Save for later Print Download Share Oil and gas remain central to the global energy complex鈥檚 growth story. The latest 博彩对冲 Top 100: Global NOC & IOC Rankings highlight the ongoing quest for growth and returns, even as upstream and downstream strategies among top players continue to evolve.The 博彩对冲 Top 100: Global NOC and IOC Rankings is the only ranking system that compares private sector firms with national oil companies. Six parameters are used to compile the Top 100 rankings: oil reserves, natural gas reserves, oil production, natural gas production, refinery distillation capacity and refined product sales. Rankings are calculated annually from the previous year鈥檚 data to include those reporting results late in the year.Here are some of the key findings from the recent ranking:Membership in the Top 10 represented around 34% of global oil and gas production in 2023. This group encountered another dramatic change as another supermajor dropped out and was replaced by an NOC.Saudi Aramco, National Iranian Oil Co. (NIOC) and China National Petroleum Corp. (CNPC) retain their first, second and third spots. Exxon Mobil relinquished its No. 4 spot, which it had held for seven years, to Rosneft.Adnoc entered the Top 10 for the first time. Kuwait Petroleum Corp. (KPC), which has not been a Top 10 company since the 1990s, is at the No. 11 spot, poised to re-enter the group if there is further upheaval among top companies.US and Canada-focused companies (excluding supermajors) represented 32 of the Top 100 companies. Consolidation remains a key theme, with several of the largest companies in this group searching for growth or longer-term stability through acquisitions.Shale players Comstock Resources (No. 77), Permian Resources (No. 87) and Civitas Resources (No. 91) all make their acquisition-fueled Top 100 debuts.M&A activity in 2023-24 means the journey ends for veteran Top 100 names like Southwestern Energy and Chesapeake Energy, along with Pioneer Natural Resources, Marathon Oil and Hess (pending conclusion).Alex Schindelar, President of 博彩对冲, said: 鈥淭his year鈥檚 Top 100 rankings reflect strategic realignment. Indeed, shifting strategies among the supermajors and leading NOCs have rousted the Top 10 membership again. Rosneft鈥檚 advance to No. 4 is due in part to growing gas output, along with lower Exxon results. We also saw Adnoc enter the Top 10 for the first time. Kuwait鈥檚 KPC, which has not been a Top 10 company since the 1990s, is at the No. 11 spot, poised to re-enter the group if there is further upheaval among top companies.Supermajor results reflect more strategic realignment than wholesale decline. Exxon could regain the No. 4 spot in the next edition following its acquisition of Pioneer Natural Resources. Conclusion of Chevron鈥檚 Hess buyout will help it keep a grip on the No. 6 spot in future editions. TotalEnergies鈥� lower gas and downstream results pushed it down to No. 16, its lowest rank since TotalFina acquired Elf Aquitaine in 1999. It follows BP, which dropped out of the Top 10 last year.Beyond the Top 10, dramatic rankings movements were in shorter supply compared to last edition, hindered by fewer large deals closing in 2023. However, this will change in the next few editions from deals closed in 2024. Still, the data reflects ongoing consolidation and strategic tensions among the IOCs that include both shifting downstream priorities and the need to preserve upstream opportunities.鈥� The Top 10 companies in this year鈥檚 rankings are:1. Saudi Aramco2. NIOC3. CNPC4. Rosneft5. Exxon Mobil6. Chevron7. (tied) Gazprom7. (tied) PDVSA9. Shell10. ADNOCThe 博彩对冲 Top 100: Global NOC & IOC Rankings is available to clients as part of 博彩对冲鈥檚 Competitive Intelligence Service. 博彩对冲鈥檚 flagship publication Petroleum Intelligence Weekly also publishes the rankings of the Top 100 oil and companies along with valuable insights into their performance, a legacy of its annual Top 50 rankings for more than 30 years.- ENDS -To discuss the 博彩对冲 Top 100: Global NOC & IOC Rankings, please contact:Monica EnfieldManaging Director, Research and Advisory menfield@energyintel.com+ 1 (0)202 421 4674
