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New analysis shows that Aramco, ExxonMobil and TotalEnergies lead by far in terms of profitability per barrel, while Petrobras and BP appear in the last positions.
By 2024, profitability per production has become the new efficiency barometer in the energy sector. Data from Energy Analytics reveals Which Oil and Gas Companies Are Making the Most Money Per Barrel in 2024, with numbers that draw attention to the contrast between industry leaders and lanterns.
The Saudi state-owned company Aramco occupies the top with impressive US$23,5 per barrel equivalent (BOE). Next comes ExxonMobil with US$ 21,3 and TotalEnergies with US$ 18.
Billion-dollar differences between the industry giants
The distance between the first and last placed is striking. While the BP bitter end of the list with only US$1,4 per BOE, Aramco profits almost 17 times more per barrel.
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The list of the 5 most efficient companies includes:
- Aramco: US$ 23,5/boe
- ExxonMobil: US$ 21,3/boe
- Total Energies: US$ 18/boe
- Shell: US$ 16/boe
- Chevrons: US$ 14,6/boe
Petrobras: drop in ranking and efficiency alert
Among the companies analyzed, Petrobras occupies a delicate position. With US$7,7 per BOE, the Brazilian state-owned company fell to 7th place in the global ranking of net profit among publicly traded companies.
In absolute terms, Petrobras made a profit $ 7,2 billion in 2024, a retraction of almost 70% compared to the previous year, according to data from Energy Analytics. This was the the company's worst position since 2019.
What explains the differences in profitability?
The analysis suggests that, more than scale or reserves, what defines Which Oil and Gas Companies Are Making the Most Money Per Barrel in 2024 is operational efficiency and cost discipline.
Aramco and ExxonMobil maintain highly automated operations, very low extraction costs and advantageous commercial contracts. Companies such as BP and Eni face tight margins, a heavy structure and difficulties in adapting to the new energy transition scenario.
Mergers in sight? Strategy could be the answer to low profitability
With companies like BP operating on razor-thin margins, the market speculates movements de Mergers and acquisitions as a way to quickly increase profit per unit produced.
“If a company is only earning $1,4 per BOE, the question is not se she needs to reinvent herself. It is when“, summarizes Energy Analytics.
Full ranking: profit per barrel of oil and gas giants in 2024
| The company | Earnings per BOE (US$) |
|---|---|
| Aramco | 23,5 |
| ExxonMobil | 21,3 |
| TotalEnergies | 18,0 |
| shell | 16,0 |
| Chevron | 14,6 |
| Petronas | 14,5 |
| ConocoPhillips | 12,7 |
| PetroChina | 12,6 |
| Equinor | 11,7 |
| KazMunaiGas | 9,9 |
| Petrobras | 7,7 |
| Eni | 4,5 |
| BP | 1,4 |
Petrobras' position in this ranking is unjustifiable, as Brazil has one of the largest oil reserves in the world.
As Monteiro Lobato said: “The oil is ours.”
Given this, the question remains: Do we not have autonomy over the management of our natural resources?