Top 20 global oil stocks by market capitalisation in 2025

Oil and gas producers continue to demonstrate significant scale and profitability, even as the energy transition progresses.

With recent fluctuations in oil prices and major players such as Saudi Aramco, Exxon Mobil and Chevron maintaining strong market valuations, oil company stocks continue to attract interest from some traders.

Global oil markets: an overview in 2025

Despite a global push for renewables and tighter climate policies, demand for oil and gas remains substantial. Supply-side factors, infrastructure constraints and geopolitical risks continue to shape market behaviour.

While some major economies are experiencing moderating growth, upstream producers have largely maintained output, and refining margins remain comparatively stable.

Rising LNG demand and ongoing infrastructure development have also supported earnings across the sector.

At the same time, many producers are being scrutinised for their limited investment in low-carbon projects compared with their hydrocarbon operations. Although some are expanding into renewables, hydrogen and carbon-capture technologies, fossil fuels continue to account for most of their earnings.

The top 20 global oil companies by market capitalisation

As of late 2025, according to CompaniesMarketCap.com and other industry sources, the 20 largest oil and gas companies by market capitalisation are as follows:

Source: CompaniesMarketCap.com, 20 November 2025.

These figures highlight that scale remains a critical advantage. The largest firms retain strong positions across reserves, production infrastructure and refining capacity, though many face increasing pressure to balance profitability with sustainability goals.

Oil market leaders: the five largest companies in 2025

1. Saudi Aramco

State-owned and based in Dhahran, Saudi Aramco (SAR) remains the world’s largest oil and gas company by market capitalisation. Its strength lies in extensive upstream reserves and low extraction costs. While it has expanded investment in petrochemicals and gas, fossil fuel production remains its primary focus.

2. Exxon Mobil

With a market value of around $448 billion, Exxon Mobil (XOM) continues to be the largest publicly traded US oil company. It has outlined plans for carbon-capture and hydrogen initiatives, though most revenue still comes from oil and gas operations.

Past performance is not a reliable indicator of future results.

3. Chevron

Chevron’s (CVX) market cap is approximately $348 billion. Its diversified portfolio, covering upstream, LNG and downstream operations, helps it manage price fluctuations. Renewables form a smaller share of its total investment.

Past performance is not a reliable indicator of future results.

4. Shell

Headquartered in the UK, Shell’s (SHEL) value stands near $199 billion. The company has divested from certain fossil-fuel assets, reinvesting in electricity, EV charging and lower-carbon projects. Nonetheless, oil and gas continue to contribute most of its earnings.

Past performance is not a reliable indicator of future results.

5. ConocoPhillips

With a market value of around $161 billion, ConocoPhillips (COP) remains a leading US independent producer. Its operations are focused on upstream oil and gas, and it has taken measured steps toward carbon-capture and efficiency improvements.

Past performance is not a reliable indicator of future results.

Key takeaways

• The global oil and gas sector continues to be dominated by large, established companies with extensive operations across exploration, production and refining.
• Based on current market-cap data, Saudi Aramco, Exxon Mobil, Chevron, Shell and ConocoPhillips remain the five largest players.
• While the energy transition is advancing, fossil fuels still provide the majority of industry earnings.

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