PIW's Top 50: How The Firms Stack Up

PIW's ranking of the world's 50 largest oil companies is based on operational data from over 120 firms. The focus on operations allows meaningful comparisons of all types of companies -- including state-owned firms -- and thus differs from more financially oriented corporate rankings. PIW's unique system uses as criteria oil reserves and production, natural gas reserves and output, refinery capacity, and product sales volumes.

Firms are compared in six different operational areas in the table below, with companies assigned a separate rank within each category. The six individual ranks are then combined to determine the cumulative, overall position.

The rankings below are based on the 2002 operational results for the companies as they existed at the end of that year or as they reported them. However, a pro forma adjustment to reflect the Phillips merger with Conoco has been made to represent combined results for 2001. Estimates are used mainly for state-owned oil companies that do not release regular or complete annual reports in a timely fashion. Some numbers reflect estimates when complete corporate data are not available. PIW's system of ranking tends to favor national oil companies with large oil and gas reserves, and to favor integrated concerns over firms that specialize in one industry sector.

To round out the picture, basic financial data are provided for the companies. But these data are not used to create the PIW top 50 rankings, since they are based on widely differing accounting practices.

Data in the tables below are primarily from company sources and annual reports. In some cases, secondary sources or PIW estimates have been used to fill in the gaps. Data are usually shown as reported by the companies but are sometimes adjusted for interests or shares held by others. Data for the Russian and Caspian firms is drawn from Energy Intelligence's 2003 Almanac of Russian & Caspian Petroleum.

Top 50 Rankings Based On Six Operational Criteria

Rank	Rank	PIW	Company	Country	State- Ownership	Reserves				Output
Rank	Rank	PIW				Liquids (Mill. bbl)		Gas (Bcf)		Liquids (1,000 b/d)		Gas (MMcf/d)
2002	2001	Index				Rank	Vol.	Rank	Vol.	Rank	Vol.	Rank	Vol.
1	1	29	Saudi Aramco	Saudi Arabia	100	1	261,800	4	230,000	1	8,013	8	5,542
2	2	36	Exxon Mobil	US	�	14	12,623	13	55,718	5	2,496	2	10,452
3	3	39	PDV	Venezuela	100	5	77,900	7	147,600	4	2,900	12	4,000
4	4	43	NIOC	Iran	100	3	99,080	3	812,300	2	3,553	6	5,945
5	5	45	RD/Shell	UK & Netherlands	�	17	10,133	15	53,438	6	2,372	3	9,423
6	6	54	BP	UK	�	19	9,165	16	48,789	9	2,018	4	8,707
7	8	77	ChevronTexaco	US	�	21	8,668	23	19,335	10	1,897	11	4,376
8	7	80	Pemex	Mexico	100	8	17,196	29	14,985	3	3,529	16	3,126
8	9	80	Total	France	�	23	7,231	22	21,575	14	1,589	10	4,532
10	10	82	PetroChina	China	90	15	10,999	18	38,819	7	2,109	19	2,175
11	12	110	KPC	Kuwait	100	4	96,500	14	54,962	11	1,867	43	753
12	13	111	ConocoPhillips	US	�	27	5,137	28	16,040	19	986	21	2,047
13	13	113	Pertamina	Indonesia	100	31	4,000	12	69,375	23	845	9	5,013
13	11	113	Sonatrach	Algeria	100	18	9,200	6	159,000	21	971	5	7,605
15	15	114	Petrobras	Brazil	33	20	8,955	33	9,473	16	1,535	27	1,650
16	16	124	Adnoc	UAE	100	6	55,210	5	196,100	13	1,690	7	5,802
17	17	141	Eni	Italy	36	32	3,783	24	18,629	22	921	15	3,306
17	18	141	Repsol YPF	Spain	�	38	2,019	25	18,206	29	584	18	2,336
19	21	148	Petronas	Malaysia	100	33	3,700	11	87,500	27	700	14	3,846
20	26	150	Lukoil	Russia	8	9	15,258	21	24,164	15	1,545	67	345
21	19	151	INOC�	Iraq	100	2	112,000	10	110,000	8	2,040	64	367
22	20	161	NNPC	Nigeria	100	12	14,900	9	124,000	12	1,787	41	757
23	22	181	Libya NOC	Libya	100	7	36,000	17	44,972	20	975	50	603
24	24	187	EGPC	Egypt	100	42	1,850	19	29,250	38	378	33	1,097
25	25	189	Qatar Petroleum	Qatar	100	10	15,204	2	910,139	28	640	13	3,950
26	23	192	Sinopec	China	57	34	3,320	56	3,329	26	739	58	490
26	31	192	Yukos	Russia	�	13	13734	36	7771	17	1392	76	233
28	27	195	Surgutneftegas	Russia	�	24	6,642	32	11,804	18	990	30	1,286
29	29	205	Statoil	Norway	80	41	1,866	31	13,470	25	742	25	1,800
30	28	206	ONGC	India	95	29	4,380	20	26,828	31	553	17	2,514
31	30	208	Gazprom	Russia	38	11	15,000	1	1,320,000	54	204	1	48,000
32	34	215	Rosneft	Russia	100	16	10,995	8	137,670	42	322	48	624
33	32	219	Tyumen Oil	Russia	�	22	8,527	51	4,018	24	758	66	354
34	33	225	Marathon�	US	�	53	720	55	3,377	52	207	31	1,230
35	39	268	Ecopetrol	Colombia	100	44	1,632	46	4,589	30	578	51	602
36	35	282	Socar	Azerbaijan	100	36	3,105	30	13,500	58	179	56	498
37	38	283	PDO	Oman	60	35	3,158	27	17,580	32	516	46	652
38	37	287	Syrian Petroleum	Syria	100	43	1,650	43	5,610	40	341	53	564
39	36	290	Amerada Hess	US	�	52	782	63	2,477	41	325	42	754
39	47	290	Petro-Canada	Canada	18	51	830	61	2,759	47	245	38	825
41	n/a	308	El Paso Energy	US	�	75	136	47	4,419	75	49	29	1,334
41	44	308	Sidanco	Russia	�	26	6,577	26	18,038	37	380	90	109
43	43	309	Anadarko	US	�	47	1,131	38	7,180	46	247	26	1,759
44	41	310	EnCana	Canada	�	46	1,204	37	7,666	53	204	22	1,978
45	40	314	Sibneft	Russia	�	28	4,720	72	1,440	33	510	86	135
46	44	321	Norsk Hydro	Norway	44	48	1,055	39	6,629	39	370	49	622
47	51	329	Devon	US	�	56	636	42	5,836	59	167	20	2,085
48	46	330	Unocal	US	�	54	681	40	6,559	60	167	24	1,826
49	49	334	Burlington	US	�	58	588	35	7,890	66	109	23	1,916
50	56	340	BG Group	UK	�	61	522	34	8,385	65	115	28	1,547
50	50	340	Occidental	US	�	39	1,970	66	2,049	36	410	47	627

Rankings Based On Financial And Other Measures Of Size

Company	Ref. Capacity		Product Sales		Revenues		Net Income		Total Assets		Employees
	1,000 b/d		1,000 b/d		Revenues		Net Income		Total Assets		Employees
	Rank	Vol.	Rank	Vol.	Rank	$Million	Rank	$Million	Rank	$Million	Rank	Total
Saudi Aramco	9	2,220	6	2,777	6	56,000	�	�	�	�	23	54,487
Exxon Mobil	1	6,322	1	7,757	2	182,169	1	11,460	3	152,644	12	92,500
PDV	4	3,280	7	2,625	10	43,000	10	2,500	11	57,000	27	42,000
NIOC	14	1,474	15	1,264	30	16,000	7	4,291	19	34,497	9	115,000
RD/Shell	2	4,533	2	7,399	3	182,055	2	9,419	2	152,691	7	116,000
BP	3	3,534	3	6,563	1	182,616	3	6,843	1	159,125	8	115,250
ChevronTexaco	8	2,223	4	3,868	5	92,043	21	1,132	6	77,359	18	66,038
Pemex	13	1,692	11	1,482	8	47,218	109	-2,957	9	67,625	5	137,134
Total	6	2,660	5	3,166	4	98,149	5	5,639	4	89,433	6	121,469
PetroChina	11	1,986	12	1,411	15	29,551	4	5,665	10	58,301	1	419,598
KPC	21	905	17	1,136	16	28,005	�	�	17	37,000	38	23,000
ConocoPhillips	7	2,610	9	2,258	7	50,988	105	-295	7	76,836	21	57,300
Pertamina	19	993	19	1,009	20	23,600	32	694	34	16,000	37	27,606
Sonatrach	37	450	26	715	22	22,188	�	�	24	28,000	25	49,522
Petrobras	10	2,021	8	2,441	17	27,568	12	2,311	20	32,018	28	40,848
Adnoc	35	508	58	200	26	18,500	�	�	�	�	13	85,000
Eni	30	654	18	1,048	9	47,032	6	4,360	8	68,973	15	80,655
Repsol YPF	15	1,234	16	1,171	13	34,618	15	1,853	15	39,895	31	32,602
Petronas	41	429	22	920	23	21,433	8	3,975	12	46,851	39	20,000
Lukoil	17	1,151	21	924	32	15,449	16	1,843	26	22,001	4	150,000
INOC�	32	603	35	470	36	11,500	�	�	�	�	�	�
NNPC	38	445	49	287	28	17,188	�	�	�	�	44	16,000
Libya NOC	43	380	44	353	41	10,600	�	�	�	�	�	�
EGPC	27	726	28	628	�	�	�	�	�	�	17	75,000
Qatar Petroleum	67	137	69	78	55	6,700	�	�	�	�	22	55,000
Sinopec	5	2,667	13	1,408	11	41,104	14	1,942	14	45,357	2	418,871
Yukos	25	748	25	745	37	11402	9	3058	37	14394	10	100,000
Surgutneftegas	44	370	47	294	59	5,825	�	�	35	15,500	11	96,171
Statoil	46	325	37	430	14	30,972	13	2,140	23	29,527	42	17,115
ONGC	76	�	33	479	48	7,863	11	2,339	50	9,156	29	39,352
Gazprom	76	�	65	100	25	20,641	27	921	5	77,667	3	320,000
Rosneft	61	201	40	384	83	2,678	50	323	66	5,193	19	65,000
Tyumen Oil	18	1,011	38	420	58	6,137	19	1,167	46	9,974	14	81,417
Marathon�	20	935	14	1,318	18	27,428	39	516	31	17,812	36	28,166
Ecopetrol	47	315	50	278	75	3,425	43	467	51	8,740	60	7,200
Socar	40	440	62	130	�	�	�	�	�	�	16	80,000
PDO	71	80	72	48	99	800	�	�	�	�	70	4,284
Syrian Petroleum	56	240	52	257	�	�	�	�	�	�	�	�
Amerada Hess	51	263	41	383	35	12,002	104	-218	40	13,262	54	11,662
Petro-Canada	48	313	45	350	57	6,321	34	621	52	8,522	67	4,470
El Paso Energy	36	472	46	301	34	12,205	108	-1,467	13	46,224	53	11,855
Sidanco	65	141	64	106	�	�	�	�	�	�	34	29,000
Anadarko	76	�	76	�	72	3,860	30	825	30	18,248	75	3,800
EnCana	76	�	76	�	56	6,413	31	778	28	19,863	76	3,646
Sibneft	42	391	53	245	62	4,777	20	1,161	55	7,548	26	47,000
Norsk Hydro	73	43	73	42	24	20,730	23	1,113	21	29,783	24	49,662
Devon	76	�	76	�	67	4,316	69	94	33	16,225	77	3,436
Unocal	76	�	76	�	61	5,420	49	331	43	10,760	61	6,615
Burlington	76	�	76	�	78	3,032	44	454	44	10,645	87	2,003
BG Group	76	�	76	�	68	4,168	35	618	42	10,879	65	4,606
Occidental	76	�	76	�	49	7,348	24	989	32	16,548	59	7,244

� INOC, Iraq National Oil Co. now part of Ministry of Petroleum.
� Marathon data include all of Marathon Ashland LLC, in which Marathon has a 62% stake.
PDV=Petroleos de Venezuela, NIOC=National Iranian Oil Co., KPC=Kuwait Petroleum Co., Adnoc=Abu Dhabi National Oil Co., NNPC=Nigerian National Petroleum Co., EGPC=Egyptian General Petroleum Corp., ONGC=Oil and National Gas Corp., PDO=Petroleum Development Oman.
Definitions: Current rankings based on latest 2002 data, with the exception of ONGC and state Petronas, whose data is based on fiscal year information ending Mar. 31, 2003. Ties are indicated by equal ranks, with the companies listed in alphabetical order. Liquids include crude oil, natural gas liquids and condensates; natural gas is net or marketable output. Reserves, output and refining capacity have been adjusted to exclude equity shares owned by others. Revenue, net income figures, and total assets were converted to $US at average 2002 exchange rates. Financial figures are not always comparable due to differing accounting practices and definitions.