PIW TOP 50

November 2013

PIW RANKS THE WORLDS TOP 50 OIL COMPANIES

This years ranking of the worlds largest oil companies by
PIW shows the big international majors caught in the middle
between the continuing gains of several national oil companies
(NOCs) and the emergence of a dynamic group of upstream
independents leading the way in the North American upstream
revival with significant positions in unconventional plays. While
many of these national and independent companies are showing
gains in the ranking index or in their out right ranks, the international majors are mostly static or declining. PIWs annual ranking
of the worlds top 50 oil companies is unique in comparing both
national oil companies and private-sector petroleum companies
together. The rankings are based on the sum of the firms ordinal
ranks in each of six operational metrics: oil and gas reserves, oil
and gas production, refined product sales and refinery distillation capacity (PIW Jan.713). The 2013 ranks are based on 2012
data, the latest annual metrics available.
In the top 10, illustrating NOC gains at the expense of the
majors, the biggest change is Russian Gazproms rise to eighth
place, which weakens Chevron and Totals standing in this top
tier group as they decline to ninth and 10th spots, respectively.
Gazprom rival Rosneft advanced to number 16 but waits in the
wings for its own place in the top 10 following its acquisition of
TNK-BP earlier this year, which will be reflected in next years
ranks. However, BPs enlarged stake in Rosneft could help insulate it from decline in next years standings. The Chinese NOCs,
which have scored big gains in recent years made solid gains but
were less dynamic than Gazprom and Rosneft.
Among other NOCs, Petrobras two-spot jump to 13th place
striking distance of the top 10 underscores further NOC
strength that may knock a supermajor from the top 10 next
year. Meanwhile, Saudi Aramco retains its hold on the top spot.
Over the last two years, the trend in the PIW Index for the top
15 firms shows clearly the NOCs mainly gaining strength as the
majors weaken (see graph). Gains or declines in a companys operational results are not always sufficient to move a companys
rank, but a closer look at the PIW Index, the sum of ranks in each
operational segment that determines a companys overall rank,
will shed light on whether its position is strengthening or not.
The gains of the US upstream independents are illustrated
by Chesapeake Energy, which enters the Top 50 for the first time
this year at 47, a six-spot gain, as it navigates the twin challenges of debt reduction through divestitures and a tilt toward

liquids-oriented growth. ConocoPhillips registered the most dramatic decline, falling 19 spots to number 31 following the spinoff
of Phillips 66, its refining and marketing business. The company,
once in the league of the international majors, is now the largest of the independent E&Ps having followed Marathon Oil in
pursuing de-integration by splitting upstream from downstream
businesses.
Among others new to this years list, PTT, Thailands flagship NOC, joins Chesapeake in its Top 50 debut, landing at
number 50, while Canadian Natural Resources returns after a
years absence. Meanwhile Hess, which dropped from the Top
50, is divesting assets to focus on the US upstream. Reliance
Industries and Syrias SPC have also fallen out of the Top 50 this
year. Among other notable declines, Argentinas nationalization
of YPF cost Repsol five spots, slipping to 36.
Chinas flagship national oil companies continued their
long-standing pattern of acquisitions in 2012 and to a somewhat
lesser extent into 2013, helping both Sinopec and CNOOC to
reach 19th and 32nd places, respectively. NOCs overall have
dominated M&A buying during the year,helping propel their
positions, even if not always reflected in ranking changes. Such
activity included significant net spending by Petronas, ONGC and
Pertamina, all working to fulfill government mandates. This is a
striking contrast to the net sellers dominated by IOCs of all peer
groups rationalizing their portfolios (See Supplement, p.4).
Looking ahead to next year, Rosnefts TNK-BP acquisition
this year opens a spot in the Top 50 for at least one new entrant.
Both YPF and EOG Resources are poised to enter this group as
both will be counting on unconventional oil and gas developments for growth in the longer term.

Change in PIW Index 2011-13

15
10

Gazprom
KPC

Sonatrach
NIOC
CNPC

0
-5

2012-13
2011-12

Saudi
Aramco

Exxon
Mobil

BP

Total

Pemex

Petrobras
Lukoil

-10
-15

Royal
Dutch Shell

PDV
Chevron

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PIW TOP 50
November 2013

PIWS TOP 50: HOW THE FIRMS STACK UP

PIWs ranking of the worlds 50 largest oil companies
is based on operational data from over 130 firms. The
focus on operations permits meaningful comparisons
of all types of companies including state-owned
firms and thus differs from more financially oriented corporate rankings. PIWs unique system, which
has been used for over 20 years, uses oil and gas
reserves, oil and gas production, refinery distillation
capacity and product sales volumes as ranking criteria
(PIW Jan.713).
Firms are compared in the six different operational areas in the table below, with companies assigned
a separate ordinal rank within each category. The six
individual ranks are then added together to determine
the cumulative, overall position, giving each of the six
metrics an equal weighting. This sum of the six ranks
makes up the PIW Ranking Index that is used to score
the top 50 firms and determine their ranks. Ties are
given equal ranks and displayed in alphabetical order.

PIW Top 50 Rankings of the Worlds Oil Companies

Rank
2013
1
2
3
4
5
6
7
8
9
10
11
11
13
14
15
16
17
18
19
20
21
21
23
24
25
26
27
28
28
30
31
32
33
34
35
36
37
38
38
40
41
42
42
44
45
46
47
48
48
50

Rank
2012
1
2
3
4
5
6
7
10
8
8
12
11
15
14
16
19
17
18
21
20
22
22
25
24
26
27
30
29
28
32
12
33
34
37
35
31
38
42
36
41
44
39
46
46
40
48
53
51
44
54

PIW
State
Index
Company
Country
Ownership (%)*
27
Saudi Aramco
Saudi Arabia
100%
33
NIOC
Iran
100
39
ExxonMobil
US
44
CNPC
China
100
49
PDV
Venezuela
100
62
BP
UK
65
Royal Dutch Shell
The Netherlands
86
Gazprom
Russia
50.002
92
Chevron
US
94
Total
France
98
KPC
Kuwait
100
98
Pemex
Mexico
100
99
Petrobras
Brazil
28.7
108
Sonatrach
Algeria
100
110
Lukoil
Russia
114
Rosneft
Russia
75.16
118
QP
Qatar
100
123
Adnoc
UAE
100
150
Sinopec
China
75.79
160
Petronas
Malaysia
100v
165
Eni
Italy
30.1
165
INOC
Iraq
100
167
NNPC
Nigeria
100
180
EGPC
Egypt
100
193
Statoil
Norway
67
196
Surgutneftegas
Russia
221
TNK-BP
Russia
223
ONGC
India
69.23
223
Pertamina
Indonesia
225
Libya NOC
Libya
229
ConocoPhillips
US
246
CNOOC
China
100
265
Kazmunaigas
Kazakhstan
100
268
PDO
Oman
60
280
Socar
Azerbaijan
100
284
Repsol
Spain
287
Novatek
Russia
290
BG
UK
290
Uzbekneftegas
Uzbekistan
100
292
Apache
US
295
Devon Energy
US
296
Ecopetrol
Colombia
88.49
296
Occidental
US
298
Anadarko
US
306
Suncor
Canada
307
BHP Billiton
Australia
314
Chesapeake
US
319
CNR
Canada
319
OMV
Austria
31.5
326
PTT
Thailand
51.1%

* Direct state ownership as of the end of the 2012 fiscal year. INOC: Iraq National Oil Company does not exist but is used
here as a proxy for state holdings. Includes 50% share not held by BP. NIOC=National iranian Oil Co. PDV= Petroleos de
Venezuela. CNPC=China National Petroleum Corp. KPC=Kuwait Petroleum Corp. Adnoc=Abu Dhabi National Oil Co. NNPC=
Nigeria National Petroleum Corp. QP=Qatar Petroleum. EGPC=Egypt General Petroleum Corp. ONGC=Oil and Natural Gas
Corp. PDO=Petroleum Development Oman. CNOOC=China National Offshore Oil Corp. SPC=Syrian Petroleum Corp.

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PIW TOP 50
November 2013

Changes in Rankings (2013 vs. 2012)

-25
Saudi Aramco
NIOC
ExxonMobil
CNPC
PDV
BP
Shell
Gazprom
Chevron
Total
Pemex
KPC
Petrobras
Sonatrach
Lukoil
Rosneft
QP
Adnoc
Sinopec
Petronas

-20

-15

-10

-5

10

The rankings below are based on the companies

operational results for their 2012 fiscal years, the latest
period for which such a large data set is available. Estimates are used primarily for companies that do not release complete annual results or publish annual reports
in a timely fashion. Some results reflect estimates when
complete corporate data are not available or reported.
PIWs ranking system tends to favor integrated concerns
and companies with large upstream operations over
firms specializing in only one industry sector.
A full set of rankings for additional operational
criteria as well as a complete set of financial performance indicators are available for the top 50 companies
from the Energy Intelligence Top 100: Global NOC & IOC
Rankings, an online service from Energy Intelligence Research & Advisory covering an additional 50 companies
and providing over 70 additional criteria as well as the
capability to analyze and compare the performance of all
ranked companies.

INOC
Eni
NNPC
EGPC
Statoil
Surgutneftegas
TNK-BP
Pertamina
ONGC
Libya NOC
ConocoPhillips
CNOOC
Kazmunaigas
PDO
Socar
Repsol
Novatek
Uzbekneftegas
BG
Apache
Devon Energy
Occidental
Ecopetrol
Anadarko
Suncor
BHP Billiton
Chesapeake
OMV
CNR
PTT

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our website at www.energyintel.com, email us at customerservice@energyintel.com or call in the US +1 212 532 1112 or the UK +44 (0)20 7518 2200.

PIW TOP 50
November 2013

TOP 50 AND RANKINGS IN SIX OPERATIONAL CRITERIA

Company

Saudi Aramco
NIOC
ExxonMobil
CNPC
PDV
BP
Royal Dutch Shell
Gazprom
Chevron
Total
KPC
Pemex
Petrobras
Sonatrach
Lukoil
Rosneft
QP
Adnoc
Sinopec
Petronas
Eni
INOC
NNPC
EGPC
Statoil
Surgutneftegas
TNK-BP
ONGC
Pertamina
Libya NOC
ConocoPhillips
CNOOC
Kazmunaigas
PDO
Socar
Repsol
Novatek
BG
Uzbekneftegas
Apache
Devon Energy
Ecopetrol
Occidental
Anadarko
Suncor
BHP Billiton
Chesapeake
CNR
OMV
PTT

Output
Reserves
Liquids (000 b/d)
Gas (MMcf/d)
Liquids (million bbl)
Gas (Bcf)
Rank Volume Rank Volume Rank
Volume Rank Volume
1
2
9
4
6
11
16
24
14
20
3
7
10
17
13
8
15
12
25
33
26
5
18
37
23
19
27
30
54
22
28
21
39
38
57
63
72
55
77
40
48
29
31
43
36
49
64
41
60
71

9,988
3,680
2,185
3,050
2,905
2,056
1,633
930
1,764
1,220
3,145
2,877
2,126
1,472
1,850
2,439
1,761
2,002
899
515
882
2,942
1,257
462
966
1,230
877
612
197
1,018
871
1,041
428
451
166
142
95
173
65
396
255
635
552
316
501
247
134
389
162
98

4
2
3
7
16
9
6
1
13
10
35
17
24
8
34
39
5
26
37
11
19
91
31
27
14
48
56
25
41
84
18
38
74
33
66
51
15
23
12
32
28
65
46
29
83
30
21
47
58
44

10,700
15,486
12,322
9,047
4,456
7,393
9,449
47,050
5,071
5,880
1,748
4,262
2,832
7,617
1,920
1,581
9,880
2,700
1,638
5,586
4,118
77
2,394
2,636
5,034
1,183
810
2,733
1,543
261
4,245
1,586
533
2,230
668
1,071
4,871
2,913
5,493
2,293
2,563
678
1,286
2,495
290
2,395
3,085
1,190
794
1,358

2
3
12
8
1
16
23
18
21
26
5
13
15
14
11
10
17
6
35
34
33
4
9
41
38
19
22
29
47
7
27
40
25
36
32
68
56
48
66
46
49
50
39
51
28
59
61
31
64
79

260,200
157,000
12,816
24,003
297,735
10,050
6,196
9,879
6,481
5,685
101,567
11,424
10,962
11,300
13,381
18,328
10,038
55,130
2,843
3,199
3,350
150,000
19,344
2,150
2,389
9,445
6,228
3,723
1,427
32,970
5,373
2,181
5,788
2,751
3,500
428
913
1,401
570
1,441
1,389
1,370
2,368
1,172
3,956
875
793
3,663
615
263

5
1
12
10
6
16
15
2
23
22
13
33
35
7
24
21
3
9
47
18
25
8
11
19
29
28
42
32
36
17
26
48
30
31
27
53
14
34
20
44
40
66
50
45
90
39
38
70
68
57

284,800
1,187,279
74,091
106,498
196,409
40,305
42,792
674,230
29,195
30,877
64,601
12,713
11,603
159,100
23,487
35,032
646,149
121,316
6,730
36,672
20,957
126,700
103,740
35,849
17,027
17,602
8,765
15,941
11,531
40,125
19,614
6,005
17,007
16,758
18,000
4,860
62,215
12,183
35,062
8,464
9,446
2,887
5,568
8,329
859
10,130
10,933
2,778
2,796
4,182

Product Sales
Refining Capacity
(000 b/d)
(000 b/d)
Rank Volume Rank Volume
7
11
2
12
14
3
1
23
9
5
19
15
6
27
13
20
30
38
4
26
35
31
59
28
47
39
44
53
21
54

49
50

58
24


62


42


34



32
29

3,158
2,427
6,174
2,342
2,182
5,657
6,235
1,018
2,765
3,403
1,181
1,708
3,356
802
2,269
1,116
591
430
3,548
814
489
589
117
744
301
402
350
193
1,113
170

287
284

126
858


85


368


526



581
594

8
14
1
3
6
7
4
18
12
11
23
13
9
35
15
16
48
32
2
38
27
26
39
28
42
43
30
54
24
41

50
47

40
25


53


44


35



37
46

2,402
1,681
5,375
4,421
2,822
2,681
3,360
1,287
1,953
2,048
1,104
1,860
2,257
456
1,548
1,327
274
490
5,239
448
767
806
445
726
348
346
524
216
1,037
368

240
312

399
998

220

335

456

450
315

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PIW TOP 50
November 2013

NORTH AMERICAN UPSTREAM INDEPENDENTS

SHOW STRENGTH

The strong performance of these upstream independents

in the rankings is particularly notable given that many of them
were facing perilous overexposure to a severely weak North
American gas market and underexposure to liquids. However, by readjusting their portfolios and investing heavily in
upstream development they have managed to move upward in
the rankings. Transaction data supplied by Derrick Petroleum
Services and Energy Intelligence Research & Advisory (see
table) reveal that the group used M&A successfully to generate
proceeds to refocus investment, while the groups operational
oil and gas data reveal significant realignment of their production mixes toward liquids. Importantly, dramatically reduced
gas reserves due to both write-downs and divestitures resulting

The North American shale revolution is starting to impact the

PIW Top 50, with a group of US upstream independents that
reside in the bottom third of the list showing unusual strength,
especially compared with the more anemic performance of
the international majors (related). This group of half a dozen
upstream players includes ConocoPhillips, now a pure play
upstream firm after spinning off its downstream unit, as well
as Anadarko, Occidental, Apache, Devon and Chesapeake. In
addition, there are 15 more such firms among the wider group
of companies ranked below them in the Energy Intelligence Top
100. While the shale and light tight
oil boom is a key factor in their rise,
PIW Top 50 Net M&A Deals, 2012-2013 (Through October)
they also have benefited from nimble
Rank
2012
2013 (Through October)
responsiveness to market signals and
2013
Company
Buy
Sell
Net
Buy
Sell
Net
risk/reward options. Furthermore,
16 Rosneft
65,549 7,607 57,942
6,080
150 5,930
their ranks are growing as companies
32 CNOOC
21,241
21,241



4 CNPC
5,890 5,890 11,012
11,012
like Conoco, Marathon, Hess and
19 Sinopec
6,297
6,297
7,322 1,682 5,640
Murphy Oil exit or spin off refining
20 Petronas
5,845
5,845
850

850
operations to focus on the upstream.
28 ONGC
1,000
1,000
4,649
4,649
To this list, one could also add Cana 15 Lukoil
2,167
2,167
2,540
2,540
dian upstream firms such as Suncor
48 OMV
321 118 203
2,650
2,650
42 Occidental
2,500
2,500



and Canadian Natural Resources,
28
Pertamina
1,789

1,789



also in the Top 50 and also benefiting
50 PTT
1,756
1,756



from North American unconventional
26 Surgutneftegas
1,511
1,511



output.
3 ExxonMobil
5,920 5,621 299
868
55 813

25
8
37
9
7
17
14
27
48
42
45
46
38
13
10
41
40
44
21
47
31
6

Statoil
Gazprom
Novatek
Chevron
Shell
QP
Sonatrach
TNK-BP
CNR
Ecopetrol
Suncor
BHPBilliton
BG
Petrobras
Total
DevonEnergy
Apache
Anadarko
Eni
Chesapeake
ConocoPhillips
BP

95

95
294 294
1,375 439 936
2,446 2,495 (49)
5,545 5,531 14






151
16 135
126
126






24 1,670 (1,646)
21 2,009 (1,988)
249 270 (21)
1,637 3,285 (1,648)
3,565 (3,565)
3,168 550 2,618
1,149 (1,144)
716 (716)
9 5,900 (5,891)
139 5,536 (5,398)
5,561 41,399 (35,838)

1,001
1,001
765
765
132
254 (122)
892
40 852
846
65 781
500

500
160

160







90
(90)
(1,000) (1,000)




133 (133)
1,400 3,743 (2,343)
254 1,505 (1,251)



7,176 (7,176)
3,500 (3,500)
5,084 (5,084)
2,333 (2,333)
124 7,267 (7,144)

135 (135)

Total Net

63,872
21,241
16,902
11,937
6,695
5,649
4,707
2,853
2,500
1,789
1,756
1,511
1,112
1,096
1,059
814
803
795
500
160
135
126
(90)
(1,000)
(1,646)
(2,121)
(2,364)
(2,899)
(3,565)
(4,558)
(4,644)
(5,800)
(8,224)
(12,541)
(35,973)

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PIW TOP 50
November 2013

from weak North American prices, along with lower production

in some cases, have not negatively impacted the rankings of
companies that simultaneously enhanced liquids exposure.
Chesapeake, despite serious management troubles over
the past couple of years, is the prime example of the importance of the shale plays. It continues to divest assets in the
face of crippling debt while shoring up liquids output. Chesapeake has sold assets worth more than $8 billion since the start
of 2012, shedding around 30% of its gas reserves in the process
while also managing to raise oil production and reserves by
roughly 50% each.
Both transactional and operational trends underline
the growing importance of North American unconventional
resources to oil industry growth plans. The region dominated
deal activity once again in 2012 while simultaneously providing a lower risk profile relative to many traditional petroleum
growth provinces such as the Middle East and North Africa
(PIW Jan.713). Not very long ago, industry attention was
focused on an apparent lack of attractive opportunities. North
American unconventional resources are now exerting a very

strong pull on available capital as an alternative for capital

deployment that was unthinkable only five years ago. A significant share of the boost national oil companies are getting from
M&A investment also results from their emphasis on North
American acquisitions.
Independent E&Ps with both North American and international exposure have also demonstrated a tilt back toward
North America as they strive to grow via the drill-bit rather
than the check-book. Anadarko, Apache and Occidental
managed to advance meaningfully in the rankings through
improved oil production and reserves, along with higher gas
production as well. Furthermore, each is following the example
set by Devon Energy, which in 2009 began to refocus on North
America onshore plays. At the same time, each company is in
the process of divesting overseas assets Anadarko is farming
out its Mozambique interest, Apache sold a portion of its Egyptian holdings to Sinopec and Occidental is shopping its Middle
East portfolio all seeking to use the proceeds to fund North
American developments.

The foremost ranking of the worlds leading energy

companies allows you to compare, analyze, sort and
extract key operational data:

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