ENERGY INTELLIGENCE TOP 100 GLOBAL NOC AND IOC RANKINGS

Competing priorities still evident among Top 100 companies

• The energy transition is proving to be as messy as expected. The latest Energy Intelligence Top 100: Global NOC and IOC Rankings reflect the growing tension between traditional oil and gas delivery and transition strategies.

• The Top 100 companies, which account for 70%-80% of global oil and gas activity, are ranked annually according to performance in six operational metrics: Oil and gas reserves, oil and gas production, product sales and refinery distillation capacity. Rankings are calculated each fall from the previous year’s data to include those reporting results late in the year.

• Global oil production grew by a healthy 3.7%, led by Opec-plus country NOCs. Unsurprisingly, gas output was off by 1.5%, with Gazprom shouldering the bulk of the responsibility. Underneath the top-line Top 100 data, changes to the Russian corporate landscape emerge as a key theme among several foreign partners’ results in this group.

• Saudi Aramco, NIOC, CNPC and Exxon Mobil retain the first, second, third and fourth spots, respectively. Some of the most significant ranking movements among Top 100 companies reflect the impact of Russia withdrawal on the downside and consolidation on the upside.

• More broadly, both the operational data and M&A activity continue to show an industry wrestling with competing priorities. Downstream rationalization continues, but upstream consolidation reflects a still solid, if not growing, bet on long-term oil demand.

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