Saudi Aramco, also known as Saudi Arabian Oil, tops the list of the world's largest energy companies, followed by ExxonMobil (XOM +0.13%) and Chevron (CVX +0.04%). There's a substantial gap between Saudi Aramco, which is the only energy company worth over $1 trillion, and the rest of the field.
(Editor's note: Rankings are as of Dec. 2, 2025.)
Largest companies by market cap in the energy sector
1. Saudi Aramco
- Market cap: $1.57 trillion* (as of Dec. 2)
- Revenue (TTM): $460.9 billion*
- Gross profit (TTM): $219.3 billion*
- Five-year annualized return: -3.84%
- Year founded: 1933
*Converted from Saudi riyals.
Saudi Arabian Oil, also known as Saudi Aramco, is a state-owned oil company. It's the world's top oil producer, with production totals of 12.4 million barrels of oil equivalent per day in 2024. It also has the second-largest proven crude oil reserves, second only to Venezuela.
In 2022, Saudi Aramco was the largest company in the world by market cap when oil prices were high. It also posted record profits that year. Since then, the company has made several acquisitions, including a 40% stake in Gas & Oil Pakistan at the end of 2023. Falling oil prices were an issue for Saudi Aramco in 2024, causing the oil giant to cut its dividend.
2. ExxonMobil
NYSE: XOM
Key Data Points
- Market cap: $490.70 billion (as of Dec. 2)
- Revenue (TTM): $324.9 billion
- Gross profit (TTM): $72.5 billion
- Five-year annualized return: 29.00%
- Year founded: 1882 (Standard Oil of New Jersey), 1999 (merger of Exxon and Mobil)
ExxonMobil is the largest U.S. oil company. In 2013, it was the world's largest company. It's involved in crude oil and natural gas production, the sale of petroleum products and petrochemicals, lower-emission energy development, and the production of specialty chemical products.
This oil company has a tarnished reputation with the general public. It has used its influence to fight climate change regulations and has been responsible for the second-worst oil spill in U.S. history, the 1989 Exxon Valdez disaster off the coast of southern Alaska.
3. Chevron
NYSE: CVX
Key Data Points
- Market cap: $301.32 billion (as of Dec. 2)
- Revenue (TTM): $187.0 billion
- Gross profit (TTM): $54.7 billion
- Five-year annualized return: 15.99%
- Year founded: 1882
Chevron is another leading U.S. oil company, and it has both upstream and downstream operations. Upstream operations refer to exploration and production, while downstream operations refer to refining and marketing. Chevron is notable for leveraging technology to improve its operations, including the use of artificial intelligence (AI) tools for fault detection.
Like ExxonMobil, Chevron has gotten plenty of criticism for climate change denial and oil spills. The U.S. Environmental Protection Agency (EPA) has also fined Chevron on multiple occasions for violating federal laws, including the Clean Air Act.
4. Shell
NYSE: SHEL
Key Data Points
- Market cap: $210.83 billion (as of Dec. 2)
- Revenue (TTM): $269.1 billion
- Gross profit (TTM): $42.0 billion
- Five-year annualized return: 15.82%
- Year founded: 1907
Shell is a British energy company involved in the exploration and production of oil, natural gas, and renewable energy. It operates in more than 70 countries and produced more than 530 million barrels of crude oil and natural gas liquids in 2024.
5. PetroChina
OTC: PCCYF
Key Data Points
- Market cap: $205.90 billion (as of Dec. 2)
- Revenue (TTM): $402.9 billion*
- Gross profit (TTM): $89.5 billion*
- Five-year annualized return: 40.48%
- Year founded: 1999
*Converted from Chinese yuan.
Based in Beijing, the China National Petroleum Corp., known as PetroChina, is China's largest oil company. It's also the top company in Asia in terms of oil production. In 2024, it produced 941.8 million barrels of crude oil (2.57 million barrels per day).
PetroChina has focused on its renewable energy business so far this decade. It has also committed to having renewables account for one-third of its energy portfolio by 2035 and 50% by 2050.
6. China National Offshore Oil Corporation
- Market cap: $152.44 billion* (as of Dec. 2)
- Revenue (TTM): $57.6 billion*
- Gross profit (TTM): $39.1 billion*
- Five-year annualized return: 23.06%
- Year founded: 1982
*Converted from Chinese yuan.
China National Offshore Oil Corporation, or CNOOC, is a state-owned oil company. It operates in more than 20 countries, including Indonesia, Iraq, and the United Arab Emirates. It was delisted from the New York Stock Exchange in 2021 due to U.S. sanctions against China.
CNOOC gets a significant amount of business from the China International Import Expo (CIIE). In 2025, it sealed a record $13 billion worth of deals at the CIIE.
7. TotalEnergies
NYSE: TTE
Key Data Points
- Market cap: $141.52 billion (as of Dec. 2)
- Revenue (TTM): $183.5 billion
- Gross profit (TTM): $53.3 billion
- Five-year annualized return: 15.15%
- Year founded: 1924
TotalEnergies is a French oil and chemicals company. It's involved in liquefied natural gas (LNG) production and trading, electricity production from renewable sources, and the refining and marketing of petroleum products.
Formerly known as Total, the company rebranded to TotalEnergies in 2021. The name change was part of its shift toward renewable energy production.
8. ConocoPhillips
NYSE: COP
Key Data Points
- Market cap: $110.84 billion (as of Dec. 2)
- Revenue (TTM): $59.8 billion
- Gross profit (TTM): $16.4 billion
- Five-year annualized return: 22.15%
- Year founded: 1875
ConocoPhillips is a Houston, Texas-based company involved in the exploration and production of oil and natural gas. It operates in 15 countries, with about half of its production occurring in the U.S. This company has bolstered its portfolio with some major acquisitions recently, including the purchase of Marathon Oil for $22.5 billion in 2024.
9. Enbridge
- Market cap: $106.02 billion (as of Dec. 2)
- Revenue (TTM): $45.9 billion*
- Gross profit (TTM): $15.1 billion*
- Five-year annualized return: 16.14%
- Year founded: 1949
*Converted from Canadian dollars.
Enbridge is a Canadian energy delivery company. It operates the longest and most complex oil and liquids transportation system in North America, with approximately 18,085 miles of active pipeline. In 2024, Enbridge delivered more than 4.7 billion barrels of oil.
Enbridge has been responsible for several oil spills and leaks. Some of its projects have also led to protests, with the Dakota Access Pipeline being one of the more prominent examples.
10. Abu Dhabi National Energy Company
- Market cap: $103.48 billion* (as of Dec. 2)
- Revenue (TTM): $15.3 billion*
- Gross profit (TTM): $5.9 billion*
- Five-year annualized return: 17.80%
- Year founded: 2005
*Converted from United Arab Emirates dirhams.
The Abu Dhabi National Energy Company is a government-controlled energy company with operations in 11 countries. It's also known by the trade name TAQA, which means "energy" in Arabic.
This company's operations include water and power generation, transmission, and distribution, as well as oil and gas exploration and production. In August 2025, it expanded its global water platform by agreeing to acquire GS Inima for $1.2 billion.
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Energy sector takeaways for investors
The largest energy companies are in the oil and gas industry. This could be problematic for those focused on environmental, social, and (corporate) governance (ESG) investing.
While most oil companies are now investing in renewable energy, almost all have had high-profile issues, such as oil spills or climate change denial. If that's not a dealbreaker, these companies tend to be stable businesses and some of the higher-paying dividend stocks.
This is also a turbulent time for oil companies. Oil prices have dropped, and the Trump administration's import tariffs have driven up costs for these businesses, although the Supreme Court is currently evaluating the legality of those tariffs. Several of the big names, including ExxonMobil, Chevron, and ConocoPhillips, have announced job cuts.
If you want to stay away from big oil, the energy sector also has renewable energy stocks. You won't find them among the top 10 (at least not yet), but they provide a more sustainable way to invest in energy companies.
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