Saudi Aramco is the largest oil company in the world by market capitalization, valued at approximately $1.8 trillion. It produces nearly 10% of the world’s crude oil, solidifying its position as a market leader.
The company has the highest daily oil production capacity and holds the world’s second-largest proven crude oil reserves, exceeding 270 billion barrels. With a production cost of around $10 per barrel, Saudi Aramco benefits from vast and easily accessible oil reserves, making it one of the most cost-efficient oil producers globally.
Saudi Aramco also ranks as the fourth-largest company in the world by revenue. In FY 2024, it generated $488.98 billion in revenue, contributing over 40% to Saudi Arabia’s GDP. Plus, the company has committed 10% of its annual $50 billion capital expenditure to renewable energy projects, with a target of generating 12 gigawatts (GW) of renewable energy by 2030. [1]
Despite its dominance in the oil industry, Saudi Aramco faces stiff competition from Western energy giants like ExxonMobil and state-controlled entities such as Sinopec. Below, we explore the top competitors of Saudi Aramco, each leveraging unique strengths ranging from advanced renewable energy investments to expertise in refining and trading.
Did you know?
The United States leads global crude oil production, contributing 20.1% of the total, followed by Saudi Arabia at 11.8% and Russia at 11.5%. When it comes to consumption, the US uses 17 million barrels per day, while Saudi Arabia consumes 3.5 million barrels daily. [2]
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13. ConocoPhillips
Founded: 1875Country: United States
Revenue: $55.23 billion (2024)
Competitive Edge: Strong focus on unconventional resources
ConocoPhillips has a diverse portfolio of assets across multiple regions and is a leader in unconventional resource development, particularly in North America. It holds significant positions in four of the six largest unconventional fields in North America: the Permian Basin, Eagle Ford Shale, Bakken Formation, and Montney Formation. [3]
Unlike integrated oil majors such as ExxonMobil or Chevron, ConocoPhillips operates exclusively in the exploration, development, and production of oil, natural gas, and natural gas liquids (NGLs). It also invests heavily in liquefied natural gas, with major projects in Australia (Australia Pacific LNG) and Qatar.
ConocoPhillips is actively advancing carbon capture and storage (CCS) and hydrogen projects as part of its sustainability strategy. The company aims to achieve a 50-60% reduction in greenhouse gas intensity by 2030 compared to 2016 levels. [4]
12. Gazprom
Founded: 1989Country: Russia
Revenue: $82.7 billion (2023)
Competitive Edge: Owns 180,600 kilometers of natural gas pipelines
Gazprom is a Russian state-controlled energy giant and the world’s largest producer of natural gas. It plays a crucial role in Russia’s economy and energy sector, dominating the domestic and export markets.
Its vertical integration covers exploration, production, processing, transportation, sales, and storage, offering a significant competitive advantage in operational efficiency and cost management.
The company holds the largest proven natural gas reserves in the world. As of 2023, Gazprom owns 180,600 kilometers of natural gas trunk pipelines and pipeline branches, providing direct access to European and Asian markets. Through its subsidiary, Gazprom Export, the company supplies natural gas to over 30 countries, with Europe being its largest customer. [5]
11. Kuwait Petroleum Corporation
Country: Kuwait
Revenue: $140.2 billion (2023)
Competitive Edge: Controls over 100 billion barrels of proven oil reserves
Kuwait Petroleum Corporation (KPC) is a state-owned entity that manages Kuwait’s massive oil and gas resources. It oversees exploration, production, refining, marketing, and distribution.
KPC holds the sixth largest oil reserves globally, controlling approximately 101.5 billion barrels of proven oil reserves, roughly 8% of the world’s total oil reserves. [6]
The company’s long-term contracts with Asian countries provide a stable revenue stream. In 2023, KPC reported $140.2 billion in annual revenue and $8.8 billion in net income. During the same year, it boosted its crude oil production capacity by 200,000 barrels per day, reaching a total of 2.8 million barrels per day. KPC aims to further expand this capacity to 4 million barrels per day by 2035. [7]
10. Eni
Country: Italy
Revenue: $100 billion (2024)
Competitive Edge: Has a comprehensive plan to combat climate change
Eni S.p.A. is an Italian multinational energy company operating in oil, gas, renewables, and chemical production. As one of the world’s largest publicly traded oil companies, Eni has a diversified portfolio encompassing upstream (exploration and production), midstream (transportation), and downstream (refining, marketing, and distribution) activities.
The company operates in over 60 countries, with a significant presence in Europe, Africa, and the Middle East. It is a leading producer of liquefied natural gas (LNG), leveraging the increasing demand for cleaner energy alternatives. Eni’s strategy is to increase the share of gas in its upstream production to 60% by 2030.
The company also emphasizes sustainability, decarbonization, and innovation to transition toward a low-carbon energy future. It has made significant investments in biofuels, wind, and solar, aligning with its long-term goal to become carbon-neutral by 2050. [8]
9. Valero Energy
Founded: 1980Country: United States
Revenue: $$134.5 billion (2024)
Competitive Edge: A pioneer in renewable diesel and ethanol
Valero Energy Corporation is one of the biggest independent petroleum refining and marketing companies worldwide. It operates a large network of refineries and ethanol plants, supplying high-quality fuels and petrochemical products globally.
Valero operates primarily as a downstream-focused company. It owns 15 petroleum refineries with a total throughput capacity of about 3.2 million barrels per day. These refineries are located in the US, Canada, and the UK. The company also owns 12 ethanol plants with a combined production capacity of nearly 1.6 billion gallons per year. [9][10]
Valero holds a 50% stake in Diamond Green Diesel, a leader in renewable diesel production. In recent years, the company has initiated carbon capture and storage projects to decrease emissions from its refineries. They are strategically investing in low-carbon technologies, including renewable natural gas and advanced biofuels.
8. Marathon Petroleum
Country: United States
Revenue: $141.9 billion (2024)
Competitive Edge: Leader in low-carbon fuel production
Marathon Petroleum is one of the largest independent petroleum refining and marketing companies in the United States, specializing in refining, transportation, and the marketing of fuels and related products. The company owns 13 refineries with a combined throughput capacity of approximately 2.9 million barrels per day. [11]
In 2023, Marathon significantly expanded its renewable fuel production, reaching 485 million gallons for the year. By FY 2024, the company generated $141.9 billion in revenue, with a gross profit of $13.7 billion and a net profit of $4.5 billion.
Unlike Saudi Aramco, which benefits from low upstream production costs, Marathon’s profitability is heavily reliant on refining margins, which are influenced by market volatility. Plus, Marathon is primarily focused on North America, whereas Aramco operates globally and dominates Asian markets.
7. Sinopec
Founded: 2000Country: China
Revenue: $444.66 billion (2023)
Competitive Edge: Significant backing from the Chinese government
Sinopec, officially known as China Petroleum & Chemical Corporation, is a state-owned enterprise and one of the world’s largest vertically integrated energy conglomerates. It operates 23 refineries with a combined processing capacity of over 5 million barrels per day.
Sinopec’s position as the world’s top refiner and petrochemical producer gives it a significant edge in downstream operations, unlike Aramco, which is more upstream-focused. Its well-balanced product portfolio of oil, natural gas, petrochemicals, and renewable energy investments reduces reliance on any single revenue stream.
In 2023, Sinopec reported $444.66 billion in revenue, with operating earnings of $12.03 billion and a net profit of $8.08 billion. The company has significantly increased its investments in renewable energy initiatives. By 2024, Sinopec had established more than 6,500 EV charging and battery swapping stations, encompassing a total of 51,000 terminal charging piles. [12]
6. TotalEnergies
Founded: 1924Country: France
Revenue: $203.26 billion (2024)
Competitive Edge: Diversified energy portfolio
TotalEnergies operates as an integrated energy group, engaging in all segments of the energy value chain, from exploration and production (upstream) to refining and distribution (downstream). In recent years, the company has diversified its business to include natural gas, renewables, and electricity.
In 2023, the company produced an impressive 2.5 million barrels of oil equivalent per day (Mboe/d), with 44% of this production derived from natural gas, underscoring its dedication to cleaner energy sources. [13]
TotalEnergies has heavily invested in solar, wind, hydrogen, and battery storage. By the end of 2023, the company achieved a gross installed renewable electricity production capacity of 22 GW, with a target of reaching 100 GW by 2030. On the consumer side, TotalEnergies operates a robust network of nearly 14,600 service stations and maintains over 60,000 charge points worldwide.
5. Shell
Founded: 1907Country: United Kingdom
Revenue: $302.35 billion (2024)
Competitive Edge: World’s largest LNG trader and producer
With over a century of history, Shell has evolved from a conventional oil and gas company into an integrated energy business, focusing on liquefied natural gas (LNG), renewable energy, and clean energy technology while maintaining a robust presence in hydrocarbons.
Its operations can be divided into four primary segments:
- Integrated gas: Natural gas liquefaction and trading
- Upstream: Oil and gas extraction
- Chemicals and Products: Includes refining, manufacturing, and marketing
- Renewables and Energy Solutions: Investments in solar, wind, hydrogen, and carbon capture technologies
In 2023, Shell allocated $2.7 billion to its “Renewables and Energy Solutions” division, representing approximately 11% of its total investments. A year before that, it invested $3.5 billion in the same division, accounting for 14% of its total investments. [14]
Shell is also the largest LNG trader and producer worldwide, benefiting from the growing global demand for natural gas as a transition fuel. The company projects that the LNG market will grow by 50% by 2040. [15]
4. BP
Founded: 1909Country: The United Kingdom
Revenue: $199.28 billion (2024)
Competitive Edge: Aggressive investments in renewables and biofuels
British Petroleum (BP) is a fully integrated energy company operating across multiple sectors, including oil and gas exploration, refining, marketing, and renewable energy. It is recognized for its large-scale investments in renewable energy and sustainability initiatives, aiming to reduce its carbon footprint and achieve net-zero emissions by 2050.
In 2023, about 8% of BP’s capital expenditure was allocated to low-carbon energy sources. However, exploration expenses more than doubled between 2021 and 2023, reflecting the company’s ongoing focus on its core oil and gas operations. [16]
BP’s diversified portfolio helps mitigate market risks while positioning the company to support the global energy transition. It consistently ranks among the world’s largest oil and gas companies by revenue and produces about 1.1 million barrels of liquids per day. [17]
3. Chevron
Country: United States
Revenue: $197.74 billion (2024)
Competitive Edge: Significant backing from the Chinese government
Chevron is a key player in the global energy sector, recognized for its efficient oil and gas production, cutting-edge refining processes, and expanding focus on clean energy investment. It operates in over 180 countries, with diversified projects in upstream, downstream, and renewables.
Chevron is heavily investing in renewable energy and emerging technologies to address sustainability goals. It aims to expand its renewable fuels production capacity to 100,000 barrels per day by 2030 and achieve net-zero emissions from its operations by 2050..
The company plans to spend $10 billion (between 2021 and 2028) to grow its lower-carbon businesses. Plus, its dedication to shareholder value is evident, with over $50 billion returned to shareholders in the past two years. [18][19]
2. ExxonMobil
Country: United States
Revenue: $339.87 billion (2024)
Competitive Edge: Spends over $850 million annually on R&D
ExxonMobil is known for its integrated operations, which span upstream, downstream, and chemical segments. As one of the world’s “supermajors,” it is a leader in technological innovation, operational efficiency, and strategic investments in traditional and alternative energy. Every day, it produces nearly 2.5 million barrels of crude oil and other liquids.
The company leads major oil and gas developments, including Guyana’s offshore oil discoveries. Plus, it operates the largest offshore carbon dioxide storage site and the largest carbon dioxide pipeline network in the United States. [20]
In 2023, ExxonMobil acquired Pioneer Natural Resources for $59.5 billion to expand shale production in the Permian Basin. It has also expanded LNG projects in Qatar and Mozambique, securing long-term supply agreements. [21]
1. PetroChina
Founded: 1999👏China’s first offshore gas storage is now operational! PetroChina Jidong Oilfield’s Well No. 4 of Nanpu 1-29 gas reservoir has commenced gas extraction, ensuring a steady winter supply.
🔥This breakthrough will provide natural gas to approximately 3.5 million households in… pic.twitter.com/P702pOZtQA
— CNPC (@official_cnpc) December 16, 2024
Country: China
Revenue: $417.87 billion (2024)
Competitive Edge: Strong affiliation with the Chinese government
PetroChina is one of the largest oil and gas companies in the world and the public traded arm of state-owned China National Petroleum Corporation. As China’s leading oil and gas producer and distributor, it plays a critical role in meeting the country’s growing energy demands, with operations spanning upstream, midstream, downstream, and renewable energy sectors.
Compared to Saudi Aramco, PetroChina has a strong domestic base and diversified portfolio but lags in profitability, scale, and influence in global oil markets. Nevertheless, its extensive pipeline network and renewable ventures position it as a key competitor in the energy sector. PetroChina’s domestic crude oil pipelines span approximately 7,340 kilometers, while its natural gas pipelines extend to about 17,329 kilometers. [22]
In the first half of 2024, PetroChina reported impressive production figures, including 2.61 million barrels of crude oil per day, 73.18 billion cubic meters of natural gas, and 2.17 billion kilowatt-hours of wind and solar power generation. [23]
Read More
Sources Cited and Additional References- Vivienne Walt, How the oil earnings of Saudi Aramco shaking up the global economic order, Fortune
- Fossil Fuels, Distribution of crude oil production by leading countries, Statista
- Exploration and Production, We find new resources and maximize production, ConocoPhillips
- Fact Sheet, Total revenues and other income, ConocoPhillips
- Fossil Fuels, Total length of Gazprom’s gas trunk pipelines and pipeline branches, Statista
- Trade Commissioner Service, Oil and Gas market in Kuwait, Government of Canada
- News, Kuwait Petroleum Corporation eyes 4m bpd oil production, Middle East Monitor
- Sustainability, Steps towards the Net Zero goal, ENI
- News, Valero Energy reports third quarter 2024 results, Valero
- News, Valero Energy to announce 2024 fourth quarter and full-year earnings results, Valero
- Core Values, Refining, marketing and renewable fuels, Marathon Petroleum
- Sinopec, The company hits $444.81 billion in revenue with 14.5 percent YOY growth, PR Newswire
- Key Figures, Nearly 14,600 service stations and over 60,000 charge points worldwide, TotalEnergies
- Gareth Chetwynd, Shell slammed for ‘shredding’ green strategy as oil giant posts $28bn profit, Recharge
- Chen Aizhu, QatarEnergy signs long-term LNG deal with Shell for delivery to China, Reuters
- Fossil Fuels, BP produces 1.1 million barrels of liquids daily, Statista
- Fossil Fuels, Reserves and production of liquids of BP, Statista
- Newsroom, $500 million investment in emerging lower carbon technologies, Chevron
- Financial Report, Second quarter 2024 earnings call, Chevron
- Carbon Capture, ExxonMobil secures largest CO2 offshore storage site in the US, ExxonMobil
- Economy, Exxon Mobil Strikes $60 Billion Deal for Shale Giant, NYTimes
- Fossil Fuels, Pipeline network length of PetroChina, Statista
- Press Release, PetroChina posted another record high operating results for 2024, PetroChina
