The OGJ100 companies posted a mixed but volatile set of 2025 results, as lower crude oil prices collided with a wave of currency swings, one-off items, and record production across the group. While weaker realized prices pressured earnings at most of the largest Asian and European producers, favorable foreign-exchange movements and accretive acquisitions drove some of the group's biggest companies, including Canadian Natural Resources and Petroleo Brasileiro SA, to sharply higher profits.

In 2025, global oil markets extended their slide, with Brent crude averaging $69/bbl, down from $81/bbl in 2024 and the lowest annual average since 2020, as OPEC+ partially unwound its voluntary production cuts and non-OPEC+ supply continued to grow. Natural gas prices firmed even as oil weakened, with Henry Hub averaging $3.53/MMbtu and TTF around $12.06/MMbtu, while refining margins strengthened in the second half of the year to reach multiyear highs by November.

Oil & Gas Journal's look at the leading 100 oil and gas producing companies based outside the US allows for comparison of the size and results of the entities. For many of the national oil companies in the report, though, no such information on assets, revenues, earnings, or capital expenditures is available. Companies in OGJ100 are grouped by regions according to the location of their corporate headquarters.

All financial results in this report are indicated in US dollars. Due to exchange rate variation, the number of financial results can be significantly affected when translated into US dollars.

Canadian producers

The WTI-WCS (Western Canadian Select) differential narrowed further in 2025, averaging an estimated $11/bbl as the Trans Mountain Expansion pipeline logged its first full calendar year of operation, according to Alberta Energy Regulator estimates, down from $14.73/bbl in 2024 and $18.65/bbl in 2023. WCS at Hardisty averaged around $55/bbl for the year, down from $60.99/bbl in 2024, tracking a broader decline in crude prices.

The Canadian dollar depreciated further against the US dollar in 2025, with the average exchange rate easing to roughly $0.72 per Canadian dollar from about $0.73 per Canadian dollar in 2024. This continued depreciation modestly supported US-dollar price realizations for Canadian companies even as benchmark crude prices softened.

The combined total revenue of the sample group of 14 leading Canadian oil and gas producers fell to $146.0 billion in 2025 from $153.1 billion in 2024, a decline of 4.6%. Net income, however, rose to $18.9 billion from $16.5 billion, an increase of 14.8%, as record production across several of the group's largest companies more than offset lower realized prices.

Capital and exploration spending rose to $19.75 billion in 2025 from $18.8 billion in 2024, an increase of 4.9%. Total oil production rose to 1.35 billion bbl from 1.24 billion bbl, a 9.0% increase, while natural gas production grew to 2.71 tcf from 2.41 tcf, up 12.8%. Reserves also expanded across the group. Oil reserves grew to 27.58 billion bbl from 26.72 billion bbl, while natural gas reserves rose to 39.09 tcf from 36.19 tcf, an 8% increase.

The Canadian roster also saw two major consolidations in 2025. Veren Inc. (formerly Crescent Point Energy Corp.), which appeared on last year's list, was acquired by Whitecap Resources Inc. in an all-share combination completed May 12, 2025. The combined company's assets nearly doubled to $14.1 billion from $6.9 billion. Cenovus Energy Inc.'s acquisition of MEG Energy Corp., completed later in the year, marked the second major consolidation.

Canadian Natural Resources Ltd. reported net income of $7.74 billion in 2025, up 73.7% from $4.46 billion in 2024, as the company achieved record annual production of 1.57 MMboe/d, a 15% increase driven by both organic growth and a string of acquisitions, including the Palliser Block assets in southern Alberta, liquids-rich Montney assets near Grande Prairie, and the consolidation of the Athabasca Oil Sands Project to 100% ownership through an asset swap with Shell that closed Nov. 1, 2025. Total assets grew to $67.1 billion from $59.5 billion, setting the company's position as the largest Canadian producer by assets.

Suncor Energy Inc. ranked as the second-largest Canadian producer with assets of $65.7 billion at yearend 2025, up from $62.6 billion in 2024. The company delivered record upstream production of 860,000 b/d and record refining throughput of 480,000 b/d, yet net earnings of $4.23 billion were down 3.6% from $4.39 billion in 2024, as weaker upstream price realizations and a foreign exchange loss on working capital items offset the operational gains.

Cenovus Energy Inc. reported total assets of $46.3 billion at year-end 2025, up 17.5% from $39.4 billion in 2024, largely reflecting the Nov. 13, 2025, close of its $6.2 billion acquisition of MEG Energy Corp., which added oil sands assets adjacent to Christina Lake. Net income rose 22.6% to $2.81 billion from $2.29 billion, as higher production and lower operating expenses outweighed softer commodity prices, even as revenue eased to $35.5 billion from $39.6 billion. The company also achieved record annual upstream production of 834,200 boe/d, including a fourth-quarter record of 917,900 boe/d.

Imperial Oil Ltd. remained the fourth-largest Canadian producer, with assets of $30.9 billion, up modestly from $29.9 billion in 2024. Net income fell 33.1% to $2.34 billion from $3.50 billion, reflecting a restructuring charge recorded in the third quarter alongside softer upstream and downstream margins, even as the company posted its highest quarterly upstream production in more than 30 years late in the year.

European companies

According to asset rankings in the 2025 OGJ100, Shell PLC maintains its position as the top European oil and gas company by total assets, followed by TotalEnergies SE and bp PLC. As with previous years, data on some Russian companies remains unavailable due to ongoing disclosure restrictions.

Shell reported a net profit of $17.84 billion in 2025, up 11% from $16.09 billion in 2024, driven by higher volumes and favorable tax movements that outweighed lower realized liquids and LNG prices, weaker trading and optimization results, and softer chemicals margins. Total assets eased to $370.4 billion from $387.6 billion at year-end 2024.

TotalEnergies reported net income of $13.36 billion in 2025, down 16.7% from $16.03 billion in 2024, as Brent's 14% decline outweighed hydrocarbon production growth of nearly 4% to 2.53 MMboe/d, driven by the start-up and ramp-up of seven major projects. The company nonetheless generated $27.8 billion of cash flow from operations, down just 7% year-on-year (y-o-y), funding $17.1 billion of net investments, and expanded its LNG sales to 43.9 million tons.

bp reported underlying replacement-cost profit of $7.49 billion in 2025, down 16% from $8.92 billion in 2024, as lower liquids realizations, the divestments in Egypt and Trinidad, and a weaker gas marketing and trading result outweighed stronger performance in the customers and products businesses. On an IFRS basis, group profit for the year totaled $1.30 billion, sharply reduced by impairment charges tied largely to transition businesses within gas and low carbon energy. The board also announced a suspension of bp's share buyback program to prioritize balance-sheet strengthening.

Equinor ASA posted one of Europe's sharpest earnings declines, with net income falling 42.7% to $5.06 billion in 2025 from $8.83 billion in 2024, even as the company delivered record equity production of 2.14 MMboe/d, up 3.4%. The decline reflected lower realized liquids prices and net impairments of $2.48 billion, mainly tied to reduced expected synergies from future US offshore wind projects and updated price assumptions.

Latin America producers

Petroleo Brasileiro SA (Petrobras) reported a net profit of $19.72 billion for 2025, a 160% increase from the $7.61 billion recorded in 2024. This significant turnaround was primarily driven by foreign exchange gains—as the Brazilian real appreciated against the US dollar in 2025, reversing the currency-related headwinds that had hampered 2024 results—and an 11% increase in oil and gas production, which helped offset the impact of a 14% drop in average Brent crude prices. Excluding one-off items, net profit actually fell by 6.5% to $18.1 billion, indicating that the improvement in reported earnings stemmed largely from exchange rate fluctuations and accounting factors rather than substantive changes in underlying operational performance.

Mexican state energy company Petroleos Mexicanos (Pemex) narrowed its net loss to $4.25 billion in 2025 from $42.6 billion in 2024, as lower asset impairments, foreign-exchange gains tied to peso appreciation, and reduced cost of sales more than offset a decline in export volumes. Despite the improvement, Pemex's structural challenges persisted as the company continued to face declining crude oil production at several of its main fields. Total oil production (crude plus condensates) fell 7% y-o-y to 1.63 million b/d in 2025, the lowest level in 46 years.

YPF SA of Argentina swung to a net loss of $799 million in 2025 from net income of $2.39 billion in 2024, despite record operating performance; operating profit rose 17.6% to $1.74 billion and adjusted EBITDA rose 8% to $5 billion, the highest in a decade, driven by continued focus on the Vaca Muerta shale formation. The net loss instead reflected non-operating items, including higher tax expenses tied to Argentina's Tax Normalization Plan, that outweighed the strength of the underlying business. 

Asian, Middle Eastern companies

PetroChina Co. Ltd. once again tops the OGJ100 ranking for Asia-Pacific companies by total assets, followed by Malaysia's Petronas and China National Offshore Oil Corp. Ltd. (CNOOC).

PetroChina reported total assets of $404.1 billion at year-end 2025, up from $377.2 billion in 2024. Net income fell 6.5% to $23.94 billion from $25.60 billion a year earlier, as weaker realized crude prices outweighed record production, with crude output up 0.7% to 948 million bbl and natural gas output up 4.5%.

CNOOC reported total assets of $157.0 billion, up from $144.7 billion in 2024. Net income fell 11.5% to $17.00 billion from $19.22 billion, reflecting the same industry-wide price pressure even as the company continued to expand production and its reserves base.

Petronas generated net income of $10.61 billion in 2025, down from $12.07 billion in 2024, as lower average realized prices across crude, condensate, and LNG, adverse foreign-exchange effects, and higher financing costs weighed on the group's results. Total assets nonetheless grew to $190.9 billion from $171.4 billion, aided by proceeds from new note issuances.

Saudi Aramco reported total assets of $680.5 billion at year-end 2025, up 5.3% from $646.3 billion in 2024. Net income fell 12.1% to $93.4 billion from $106.2 billion, as lower average realized prices across crude oil, refined products, and chemicals outweighed higher production and sales volumes. Total revenue declined to $445.7 billion from $480.4 billion a year earlier.

QatarEnergy's 2025 financial results were not available as of this report's production.