OGJ100 companies report higher 2010 earnings, output

Oct. 3, 2011
In 2010 the collective financial results of the world's oil and natural gas producers improved from 2009, according to Oil & Gas Journal's survey of the 100 leading producers based outside the US.

Marilyn Radler
Senior Editor, Economics

Leena Koottungal
Survey Editor/News Writer

In 2010 the collective financial results of the world's oil and natural gas producers improved from 2009, according to Oil & Gas Journal's survey of the 100 leading producers based outside the US. Oil prices were stronger as worldwide oil demand rebounded.

The OGJ100 list of companies allows for comparison of 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, though, no such information on assets, revenues, 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. All financial results are reported in US dollars.

Top 20 producers

Saudi Aramco and National Iranian Oil Co. (NIOC) top the list of the world's leading oil producers for 2010, and their production was nearly unchanged from a year earlier. Aramco reported that its total oil production last year was 2.9 billion bbl. Estimated NIOC oil production for 2010 totaled 1.35 billion bbl.

Petroleos Mexicanos ranks third among the largest oil producers, with output totaling 957 million bbl of oil last year. With oil production of 866 million bbl, BP PLC is No. 4, followed by Iraq National Oil Co. and PetroChina Co. Ltd.

Russia's OAO Rosneft is No. 7 among the producers, with 847 million bbl of 2010 output. A year ago, Rosneft ranked at No. 10 on this list with total 2009 production of 740 million bbl.

Oil reserves leaders

Aramco continues to head the list of companies with the largest proved oil reserves but is now followed by Petroleos de Venezuela SA (PDVSA), which climbed from No. 5 in reserves in the previous OGJ100. During 2010, PDVSA reported oil reserves totaling 211 billion bbl, with much heavy oil in the Orinoco belt (OGJ, Dec. 6, 2010, p. 46). Venezuela's oil reserves were previously estimated at 99.4 billion bbl.

The top 9 oil reserves leaders are members of the Organization of Petroleum Exporting Countries, followed by Russian firms Rosneft and OAO Lukoil. This year's top 20 oil reserves holders report a combined 1.14 trillion bbl in reserves, compared with a combined 1.02 trillion bbl in last year's OGJ100 survey (OGJ, Sept. 6, 2010, p. 64).

Financial results

Suncor holds the most assets among the Canadian companies. In Latin America, Petroleo Brasileiro SA claims the largest total assets, and in Europe, Royal Dutch Shell PLC is the largest asset holder. Among the group of producers based in the Asia-Pacific, PetroChina holds the largest total assets.

Most of the companies in the OGJ100 posted improved earnings in 2010 compared with 2009 because of stronger oil prices and the weaker US dollar.

BP recorded a $3.3 billion net loss for 2010 following the Macondo well blowout and subsequent massive oil spill in the Gulf of Mexico. BP's revenues for the year, however, were $308.9 billion, up from 2009 revenues of $246.1 billion.

While the 2010 financial results of Asia-Pacific producers were mixed, capital expenditures in most regions posted healthy gains compared with the group's outlays in 2009.

Click here to download the pdf of the OGJ100 Companies Report

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