In this article, we’ll explore the 20 most valuable gas companies in the world. We’ll also be exploring the current dynamics of a global shift in how energy impacts the climate and how major industry players are responding to this challenge. If you want to skip the details, then head straight to 5 Most Valuable Gas Companies in the World.
Natural gas is a crucial commodity in today's global landscape, projected to be the fastest-growing fossil fuel with a 0.9% increase from 2020 to 2035, according to McKinsey.
The report also highlights a sharp rise in demand for liquefied natural gas (LNG) due to the inadequacy of domestic gas supply to meet the increasing demand. This emphasizes the growing reliance on LNG to address the gap between rising demand and constrained domestic gas supplies.
Moreover, the International Energy Agency (IEA) released its annual world energy outlook report on October, 24, 2023. The report forecasts that global demand for coal, oil, and natural gas will reach an all-time high by 2030, confirming an earlier prediction made by the IEA's executive director, Fatih Birol, in September. However, it's important to note that a global transition towards cleaner energy sources is already underway and unstoppable.
How United States is Moving to Net-Zero Emissions by 2050?
The United States government's commitment to achieving net-zero emissions by 2050 is a significant step toward addressing the global climate crisis. To meet the intermediate goal for 2030, the United States faces the challenge of reducing emissions by 6.0 percent annually, a pace nearly ten times faster than the average annual reduction of 0.8 percent observed in the previous decade.
But, is the United States' goal of reaching net-zero emissions by 2050 realistic? To attain the ultimate net-zero emissions goal by 2050, the U.S. government is planning a transition to zero-emission vehicles and buildings, all powered by clean energy.
The Biden administration also plans to invest $7 billion in seven Regional Clean Hydrogen Hubs (H2Hubs) across the United States, as reported by CNBC. These H2Hubs will accelerate the commercial-scale deployment of low-cost, clean hydrogen and create a national network of clean hydrogen producers, consumers, and supporting infrastructure for production, storage, and utilization.
Why Are There Layoffs in Shell's Clean Energy Division?
Recent reports reveal Shell plc (NYSE:SHEL)'s plan to cut 200 positions within its low-carbon solutions unit in 2024. This decision follows their failure to secure a $7 billion federal grant for hydrogen energy. Some employees at Shell plc (NYSE:SHEL) will be reassigned, while around 130 positions are under review. The challenge of integrating major oil companies like Shell plc (NYSE:SHEL) into a clean energy future is a crucial one, especially as Exxon Mobil Corp (NYSE:XOM) and Chevron Corporation (NYSE:CVX) are doubling down on fossil fuels through major acquisitions.
On October 23rd, Chevron Corporation (NYSE:CVX) made headlines with its announcement of a $53 billion stock acquisition of the oil and gas company Hess. In a similar move, less than two weeks earlier, Exxon Mobil Corp (NYSE:XOM) unveiled its plan to acquire Pioneer Natural Resources for $59.5 billion in stock.
let’s now explore the most valuable gas companies in the world.
A close-up of a gasoline pump nozzle at a service station, revealing the company's consumer-facing branding.
For our list of the most valuable gas companies, we've ranked gas corporations with the highest market caps as of the writing of this article.
Also, check out 15 Biggest Renewable Energy Companies in Europe.
20 Most Valuable Gas Companies in the World
Here is the list of the 20 most valuable gas companies in the world.
20. Public Joint Stock Company Gazprom (MCX:GAZP.ME)
Market Cap: $43.50 billion
Gazprom is one of the most valuable gas companies on our list due to its extensive global presence spanning over 30 nations. With the Russian government as its majority stakeholder, the company enjoys substantial financial and political backing. Gazprom's annual gas production exceeds 500 billion cubic meters. It actively engages in diverse facets of the gas industry, encompassing exploration, production, transportation, storage, processing, and sales, as well as the generation and marketing of heat and electric power.
19. Eni S.p.A. (NYSE:E)
Market Cap: $53.34 billion
Eni S.p.A., an Italian multinational energy company operating in the oil and gas sector is one of the world's most valuable gas companies due to its extensive global reach, diversified operations, substantial reserves, impressive production figures, and a track record of pioneering technological innovations in the oil and gas industry. Recently, Eni confirmed its decarbonization strategy, aiming to achieve net-zero emissions from its upstream business by 2030 and reach overall carbon neutrality by 2035, with a long-term goal of net-zero emissions across its entire value chain by 2050.
18. Public Joint Stock Company Rosneft Oil Company (MCX:ROSN.ME)
Market Cap: $66.3 billion
Rosneft's extensive global presence spans over 20 nations, solidifying its status as one of the world's leading oil and gas corporations. In 2022, the company achieved a historic milestone by producing 74.4 billion cubic meters of gas. As part of its growth strategy, Rosneft aims to raise the proportion of gas in its overall hydrocarbon production to 25% by 2025.
17. Duke Energy (NYSE:DUK)
Market Cap: $60.80 billion
Based in Charlotte, North Carolina, Duke Energy (NYSE:DUK) stands as one of the United States' major energy companies. It serves over 1.6 million customers with natural gas across North Carolina, South Carolina, Tennessee, Ohio, and Kentucky. Recently, Duke Energy (NYSE:DUK) has announced its intentions to construct and manage the nation's inaugural system capable of generating, storing, and utilizing 100% green hydrogen in a combustion turbine, located in Florida.
16. Enbridge Inc. (NYSE:ENB)
Market Cap: $72.1 billion
Enbridge Inc. (NYSE:ENB) has a presence in over 60 countries and is a Canadian multinational energy firm involved in the oil and gas sector. Enbridge Inc. (NYSE:ENB) plays a crucial role in the North American energy landscape, facilitating the movement of approximately 30% of the region's crude oil production and transporting nearly 20% of the natural gas consumed in the United States.
15. Canadian Natural Resources Limited (NYSE:CNQ)
Market Cap: $72.5 billion
Canadian Natural Resources Limited (NYSE:CNQ) is a Canadian multinational energy company. It has a substantial market capitalization of $72.5 billion as of the writing of this article. This positions Canadian Natural Resources Limited (NYSE:CNQ) as a top player in the global gas industry. The company holds significant reserves in a diversified portfolio, including heavy and light crude oil, natural gas, bitumen, and synthetic crude oil.
14. The Southern Company (NYSE:SO)
Market Cap: $75.5 billion
Formerly recognized as AGL Resources, The Southern Company (NYSE:SO) is an American Fortune 500 energy services holding firm headquartered in Atlanta, Georgia. Its operations encompass natural gas distribution, wholesale and retail services, and midstream operations. The Southern Company (NYSE:SO) stands as one of the United States' largest natural gas distribution companies, catering to approximately 4.5 million utility customers across four states through its regulated distribution subsidiaries.
13. EOG Resources, Inc. (NYSE:EOG)
Market cap: $75 billion
EOG Resources, Inc. (NYSE:EOG) is an upstream oil and gas firm based in Houston, Texas, USA. It is engaged in the exploration and extraction of crude oil and natural gas across the United States, Trinidad, and Australia. Notably, EOG Resources, Inc. (NYSE:EOG) achieved an average production of 998,500 barrels of oil equivalent per day in the third quarter of 2023.
12. CNOOC Limited (HKSE:0883.HK)
Market Cap: $80.9 billion
CNOOC Limited holds a prominent position in the oil and gas sector, concentrating on the exploration, development, production, and distribution of crude oil and natural gas. Their recent endeavors involve offshore exploration and development, overseas acquisitions, and investments in renewable energy initiatives.
11. China Petroleum & Chemical Corporation (OTC:SNPMF)
Market Cap: $82.8 Billion
With a market capitalization of $82.81 billion, China Petroleum & Chemical Corporation (Sinopec) ranks among the world's largest gas companies. Sinopec has successfully executed various oil and gas storage and transmission projects, encompassing commercial storage depots for crude oil, underground gas storage facilities, and LNG terminals.
10. Equinor ASA (NYSE:EQNR)
Market Cap: $99.3 billion
Headquartered in Stavanger, Norway, Equinor ASA is a state-owned multinational energy firm. Equinor ASA (NYSE:EQNR) has established ambitious climate objectives with practical strategies to attain them. By 2030, Equinor ASA (NYSE:EQNR) strives to cut emissions from its operated fields in half, allocate over 50% of investments to renewables and low-carbon sectors, and reduce net carbon intensity by 20%, encompassing emissions from the products it markets.
9. Petróleo Brasileiro S.A. - Petrobras (NYSE:PBR)
Market Cap: 102.236 billion
Petrobras (NYSE:PBR) engages in the exploration, production, and marketing of both natural gas and crude oil. Its natural gas operations encompass the production and sale of natural gas, liquefied natural gas (LNG), and compressed natural gas (CNG).
In its Q3 2023 investor letter, Fairlight Capital said the following about Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR):
“Throughout the year, we have reviewed thousands of companies, including many in the oil sector. While we are generally cautious about commodity-based businesses where the company lacks control over the price of what it produces, the valuations in several cases have reached extremely compelling levels. For example, Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) and Ecopetrol (EC). Petrobras has distributed dividends of over $2.30 paid this year3 , while Ecopetrol has traded as cheaply as the $9-$10 range (close to our purchase price) and is paying approximately $2.50 in dividends this year.”
8. BP p.l.c. (NYSE:BP)
Market Cap: $102.9billion
Based in London, United Kingdom, BP p.l.c. (NYSE:BP) engages in the production of natural gas, integrated gas and power, gas trading, onshore and offshore wind power operations, as well as the development of hydrogen and facilities for carbon capture and storage. The company is structured into three segments: Gas & Low Carbon Energy, Oil Production & Operation, and Customers & Products.
On November 6, 2023, BP p.l.c. (NYSE:BP) reported the successful commencement of production from the Seagull oil and gas field in the UK North Sea. This marks the first tieback to the ETAP hub in two decades. Anticipated to reach peak production levels, the new field is projected to yield approximately 50,000 barrels of oil equivalent gross per day.
7. ConocoPhillips (NYSE:COP)
Market Cap: $144.8 billion
ConocoPhillips (NYSE:COP) is an independent exploration and production (E&P) firm engaged in the global exploration, development, and production of crude oil and natural gas. A federal judge affirmed the Biden administration's endorsement of ConocoPhillips’ (NYSE:COP) Willow oil development in Alaska, involving 600 million barrels.
6. TotalEnergies SE (NYSE:TTE)
Market Cap: $161.6billion
TotalEnergies SE (NYSE:TTE) operates as a comprehensive worldwide multi-energy corporation, producing energy through natural gas, green gases, oil, biofuels, and renewables. The company is involved in various activities such as drilling, oil and gas production, processing, transportation, refining, petrochemical production, and the storage and distribution of petroleum products and specialty chemicals. On November 2, 2023, TotalEnergies SE (NYSE:TTE) extended its collaboration with Oman LNG, a joint venture in liquefied natural gas (LNG) based in Oman, where the company maintains a 5.54% ownership stake, through the signing of an amendment.
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Disclosure: None. 20 Most Valuable Gas Companies in the World is originally published on Insider Monkey.