ExxonMobil ranks first among the United States' top ten oil and gas producing companies based on market capitalization. As of December 18, 2024, the Texas-based oil supermajor had a market cap of 474.71 billion U.S. dollars. ExxonMobil can not only trace its roots back to the early years of commercial oil production, it has also become one of the largest oil and gas companies in the world. It is active in all areas of the supply chain, from hydrocarbon extraction to retailing of gasoline. What is market cap? As opposed to sales or assets, market capitalization is a metric used to determine a company’s size by the worth of their outstanding shares on the stock market. ExxonMobil often ranks as the leading oil and gas company based on market cap worldwide. However, its net income is often significantly lower than that of state-owned entities such as Saudi Aramco. The differing ratios exemplify how market cap is not a hard figure like net profits, but inflates and fluctuates according to the perceived value of a company, influenced by less quantifiable factors. The role of oil and gas in the world economy The oil and gas industry is involved in exploration, extraction, refining, transport, and marketing of hydrocarbons. Many industries are extremely dependent on oil and gas products, mostly in the form of fuels or raw materials for chemical products. The oil and gas industry is one of the largest worldwide, and it would follow that companies involved within the industry are among the top companies worldwide by revenue.

Shell was the leading oil and gas company in the United Kingdom (UK) as of October 15, 2024, with a market capitalization amounting to over 211 billion U.S. dollars. BP followed as the second-largest oil and gas company in the country, with a market cap of approximately 84.73 billion U.S. dollars.

Schlumberger is the leading provider of oil and gas service, equipment, and distribution in the United States, based on a market capitalization. Its outstanding stock shares were valued at 60.16 billion U.S. dollars on April 14, 2022. Oilfield services range from maintenance and repair work, the lending of necessary equipment such as jack-ups, and transportation via pipelines and tankers.

What is market cap?

Unlike net income, market cap and revenue do not take into account factors such as outstanding debt or the cost of goods sold. While revenue is a hard figure for the quantity of the money generated over a certain period, market cap depends on more fluid categories such as public perception and a company’s reputation. It reflects the value attributed to all outstanding company shares on the stock market at any given time. The majority of the world's leading oil equipment and service providers based on market cap are based in the U.S.

Enterprise Products Partners' ranking worldwide

Apart from being considered the most valuable U.S. oilfield service provider, Enterprise Products Partners also had one of the highest net incomes of top oil equipment and oil service providers worldwide in the 2020/2021 fiscal year. As with most its competitors, Enterprise Products Partners' revenue was lowest in times of oil crisis. When the oil market took a hit during the coronavirus pandemic, so did the oil equipment and service industry. Enterprise Products Partners saw its revenue decrease to 27.2 billion U.S. dollars in 2020.

Enbridge is the world's leading oil and gas equipment and service provider based on market capitalization. As of April 14, 2022, Enbridge had a market cap of 93.37 billion U.S. dollars. The Canada-based company specializes in energy transportation and infrastructure, with a vast network of underground pipelines to deliver crude oil and liquids. The company is also the largest distributor of natural gas in Canada and extends its services into the United States and Gulf of Mexico. As of that month, the top ten ranking global companies were exclusively from North America, primarily based in the U.S.

What is market cap?

As opposed to sales or assets, market capitalization is a metric used to determine a company’s size and worth on the stock market. For example, outstanding shares of U.S.-based Energy Transfer were valued at 35.64 U.S. dollars, less than a third of Enbridge's market cap, but Energy Transfer outpaced Enbridge in terms of revenue. In the 2020/2021 fiscal year, Energy Transfer was the leading oil and gas equipment and service provider based on revenue. The differing ratios exemplify how market capitalization is not a hard figure like revenue, but inflates and fluctuates according to the perceived value of a company, influenced by less quantifiable factors.

How oil & gas equipment providers compare with oil producers

Oilfield service providers and oil and gas transportation companies are usually less valuable than those companies operating in all areas of the supply chain. The leading oil and gas companies worldwide based on market cap are producing giants such as ExxonMobil and Shell. These companies not only extract hydrocarbons, but also own and operate refineries and petrochemical manufacturing units and also serve as retailers to the average consumer.

As of November 14, 2021, all S&P 500 sector indices had recovered to levels above those of January 2020, prior to full economic effects of the global coronavirus (COVID-19) pandemic taking hold. However, different sectors recovered at different rates to sit at widely different levels above their pre-pandemic levels. This suggests that the effect of the coronavirus on financial markets in the United States is directly affected by how the virus has impacted various parts of the underlying economy.

Which industry performed the best during the coronavirus pandemic?

Companies operating in the information technology (IT) sector have been the clear winners from the pandemic, with the IT S&P 500 sector index sitting at almost 65 percent above early 2020 levels as of November 2021. This is perhaps not surprising given this industry includes some of the companies who benefitted the most from the pandemic such as Amazon, PayPal and Netflix. The reason for these companies’ success is clear – as shops were shuttered and social gatherings heavily restricted due to the pandemic, online services such shopping and video streaming were in high demand. The success of the IT sector is also reflected in the performance of global share markets during the coronavirus pandemic, with tech-heavy NASDAQ being the best performing major market worldwide.

Which industry performed the worst during the pandemic?

Conversely, energy companies fared the worst during the pandemic, with the S&P 500 sector index value sitting below its early 2020 value as late as July 2021. Since then it has somewhat recovered, and was around 15 percent above January 2020 levels as of October 2021. This reflects the fact that many oil companies were among the share prices suffering the largest declines over 2020. A primary driver for this was falling demand for fuel fell in line with the reduction in tourism and commuting caused by lockdowns all over the world. However, as increasing COVID-19 vaccination rates throughout 2021 led to lockdowns being lifted and global tourism reopening, demand has again risen - reflected by the recent increase in the S&P 500 energy index.

BHP Group Limited led the metals and mining companies listed on the Australian Securities Exchange as of June 2025, with a market capitalization of over *** billion Australian dollars. BHP (formerly known as BHP Billiton) is a British-Australian mining company, with its major headquarters in London and Melbourne. It is one of the leading mining companies in the world. Mining company BHP BHP is a global mining, metals, and petroleum company with operations in Australia, North America, South America, and the UK. In the fiscal year 2024, BHP’s revenue reached **** billion U.S. dollars. The profit of BHP was reported at over *** billion U.S. dollars in the same year. The company primarily focuses on the extraction of coal, copper, iron ore, and petroleum. BHP's iron ore segment had the highest revenue at over ** billion U.S. dollars in the fiscal year 2024.  Mining in Australia  Mining is one of Australia’s largest industries, and the country plays a crucial role in the trade of mining commodities. The value added by the mining industry in Australia exceeded ****billion Australian dollars in 2024. Furthermore, the mining industry provides employment opportunities to over *** thousand people in Australia. Australia’s role in the mining industry is expected to continue to grow, particularly in Asia, due to its vast resources, proximity, and willingness to participate in the global marketplace.