Shutterstock Save for later Print Download Share LinkedIn Twitter 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: