This list ranks the 25 largest oil and gas companies in the world by revenue for fiscal year 2025, using the Fortune Global 500 published on 28 July 2026. It includes national oil companies, integrated majors, independent refiners and a pipeline operator.
Saudi Aramco is the largest, with revenue of US$445.5bn and profit of US$92.8bn, followed by China National Petroleum Corporation and Sinopec Group. Lower oil prices reduced revenue at most companies: 21 of the 25 reported a decline in 2025, and only Reliance Industries, Gazprom, Equinor and Energy Transfer reported increases.
Contents
- Scope
- Methodology
- The list
- Comparison table
- Revenue and profit
- Frequently asked questions
- See also
Scope
The ranking includes companies that Fortune classifies under petroleum refining, crude-oil production or pipelines, plus companies in Fortune's broader energy category whose main business is oil or natural gas production (Gazprom and Petronas). Companies in Fortune's mining and crude-oil category whose main business is coal or metals, such as Glencore, Rio Tinto, BHP and Shandong Energy, are excluded, as are oilfield-services companies such as SLB, which is classified separately.
Methodology
Entries are ordered strictly by revenue as published in the Fortune Global 500 2026. Fortune ranks companies by total revenue for fiscal years ending on or before 31 March 2026; revenue includes consolidated subsidiaries and discontinued operations and excludes excise taxes. Only companies that publish financial data and report part or all of their figures to a government agency are eligible.
Revenue and profit of non-US companies are converted by Fortune at the average exchange rate of each company's fiscal year. Revenue changes are as reported by Fortune against the prior year's originally reported figures. Descriptions of business segments are taken from the Forbes Global 2000 2026 company data; Forbes covers only listed companies, so for some groups it lists a different company from the one Fortune ranks.
The list
1
Dhahran-based oil and gas company, the largest in the industry by revenue
Best for: Upstream crude oil and gas
Saudi Arabian Oil Company produces, transports and sells oil, gas and chemicals, and covers exploration, drilling, refining and marketing through upstream and downstream segments. Fortune records 2025 revenue of US$445.5bn, down 7.2% on 2024, and profit of US$92,785m, the highest profit of any oil and gas company and the fifth-highest revenue of any company in the Global 500. It is the only company in this list headquartered in the Middle East, in Dhahran.
- Revenue (FY2025)
- US$445.5bn
- Revenue change
- -7.2%
- Profit (FY2025)
- US$92,785m
- Total assets
- US$680.4bn
- Employees
- 76,664
- Headquarters
- Dhahran, Saudi Arabia
- Fortune industry
- Mining, Crude-Oil Production
- Fortune Global 500 2026 rank
- 5
Strengths
- Highest revenue and profit in the industry
- Low-cost upstream production base
Limitations
- Revenue fell 7.2% in 2025 with lower oil prices
- Earnings concentrated on a single country's reserves
2
CN
Beijing-based oil and gas group
Best for: Integrated oil and gas in China
China National Petroleum Corporation is the largest oil and gas group in China by revenue and is classified by Fortune under petroleum refining. Fortune records 2025 revenue of US$401.9bn, down 2.6% on 2024, and profit of US$21,159m. Its workforce of 948,579 is the largest in the oil and gas industry. The Forbes Global 2000, which covers listed companies only, includes PetroChina, with sales of US$392.6bn, rather than the parent group.
- Revenue (FY2025)
- US$401.9bn
- Revenue change
- -2.6%
- Profit (FY2025)
- US$21,159m
- Total assets
- US$658.0bn
- Employees
- 948,579
- Headquarters
- Beijing, China
- Fortune industry
- Petroleum Refining
- Fortune Global 500 2026 rank
- 10
Strengths
- Largest workforce in the industry
- Second only to Aramco on revenue
Limitations
- Profit is low relative to revenue and workforce
- Revenue fell 2.6% in 2025
3
SG
Beijing-based refining, petrochemical and oil-and-gas group
Best for: Refining and petrochemicals
Sinopec Group is classified by Fortune under petroleum refining. Forbes lists China Petroleum & Chemical Corp., which explores for and produces oil and gas, refines crude and markets petroleum products and chemicals. Fortune records 2025 revenue of US$364.0bn, down 10.7% on 2024, the largest decline among the top five, and profit of US$5,091m.
- Revenue (FY2025)
- US$364.0bn
- Revenue change
- -10.7%
- Profit (FY2025)
- US$5,091m
- Total assets
- US$391.7bn
- Employees
- 488,019
- Headquarters
- Beijing, China
- Fortune industry
- Petroleum Refining
- Fortune Global 500 2026 rank
- 12
Strengths
- Very large refining and retail fuel network
- Third-largest company in the industry by revenue
Limitations
- Thin profit margin
- Revenue fell 10.7% in 2025
4
E
Largest US oil company by revenue
Best for: Integrated oil, gas and chemicals
Exxon Mobil reports Upstream, Energy Products, Chemical Products and Specialty Products segments. Fortune records 2025 revenue of US$332.2bn, down 5% on 2024, and profit of US$28,844m, the second-highest profit in the industry after Aramco. Fortune lists its headquarters in Spring, Texas. It is the largest company in the ranking headquartered outside Asia and the Middle East.
- Revenue (FY2025)
- US$332.2bn
- Revenue change
- -5%
- Profit (FY2025)
- US$28,844m
- Total assets
- US$449.0bn
- Employees
- 57,900
- Headquarters
- Spring, Texas, US
- Fortune industry
- Petroleum Refining
- Fortune Global 500 2026 rank
- 15
Strengths
- Second-highest profit in the industry
- Integrated across upstream, refining and chemicals
Limitations
- Revenue fell 5% in 2025
- Earnings closely tied to oil and gas prices
5
London-headquartered integrated oil and LNG company
Best for: Integrated oil and gas and LNG
Shell reports Integrated Gas, Upstream, Marketing, Chemicals and Products, and Renewables and Energy Solutions segments. Fortune records 2025 revenue of US$273.7bn, down 5.3% on 2024, and profit of US$17,837m. It is the largest oil and gas company headquartered in Europe.
- Revenue (FY2025)
- US$273.7bn
- Revenue change
- -5.3%
- Profit (FY2025)
- US$17,837m
- Total assets
- US$370.4bn
- Employees
- 85,000
- Headquarters
- London, UK
- Fortune industry
- Petroleum Refining
- Fortune Global 500 2026 rank
- 22
Strengths
- Largest European oil company by revenue
- Large liquefied natural gas business
Limitations
- Revenue fell 5.3% in 2025
- Profit well below ExxonMobil's
6
B
London-based integrated oil and gas company
Best for: Integrated oil and gas
BP reports Gas and Low Carbon Energy, Oil Production and Operations, and Customers and Products segments. Fortune records 2025 revenue of US$192.5bn, down 1.1% on 2024, but profit of US$55.0m, the lowest profit among the ten largest companies in this list.
- Revenue (FY2025)
- US$192.5bn
- Revenue change
- -1.1%
- Profit (FY2025)
- US$55.0m
- Total assets
- US$278.5bn
- Employees
- 93,700
- Headquarters
- London, UK
- Fortune industry
- Petroleum Refining
- Fortune Global 500 2026 rank
- 33
Strengths
- Revenue held roughly flat in 2025
- Large fuels-marketing business
Limitations
- Profit of only US$55.0m in 2025
- Lower profitability than other European majors
7
Houston-headquartered integrated oil and gas company
Best for: Integrated oil and gas
Chevron produces crude oil and natural gas and manufactures transportation fuels, lubricants, petrochemicals and additives, reporting Upstream and Downstream segments. Fortune records 2025 revenue of US$189.0bn, down 6.8% on 2024, and profit of US$12,299m, and lists its headquarters as Houston.
- Revenue (FY2025)
- US$189.0bn
- Revenue change
- -6.8%
- Profit (FY2025)
- US$12,299m
- Total assets
- US$324.0bn
- Employees
- 43,039
- Headquarters
- Houston, Texas, US
- Fortune industry
- Petroleum Refining
- Fortune Global 500 2026 rank
- 36
Strengths
- Profit of US$12,299m
- Second-largest US oil company by revenue
Limitations
- Revenue fell 6.8% in 2025
- Revenue only slightly below BP's despite much higher profit
8
T
French integrated oil, gas, LNG and power company
Best for: Integrated energy
TotalEnergies produces oil and biofuels, natural gas, renewables and electricity, reporting Exploration & Production, Integrated LNG, Integrated Power and Refining & Chemicals segments. Fortune records 2025 revenue of US$182.3bn, down 6.8% on 2024, and profit of US$13,127m, with 101,513 employees.
- Revenue (FY2025)
- US$182.3bn
- Revenue change
- -6.8%
- Profit (FY2025)
- US$13,127m
- Total assets
- US$291.1bn
- Employees
- 101,513
- Headquarters
- Courbevoie, France
- Fortune industry
- Petroleum Refining
- Fortune Global 500 2026 rank
- 40
Strengths
- Profit of US$13,127m
- Diversified into LNG and power
Limitations
- Revenue fell 6.8% in 2025
- Smaller than Shell on revenue
9
US refiner with midstream, chemicals and marketing businesses
Best for: Refining and midstream
Phillips 66 processes, transports, stores and markets fuels through Midstream, Chemicals, Refining, Renewable Fuels and Marketing segments. Fortune records 2025 revenue of US$136.6bn, down 6.1% on 2024, and profit of US$4,403m. It is the largest independent refiner in the list and has 12,600 employees.
- Revenue (FY2025)
- US$136.6bn
- Revenue change
- -6.1%
- Profit (FY2025)
- US$4,403m
- Total assets
- US$73.7bn
- Employees
- 12,600
- Headquarters
- Houston, Texas, US
- Fortune industry
- Petroleum Refining
- Fortune Global 500 2026 rank
- 61
Strengths
- Largest US refiner by revenue
- Midstream and chemicals diversify earnings
Limitations
- Refining margins are cyclical
- Revenue fell 6.1% in 2025
10
Ohio-based refiner and fuel marketer
Best for: Refining and marketing
Marathon Petroleum refines, markets and transports petroleum products through Refining and Marketing and Midstream segments. Fortune records 2025 revenue of US$135.2bn, down 3.7% on 2024, and profit of US$4,047m, with headquarters in Findlay, Ohio. Its revenue was only US$1.3bn below that of Phillips 66.
- Revenue (FY2025)
- US$135.2bn
- Revenue change
- -3.7%
- Profit (FY2025)
- US$4,047m
- Total assets
- US$84.0bn
- Employees
- 18,500
- Headquarters
- Findlay, Ohio, US
- Fortune industry
- Petroleum Refining
- Fortune Global 500 2026 rank
- 63
Strengths
- Large US refining system
- Midstream segment provides fee-based income
Limitations
- Refining margins are cyclical
- Revenue fell 3.7% in 2025
11
C
Beijing-based offshore oil and gas producer
Best for: Offshore exploration and production
China National Offshore Oil Corporation is classified by Fortune under crude-oil production. Fortune records 2025 revenue of US$120.9bn, down 7.6% on 2024, and profit of US$12,660m. Forbes lists CNOOC Ltd., which explores for, develops and produces crude oil and natural gas, with exploration and production and trading segments.
- Revenue (FY2025)
- US$120.9bn
- Revenue change
- -7.6%
- Profit (FY2025)
- US$12,660m
- Total assets
- US$252.4bn
- Employees
- 86,077
- Headquarters
- Beijing, China
- Fortune industry
- Mining, Crude-Oil Production
- Fortune Global 500 2026 rank
- 83
Strengths
- Profit of US$12,660m, higher than Sinopec Group's
- Upstream focus
Limitations
- Revenue fell 7.6% in 2025
- Earnings closely tied to crude prices
12
RI
Mumbai conglomerate whose largest segment is oil to chemicals
Best for: Refining, petrochemicals and retail
Reliance Industries operates oil to chemicals, oil and gas, retail, digital services and financial services segments. Fortune classifies it under petroleum refining and records revenue of US$119.7bn, up 4.9% on 2024, and profit of US$9,142m. With 419,911 employees it is the most diversified company in this list, and its revenue includes retail and telecommunications.
- Revenue (FY2025)
- US$119.7bn
- Revenue change
- 4.9%
- Profit (FY2025)
- US$9,142m
- Total assets
- US$232.1bn
- Employees
- 419,911
- Headquarters
- Mumbai, India
- Fortune industry
- Petroleum Refining
- Fortune Global 500 2026 rank
- 85
Strengths
- Revenue grew 4.9%, one of few increases in the list
- Diversified earnings
Limitations
- Revenue includes retail and telecoms, not only oil and gas
- Not directly comparable with pure oil companies
13
VE
San Antonio-based independent refiner
Best for: Refining
Valero Energy manufactures and markets transportation fuels and petrochemical products through Refining, Ethanol and Renewable Diesel segments. Fortune records 2025 revenue of US$115.9bn, down 6.5% on 2024, and profit of US$2,348m, with 9,798 employees, the smallest workforce of any company in the top 25.
- Revenue (FY2025)
- US$115.9bn
- Revenue change
- -6.5%
- Profit (FY2025)
- US$2,348m
- Total assets
- US$58.0bn
- Employees
- 9,798
- Headquarters
- San Antonio, Texas, US
- Fortune industry
- Petroleum Refining
- Fortune Global 500 2026 rank
- 88
Strengths
- Very high revenue per employee
- Ethanol and renewable diesel operations
Limitations
- Thin profit margin
- Revenue fell 6.5% in 2025
14
G
St Petersburg-based natural gas producer
Best for: Natural gas production and export
Gazprom is the largest Russian company in this list. Fortune classifies it under energy and records 2025 revenue of US$114.9bn, up 0.7% on 2024, and profit of US$15,585m, with 501,000 employees. It is included here as a natural gas producer.
- Revenue (FY2025)
- US$114.9bn
- Revenue change
- 0.7%
- Profit (FY2025)
- US$15,585m
- Total assets
- US$403.2bn
- Employees
- 501,000
- Headquarters
- St. Petersburg, Russia
- Fortune industry
- Energy
- Fortune Global 500 2026 rank
- 89
Strengths
- Profit of US$15,585m
- Very large gas reserves and pipeline network
Limitations
- Subject to international sanctions
- Large workforce relative to revenue
15
E
Norwegian oil and gas producer
Best for: Offshore oil and gas
Equinor explores for, produces, transports, refines and markets petroleum, with exploration and production segments for Norway, the US and other international operations. Fortune records 2025 revenue of US$106.5bn, up 2.6% on 2024, and profit of US$5,043m, with headquarters in Stavanger.
- Revenue (FY2025)
- US$106.5bn
- Revenue change
- 2.6%
- Profit (FY2025)
- US$5,043m
- Total assets
- US$131.7bn
- Employees
- 23,843
- Headquarters
- Stavanger, Norway
- Fortune industry
- Petroleum Refining
- Fortune Global 500 2026 rank
- 95
Strengths
- Revenue grew 2.6% while most peers declined
- Large offshore production base
Limitations
- Profit of US$5,043m is below that of larger European peers
- Earnings closely tied to European gas prices
16
R
Moscow-based oil producer and refiner
Best for: Oil production and refining in Russia
Rosneft is classified by Fortune under petroleum refining. Fortune records 2025 revenue of US$98.2bn, down 10.1% on 2024, and profit of US$3,494m, with 302,100 employees.
- Revenue (FY2025)
- US$98.2bn
- Revenue change
- -10.1%
- Profit (FY2025)
- US$3,494m
- Total assets
- US$272.6bn
- Employees
- 302,100
- Headquarters
- Moscow, Russia
- Fortune industry
- Petroleum Refining
- Fortune Global 500 2026 rank
- 109
Strengths
- Large reserve base
- Profit of US$3,494m
Limitations
- Subject to international sanctions
- Revenue fell 10.1% in 2025
17
Rome-based integrated energy company
Best for: Integrated oil, gas and LNG
Eni explores for, produces, refines and sells oil, gas, electricity and chemicals, with Exploration and Production, Global Gas and LNG Portfolio, Refining & Marketing and Chemicals, and Power & Renewables segments. Fortune records 2025 revenue of US$94.3bn, down 4.4% on 2024, and profit of US$2,942m.
- Revenue (FY2025)
- US$94.3bn
- Revenue change
- -4.4%
- Profit (FY2025)
- US$2,942m
- Total assets
- US$161.0bn
- Employees
- 32,349
- Headquarters
- Rome, Italy
- Fortune industry
- Petroleum Refining
- Fortune Global 500 2026 rank
- 118
Strengths
- Diversified gas and LNG portfolio
- Power and renewables segment
Limitations
- Lower profit than other European majors
- Revenue fell 4.4% in 2025
18
IO
New Delhi-based refiner and fuel marketer
Best for: Refining and fuel marketing in India
Indian Oil Corporation refines crude, transports products by pipeline and markets petroleum products, natural gas and petrochemicals, and also explores for and produces oil and gas. Fortune records revenue of US$89.2bn, down 0.9% on 2024, and profit of US$4,764m.
- Revenue (FY2025)
- US$89.2bn
- Revenue change
- -0.9%
- Profit (FY2025)
- US$4,764m
- Total assets
- US$56.4bn
- Employees
- 31,220
- Headquarters
- New Delhi, India
- Fortune industry
- Petroleum Refining
- Fortune Global 500 2026 rank
- 130
Strengths
- Integrated from refining to pipelines and marketing
- Profit of US$4,764m
Limitations
- Revenue converted from rupees
- Profit margin of about 5%
19
P
Rio de Janeiro-based oil company
Best for: Deepwater oil production
Petróleo Brasileiro operates Exploration and Production; Refining, Transportation and Marketing; and Gas and Low Carbon Energies segments. Fortune records 2025 revenue of US$89.2bn, down 2.4% on 2024, and profit of US$19,634m, the highest profit margin of any company in the list.
- Revenue (FY2025)
- US$89.2bn
- Revenue change
- -2.4%
- Profit (FY2025)
- US$19,634m
- Total assets
- US$222.3bn
- Employees
- 50,687
- Headquarters
- Rio de Janeiro, Brazil
- Fortune industry
- Petroleum Refining
- Fortune Global 500 2026 rank
- 131
Strengths
- High profitability
- Large deepwater production base
Limitations
- Revenue fell 2.4% in 2025
- Concentrated in Brazil
20
Seoul holding company classified by Fortune under petroleum refining
Best for: Refining and energy (holding company)
SK Inc. is a holding company that Fortune classifies under petroleum refining. Fortune records 2025 revenue of US$87.2bn, down 6.2% on 2024, and profit of US$1,124m, with 104,602 employees. Forbes separately lists SK Innovation, with sales of US$58.5bn.
- Revenue (FY2025)
- US$87.2bn
- Revenue change
- -6.2%
- Profit (FY2025)
- US$1,124m
- Total assets
- US$148.0bn
- Employees
- 104,602
- Headquarters
- Seoul, South Korea
- Fortune industry
- Petroleum Refining
- Fortune Global 500 2026 rank
- 142
Strengths
- Large Korean refining and energy operations
- Diversified holding structure
Limitations
- Revenue includes non-oil businesses
- Profit of only US$1,124m
21
Dallas-based pipeline operator
Best for: Midstream pipelines
Energy Transfer is the largest pipeline company in the Fortune Global 500 and the only midstream operator in this list. Fortune records 2025 revenue of US$85.5bn, up 3.5% on 2024, and profit of US$4,433m, with headquarters in Dallas.
- Revenue (FY2025)
- US$85.5bn
- Revenue change
- 3.5%
- Profit (FY2025)
- US$4,433m
- Total assets
- US$141.3bn
- Employees
- 22,311
- Headquarters
- Dallas, Texas, US
- Fortune industry
- Pipelines
- Fortune Global 500 2026 rank
- 147
Strengths
- Revenue grew 3.5%
- Largest pipeline company in the Global 500
Limitations
- Business concentrated in North America
- Exposure to US energy volumes
22
P
Bangkok-based integrated energy group
Best for: Integrated oil and gas in Thailand
PTT has businesses in exploration and production, liquefied natural gas, petrochemicals and refining, oil and retail, power and utilities, and coal. Fortune records 2025 revenue of US$81.0bn, down 7.5% on 2024, and profit of US$2,745m, with headquarters in Bangkok.
- Revenue (FY2025)
- US$81.0bn
- Revenue change
- -7.5%
- Profit (FY2025)
- US$2,745m
- Total assets
- US$103.9bn
- Employees
- 33,122
- Headquarters
- Bangkok, Thailand
- Fortune industry
- Petroleum Refining
- Fortune Global 500 2026 rank
- 161
Strengths
- Integrated across the Thai energy chain
- Profit of US$2,745m
Limitations
- Revenue fell 7.5% in 2025
- Concentrated in South-east Asia
23
Mexico City-based oil company
Best for: Oil production in Mexico
Petróleos Mexicanos is classified by Fortune under crude-oil production. Fortune records 2025 revenue of US$79.6bn, down 12.9% on 2024, the largest fall in this list, and a loss of US$4,252m. It is the only loss-making company in the top 25.
- Revenue (FY2025)
- US$79.6bn
- Revenue change
- -12.9%
- Profit (FY2025)
- Loss of US$4,252m
- Total assets
- US$123.5bn
- Employees
- 126,905
- Headquarters
- Mexico City, Mexico
- Fortune industry
- Mining, Crude-Oil Production
- Fortune Global 500 2026 rank
- 169
Strengths
- Large domestic production and refining base
- 126,905 employees
Limitations
- Loss of US$4,252m in 2025
- Revenue fell 12.9% in 2025
24
O
Polish refining, petrochemical, gas and power group
Best for: Refining and fuel retail in Central Europe
Orlen produces and distributes refining products, electricity, petrochemicals and natural gas. Fortune records 2025 revenue of US$71.3bn, down 3.8% on 2024, and profit of US$674m, with headquarters in Płock. It is the largest company in the list from Central and Eastern Europe.
- Revenue (FY2025)
- US$71.3bn
- Revenue change
- -3.8%
- Profit (FY2025)
- US$674m
- Total assets
- US$73.7bn
- Employees
- 66,226
- Headquarters
- Plock, Poland
- Fortune industry
- Petroleum Refining
- Fortune Global 500 2026 rank
- 193
Strengths
- Integrated across fuels, gas and power
- 66,226 employees
Limitations
- Profit of only US$674m
- Revenue fell 3.8% in 2025
25
P
Jakarta-based oil and gas company
Best for: Oil and gas in Indonesia
Pertamina is classified by Fortune under petroleum refining and is headquartered in Jakarta. Fortune records 2025 revenue of US$70.9bn, down 5.9% on 2024, and profit of US$3,351m. Its revenue was only US$383m below Orlen's.
- Revenue (FY2025)
- US$70.9bn
- Revenue change
- -5.9%
- Profit (FY2025)
- US$3,351m
- Total assets
- US$91.6bn
- Employees
- 35,295
- Headquarters
- Jakarta, Indonesia
- Fortune industry
- Petroleum Refining
- Fortune Global 500 2026 rank
- 194
Strengths
- Profit of US$3,351m
- Dominant domestic position
Limitations
- Revenue fell 5.9% in 2025
- Concentrated in Indonesia
Frequently asked questions
What is the largest oil and gas company in the world?
Saudi Aramco is the largest oil and gas company by revenue and profit. The Fortune Global 500 2026 records fiscal 2025 revenue of US$445.5bn and profit of US$92.8bn, making it the fifth-largest company of any kind by revenue. China National Petroleum Corporation is second, with revenue of US$401.9bn.
What is the largest oil company in the United States?
ExxonMobil is the largest US oil company, with revenue of US$332.2bn and profit of US$28.8bn in 2025 according to Fortune. Chevron is second among US companies, with revenue of US$189.0bn, followed by the refiners Phillips 66, Marathon Petroleum and Valero Energy.
Which oil companies are the supermajors?
The term usually refers to the largest investor-owned integrated oil companies: ExxonMobil, Shell, BP, Chevron and TotalEnergies. In the Fortune Global 500 2026 they rank fourth to eighth among oil and gas companies, behind Saudi Aramco, CNPC and Sinopec Group.
What is the largest oil company in Europe?
Shell, headquartered in London, is the largest European oil and gas company by revenue, with US$273.7bn in fiscal 2025. BP is second with US$192.5bn and TotalEnergies third with US$182.3bn. Equinor, Eni and Orlen are the other European companies in the top 25.
Why did oil company revenues fall in 2025?
Most companies in the ranking reported lower revenue in 2025 than in 2024, with declines of up to 12.9% at Pemex and 10.7% at Sinopec Group. Oil and gas companies' revenue moves largely with the prices they receive for crude oil, gas and refined products, so lower prices reduce reported revenue even when volumes are stable.
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