Downstream Retrenchment, M&A Shake Up Oil Hierarchy

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Energy Intelligence’s annual ranking of the world’s Top 100 oil companies has thrown up intriguing changes to the industry’s pecking order that could signal a bigger shift ahead, as independents gained ground through M&A and majors scaled back in refining and reserves replacement. Based on operational results for national and international oil companies’ 2021 fiscal years, our proprietary Top 100: Global NOC & IOC Rankings analysis shows an energy world bouncing back from the coronavirus pandemic but also continuing to navigate the transition. Here are our key takeaways from the 2023 edition:

NOCs, Majors, Independent E&Ps, Refining, M&A
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