Saudi Aramco is the world’s largest corporate GHG emitter and accounts for over 4% of the entire world’s emissions since 1965. Chevron, Gazprom, ExxonMobil, BP, and several other oil giants join Aramco on the list of top 20 GHG emitters between 1965 and 2017.

Shifting towards a low-carbon future will undoubtedly require the world to rely less on fossil fuels. But completely shunning the oil and gas industry isn’t possible at the moment, as shown by the global energy crisis.

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Energy

Visualized: Renewable Energy Capacity Through Time (2000–2023)

This streamgraph shows the growth in renewable energy capacity by country and region since 2000.

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The preview image for a streamgraph showing the change in renewable energy capacity over time by country and region.

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The following content is sponsored by National Public Utilities Council

Visualized: Renewable Energy Capacity Through Time (2000–2023)

Global renewable energy capacity has grown by 415% since 2000, or at a compound annual growth rate (CAGR) of 7.4%.

However, many large and wealthy regions, including the United States and Europe, maintain lower average annual renewable capacity growth.

This chart, created in partnership with the National Public Utilities Council, shows how each world region has contributed to the growth in renewable energy capacity since 2000, using the latest data release from the International Renewable Energy Agency (IRENA).

Renewable Energy Trends in Developed Economies

Between 2000 and 2023, global renewable capacity increased from 0.8 to 3.9 TW. This was led by China, which added 1.4 TW, more than Africa, Europe, and North America combined. Renewable energy here includes solar, wind, hydro (excluding pumped storage), bioenergy, geothermal, and marine energy.

During this period, capacity growth in the U.S. has been slightly faster than what’s been seen in Europe, but much slower than in China. However, U.S. renewable growth is expected to accelerate due to the recent implementation of the Inflation Reduction Act.

Overall, Asia has shown the greatest regional growth, with China being the standout country in the continent.

Region2000–2023 Growth10-Year Growth (2013–2023)1-Year Growth (2022–2023)
Europe313%88%10%
China1,817%304%26%
United States322%126%9%
Canada57%25%2%

It’s worth noting that Canada has fared significantly worse than the rest of the developed world since 2000 when it comes to renewable capacity additions. Between 2000 and 2023, the country’s renewable capacity grew only by 57%.  

Trends in Developing Economies

Africa’s renewable capacity has grown by 184% since 2000 with a CAGR of 4%. 

India is now the most populous country on the planet, and its renewable capacity is also rapidly growing. From 2000–2023, it grew by 604%, or a CAGR of 8%.

It is worth remembering that energy capacity is not always equivalent to power generation. This is especially the case for intermittent sources of energy, such as solar and wind, which depend on natural phenomena.

Despite the widespread growth of renewable energy worldwide, IRENA emphasizes that global renewable generation capacity must triple from its 2023 levels by 2030 to meet the ambitious targets set by the Paris Agreement.

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