Exxon Mobil was the leading oil and gas producing company worldwide by net income as of 12-month rolling data from June 2024. Many oil supermajors are among the most profitable oil and gas companies after rebounding from losses caused by the COVID-19 pandemic. Big Oil companies like ExxonMobil, BP, and Shell recorded historic net losses in 2020, some for the first time ever, as the coronavirus pandemic and its effect on fuel demand made it difficult for many within the industry to turn a profit - particularly companies not majority-owned by the state.
Oil and gas industry
The oil and gas industry is one of the largest industries worldwide. This sector is involved in exploration, extraction, refining, transport, and marketing of petroleum commodities. Many industries rely heavily on oil and gas products as fuels and feedstocks. It is no wonder then that oil and gas companies are regularly among the most profitable companies worldwide.
State-owned enterprises are largest producers
State-owned businesses are among the largest within the oil and gas industry. Saudi Arabia's Saudi Aramco is by far the leading oil company worldwide based on daily oil production, at over 11.5 million barrels per day. ExxonMobil was the largest non-state-owned oil producer, at 2.4 million barrels per day in 2023.
