25 Largest Energy Companies by Revenue

In this article, we will be covering 25 largest energy companies by revenue. If you want to skip our detailed analysis of the global oil and gas market, you can go directly to 5 Largest Energy Companies by Revenue.

Accounting for trillions of dollars in annual revenue, the energy industry is one of the most important and largest sectors in the global economy. The oil and gas market supplies a significant portion of the world’s energy needs and it is expected to remain a key component in the global energy landscape for many years to come.

The Global Oil and Gas Market at a Glance

The rise in geopolitical tensions around the world has led to economic sanctions on multiple countries, supply chain disruptions, and a surge in commodity prices that is negatively affecting many markets across the globe. Despite these challenges, the global oil and gas market is expected to grow in the coming years. According to a report by Research and Markets, the global oil and gas market was valued at $7.33 trillion in 2023. The market is expected to grow at a compound annual growth rate (CAGR) of 4.3% during 2023-2027, propelling it to reach above $8.67 trillion by the end of the forecast period. Driven by economic development and population growth, the demand for oil and gas is expected to continue growing. Technological advancements are making oil and gas production more efficient and less costly, which is also increasing profitability for the corporations operating in this space.

However, renewable energy’s share of the global energy mix is growing. According to a report by the International Energy Agency (IEA), it is anticipated that renewable energy sources such as wind and solar power, along with nuclear power, will meet over 90% of the increase in worldwide electricity demand by 2025. Moreover, in one of our previous articles about the most efficient electric vehicles, we discussed that as the world transitions toward sustainable alternatives, the electric vehicles market is expected to experience quick growth. The growing importance of renewable energy could hamper growth of the oil and gas market.

Major Players in the Industry

Major companies in the oil and gas market include Exxon Mobil Corporation (NYSE:XOM), Saudi Arabian Oil Company (TADAWUL:2222), and Shell Plc (NYSE:SHEL).

Shell Plc (NYSE:SHEL) is an international energy company that specializes in the production, exploration, refining, and marketing of oil and natural gas. It also invests in power, including from renewable sources such as solar and wind, as well as in electric vehicle charging and low-carbon fuels for transport. On November 2, Shell Plc (NYSE:SHEL) reported strong earnings for the fiscal third quarter of 2023. The company reported earnings per share (EPS) of $1.86. Shell Plc (NYSE:SHEL) reported a revenue of $76.35 billion and outperformed revenue estimates by $11.29 billion. As of November 6, Shell Plc (NYSE:SHEL) has surged nearly 11.5% over the past six months.

Oil and gas companies are also expanding into new markets in order to diversify their revenue streams. Saudi Arabian Oil Company (TADAWUL:2222), or Saudi Aramco, is a Saudi Arabian petroleum and natural gas company and one of the biggest companies in the world by revenue. On October 11, Reuters reported that India seeks Saudi Arabian Oil Company (TADAWUL:2222) to join its planned 6.5 million metric tons (MMT) strategic petroleum reserve (SPR) program as India looks to beef up ties with its key oil supplier. The two countries have discussed Saudi Arabian Oil Company’s (TADAWUL:2222) participation in the SPR program for years, but the talks gained momentum after Saudi Arabia’s Crown Prince Mohammed bin Salman met with India’s Prime Minister Narendra Modi in September.

Major oil and gas companies are also looking to acquire other companies in order to grow their businesses and expand their portfolios. On October 11, Reuters reported that Exxon Mobil Corporation (NYSE:XOM) agreed to acquire Pioneer Natural Resources Company (NYSE:PXD) in an all-stock deal worth $59.5 billion. This deal would secure a decade of low-cost production for Exxon Mobil Corporation (NYSE:XOM) while also making it the largest producer in the Permian Basin, which is the biggest US oilfield. Valued at $253 per share, this deal will combine the largest US oil company with one of the most successful companies to emerge from the shale revolution, which transformed the US into the largest oil producer in the world in just over a decade.

Let’s take a look at where some of these major oil and gas companies rank on our list of the 25 largest energy companies by revenue.

25 Largest Energy Companies by Revenue

25 Largest Energy Companies by Revenue

Methodology

In this article, we have listed the top 25 largest energy companies by revenue. To rank the top 25 largest energy companies in terms of revenue, we first sifted through the Yahoo Finance and Finviz stock screeners to find the most prominent and largest energy companies. We then also consulted the Fortune Global 500 list, which is an annual ranking of the world’s largest corporations based on their fiscal year revenues. While the list is published annually, we used data obtained for the latest year in their dataset, which is 2023.

For companies that are publicly traded, we got their trailing twelve-month revenue from YCharts. For companies that are not publicly traded, we used fiscal year revenues data from the Fortune Global 500 rankings. We have listed the 25 largest energy companies by revenue below in ascending order.

25 Largest Energy Companies by Revenue

25. Equinor ASA (NYSE:EQNR)

Revenue: $111.85 Billion

First up on our list of 25 largest energy companies by revenue is Equinor ASA (NYSE:EQNR). Headquartered in Norway, it is an international energy company that aims to be one of the leading corporations in the energy transition. Engaged in exploration, development and production of oil and gas, as well as wind and solar power, Equinor ASA (NYSE:EQNR) has a trailing twelve-month revenue of $111.85 billion as of September 30, 2023.

Exxon Mobil Corporation (NYSE:XOM), Saudi Arabian Oil Company (TADAWUL:2222), and Shell Plc (NYSE:SHEL) are some of the leading companies in the global oil and gas industry.

24. China Southern Power Grid Co. Ltd.

Revenue: $113.67 Billion

China Southern Power Grid Co. Ltd. is a Chinese state-owned enterprise. It constructs and operates the power grids, while also participating in management-related cross-regional power transmission, transformation, and networking projects. China Southern Power Grid Co. Ltd. generated a revenue of $113.67 billion in 2022.

23. Pemex

Revenue: $118.54 Billion

Pemex is the Mexican state-owned oil company. It was formed in 1938 by nationalization and expropriation of all private oil companies in Mexico, and it became one of the world’s largest oil companies at its foundation. Managed and operated by the Mexican government, Pemex generated a revenue of $118.54 billion in 2022.

22. E.ON SE (ETR:EOAN)

Revenue: $120.34 Billion

E.ON SE (ETR:EOAN) is a German multinational electric utility company with a trailing twelve-month revenue of $120.34 billion as of June 30, 2023. As a major operator of energy networks and energy infrastructure while also providing innovative customer solutions, E.ON SE (ETR:EOAN) aims to help drive the energy transition in Europe.

21. Eni SpA (BIT:ENI)

Revenue: $120.37 Billion

Headquartered in Rome, Italy, Eni SpA (BIT:ENI) is an Italian multinational energy company in which the Italian government owns a golden share. Eni SpA (BIT:ENI) is involved in oil and natural gas exploration, field development and production, as well as in the trading and distribution of natural gas, LNG, fuels, and electricity. As of June 30, 2023, Eni SpA (BIT:ENI) has a trailing twelve-month revenue of $120.37 billion.

20. China Energy Investment Corporation

Revenue: $121.58 Billion

China Energy Investment Corporation, also simply referred to as China Energy, is a Chinese state-owned mining and energy company that ranks among the world’s top 20 largest energy companies by revenue. As a provider of coal, coal chemicals, coal-to-liquid fuels, thermal power, and wind power, China Energy Investment Corporation generated a revenue of $121.58 billion in 2022.

19. Shandong Energy Group Co. Ltd.

Revenue: $124.09 Billion

Shandong Energy Group Co. Ltd. is a Chinese state-owned energy company that also ranks among the largest coal companies in China. It came into existence in 2011 through merging six existing coal mining companies. Shandong Energy Group Co. Ltd. generated a revenue of $124.09 billion in 2022.

18. Petróleo Brasileiro S.A. (BVMF:PETR4)

Revenue: $124.59 Billion

Based in Rio de Janeiro, Brazil, Petróleo Brasileiro S.A. (BVMF:PETR4), also known as Petrobras, is a state-owned Brazilian multinational petroleum corporation. It focuses primarily on exploration and production, refining, marketing, and transportation of oil and gas. As one of the largest energy companies by revenue, Petróleo Brasileiro S.A. (BVMF:PETR4) has a trailing twelve-month revenue of $124.59 billion as of June 30, 2023.

17. Enel SpA (BIT:ENEL)

Revenue: $128.79 Billion

Based in Italy, Enel SpA (BIT:ENEL) is a power company and multinational manufacturer and distributor of electricity and gas. As an integrated company that produces, transports, and distributes electricity and gas, it has a presence in more than 30 countries. As of June 30, 2023, Enel SpA (BIT:ENEL) has a trailing twelve-month revenue of $128.79 billion.

16. Phillips 66 (NYSE:PSX)

Revenue: $149.41 Billion

Headquartered in Houston, Texas, Phillips 66 (NYSE:PSX) is an American multinational energy company. It focuses on processing, transporting, storing and marketing natural gas and petroleum products. As of September 30, 2023, Phillips 66 (NYSE:PSX) has a trailing twelve-month revenue of $149.41 billion.

15. Electricité de France

Revenue: $150.9 Billion

Electricité de France, also simply referred to as EDF, is a French multinational electric utility company. Owned by the French state, it is one of the world’s largest producers of electricity. As one of the top 15 largest energy companies by revenue, Electricité de France generated a revenue of $150.9 billion in 2022.

14. Valero Energy Corporation (NYSE:VLO)

Revenue: $151.1 Billion

Based in the US, Valero Energy Corporation (NYSE:VLO) is a downstream petroleum company that focuses on manufacturing and marketing transportation fuels, other petrochemical products, and power. As one of the largest independent oil and gas companies, and an international distributor and marketer of transportation fuels, Valero Energy Corporation (NYSE:VLO) has a trailing twelve-month revenue of $151.1 billion as of September 30, 2023.

13. Marathon Petroleum Corporation (NYSE:MPC)

Revenue: $151.94 Billion

With more than 15 refineries in the US, Marathon Petroleum Corporation (NYSE:MPC) is a major petroleum refining, marketing, and transportation company. It has a trailing twelve-month revenue of $151.94 billion as of September 30, 2023. Headquartered in Findlay Ohio, Marathon Petroleum Corporation (NYSE:MPC) is one of the biggest integrated, downstream energy companies.

12. Chinese National Offshore Oil Corporation

Revenue: $164.76 Billion

China National Offshore Oil Corporation, also known as CNOOC Group, is a Chinese national oil company. It focuses on the development, exploration, and exploitation of crude oil and natural gas in offshore China. As one of the largest energy companies by revenue, China National Offshore Oil Corporation generated a revenue of $164.76 billion in 2022.

11. Chevron Corporation (NYSE:CVX)

Revenue: $202.5 Billion

Chevron Corporation (NYSE:CVX) is an American multinational energy corporation that primarily specializes in oil and gas refining and marketing. As one of the largest energy companies in the world, it is active in more than 170 countries. Chevron Corporation (NYSE:CVX) has a trailing twelve-month revenue of $202.5 billion as of September 30, 2023.

10. Uniper SE (ETR:UN01)

Revenue: $215.69 Billion

Uniper SE (ETR:UN01) is a German state-owned energy company with headquarters in Düsseldorf. It aims to accelerate the transition of energy while also ensuring supply security. Uniper SE (ETR:UN01) ranks among the 10 largest energy companies by revenue with a trailing twelve-month revenue of $215.69 billion as of June 30, 2023.

9. BP Plc (NYSE:BP)

Revenue: $227.25 Billion

Headquartered in London, BP Plc (NYSE:BP) is a multinational oil and gas company. It ranks among the biggest corporations operating in the global oil and gas industry. BP Plc (NYSE:BP) has a trailing twelve-month revenue of $227.25 billion as of September 30, 2023.

Other prominent names in the global oil and gas industry include Exxon Mobil Corporation (NYSE:XOM), Saudi Arabian Oil Company (TADAWUL:2222), and Shell Plc (NYSE:SHEL).

8. TotalEnergies SE (NYSE:TTE)

Revenue: $228.13 Billion

TotalEnergies SE (NYSE:TTE) is a French multinational integrated energy and petroleum company and one of the world’s biggest oil companies. It is a multi-energy corporation that produces and markets natural gas, fuels, and electricity on a global level. As of September 30, 2023, TotalEnergies SE (NYSE:TTE) has a trailing twelve-month revenue of $228.13 billion.

7. Glencore Plc (LON:GLEN)

Revenue: $228.96 Billion

Glencore Plc (LON:GLEN) has a global network of production facilities and supplies metals, minerals, coal, crude oil, oil products, and natural gas to industrial customers in a number of different industries. As one of the world’s largest global diversified natural resource companies, Glencore Plc (LON:GLEN) has a trailing twelve-month revenue of $228.96 billion as of June 30, 2023.

6. Shell Plc (NYSE:SHEL)

Revenue: $339.19 Billion

Shell Plc (NYSE:SHEL) is a public limited multinational oil and gas company based in England. It has a trailing twelve-month revenue of $339.19 billion as of September 30, 2023 and ranks among the largest energy companies by revenue. Shell plc (NYSE:SHEL) is known for its expertise in the production, exploration, refining and marketing of oil and natural gas. The British multinational oil and gas company is also taking a novel approach to generate energy in sustainable and affordable ways.

Click to continue reading and see 5 Largest Energy Companies by Revenue.

Suggested Articles:

Disclosure: None. 25 Largest Energy Companies by Revenue is published on Insider Monkey.