Comparative performance assessments of the world’s leading energy companies.

Top 100 Rankings: Searching for Direction

Energy crisis injects ambiguity into future Top 100 rankings

  • “More supply” has been a key rallying cry as the energy crisis deepens. However, the latest Energy Intelligence Top 100: Global NOC and IOC Rankings show a post-pandemic oil and gas industry still wrestling with strategic direction.
  • Top 100 companies, which account for 70%-80% of global oil and gas activity, are ranked annually according to performance in six operational metrics: Oil and gas reserves, oil and gas production, product sales and refinery distillation capacity. Rankings are calculated each fall from the previous year’s data to include those reporting results late in the year.
  • Upstream oil and gas activity has recovered substantially. Yet, oil output remains well below pre-pandemic levels, with Opec-plus country NOCs shouldering the burden. Global gas production recovered even more meaningfully, driven in large part by North American independents and Gazprom. However, Russia’s invasion of Ukraine is now forcing Gazprom’s gas rebound to fizzle, with potentially permanent impact for the company.
  • Saudi Aramco, NIOC, CNPC and Exxon Mobil retain the first, second, third and fourth spots, respectively. Consolidation centered in, but not limited to, North America, and price-related reserve growth have opened space in the Top 100 for both new and returning companies in this latest ranking.
  • Still, the Russia-Ukraine war has only amplified post-pandemic recovery imbalances and underinvestment across all fuels. It has also further illuminated the difficulty in finding quick solutions compatible with longer-term transition strategies.

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