Oil companies are businesses involved in the exploration, extraction, refining, and distribution of crude oil and natural gas. They play a crucial role in the global energy market, providing fuel for transportation, heating, and electricity generation. Major oil companies, often referred to as "supermajors," include ExxonMobil, BP, and Shell. These companies operate in various regions around the world, often in partnership with governments. They invest in technology to improve extraction methods and reduce environmental impact. Oil companies also face challenges such as fluctuating oil prices, regulatory changes, and the growing shift towards renewable energy sources.