Top 20 Oil Companies by Net Income (2024)

The oil and gas sector has just come off a more difficult year in 2024. After the extraordinary profit bonanza of 2022 (when many companies benefitted from sharply elevated commodity prices following the onset of the Ukraine-Russia war), the industry entered 2024 facing softer oil & gas prices, tightening refining margins, and in some cases weaker demand for refined fuels.

Key Trends & Observations

1. Profits Declined Across the Board
   As noted, the OGJ50 saw net income drop ~22.5 % in 2024 compared to 2023. Lower commodity prices, reduced refining margins and weaker demand for fuels combined to squeeze earnings.
2. Upstream Volumes Growing, But Margins Under Pressure
   Some companies were able to increase production, however, with weaker realised prices, more production doesn’t always translate into proportionately higher profits.
3. Downstream/Refining Squeeze
   The refining and chemical side of the business saw margin pressure due to lower fuel demand, increasing competition, and weaker spreads. For example, PetroChina saw refinery output decline 1.5%.
4. National Oil Companies vs. International Majors
   National oil companies (NOCs) in China and the Middle East often benefit from scale, integration, domestic pricing mechanisms and production advantages. These factors gave them somewhat more resilience than some international integrated majors.
5. Transition Costs & Capex Discipline
   Many companies face additional investment burdens (renewables, LNG, lower-carbon initiatives) at a time when the core oil & gas business is under pressure. Capital discipline becomes more important. The OGJ50 noted exploration & capex increased modestly (+3.6%) though assets and production grew.

Outlook & Implications

• Cyclicality remains strong: The oil & gas industry remains highly cyclical. The strong profits of 2022 were not fully sustainable into 2024’s weaker price environment.
• Cost control & efficiency matter more than ever: With weaker margins, companies that ramp up volumes, cut costs, optimize portfolios and maintain discipline are likely to fare better.
• Diversification and transition strategy: Integrated majors that balance their upstream oil & gas business with lower-carbon growth initiatives may be better positioned—but only if they manage the core business well.
• National players have structural advantages: Producers with low cost of production, large scale, and favourable domestic frameworks (such as Aramco, PetroChina) maintain advantages, but are not immune to global market swings.
• Refining/downstream remain risk areas: Lower global fuel demand, tougher competition, and weaker margins make the downstream and refining segments more of a drag in years like 2024.

2024 was a softer year for the oil & gas sector compared to the recent highs, yet the fundamentals and scale of many major players allowed them to still deliver multi-billion dollar profits. The ranking of the most profitable companies reflects not just production volumes and resource advantages, but also cost efficiency, portfolio strength, and the ability to navigate macro headwinds in commodity markets. For investors, analysts and industry watchers, the key lessons from 2024 are clear: margin discipline, operational scale and flexibility matter just as much as the headline price of oil.