Leading global oil and gas producers based on revenue 2024

Sinopec (China Petroleum & Chemical Corporation) is the leading global oil and gas company by revenues generated. In the 12-month period leading up to July 2024, the Chinese state-owned enterprise generated 441.79 billion U.S. dollars in revenues. 

State-owned enterprises are largest producers

State-owned businesses are among the largest within the oil and gas industry. Saudi Arabia's Saudi Aramco is the leading oil company worldwide based on daily oil production, at over 11 million barrels per day. This is significantly more than the daily output of ExxonMobil. At 2.5 million barrels of crude oil per day, it is the largest producer among public companies not majority owned by any state. The United States-based oil and gas giant ExxonMobil generated 331.46 billion U.S. dollars in revenues in the 12 months leading up to July 2024, coming in third in this list. 

Diversification of oil & gas portfolios

Due to growing investor pressure and judicial court rulings, some oil and gas companies have been incentivized to increase the share of non-fossil fuel assets in their portfolio. Their efforts have been supported by an increasing number of investment funds and asset managers, with more diverse companies also often ranking higher in terms of brand value. Many European oil majors have already begun looking for clean energy ventures where their expertise may help them gain footing fast, such as offshore wind and blue hydrogen. This is also reflected in a growing share of low-carbon investments in overall capex.