OGJ100 group posts lower 2009 earnings, output

Oil & Gas Journal's survey of the 100 leading oil and gas producers based outside the US reveals that for 2009, most of the firms posted much weaker financial results from 2008 as reduced worldwide demand lowered oil and natural gas prices, especially through the first 9 months of the year.

The OGJ100 list of oil and gas producers shows the size and results of the entities for which financial results and production and reserves data are available. For many of the national oil companies in the report, no 2009 information on assets, revenue, earnings, or capital expenditures is available. The 100 companies are grouped by region according to locations of corporate headquarters, and only the leaders in oil production and reserves are ranked.

Top 20 in production

Saudi Arabian Oil Co. and National Iranian Oil Co. (NIOC) lead the OGJ100 companies in oil production totals for 2009. The companies consistently report the world's highest oil output.

Saudi Arabia reported 2.88 billion bbl of oil production for the year, down from its 2008 total of 3.25 billion bbl. NIOC reported that its 2009 output declined to 1.36 billion bbl from 1.42 billion bbl a year earlier.

The third-leading oil producer in the group is Petreoleos Mexicanos, followed by BP PLC, Iraq National Oil Co., and PetroChina Co. Ltd.

While most companies' production last year declined due to reduced worldwide oil demand, Iraqi oil output climbed to 876 million bbl from its 2008 total of 863 million bbl.

Oil reserves leaders

As they did last year, Aramco and NIOC also top the list of the oil reserves leaders, followed by Iraq National Oil Co. and Kuwait Petroleum Corp.

OAO Rosneft is the highest-ranking oil reserves leader in the OGJ100 outside of the Organization of Petroleum Exporting Countries. With a reported 18 billion bbl of oil reserves, Rosneft is ninth on the list of reserves leaders.