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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

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 Shift

Mapped: Nuclear Reactors in the U.S.

America has 92 reactors in operation, providing about 20% of the country’s electricity.

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Nuclear Reactors in the U.S.

Mapped: Nuclear Reactors in the U.S.

The United States is the world’s largest producer of nuclear power, representing more than 30% of the world’s nuclear power generation.

America has 92 reactors in operation, providing about 20% of the country’s electricity.

The above infographic uses data from the International Atomic Energy Agency to showcase every single nuclear reactor in America.

Nuclear Development

Nuclear power in the U.S. dates back to the 1950s.

George Westinghouse produced the first commercial pressurized water reactor in 1957 in Shippingport, Pennsylvania. The technology is used in approximately half of the 450 nuclear power reactors worldwide.

Today, over 30 different power companies across 30 states operate nuclear facilities in the U.S., and most nuclear power reactors are located east of the Mississippi River.

Illinois has more reactors than any state, with 11 reactors and the largest total nuclear electricity generation capacity at about 11,582 megawatts (MW). Meanwhile, the largest reactor is at the Grand Gulf Nuclear Station in Port Gibson, Mississippi, with a capacity of about 1,500 MW.

Most American reactors in operation were built between 1967 and 1990. Until 2013 there had been no new constructions started since 1977, according to the World Nuclear Association.

Usually, U.S. power reactors receive a license to operate for 60 years. The oldest operating reactor, Nine Mile Point Unit 1 in New York, began commercial operation in December 1969. The newest reactor to enter service, Watts Bar Unit 2, came online in 2016.

The Future of Nuclear Power in the U.S.

U.S. nuclear power’s capacity peaked in 2012 at about 102,000 MW, with 104 operating nuclear reactors operating.

US nuclear generation and capacity

Since nuclear plants generate nearly 20% of U.S. electricity and about half of the country’s carbon‐free electricity, the recent push from the Biden administration to reduce fossil fuels and increase clean energy will require significant new nuclear capacity.

Today, there are two new reactors under construction (Vogtle 3 and 4) in Georgia, expected to come online before 2023.

Furthermore, some of the Inflation Reduction Act provisions include incentives for the nuclear industry. Starting in 2024, for example, utilities will be able to get a credit of $15 per megawatt-hour for electricity produced by existing nuclear plants. Nuclear infrastructure projects could also be eligible for up to $250 billion worth of loans to update, repurpose, and revitalize energy infrastructure that has stopped working.

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Energy Shift

What is the Cost of Europe’s Energy Crisis?

As European gas prices soar, countries are introducing policies to try and curb the energy crisis.

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What is the Cost of Europe’s Energy Crisis?

Europe is scrambling to cut its reliance on Russian fossil fuels.

As European gas prices soar eight times their 10-year average, countries are introducing policies to curb the impact of rising prices on households and businesses. These include everything from the cost of living subsidies to wholesale price regulation. Overall, funding for such initiatives has reached $276 billion as of August.

With the continent thrown into uncertainty, the above chart shows allocated funding by country in response to the energy crisis.

The Energy Crisis, In Numbers

Using data from Bruegel, the below table reflects spending on national policies, regulation, and subsidies in response to the energy crisis for select European countries between September 2021 and July 2022. All figures in U.S. dollars.

CountryAllocated Funding Percentage of GDPHousehold Energy Spending,
Average Percentage
🇩🇪 Germany$60.2B1.7%9.9%
🇮🇹 Italy$49.5B2.8%10.3%
🇫🇷 France$44.7B1.8%8.5%
🇬🇧 U.K.$37.9B1.4%11.3%
🇪🇸 Spain$27.3B2.3%8.9%
🇦🇹 Austria$9.1B2.3%8.9%
🇵🇱 Poland$7.6B1.3%12.9%
🇬🇷 Greece$6.8B3.7%9.9%
🇳🇱 Netherlands$6.2B0.7%8.6%
🇨🇿 Czech Republic$5.9B2.5%16.1%
🇧🇪 Belgium$4.1B0.8%8.2%
🇷🇴 Romania$3.8B1.6%12.5%
🇱🇹 Lithuania$2.0B3.6%10.0%
🇸🇪 Sweden$1.9B0.4%9.2%
🇫🇮 Finland$1.2B0.5%6.1%
🇸🇰 Slovakia$1.0B1.0%14.0%
🇮🇪 Ireland$1.0B0.2%9.2%
🇧🇬 Bulgaria$0.8B1.2%11.2%
🇱🇺 Luxembourg$0.8B1.1%n/a
🇭🇷 Croatia$0.6B1.1%14.3%
🇱🇻 Lativia$0.5B1.4%11.6%
🇩🇰 Denmark$0.5B0.1%8.2%
🇸🇮 Slovenia$0.3B0.5%10.4%
🇲🇹 Malta$0.2B1.4%n/a
🇪🇪 Estonia$0.2B0.8%10.9%
🇨🇾 Cyprus$0.1B0.7%n/a

Source: Bruegel, IMF. Euro and pound sterling exchange rates to U.S. dollar as of August 25, 2022.

Germany is spending over $60 billion to combat rising energy prices. Key measures include a $300 one-off energy allowance for workers, in addition to $147 million in funding for low-income families. Still, energy costs are forecasted to increase by an additional $500 this year for households.

In Italy, workers and pensioners will receive a $200 cost of living bonus. Additional measures, such as tax credits for industries with high energy usage were introduced, including a $800 million fund for the automotive sector.

With energy bills predicted to increase three-fold over the winter, households in the U.K. will receive a $477 subsidy in the winter to help cover electricity costs.

Meanwhile, many Eastern European countries—whose households spend a higher percentage of their income on energy costs— are spending more on the energy crisis as a percentage of GDP. Greece is spending the highest, at 3.7% of GDP.

Utility Bailouts

Energy crisis spending is also extending to massive utility bailouts.

Uniper, a German utility firm, received $15 billion in support, with the government acquiring a 30% stake in the company. It is one of the largest bailouts in the country’s history. Since the initial bailout, Uniper has requested an additional $4 billion in funding.

Not only that, Wien Energie, Austria’s largest energy company, received a €2 billion line of credit as electricity prices have skyrocketed.

Deepening Crisis

Is this the tip of the iceberg? To offset the impact of high gas prices, European ministers are discussing even more tools throughout September in response to a threatening energy crisis.

To reign in the impact of high gas prices on the price of power, European leaders are considering a price ceiling on Russian gas imports and temporary price caps on gas used for generating electricity, among others.

Price caps on renewables and nuclear were also suggested.

Given the depth of the situation, the chief executive of Shell said that the energy crisis in Europe would extend beyond this winter, if not for several years.

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