Energy Intelligence Top 100: Global NOC & IOC Rankings, 2023 Edition

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 & IOC Rankings show a post-pandemic oil and gas industry still wrestling with strategic direction.

The 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.

Key findings from our latest ranking include:

• The Top 10 companies, which represent around 35%-40% of global oil and gas production, remain unchanged this year. Yet, European supermajor shrinkage in the downstream segment is driving some reshuffling. BP, Shell and TotalEnergies each dropped a spot (to #6, # 8 and #10, respectively), as part of this long-term trend.

• Consolidation and price-related reserve growth have opened space in the Top 100 for both new and returning companies in this latest ranking. The US-focused Independents drove the largest changes in the Top 100 ranks this year on the back of upstream M&A deals and consolidation: Devon Energy, Pioneer Natural Resources, Diamondback Energy and Southwestern Energy were among the largest advancers in this edition.

• Companies continue to thread the needle between the vital need for traditional oil and gas investment and fulfillment of longer-term transition strategies. Windfall revenues allows them to do both, for now.

• New entrants in the 2022 ranking include: Harbour Energy (No. 97), Energean (No. 98) and National Fuel (No. 100). Imperial Oil (No. 91) and Crescent Point Energy (No. 96) return to the rank this year.

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The Energy Intelligence Top 100: Global NOC & IOC Rankings is available through the Competitive Intelligence Service, which provides forward-looking analysis, peer-group benchmarking, and insights on corporate strategies. We deliver a combination of news, analysis, data and research to help you benchmark your position against peers, competitors and partners, and manage shareholder expectations.