Oil & Gas Journal’s survey of the 100 leading oil and gas producers with headquarters outside the US posted improved financial results during 2005.
The OGJ100 list of oil and gas producers allows for the comparison of size and results of the entities for which financial results and production and reserves data are available. For many of the national oil companies included in the report, no such 2005 information on assets, revenues, earnings, or capital expenditures is available. So instead of being ranked, as are their US-based counterparts in the OGJ200, these entities are grouped by region according to locations of corporate headquarters.
Earnings and production last year were propelled by high commodity prices and strong worldwide demand growth. Worldwide demand for oil products grew to 83.6 million b/d from a 2004 average of 82.5 million b/d, according to the International Energy Agency. Almost all of this growth took place in countries outside the Organization for Economic Cooperation and Development.
All financial results in the OGJ100 are reported in US dollars.
Financial results
Where they are available, the financial results of most of the producers showed strong improvement from a year earlier. The 2005 earnings of these firms gained on higher oil and gas prices, similar to the results of the US companies.
Looking at the OGJ100 results by region, though, earnings increases were not as strong as in the US. For the Canadian firms in the survey, combined 2005 revenues grew 38%, and net income climbed 39%. For the OGJ100 companies based in Europe, a 27% revenue gain resulted in a 40% surge in earnings.
And for the oil and gas producers based in Asia-Pacific countries, earnings increased 35%. Led by PetroChina, this group’s capital and exploration expenditures outpaced those of the other regions. During 2005, capital spending for the group of Asia-Pacific companies climbed 20% from a year earlier. Meanwhile, capital spending was up 10% for the firms based in Europe and up 7% for the Canadian companies.
Top 20 in production, reserves
There are few changes in the companies that rank in the top 20 for production during 2005. And the top 10 reserves holders are unchanged from the previous edition of the OGJ100 (OGJ, Sept. 19, 2005, p. 40).
Saudi Aramco and National Iranian Oil Co. again top both the list of production leaders and the list of the top 20 reserves leaders. The top 20 oil-producing entities based outside the US last year reported a collective 17.6 billion bbl in oil output. This is up about 2% from a year earlier. The top 20 in reserves hold a combined 970.1 billion bbl of oil, down from 982.6 billion at yearend 2004.
OAO Rosneft has moved onto each of the top 20 lists, with 2005 oil production of 544 million bbl and reserves at 14.9 billion bbl. Among the 20 production and reserves leaders, no other company is new to either group.
Click here to download a .PDF of the OGJ 100 Leading Oil and Gas Companies Outside the US
