Top 15 Biggest Oil Companies in The World 2023: Largest energy companies in 2023 by their annual revenues

Oil and natural gas companies play a pivotal role in influencing the global economy as they are the primary source of fuel in the world. This article provides the list of the top 15 biggest oil companies in the world in 2023 on the basis of their annual revenues. Some of these companies are also among the largest in terms of market capitalization and value. These companies are involved in the exploration, production, and distribution of oil and natural gas by relying on their state-of-the-art technology.

Top 15 Biggest Oil Companies In The World 2023

The table provides the list of the top 15 biggest oil companies in the world in 2023 along with their estimated annual revenue.

S. No.CompanyAnnual revenue (est.)
1Saudi Arabian Oil Company (Aramco)$590 billion
2China Petroleum & Chemical Corporation (Sinopec)$486 billion
3ExxonMobil Corporation$398 billion
4China National Petroleum Corporation (PetroChina)$386 billion
5Shell PLC$381 billion
6TotalEnergies SE$280 billion
7Chevron Corporation$246 billion
8BP PLC$240 billion
9Marathon Petroleum Corporation$173 billion
10Valero Energy Corporation$176 billion
11Phillips 66$170 billion
12Equinor ASA$150 billion
13Petrobras$124 billion
14Eni SpA$121 billion
15Indian Oil Corporation$120 billion

World’s 15 Biggest Oil Companies In 2023

Check out some more details related to the top 15 biggest oil companies in the world in 2023:

1.  Saudi Arabian Oil Company (Aramco)

Aramco is a public petroleum and natural gas company based in Saudi Arabia. It is one of the largest companies in the world by revenue and also the largest daily oil production company in the world. The government of Saudi Arabia is the majority shareholder in the company. Saudi Aramco was ranked as the second-largest public company in the world in the 2023 Forbes Global 2000 ranking.

2. China Petroleum & Chemical Corporation (Sinopec)

China Petroleum & Chemical Corporation is one of the world’s largest oil refining, gas, and petrochemical companies. Major businesses of the company include oil and gas exploration, refining, marketing, production, and sales of petrochemicals. Other than this the company also deals with chemical fibers, chemical fertilizers, and other chemical products. The company was ranked 25th on the Forbes Global 2000 in 2017.

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3. ExxonMobil Corporation

ExxonMobil Corporation came into existence after the merger of Exxon and Mobil companies in 1999. Apart from oil and gas, the company is also involved in the production of plastic, synthetic rubber, and other chemical products. It is one of the world’s largest and most powerful companies and also the largest investor-owned oil company in the world. ExxonMobil is also the largest oil company headquartered in the West and the largest of the Big Oil companies in production as well as market value.

4. PetroChina Company Limited

PetroChina Company Limited is a part of the state-owned oil company China National Petroleum Corporation. The company was ranked 32 in the list of largest public companies in the world in the 2020 Forbes Global 2000,  22 in 2019, and 30 in 2018. PetroChina is also one of Asia’s largest oil and gas producers.

5. Shell PLC

Shell plc is a British oil company based in London, England which is the second largest investor-owned oil and gas company in the world by revenue. It is also one of the world’s largest companies overall. The company deals with exploration, production, refining, transport, distribution and marketing, petrochemicals, power generation, and trading. It is one of the core components of Big Oil and has operations in over 99 countries.

6. TotalEnergies SE

TotalEnergies SE is one of the seven “supermajor” oil companies based in France and established in 1924. Its business covers oil and natural gas exploration, production, transportation, refining, petroleum product marketing, trading, etc. The company was ranked 21 among the largest public companies in the world in the 2023 Forbes Global 2000.

7. Chevron Corporation

Chevron Corporation is the second-largest company under Standard Oil which has operations in more than 180 countries. Earlier known as the Standard Oil Company of California, it is one of the largest companies in the world and the second-largest oil company based in the US by revenue. The company ranked 16th on the Fortune 500 in 2022 and 37th on the Fortune Global 500.


BP PLC is one of the “supermajors” oil companies and also one of the largest companies in the world by revenue. Known earlier as The British Petroleum Company p.l.c and BP Amoco p.l.c, the company operates in areas of exploration and extraction, refining, distribution and marketing, power generation, and trading. The company has its operations in around 80 countries.

9. Marathon Petroleum Corporation

Marathon Petroleum Corporation is a petroleum refining, marketing, and transportation company. It ranked 41 on the 2018 Fortune 500 list of the largest United States corporations by total revenue. Marathon Petroleum was ranked 197 on the 2020 Forbes Global 2000 list.

10. Valero Energy Corporation

Valero Energy Corporation is a petroleum company involved in manufacturing and marketing transportation fuels, other petrochemical products, and power. It was one of the largest retail operators in the US with outlets in the United States, Canada, United Kingdom, and the Caribbean.

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11. Phillips 66

Phillips 66 is involved in refining, transporting, and marketing natural gas liquids and petrochemicals and is also active in the research and development of emerging energy sources. Phillips 66 ranked 29 on the Fortune 500 list and 74 on the Fortune Global 500 list in 2022. It was one of the first oil companies to introduce a multi-grade motor oil and is the fourth largest finished lubricants supplier in the US.

12. Equinor ASA

Equinor ASA is an energy company based in Norway that was formed by the merger of Statoil and Norsk Hydro in 2007. The Government of Norway is the largest shareholder and the ownership interest is managed by the Norwegian Ministry of Petroleum and Energy. In  2020, the company was ranked 169 in the list of largest public companies in the world in Forbes Global 2000.

13. Petrobras

Petróleo Brasileiro S.A., known as Petrobras is a state-owned Brazilian corporation based in Rio de Janeiro. The company was ranked 181 in the Fortune Global 500 list and was the 65th largest public company in the world according to Forbes Global 2000 in 2020. The company remains one of the largest centers dedicated to energy research in the world.

14. Eni SpA

Eni S.p.A. is also one of the seven “supermajor” oil companies in the world. It operates the field of contracting, nuclear power, energy, mining, chemicals, and plastics, and has operations in 62 countries. In 2022, Eni ranked 111 on the Fortune Global 500 and the Forbes Global 2000. The company is also the largest petroleum company in Italy, the second-largest in the European Union, and the 13th-largest in the world.

15. Indian Oil Corporation

Indian Oil Corporation Limited (IOCL) is under the Ministry of Petroleum and Natural Gas, Government of India, and its operation is managed by the Ministry of Petroleum and Natural Gas. On the Fortune Global 500 list of the world’s biggest corporations in 2022 IOCL ranked 142. Its business includes refining, marketing, exploration, and production of petroleum, natural gas, and petrochemicals.

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Frequently Asked Questions

Which is the biggest oil company in the world in 2023?

Saudi Arabian Oil Company (Aramco)

What is the annual revenue of the Saudi Arabian Oil Company?

$590 billion (est.)

Which is the biggest oil company in the United States in 2023?

ExxonMobil Corporation ($398 billion)

Which is the largest energy company by market capitalization?

Saudi Arabian Oil Company (Aramco) once again tops the list.

What is the market capitalization of Aramco?

$2112 billion (est.)

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