March 28, 2019 [Offshore Technology] – Sinopec continued to lead the world’s biggest oil and gas companies in 2018, enjoying a double-digit revenue growth when compared to 2017.
The majority of the ten biggest witnessed a similar double-digit growth, which was as high as 31.4% for Rosneft. Offshore-technology.com profiles the ten biggest oil and gas companies by 2018 revenues, excluding the state-owned Saudi Aramco.
Index of this series of articles covering the top 10 Oil & Gas companies:
- 10. Phillips 66
- 9. Lukoil
- 8. Rosneft
- Numbers 7, 6, 5 will be published on April 4th, 2019
- Numbers 4, 3, 2 and 1 will be published on April 9nd, 2019
10. Phillips 66 – $111.46bn
The Phillips 66 Company, which was created in 2012 by the spin-off of the midstream and downstream assets of ConocoPhillips, witnessed an 8.9% year-on-year revenue growth to $111.46bn in 2018.
The refining segment accounted for the highest share (60%) of the company’s revenue, followed by the marketing and specialties, midstream, and chemical segments.
In 2018, the company achieved a 95% refinery utilisation during the year, completed the US Gulf Coast petrochemicals project and launched the Sweeny Hub expansion project to add a 300 million barrels per day (Mbpd) NGL fractionation capacity. It also started the construction of 900Mbpd Gray Oak Pipeline during the same year.
9. Lukoil – $115.2bn
Russian multinational energy corporation Lukoil’s revenue for the 12 months ending September 2018 stood at $115.2bn. The company’s annual hydrocarbon production reached 828Mboe, with liquid hydrocarbons accounting for 80% of the overall production volumes.
Lukoil’s proven hydrocarbon reserves were estimated at 15.9 billion barrels of oil-equivalent at the end of 2018. The company’s upstream projects are located in 12 countries with a focus on Russia, Central Asia, and the Middle East.
Major growth projects for the company include the Filanovsky, Korchagin, and the Rakushechnoye fields in the Northern Caspian, the D41 field in the Baltic Sea, and the Kandym-Khauzak-Shady and Gissar fields in Uzbekhistan. Lukoil operates four refineries in Russia and three refineries in Europe.
8. Rosneft – $133.7bn
Rosneft, the biggest oil and gas company in Russia, boosted its revenue by 31.4% to $133.7bn in 2018. The company’s oil and liquids production increased by 2.1% to 4.7Mbpd, whereas its gas production averaged at 1.12Mboed during the year.
Refining throughput increased by 2% to 115Mt with the company’ 13 large refineries located in Russia accounting for 103.3Mt of refinery capacity.
Rosneft launched four greenfield projects with plateau production exceeding 140 million barrels during 2018. The projects include Taas-Yuryakh (Srednebotuobinskoye field stage 2), Tagul field, Russkoe field, and the Kuyumba field development.