The Global Oil Panorama: The Largest Oil Companies in the World in 2024

The oil industry continues to be an essential pillar of the global economy, moving trillions of dollars and fueling worldwide energy demand. The largest oil companies in the world control operations ranging from extraction to distribution, generating significant cash flows and maintaining their relevance even amidst ongoing energy transitions.

The Current Oil Sector: Numbers and Perspectives

According to 2024 data, the sector shows interesting dynamics. Global oil demand is expected to grow by 1.1 million barrels per day, reaching approximately 102.3 mb/d. Meanwhile, global production is projected to expand by 580 thousand barrels daily, reaching 102.7 mb/d, primarily driven by non-OPEC+ producers such as the United States, Canada, Brazil, and Guyana.

Brent prices fluctuate around US$83 per barrel, while WTI varies according to geopolitical dynamics. Global commercial oil inventories reached 4.4 billion barrels in March 2024, reflecting a significant reduction in inventory levels both in OECD countries and non-OECD economies.

Global upstream investment remains around US$ 580 billion, with the industry generating over US$ 800 billion in free cash flow. This robust financial scenario allows corporations to fund both operational expansions and shareholder returns.

The Largest Oil Companies in the World: Revenue Rankings

The ranking of the world’s largest oil companies reveals a significant concentration among integrated companies and specialized producers:

1. Saudi Aramco (Saudi Arabia) - US$ 590.3 billion in revenue (TTM) Unquestioned leader in production capacity and oil reserves. Saudi Aramco dominates the global market through its integrated operations and influence in OPEC+ decisions.

2. Sinopec (China) - US$ 486.8 billion in revenue (TTM) China’s largest refining company, China Petroleum & Chemical Corp., is the second-largest player in the sector, with strong presence in refining and distribution.

3. PetroChina (China) - US$ 486.4 billion in revenue (TTM) Main Chinese producer of oil and natural gas, PetroChina complements Sinopec’s dominance by controlling much of the domestic production.

4. ExxonMobil (United States) - US$ 386.8 billion in revenue (TTM) One of the largest integrated energy corporations globally, operating exploration, production, refining, and distribution on a worldwide scale.

5. Shell (United Kingdom) - US$ 365.3 billion in revenue (TTM) European giant with diversified operations and a strong brand, Shell maintains relevance through its integrated supply chain.

6. TotalEnergies (France) - US$ 254.7 billion in revenue (TTM) Operates in over 130 countries with a growing focus on energy transition, combining oil with investments in renewable sources.

7. Chevron (United States) - US$ 227.1 billion in revenue (TTM) Second-largest oil company in the US, Chevron maintains diversified operations in exploration, production, and refining.

8. BP (United Kingdom) - US$ 222.7 billion in revenue (TTM) Known for its extensive distribution network and gas stations, BP has a strong operational presence in multiple regions.

9. Marathon Petroleum (United States) - US$ 173 billion in revenue (TTM) Specialized in refining and transportation of petroleum products, serving customers across the US.

10. Valero Energy (United States) - US$ 170.5 billion in revenue (TTM) The largest independent refiner in the country, processing and distributing derivatives throughout the domestic market.

Operational Models in the Oil Sector

The largest oil companies operate under different models, each with specific characteristics:

Integrated Companies operate the entire value chain, from exploration and production to refining and marketing. This model offers greater resilience to price fluctuations and revenue diversification. ExxonMobil, Shell, and Chevron exemplify this category.

Specialized E&P Producers (E&P) focus exclusively on discovering and extracting hydrocarbons, without involvement in refining or distribution. ConocoPhillips and Anadarko Petroleum illustrate this strategy.

Independent Refineries specialize in transforming crude oil into finished products, marketing gasoline, diesel, and other derivatives. Valero Energy and Marathon Petroleum dominate this segment.

Oil Service Providers offer specialized technical support, including drilling, platform construction, and maintenance. Schlumberger and Halliburton complement the supply chain through these services.

The Brazilian Industry Context

Brazil ranks among the top global oil producers, with competitive companies in the international market. The Brazilian sector offers significant opportunities for investors interested in energy.

Petrobras (PETR4) remains the largest Brazilian oil company, a mixed state-owned enterprise that dominates exploration, production, refining, and distribution. Its advanced technologies for deep-water production make it a global reference in offshore exploration efficiency.

3R Petroleum (RRRP3) specializes in revitalizing mature fields, using advanced recovery techniques on assets abandoned by other companies, maximizing the productivity of already discovered reserves.

Prio (PRIO3), formerly known as PetroRio, operates as the largest private producer in Brazil. It invests in consolidated productive assets, managing everything from extraction to commercialization and transportation.

Petrorecôncavo (RECV3) operates in onshore fields of the Recôncavo basin in Bahia, optimizing mature fields through sophisticated operational techniques, significantly contributing to domestic supply.

Strategic Reasons for Sector Exposure

Investing in the world’s largest oil companies presents attractive fundamentals for certain investor profiles. These corporations offer operational stability compared to smaller companies, benefiting from economies of scale, geographic diversification, and resilient asset portfolios.

Most pay consistent and substantial dividends, generating passive income streams. Global energy demand remains robust, ensuring continuous revenues. Integrated companies provide multi-segment exposure, reducing risk concentration.

With increasing energy demand, these giants are positioned to capture future opportunities, especially in emerging and developing regions.

Critical Considerations Before Investing

Despite the attractions, the sector faces significant challenges. Oil price volatility, influenced by geopolitical factors, OPEC+ decisions, and economic dynamics, directly impacts profitability. Increasing environmental regulations raise operational costs and decarbonization pressures.

The global energy transition toward renewables poses a long-term structural risk. Companies that do not adequately diversify their energy portfolios may face future competitive challenges.

Before allocating capital, carefully analyze the company’s risk profile, its ability to adapt to regulatory changes, and its energy transition strategy. Consult independent sources and consider your personal tolerance for sector cyclicality.