Save for later Print Download Share LinkedIn Twitter Energy Intelligence’s latest rankings of the world’s Top 50 companies reflect the beginning of the recovery from the pandemic and a rapidly changing global energy market. Although movements near the top remain scant for now, the industry faces significant changes in coming years in response to the current energy crisis, the Russia-Ukraine war and the ongoing energy transition. National oil companies (NOCs) Saudi Aramco, National Iranian Oil Co. (NIOC) and China National Petroleum Corp. retain the top three positions, while Exxon Mobil continues to hold down No. 4. However, Russia’s state-controlled Rosneft and Gazprom each advanced a spot, usurping BP and Shell respectively, to seize No. 5 and No. 7. Still, their outlooks are highly uncertain in the aftermath of Moscow’s invasion of Ukraine, which has prompted a massive realignment of Russian energy flows away from Europe and harsh Western sanctions that threaten the long-term future of Russia’s oil and gas industry. The Russia-Ukraine war has only amplified post-pandemic recovery imbalances, driving oil and gas prices higher and pushing energy security up the political agenda. The industry is wrestling with strategic direction amid heightened calls to increase upstream investment to alleviate the current supply-driven crisis while accelerating decarbonization plans — aims that can seem at odds.