Ownership of major oil companies varies depending on whether they are investor-owned private corporations or state-owned national enterprises. Major international publicly traded supermajors—such as ExxonMobil, Chevron, and Shell—are owned by millions of institutional asset managers, mutual funds, and public retail shareholders across global stock exchanges. Conversely, the largest oil corporations globally—such as Saudi Aramco, Kuwait Petroleum Corporation, and ADNOC—are owned entirely by sovereign national governments.