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Apart from Chevron and ExxonMobil, the net income of major oil and gas companies in the first quarter of 2026 increased across the board. All companies were able to turn a profit in the said quarter despite economic uncertainties. Saudi Aramco continued to dominate the sector, with net earnings exceeding **** billion U.S. dollars. This performance underscores the continued financial strength of state-owned oil enterprises in a volatile global energy market.

State-owned giants lead production and profits

Saudi Aramco's financial dominance is rooted in its unparalleled production output. The company extracts approximately **** million barrels of crude oil and associated liquids per day, more than times that of its closest competitor. This vast output dwarfs that of shareholder-owned companies like ExxonMobil, which produces around  million barrels daily. The scale of state-controlled oil companies extends beyond production to reserves as well, with Saudi Aramco holding nearly *** billion barrels of proved hydrocarbon reserves in 2023, over ** times ExxonMobil's reported reserves.

Shifting strategies in a changing industry

As the oil and gas sector faces pressure to adapt to climate concerns, companies are diversifying their portfolios. Shell has maintained the highest brand value among oil and gas companies, estimated at **** billion U.S. dollars in 2024, partly due to its increased focus on low-carbon investments. TotalEnergies is leading the supermajors in capital expenditure on renewables and other low-carbon sources, spending *** billion U.S. dollars in 2024. In contrast, ExxonMobil allocated just **** billion U.S. dollars to such initiatives, while Saudi Aramco's low-carbon investments remain limited to blue ammonia production and solar project investments.