The OGJ100 list allows comparison of size and performance of prominent oil and gas companies around the world. OGJ does not attempt to rank the firms by assets or revenues because many do not report financial results. Instead of being ranked as in the OGJ150, the companies are grouped by region according to the location of their corporate headquarters.
Financial results are available for most of the companies profiled in four of the regions: Canada, Europe, Latin America, and Asia-Pacific. Propelled by low commodity prices, each of these groups of companies reported declines in revenues, earnings, and capital spending in 2015 vs. 2014. In addition, each group posted lower yearend total assets from a year earlier. However, oil production in most regions except Latin America increased during 2015.
All financial results in this report are shown in US dollars. Stronger US dollars in 2015 to many currencies negatively impact the results.
Regional performances
The 21 companies headquartered in Canada posted a collective net loss of $18 billion in 2015 compared with earnings of $12.85 billion in 2014. Seventeen of the companies reported losses for 2015. EnCana Corp. reported the largest loss of $5.16 billion, including aftertax impairments of $4.13 billion.
The Canadian group's combined capital spending declined 46% last year, and their total assets at yearend 2015 were down 22% from a year earlier. The group's worldwide crude oil and condensate production increased about 5% year-on-year, while oil and condensate reserves decreased nearly 10%.
Three Canadian companies included previously in the OGJ100 no long appear this year. Talisman Energy Inc. was acquired by Spanish integrated energy company Repsol SA in May 2015. Canadian Oil Sands Ltd. was taken over by Suncor Energy Inc. And Pembina Pipeline Corp. was dropped as a midstream company.
In 2015, the group of 29 companies based in Europe posted a nearly 80% decline in earnings from a year ago. The group's spending during 2015 was down 17% compared with a year ago, while its total production was stable. Dragon Oil PLC was excluded from the Europe group as it was acquired by the Emirates National Oil Co. in June 2015.
Earnings of Royal Dutch Shell PLC, the largest Europe-based company by assets, declined to $2.2 billion in 2015 from $14.73 billion in 2014. BP PLC reported a net loss of $6.4 billion for 2015 compared with net income of $4 billion in 2014. Eni SPA reported a net loss of $9.5 billion for 2015 compared with net income of $1.5 billion in 2014.
Earnings of Latin American oil and gas companies were hit the hardest. During 2015, Mexico's Petroleos Mexicanos (Pemex) recorded a net loss of $41 billion compared with last year's net loss of $18 billion. The company's crude oil production totaled 827.4 million bbl, a decreased of 6.7% compared with 2015.
The largest company in the Asia-Pacific area as ranked by its $368.4 billion in yearend 2015 assets is PetroChina Co. Ltd., which posted a 66% decline in earnings last year and a 5% decline in yearend assets.
The combined 2015 earnings of the group of firms based in Asia-Pacific fell about 70% from 2014, while the subgroup's total oil production increased 6% year-over-year.
Leaders in oil reserves
With estimated proved crude reserves of 300.9 billion bbl, Petroleos de Venezuela SA (PDVSA) continues to head the list of companies with the largest proved oil reserves, followed by Saudi Aramco, National Iranian Oil Co., and Iraq National Oil Co. These are the same entities that lead the list a year ago.
In Russia, OAO Lukoil's proved crude oil reserves decreased 7.4% to 12.58 billion bbl from a year ago, while OAO Gazprom's estimated oil reserves increased.
PetroChina Co. Ltd.'s proved crude oil reserves declined 24% to 8.52 billion bbl during 2015.
