The world’s biggest oil companies generate hundreds of billions of dollars in annual revenue and play an enormous role in global energy, transportation, manufacturing and economic growth.
But determining the “biggest” oil company depends on the metric being used.
An oil company can be ranked by revenue, market capitalization, oil and gas production, reserves, profits or refining capacity. Those measurements can produce very different rankings.
For this TopMost10 ranking, we use annual revenue because it provides a straightforward way to compare the overall commercial scale of major global petroleum companies.
Using the latest 2026 Fortune Global 500 petroleum-refining ranking, here are the top 10 biggest oil companies in the world by revenue.
How We Ranked the World’s Biggest Oil Companies
This ranking is based on revenue figures published in the 2026 Fortune Global 500, released in July 2026.
Fortune’s ranking compares major corporations using their latest completed fiscal-year financial information and applies its own standardized methodology.
We specifically selected companies classified by Fortune in the Petroleum Refining industry.
This means the ranking should not be interpreted as a list of the companies producing the most barrels of oil or owning the largest petroleum reserves.
It is a revenue ranking.
Readers can explore the complete Fortune Global 500 for the broader worldwide company ranking.
10. Reliance Industries — $119.7 Billion
Country: India
Revenue: Approximately $119.7 billion
Fortune Global 500 Rank: #85
Reliance Industries is one of India’s largest and most diversified corporations.
Although many consumers now associate Reliance with telecommunications, digital services and retail, energy and petrochemicals remain central to the company’s enormous business empire.
Reliance operates the massive Jamnagar refining complex in Gujarat, India, which has developed into one of the world’s most important refining centers.
The company’s oil-to-chemicals operations cover refining, petrochemicals, transportation fuels and related products.
At the same time, Reliance has been investing heavily in renewable energy and other technologies as India moves toward a more diversified energy system.
Why Reliance Industries Is So Large
- Massive oil refining operations
- Large petrochemical business
- Major presence in India’s rapidly growing economy
- Diversified operations across energy, telecom and retail
- Expanding investments in new energy technologies
Learn more from Reliance Industries.
9. Valero Energy — $115.9 Billion
Country: United States
Revenue: Approximately $115.9 billion
Fortune Global 500 Rank: #88
Valero Energy is one of the world’s largest independent petroleum refiners.
Unlike integrated oil giants that operate extensively from oil exploration through retail fuel sales, Valero is particularly important in refining and fuel manufacturing.
The Texas-headquartered company operates major refineries and produces gasoline, diesel, jet fuel and other petroleum products.
Valero also has substantial renewable-fuel operations, including renewable diesel and ethanol.
Its approximately $115.9 billion in Fortune revenue places it among the ten largest petroleum-refining companies in the world in 2026.
What Makes Valero Important?
- Large independent refining network
- Major gasoline and diesel production
- Renewable diesel operations
- Ethanol production
- Extensive North American energy infrastructure
Visit Valero Energy for company information.
8. Marathon Petroleum — $135.2 Billion
Country: United States
Revenue: Approximately $135.2 billion
Fortune Global 500 Rank: #63
Marathon Petroleum is another American refining giant and one of the world’s largest downstream energy companies.
The company operates an extensive refinery system across the United States and produces fuels used by millions of consumers and businesses.
Marathon Petroleum also owns a major interest in MPLX, an energy infrastructure company involved in pipelines, terminals, storage and natural-gas processing.
That combination of refining and midstream infrastructure gives Marathon Petroleum enormous reach throughout the North American energy market.
Major Marathon Petroleum Businesses
- Petroleum refining
- Fuel distribution
- Pipelines and terminals
- Natural-gas infrastructure
- Convenience and fuel-related operations
More information is available through Marathon Petroleum.
7. Phillips 66 — $136.6 Billion
Country: United States
Revenue: Approximately $136.6 billion
Fortune Global 500 Rank: #61
Phillips 66 ranks seventh among the world’s biggest oil companies in this revenue comparison.
The Houston-based energy company has operations spanning refining, midstream infrastructure, chemicals and fuel marketing.
Its refining network produces transportation fuels and other petroleum products, while its midstream businesses move and process energy commodities.
Phillips 66 has also been adapting parts of its business for lower-carbon fuels and changing energy demand.
With approximately $136.6 billion in Fortune revenue, the company remains one of the largest downstream energy businesses in the world.
Why Phillips 66 Is a Global Energy Giant
- Large refining operations
- Extensive midstream infrastructure
- Chemicals exposure
- Fuel marketing operations
- Major position in the U.S. energy industry
Visit Phillips 66 for more information.
6. TotalEnergies — $182.3 Billion
Country: France
Revenue: Approximately $182.3 billion
Fortune Global 500 Rank: #40
TotalEnergies is one of Europe’s largest integrated energy companies.
The French multinational operates across oil and gas exploration, liquefied natural gas, refining, petrochemicals, electricity and renewable energy.
The company’s name change from Total to TotalEnergies reflected its strategy of developing a broader energy portfolio beyond conventional petroleum.
Nevertheless, oil and natural gas continue to represent important parts of the company’s global operations.
TotalEnergies generated approximately $182.3 billion in revenue under Fortune’s 2026 Global 500 methodology.
Major TotalEnergies Businesses
- Oil exploration and production
- Liquefied natural gas
- Petroleum refining
- Petrochemicals
- Electricity generation
- Solar and renewable energy
Explore the company at TotalEnergies.
5. Chevron — $189.0 Billion
Country: United States
Revenue: Approximately $189.0 billion
Fortune Global 500 Rank: #36
Chevron is one of America’s largest integrated oil and gas companies and ranks fifth in our 2026 revenue-based oil-company ranking.
The company operates across the energy value chain, including exploration, crude-oil production, natural gas, refining, chemicals and fuel marketing.
Chevron’s operations stretch across numerous major energy-producing regions.
The company has also expanded its portfolio through major acquisitions while investing in technologies such as renewable fuels, hydrogen and carbon management.
Fortune reported approximately $189.0 billion in revenue for Chevron in its 2026 Global 500.
Why Chevron Remains One of the World’s Biggest Oil Companies
- Large global oil and gas production portfolio
- Major refining operations
- Strong U.S. energy position
- International exploration projects
- Large-scale energy infrastructure
Readers can explore financial information through Chevron Investor Relations.
4. BP — $192.5 Billion
Country: United Kingdom
Revenue: Approximately $192.5 billion
Fortune Global 500 Rank: #33
BP remains one of the world’s largest integrated energy companies.
The British multinational has a history stretching back more than a century and operates across oil exploration, natural-gas production, refining, trading and fuel retail.
BP also operates one of the world’s most recognizable networks of fuel stations.
Like other European energy giants, BP has invested in alternative energy technologies while continuing to maintain major petroleum and natural-gas operations.
Its approximately $192.5 billion in Fortune revenue puts BP fourth in this ranking.
Major BP Operations
- Oil and gas production
- Petroleum refining
- Energy trading
- Fuel retail
- Lubricants
- Low-carbon and renewable-energy investments
Visit BP for additional company information.
3. Shell — $273.7 Billion
Country: United Kingdom
Revenue: Approximately $273.7 billion
Fortune Global 500 Rank: #22
Shell is the third-largest oil company in our 2026 ranking by Fortune revenue.
The British energy giant has operations spanning oil and natural gas production, liquefied natural gas, refining, chemicals, trading and fuel retail.
Shell is particularly important in the global LNG industry.
The company also operates one of the world’s best-known fuel-station brands and has expanded into electric-vehicle charging and other energy services.
Fortune reported approximately $273.7 billion in revenue for Shell.
Why Shell Is One of the World’s Largest Energy Companies
- Major international oil production
- Leading global LNG position
- Large refining operations
- Global fuel-retail network
- Extensive energy-trading business
- Operations across numerous countries
See Shell’s financial and company information at Shell.
2. Exxon Mobil — $332.2 Billion
Country: United States
Revenue: Approximately $332.2 billion
Fortune Global 500 Rank: #15
Exxon Mobil is the largest U.S.-based oil company by revenue in this ranking.
The Texas-headquartered corporation operates one of the world’s most extensive integrated energy businesses.
Its operations include crude-oil and natural-gas production, petroleum refining, chemicals and specialized energy products.
Exxon Mobil’s scale increased further following its acquisition of Pioneer Natural Resources, strengthening its position in the Permian Basin.
The company is also investing in carbon capture, hydrogen, lithium and other technologies that could become increasingly important as the global energy system evolves.
With approximately $332.2 billion in Fortune revenue, Exxon Mobil ranks second among the companies on this list.
Why Exxon Mobil Is So Large
- Massive upstream oil and gas portfolio
- Large refining network
- Global chemical operations
- Major position in the Permian Basin
- Operations across the international energy industry
Explore its reports through ExxonMobil Investor Relations.
1. Saudi Aramco — $445.5 Billion
Country: Saudi Arabia
Fortune Revenue: Approximately $445.5 billion
Fortune Global 500 Rank: #5
Saudi Aramco is the biggest oil company in the world in 2026 in our revenue-based ranking.
Fortune’s 2026 Global 500 lists the Saudi energy giant with approximately $445.5 billion in revenue, placing it fifth among all corporations worldwide and ahead of every other petroleum-refining company in Fortune’s industry ranking.
Saudi Aramco’s extraordinary scale begins with its access to some of the world’s largest and lowest-cost hydrocarbon resources.
The company operates across crude-oil exploration and production, natural gas, refining, petrochemicals and international energy markets.
Its financial strength is equally striking.
Aramco’s own full-year 2025 results reported $92.8 billion in net income attributable to shareholders and approximately $104.7 billion in adjusted net income.
The company’s own accounting presentation reported $415.82 billion of 2025 revenue. That differs from Fortune’s $445.5 billion standardized figure, which is why this ranking uses Fortune figures consistently rather than mixing methodologies.
Aramco is also investing heavily in natural gas. The company says it is working toward increasing sales-gas production capacity by approximately 80% by 2030 compared with 2021 levels.
Why Saudi Aramco Ranks #1
- Approximately $445.5 billion in Fortune revenue
- Enormous crude-oil production capacity
- Access to vast petroleum reserves
- Major refining and petrochemical operations
- Exceptionally strong profitability
- Critical role in the global energy market
Read the company’s latest financial information directly from Saudi Aramco Investor Relations.
Summary: Top 10 Biggest Oil Companies in the World in 2026
| Rank | Oil Company | Country | Revenue |
|---|---|---|---|
| 1 | Saudi Aramco | Saudi Arabia | $445.5 billion |
| 2 | Exxon Mobil | United States | $332.2 billion |
| 3 | Shell | United Kingdom | $273.7 billion |
| 4 | BP | United Kingdom | $192.5 billion |
| 5 | Chevron | United States | $189.0 billion |
| 6 | TotalEnergies | France | $182.3 billion |
| 7 | Phillips 66 | United States | $136.6 billion |
| 8 | Marathon Petroleum | United States | $135.2 billion |
| 9 | Valero Energy | United States | $115.9 billion |
| 10 | Reliance Industries | India | $119.7 billion* |
*Note: Fortune’s industry ordering places Reliance ahead of Valero by revenue. Therefore, when ranked strictly by the displayed revenue figures, Reliance should be #9 and Valero #10. The corrected revenue order is shown below.
Correct Revenue Order
- Saudi Aramco — $445.5 billion
- Exxon Mobil — $332.2 billion
- Shell — $273.7 billion
- BP — $192.5 billion
- Chevron — $189.0 billion
- TotalEnergies — $182.3 billion
- Phillips 66 — $136.6 billion
- Marathon Petroleum — $135.2 billion
- Reliance Industries — $119.7 billion
- Valero Energy — $115.9 billion
Which Is the Biggest Oil Company in the World?
Saudi Aramco is the world’s biggest oil company in this 2026 revenue ranking.
Fortune reports approximately $445.5 billion in revenue, putting the company comfortably ahead of Exxon Mobil.
Aramco is also one of the world’s most profitable corporations, reporting more than $92 billion of attributable net income for 2025.
What Is the Biggest Oil Company in America?
Exxon Mobil is the largest U.S. oil company by revenue among the companies in this ranking.
It generated approximately $332.2 billion under Fortune’s Global 500 methodology.
Chevron is another American integrated oil giant, while Phillips 66, Marathon Petroleum and Valero are particularly important in refining and downstream energy.
What Is the Biggest Oil Company in Europe?
Shell is the largest European oil and gas company by revenue in this comparison.
The UK-headquartered company recorded approximately $273.7 billion in Fortune revenue, ahead of BP and TotalEnergies.
Revenue vs Market Capitalization
Revenue should not be confused with market capitalization.
Revenue measures the money generated through a company’s business activities before expenses are deducted.
Market capitalization measures the stock-market value of a publicly traded company’s outstanding shares.
An oil company can therefore generate more annual revenue than another company while having a lower stock-market valuation.
This article ranks companies by revenue, not market capitalization.
Revenue vs Oil Production
The company generating the most revenue is not necessarily the company producing the most barrels of oil.
Revenue can be affected by oil prices, natural-gas sales, refining operations, petrochemicals, trading activities and other businesses.
Production rankings therefore require a separate methodology based on barrels of oil equivalent per day or another standardized production measure.
Why Oil Company Revenue Changes So Much
Oil companies operate in one of the world’s most volatile industries.
Revenue can rise or fall dramatically because of:
- Crude-oil prices
- Natural-gas prices
- Refining margins
- Production levels
- OPEC+ decisions
- Geopolitical conflicts
- Currency movements
- Global economic growth
- Transportation demand
For example, Saudi Aramco reported that its own 2025 revenue declined partly because of lower crude-oil prices and lower prices for refined and chemical products.
Are Oil Companies Moving Into Renewable Energy?
Many of the world’s largest oil companies are investing outside conventional petroleum.
TotalEnergies has expanded significantly into electricity and renewable power. BP and Shell have invested in various lower-carbon businesses, while Chevron and Exxon Mobil are pursuing technologies including carbon capture, hydrogen and other emerging energy opportunities.
Reliance Industries is also investing heavily in new-energy manufacturing.
However, the scale, strategy and pace of the transition differ substantially from company to company, and oil and natural gas remain central businesses for most companies in this ranking.
Frequently Asked Questions
What is the biggest oil company in the world in 2026?
Saudi Aramco is the biggest oil company in our 2026 revenue ranking, with approximately $445.5 billion in revenue according to the Fortune Global 500 methodology.
What is the largest American oil company?
Exxon Mobil is the largest U.S.-based oil company in this revenue ranking, with approximately $332.2 billion.
Is Saudi Aramco bigger than Exxon Mobil?
By the revenue figures used for this ranking, yes. Fortune reports approximately $445.5 billion for Saudi Aramco compared with approximately $332.2 billion for Exxon Mobil.
Is Shell bigger than BP?
By revenue in the 2026 Fortune Global 500, Shell is significantly larger. Fortune reports approximately $273.7 billion for Shell and $192.5 billion for BP.
Which country has the most companies in this top 10?
The United States has the most companies in this top ten, represented by Exxon Mobil, Chevron, Phillips 66, Marathon Petroleum and Valero Energy.
Which is the biggest oil company in Asia?
The answer depends on whether state-owned parent groups and listed subsidiaries are being compared. This ranking uses Fortune’s petroleum-refining company classification rather than attempting to combine differently structured national oil companies.
Does the largest oil company have the largest oil reserves?
Not necessarily. Revenue, reserves, production and market capitalization are separate measurements and can produce different rankings.
Why aren’t China National Petroleum and Sinopec included in the top 10 above?
Fortune’s 2026 petroleum-refining industry ranking reports China National Petroleum at approximately $401.9 billion and Sinopec Group at approximately $364.0 billion. When all state-owned parent groups are included, both belong near the top of a strict Fortune revenue ranking. Readers comparing corporate groups should therefore include them. The distinction arises because some rankings compare listed operating companies while others compare state-owned parent groups.
Important Note About Oil Company Rankings
Global oil-company comparisons can become complicated because companies have very different ownership structures.
Some are publicly traded corporations, while others are state-controlled parent groups with listed subsidiaries.
For example, China National Petroleum is the parent of PetroChina, while Sinopec Group and the listed China Petroleum & Chemical Corporation are related but not identical entities.
For this reason, readers should always check whether a ranking compares corporate groups, listed companies, production volumes, revenue or market capitalization before comparing results from different sources.
Explore More TopMost10 Business Rankings
Visit our Business & Companies section for more rankings covering the world’s largest companies, brands, banks and business leaders.
You can also explore Wealth & Net Worth for rankings covering billionaires, CEOs and company founders.
For more global comparisons, visit Facts, Lists & Rankings.
Final Thoughts
The world’s biggest oil companies remain among the most economically powerful corporations on the planet.
Saudi Aramco stands out for its extraordinary combination of revenue, production scale and profitability, while Exxon Mobil remains America’s largest oil giant in this comparison.
Shell leads the European companies, followed by BP and TotalEnergies, while major U.S. refiners such as Phillips 66, Marathon Petroleum and Valero demonstrate the enormous scale of the downstream petroleum industry.
At the same time, the global energy industry is changing. Natural gas, renewable electricity, carbon-management technology, hydrogen and other energy sources are becoming increasingly important parts of corporate strategy.
TopMost10 will update this ranking as new annual financial results and the next Fortune Global 500 dataset become available.