The Top 10 Oil & Gas Companies in 2025

Contributed by: Rose Morrison

The world’s largest oil and gas companies are at a crossroads. As the energy transition accelerates, investing in decarbonization and alternative energy sources will become increasingly crucial.

In this article, we explore the top 10 oil and gas companies of 2025 (in no particular order) and examine how their current strategies will shape their future.

1. Saudi Aramco
Saudi Aramco is among the top oil and gas companies globally and according to the Forbes Global 2000, it is the third largest firm worldwide. Its ranking was determined by its $489.1 billion in sales, $116.9 billion in profit, $661.5 billion in assets, and $1.91 trillion market value.

Saudi Aramco’s market cap was $1.8 trillion in January 2025, making it the sixth most valuable company in the world by this metric. However, this represents a 15.4% decline year over year. If this trend continues, it may lose its lead, creating ripple effects throughout the industry.

2. PetroChina 
The Asia Pacific region had the largest oil supply in 2022, totalling 65.62 million terajoules and accounting for 34.9% of the global share. In Beijing, China, PetroChina is a major contributor to this total.

Despite being one of the world's largest oil and gas companies, with a $1.65 trillion market cap and a 5.43% profit margin as of January 2025, its financial stability is under scrutiny. The company has a 20% debt-to-equity ratio - higher than many of its competitors.

However, this debt may signal growth, as PetroChina has invested heavily in various programs and prioritized technical research and development in recent years, potentially driving expansion in niche markets.

READ: The Evolution of Operational Excellence: 15 Years of OPEX in Oil & Gas

3. CNOOC 

China National Offshore Oil Corporation (CNOOC) is one of China's largest national oil companies. While its primary focus is offshore operations in China, it also has significant projects abroad.

In late 2024, CNOOC sold some of its U.S. assets to INEOS - a multinational chemical enterprise and a major player in the oil and gas industry. Reuters reported that the $2 billion deal may have been driven by concerns over potential Western sanctions.

Growing geopolitical tensions between China and other countries have reportedly led CNOOC to consider exiting the U.S., Canada, and Britain. If it moves forward with selling its offshore assets, new opportunities could emerge in these markets.

4. Exxon Mobil
Exxon Mobil is one of the largest public oil and gas companies, producing 2.5 million barrels of crude oil and other liquids daily. ts liquid production peaked in 2023, reaching the highest daily average since 2008. However, natural gas production declined by 40% between 2011 and 2023.

The global shift toward electrification and decarbonization raised questions about Exxon Mobil’s future, as its limited focus on alternative energy compounds its long history of unsustainability. Since 1965, the company has produced 40 billion metric tons of carbon dioxide equivalent (CO2e). While its 2023 emissions of 111 million metric tons marked a 12.59% decrease from 2013, Exxon Mobil remains one of the top CO2e emitters in the oil and gas industry.

5. Shell 

Shell is one of the leading multinational oil and gas companies in the United Kingdom, giving it significant industry influence. Professionals were initially optimistic when the company committed to decarbonization and sustainability. 

Shell once pledged to become the world’s largest electricity company. Since then, it has weakened its carbon reduction targets and pulled investments from offshore wind projects.

In the third quarter of 2024, Shell reported that its investments in renewables totaled around $409 million - just 8.2% of its $4.950 trillion expenditure. 

6. Chevron 
Chevron, a multinational corporation based in the United States, is widely regarded as one of the major oil companies. With rapid growth in the data technology sector, Chevron has prioritized emerging solutions. Chief Executive Officer (CEO) Mike Wirth stated that the Permian Basin is crucial for meeting the rising electricity demand fueled by artificial intelligence’s “insatiable demand for reliable electricity.”

Despite AI’s resource-intensive nature, Chevron’s senior leaders view it as an asset. In an interview with the executive director of the Deloitte AI Institute, Justin Lo, Chevron’s head of data science and analytics, said the company is actively leveraging AI to optimize carbon capture.

7. ConocoPhillips 
ConocoPhillips is Alaska’s largest crude oil producer. In 2016, it proposed a massive drilling project in the state’s 23-million-acre National Petroleum Reserve. According to projections, the Willow Project could produce approximately 600 million barrels of oil over more than three decades.

While the project has the potential to generate tens of billions of dollars in revenue and create thousands of jobs, environmental groups have raised concerns about its impact on the climate and Arctic ecosystem. The future of ConocoPhillips may largely depend on the outcome of this project.

8. TotalEnergies 
TotalEnergies is actively investing in energy production, anticipating that a growing global population and insufficient power grid investments will cause oil demand to peak after 2030. By positioning itself to meet this need, the company aims to secure its place as a future market leader.

READ: 5 Ways of Managing Data and Digital Technology to Streamline Processes in Oil and Gas

9. BP 
BP CEO Murray Auchincloss recently scaled back the company's energy transition strategy to reassure investors. Its initial target - to reduce oil and gas output by 40% by 2030 - was cut to 25% in 2023.

By prioritizing short-term returns over the broader energy transition, BP’s current strategy ensures financial stability for now. However, this approach may ultimately cost the company its position as one of the world’s leading oil and gas firms.

10. Marathon Petroleum Corp.
Marathon Petroleum Corp. operates some of the largest refineries in the United States. According to the U.S. Energy Information Administration, it is the third-largest refiner by petroleum administration for defense district region.

Despite its market dominance, its future is uncertain. Its 2023 annual report acknowledged potential challenges in completing projects on schedule, within budget, or at all - largely due to concerns over downstream greenhouse gas emissions and the public’s negative perception of the industry.

Will The Energy Transition Change the Ranking?
How oil and gas companies respond to the energy transition will shape their market value and public perception, determining whether they grow or decline. Their current investments provide strong indicators of their likely trajectories.

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Operational Excellence in Oil & Gas
November 4-6, 2025 | Houston, TX