Conglin Xu
Senior Editor-Economics
Leena Koottungal
Survey Editor
Oil & Gas Journal's survey of the 100 leading oil and gas producing firms based outside the US reveals that 2013 net income and revenues fell modestly from 2012 results in most regions except Canada. Average Brent crude oil prices edged down and some countries experienced production outages during the year.
Again, there were only a few changes among the leaders in oil production and reserves, as shown in Table 1, with national oil companies dominant.
The OGJ100 list allows for comparison of the size and performance of prominent companies throughout the world. However, for many of the national oil companies in the report, no such information on assets, revenues, earnings, or capital expenditures is available. Therefore, the companies are not ranked by assets or revenues but instead are listed by region according to locations of corporate headquarters.
All financial results that are included in this report are shown in US dollars.
Production, reserves leaders
As in previous years, Saudi Aramco tops the OGJ100 companies in oil production, with output totaling 3.43 billion bbl in 2013. This compares with its output of 3.58 billion bbl a year earlier.
Russia's OAO Rosneft, which ranked No. 9 last year, overtakes National Iranian Oil Co. (NIOC) this year and ranks second among the largest oil producers outside the US. The company produced 1.6 billion bbl of oil in 2013, representing a 83% increase over its 2012 output level.
NIOC, the third among the top producers, reported oil production totaling 1.18 billion bbl for 2013, up from 1.05 billion bbl a year earlier.
Collectively, the top 20 oil production leaders outside the US reported 18 billion bbl of output for the year, an increase of 529 million bbl from 2012.
Even though new reserves estimates were made, the ordering of the companies was basically unchanged, except Total SA slipped to 20th from 19th on the reserves list from a year earlier.
Petroleos de Venezuela SA (PDSVA) continued to head the list of companies with the largest oil reserves, followed by Aramco and NIOC. By yearend 2013, PDSVA reported oil reserves totaling 297.7 billion bbl, with the vast majority of its proved oil reserves in the Orinoco heavy oil belt.
The top 9 oil reserves leaders are members of the Organization of Petroleum Exporting Countries, followed by Russian firms OAO Rosneft and OAO Lukoil. The leading nongovernment company in both production and reserves is BP PLC, which ranks No. 11 in production and No. 15 in reserves.
Total crude reserves for the top 20 companies was 1,285.7 billion bbl in 2013, up from 1,277.6 billion bbl in 2012. Based on the latest OGJ estimates of worldwide reserves (OGJ Jan. 6, 2014, p. 62), the top 20 companies now control 78.4% of total world crude oil reserves.
Financial results
Suncor Energy Inc., the largest company in Canada by assets, reported a 44.8% increase in its net income to $4 billion in 2013. The combined earnings of the 24 firms based in Canada climbed 15% to $16.4 billion from a year earlier. Capital expenditures of the firms also increase $1.3 billion, or 3.1%.
In Latin America, Petroleo Brasileiro SA (Petrobras) posted modest declines in assets, revenues, and earnings, despite its increase in capital expenditures. Petroleos Mexicanos (Pemex), the second largest company of the region by assets, swung to a $13 billion net loss in 2013 compared with a profit of $200 million in 2012, excluding extraordinary items.
Earnings of Royal Dutch Shell PLC and Total declined last year 38% and 17%, respectively. BP recorded a $23.7 billion net income for 2013, more than double its net income in 2012. The combined earnings of the group of firms in Europe fell to $156.7 billion in 2013 from a comparative $165 billion in 2012 and $182.5 billion in 2011.
In the Asia-Pacific, PetroChina holds the largest total assets and reported improved financial indicators in 2013, increasing its earnings by 12%.
Click here to view the OGJ150 Company Index
