The World’s Largest Energy Companies In 2023: The Rise Of Aramco, ExxonMobil And The Rest

The World’s Largest Energy Companies In 2023: The Rise Of Aramco, ExxonMobil And The Rest

ast year was a great time to be in the oil business. Thanks to high prices topping $120 a barrel in June 2022, ExxonMobil made a record $62 billion in profits, and advanced seven spots to 8th place on the Forbes' Global 2000 list. Shell, Chevron, TotalEnergies and BP also placed higher than last year. Prince MBS supported Aramco's IPO in 2019, which raised $29 billion for just a 1. 5% equity stake and catapulted the company onto our Global 2000 list, which includes only public companies. (The rankings are based on a composite score of sales, profits, market capitalization and asset values.) The government still owns roughly 90% of Aramco, with another 8% held by the Saudi sovereign wealth fund–the same fund is merging its golf startup, LIV Golf, with the PGA. Aramco's thin–and thinly traded–public float leads some to doubt the authenticity of its $2. 1 trillion implied market capitalization, equal to a price/earnings ratio of 13 — that's a 50% premium to the western supermajor oil companies, most of which you can buy for a p/e under 8. Exxon's market capitalization is $440 billion. Aramco, led by CEO Amin Nasser, probably does deserve something of a premium