| Rank | Company | Ticker / Exchange | Market Cap (USD) | Segment |
|---|---|---|---|---|
| 1 | Saudi Aramco | 2222.SR (Tadawul) | $1.67 Trillion | Integrated NOC |
| 2 | Exxon Mobil | XOM (NYSE) | $495 Billion | Integrated IOC |
| 3 | Chevron | CVX (NYSE) | $317 Billion | Integrated IOC |
| 4 | PetroChina | 0857.HK (HKEX) | $227 Billion | State-Owned Upstream |
| 5 | Shell | SHEL (NYSE/LSE) | $218 Billion | Integrated IOC |
| 6 | TotalEnergies | TTE (NYSE/Euronext) | $136 Billion | Integrated IOC |
| 7 | CNOOC | 0883.HK (HKEX) | $126 Billion | State-Owned Upstream |
| 8 | ConocoPhillips | COP (NYSE) | $113 Billion | Independent Upstream |
| 9 | BP | BP (NYSE/LSE) | $90 Billion | Integrated IOC |
| 10 | Sinopec (China Petroleum & Chemical) | 600028.SS (Shanghai) | $89 Billion | Refining & Downstream |
| 11 | ADNOC Gas | ADNOCGAS.AE (ADX) | $75 Billion | Midstream / Gas |
| 12 | Petrobras | PBR (NYSE) | $74 Billion | Integrated NOC |
| 13 | Williams Companies | WMB (NYSE) | $74 Billion | Midstream / Pipelines |
| 14 | Enterprise Products Partners | EPD (NYSE) | $67 Billion | Midstream / Storage |
| 15 | Canadian Natural Resources | CNQ (TSX/NYSE) | $65 Billion | Upstream / Oil Sands |
| 16 | Equinor | EQNR (NYSE/Oslo) | $63 Billion | Integrated IOC |
| 17 | Marathon Petroleum | MPC (NYSE) | $60 Billion | Downstream / Refining |
| 18 | Kinder Morgan | KMI (NYSE) | $60 Billion | Midstream / Pipelines |
| 19 | EOG Resources | EOG (NYSE) | $59 Billion | Independent Upstream |
| 20 | Energy Transfer | ET (NYSE) | $58 Billion | Midstream / Transport |
| 21 | Phillips 66 | PSX (NYSE) | $55 Billion | Refining / Midstream |
| 22 | Eni | E (NYSE) | $54 Billion | Integrated IOC |
| 23 | Valero Energy | VLO (NYSE) | $53 Billion | Downstream / Refining |
| 24 | SLB (Schlumberger) | SLB (NYSE) | $53 Billion | Oilfield Services |
| 25 | TC Energy | TRP (TSX/NYSE) | $53 Billion | Midstream / Pipelines |
*Market caps are approximate as of October 2025. Source: CompaniesMarketCap, EIA, and public financial filings.*
If you’ve been working off an older table of “top oil and gas companies,” you’ve probably run into three problems: (1) many names were acquired or rebranded, (2) several microcaps were delisted during the 2014–2020 downturn, and (3) market caps have shifted with oil prices, buybacks, and state-partial listings. This article consolidates the current landscape—who the true leaders are in 2025, how they map across the value chain (upstream, integrated, midstream, services), and what changed since our last legacy list from 2014..
The market-cap leaderboard: who’s on top in 2025
At a high level, the world’s largest oil & gas companies by market value in 2025 include:
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Saudi Aramco (Tadawul) — the global outlier by scale, with a valuation far above the pack thanks to low lifting costs, giant reserves, and a shareholder-return policy calibrated to crude cycles.
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Exxon Mobil and Chevron (NYSE) — the two largest U.S. integrated majors, beneficiaries of disciplined capex, Permian exposure, advantaged refining/chemicals, and aggressive buybacks.
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PetroChina and CNOOC (HK/China listings) — China’s upstream pillars with state alignment and access to domestic and overseas projects.
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Shell, TotalEnergies, BP, Equinor (Europe) — diversified energy majors balancing upstream, LNG, downstream/chemicals, and selective low-carbon investments.
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Petrobras (Brazil) and Canadian Natural Resources (Canada) — Petrobras leverages world-class presalt assets; CNQ is a free-cash-flow machine across oil sands and conventional.
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Midstream leaders such as Enterprise Products, Energy Transfer, Kinder Morgan, Williams, and TC Energy — fee-based cash flows with capex discipline and high payout ratios.
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High-quality independents: ConocoPhillips, EOG Resources, Pioneer Natural Resources (now consolidated), Occidental (post-Anadarko), and a tier beneath them with focused shale and LNG exposure.
Note: Precise market caps move daily with commodity prices and FX. For the most current figures, validate the ranking against a live market-cap aggregator and, where needed, company investor pages (link below).
What changed since the “legacy” list: five high-impact updates
A lot of names from older tables no longer exist in the same form. The biggest adjustments you should make right now:
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Anadarko Petroleum → Occidental (OXY): OXY acquired Anadarko in 2019, creating one of the larger Permian-leaning portfolios and a significant Gulf of Mexico presence.
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Noble Energy → Chevron (CVX): Chevron bought Noble in 2020, adding East Med gas and U.S. shale assets.
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Encana → Ovintiv (OVV): Encana re-domiciled to the U.S. and rebranded as Ovintiv in 2020, with a portfolio spanning the Permian, Montney, and Anadarko basins.
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Talisman Energy → Repsol: Repsol closed the Talisman deal in 2015; the Talisman brand is gone.
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Canadian Oil Sands Ltd. → Suncor: COS was rolled into Suncor in 2016; treat all COS references as historical.
Additionally, dozens of microcaps from the prior list were merged, restructured, privatized, or delisted during the last cycle. If you’re curating a public list, it’s better to prioritize investable, liquid names (large/mid caps) and then clearly separate any venture-stage or private companies into a different appendix.
Integrated vs. upstream vs. midstream vs. services: know the roles
Integrated majors (IOCs): Exxon Mobil, Chevron, Shell, BP, TotalEnergies, Equinor. They span upstream, LNG, refining, chemicals, and trading. Cash returns are increasingly tied to upstream price realizations plus downstream margins.
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National oil companies (NOCs), partial listings: Saudi Aramco, PetroChina, CNOOC, Sinopec (China Petroleum & Chemical), ADNOC Gas. These entities often have policy objectives separate from pure return maximization, and their free float can be limited.
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Large upstream independents: ConocoPhillips, EOG, Occidental, Canadian Natural Resources, Pioneer (now part of an acquirer), Hess (acquired), Suncor, Woodside. They’re typically judged on capital efficiency, decline management, base-and-grow strategies, and disciplined buybacks.
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Midstream (pipelines, storage, LNG infrastructure): Enterprise Products, Energy Transfer, Kinder Morgan, Williams, TC Energy, Enbridge. Revenue is largely fee-based; distributions matter.
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Oilfield services & equipment (OFSE): SLB (Schlumberger), Halliburton, Baker Hughes, TechnipFMC. These names leverage global drilling cycles and technology intensity (subsurface, completions, subsea, digital).
Why this matters: if you’re benchmarking “oil & gas companies” without segmenting, you’ll mix structurally different risk/return profiles—confusing both readers and search engines.
LNG, petrochemicals, and the “molecule mix” in 2025
Three trendlines that shape who rises in the rankings:
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LNG growth: IOCs and NOCs with advantaged LNG positions (Qatar, U.S. Gulf Coast, Australia, East Med) enjoy multi-year cash flows supported by long-term contracts and flexible spot exposure.
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Petrochemicals integration: Refining margins are cyclical; adding chemicals (olefins, aromatics) helps capture value from cheap feedstock and can smooth earnings.
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Low-carbon adjacencies: While hydrocarbon cash engines still dominate, many majors maintain measured exposure to CCUS, biofuels, hydrogen, and renewables. Investors track these for policy alignment and optionality—not as primary valuation drivers.
Regional view: where the big caps live—and why
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Middle East: Aramco (and unlisted NOCs) anchor global supply with low costs and spare capacity. Policy, OPEC+ coordination, and long-term fiscal needs shape dividends and growth.
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North America: U.S. majors and independents benefit from shale flexibility, deep capital markets, and infrastructure. Canada’s leaders (CNQ, Suncor) generate robust free cash flow from oil sands with improved emissions intensity and reliability.
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Europe: Shell, BP, TotalEnergies, Equinor combine diversified supply portfolios, trading prowess, and a more explicit low-carbon strategy signaling. Regulatory frameworks and windfall-style taxes can influence net cash returns.
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Latin America: Petrobras stands out for presalt productivity and low lifting costs; Mexico’s Pemex remains systemically important but is not a pure public comp.
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Asia-Pacific: Chinese majors (PetroChina, CNOOC, Sinopec) align with national supply security goals; Australia’s Woodside and Santos leverage LNG.
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Africa: Many producers are state-heavy; listed exposure often comes through IOCs’ project stakes or region-focused independents..
Glossary
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Integrated major (IOC): Company spanning exploration/production, LNG, refining, chemicals, and trading.
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NOC (National Oil Company): State-owned or controlled producer; may have partially listed subsidiaries.
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Upstream: Exploration and production (E&P) of crude oil and natural gas.
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Midstream: Transport, storage, and processing (pipelines, gas plants, LNG liquefaction).
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Downstream: Refining, marketing, and petrochemicals.
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OFSE: Oilfield services & equipment—drilling, completions, subsurface tech.
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Market cap: Share price × shares outstanding; a real-time snapshot of equity value that moves with prices and FX.
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FCF (Free Cash Flow): Cash generated after capex, used for dividends, buybacks, or debt reduction.
Frequently asked questions
Q: Why don’t you include private NOCs in the ranked table?
A: Because most aren’t truly comparable from an equity perspective. They can be gigantic by reserves or output, but without a free float and daily market pricing, you can’t rank them by market cap.
Q: Why do some “smaller” companies outrank asset-rich peers?
A: Valuations reflect margin mix, corporate governance, capital allocation, balance sheets, and investor base. A capital-disciplined E&P with high returns can command a premium to a more leveraged peer with bigger barrels.
Q: How often should I update the list?
A: Quarterly is a practical cadence (post-earnings). If you publish during volatile oil moves, add a note that market caps are indicative and may have shifted intraday.