A total of 93 oil and gas firms made it in the latest edition of the Forbes Global 2000 rankings of the world’s largest public companies.
Forbes’ Global 2000 ranks the largest public companies in the world using four metrics—sales, profits, assets, and market value, and all these have reached record highs this year.
All 2,000 companies on the 2025 Forbes Global 2000 list have a combined $52.9 trillion in annual revenue, $4.9 trillion in profit, $242.2 trillion in assets, and $91.3 trillion in market capitalization.
Forbes Global 2000 is led by America’s largest bank, JPMorgan, ranked number one for the third year in a row. Amazon, Microsoft, and Saudi state oil giant Aramco remain entrenched members of the top 10, according to Forbes, which calculated available financial data for the last 12 months as of April 25, 2025.
In this year’s ranking, Aramco is down one spot to number 4.
Actually, more than half of the 93 oil and gas companies on the list have ceded positions in Forbes Global 2000 this year, Forbes’ Christopher Helman notes.
Most of the oil and gas firms in the rankings have seen their revenues and profits decline over the past year as the drop in oil prices and weak refining margins hit the biggest firms.
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Supermajor BP, for example, plunged 374 positions to no. 421 in this year’s rankings. U.S. refiners PBF Energy and HF Sinclair have also plummeted hundreds of positions in Forbes Global 2000.
New entrants in Forbes Global 2000 from the oil and gas sector include Prio, the largest independent oil firm in Brazil, U.S. LNG exporter Venture Global, and Permian Resources, debuting at number 1762 on the Forbes Global 2000 list.
Early this year, Venture Global went public, raising $1.75 billion for a total valuation of $60 billion. The company more than doubled its first-quarter revenue from a year earlier as its Plaquemines and Calcasieu Pass LNG plants have launched operations and exports in recent months.
Venture Global reported last month revenues of $2.894 billion for the first quarter of the year, more than double compared to $1.414 billion for the same period in 2024.
Venture Global now expect to export 145-150 cargoes from the Calcasieu project and 222-239 cargoes from the Plaquemines project in 2025, including those already shipped in the first quarter.
Permian Resources, another fresh face in Forbes Global 2000, is an independent pure-play Permian oil and natural gas company. Permian Resources says it is focused on driving sustainable returns through the responsible acquisition, optimization, and development of high-return oil and natural gas properties. The Midland-based company’s assets are concentrated in the core of the Delaware Basin of the Permian.
Most recently, Permian Resources said its first-quarter net cash provided by operating activities was $898 million, while adjusted free cash flow of $460 million was the highest adjusted free cash flow in company history.
Permian Resources also announced in May a strategic bolt-on acquisition in the Northern Delaware Basin—it acquired 13,320 net acres and 8,700 net royalty acres directly offset Permian Resources’ core New Mexico operating areas.
Commenting on the Q1 performance, Co-CEO Will Hickey said, “Through our team’s relentless pursuit of enhancing our low cost leadership, during the quarter we reduced controllable cash costs per Boe by 4% quarter-over-quarter and lowered D&C costs to $750 per foot, which helped generate record quarterly adjusted free cash flow of $460 million.”
The other Co-CEO, James Walter, said that “Underpinned by high-return inventory and improved business fundamentals, we expect to deliver similar free cash flow at $60 per barrel WTI for the remainder of 2025 as we did in 2024 at $75 per barrel.”
Credit: Oilprice.com
