Global oil and gas companies' low-carbon capex compared with total 2024

TotalEnergies is the oil supermajor with the greatest spending on low carbon sources. In its 2024 financial year, the French company spent *** billion U.S. dollars in capital expenditure on renewables and other low carbon sources, out of a total spend of **** billion U.S. dollars. By comparison, Chevron spent *** billion out of 16.45 billion U.S. dollars on lowering its operational carbon intensity. Saudi Aramco did not specify spending on low carbon sources at all.

Largest oil companies by production and market value

The oil and gas industry remains largely dominated by state-owned enterprises in terms of production and revenue. Saudi Aramco, for instance, leads in daily oil production with over ** million barrels per day, significantly surpassing private companies like ExxonMobil. However, when it comes to market capitalization, ExxonMobil takes the top spot with a value of ****** billion U.S. dollars as of December 2024. 

Brand value and future strategies

As the industry evolves, brand value has become an important metric for oil and gas companies. Shell leads in this aspect, with a brand value of **** billion U.S. dollars in 2024, surpassing both its Big Oil competitors and state-owned enterprises. This high brand value is partly attributed to Shell's diversification efforts and increased focus on renewable energy sources. However, in early 2025, the company announced a scale back of long-term clean energy financing in favor of renewed focus on its core business, which may likely impact its brand value going forward.