Revenue of leading global energy companies FY 2020/21

China Petroleum & Chemical Corporation generated more revenue than any other company within the global energy sector in the financial year 2020/21. The Chinese oil and gas refining giant also known by its acronym Sinopec reported revenues of 324.8 billion U.S. dollars. Saudi Arabian Oil Co, also referred to as Saudi Aramco, ranked third, with 229.9 billion U.S. dollars in revenue, although it was the leading energy company by profits.

Energy demand and COVID-19

The ongoing coronavirus pandemic impacted various sectors of the economy, including the energy industry. The pandemic resulted in crude oil prices reaching record lows worldwide around April 14 and April 28, 2020, with the U.S. WTI reaching historic negative prices, at negative 37.7 U.S. dollars per barrel. Due to ongoing lockdowns and travel restrictions, global oil demand is expected to fully recover only in 2022.

Energy sector adjustment

With oil demand and prices falling dramatically and an uncertain future ahead, many energy companies shifted investments from oil exploration and production to other sources, mainly liquefied natural gas and natural gas. As a non-fossil fuel source, and a decarbonization option, hydrogen investments have also increased. As of February 2021, 228 hydrogen projects had been announced to be developed worldwide until 2030, the majority in Europe.