April 10, 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
- 7. Chevron
- 6. Total
- 5. ExxonMobil
- 4. BP
- 3. China National Petroleum Corp (CNPC)
- 2. Royal Dutch Shell
- 1. China Petroleum & Chemical Corporation (Sinopec)
Series: The Biggest Oil & Gas Companies in 2018
Read the 1st piece of this series of articles; which shows the revenue of Phillips 66, Lukoil and Rosneft.
Read the 2nd piece of this series of articles; which shows the revenue of Total, Chevron and ExxonMobil
4. BP Plc – $298.75bn
British multinational oil and gas company BP registered a 24.37% year-on-year revenue growth in 2018, earning $298.75bn. Revenues from its downstream business increased by 23.88% to $270.11bn, whereas the upstream segment’s revenues witnessed a 30.92% growth to reach $27.83bn.
The company’s upstream production increased by 8.2% to an average of 3.7 million barrels of oil-equivalent a day (Mboed) in 2018. Crude oil sales contributed $65.27bn of revenue, whereas oil products contributed $195.466bn and natural gas, LNG, and natural gas liquids (NGLs) contributed $21.74bn to the revenue.
BP established six major upstream projects in 2018, namely Clair Ridge, Western Flank B, Thunder Horse Northwest Expansion, Shah Deniz Stage Two, Taas-Yuryakh Expansion, and Atoll Phase One.
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3. China National Petroleum Corp (CNPC) – $346bn
State-owned China National Petroleum Corp (CNPC) reported a 25% year-on-year growth to achieve $346bn operating revenue in 2027, out of which CNPC’s listed unit PetroChina contributed $298bn.
The biggest oil and gas producer of the country, PetroChina produced 1.1 billion barrels of oil and gas-equivalent in the first three quarters of 2018, which was a 2.2% increase compared with the same period in 2017. The company’s marketable gas output increased by 4.8% to 2.66 trillion cubic feet (tcf) during the same period.
CNPC operates 26 refineries with a combined crude processing capacity of 152 million tonnes per year (Mtpa) and an oil and gas pipeline infrastructure spanning 85,582km. Its overseas exploration and production activities are also spread across 38 countries in Africa, Central Asia, Russia, South America, the Middle East, and Asia-Pacific.
2. Royal Dutch Shell – $388.37bn
British-Dutch oil and gas company Royal Dutch Shell’s operating revenue was up by 27.26% to reach $388.37bn in 2018. The company’s downstream business registered a 26.42% year-over-year growth to reach $334.68bn and accounted for 86.17% of the total revenue.
The company’s integrated gas business, which includes liquid natural gas (LNG) marketing and trading, as well as gas-to-liquids projects grew by 25.34% to $43.764bn and accounted for 11.27% of the total operating revenue.
Shell’s upstream earnings increased by 1.99% to $9.89bn because of the higher realised oil and gas prices during the year, despite the 2% reduction in its upstream production.
1. China Petroleum & Chemical Corporation (Sinopec) – $426bn
China Petroleum & Chemical Corporation, also known as Sinopec Group, registered a 22.09% year-over-year growth to achieve RMB2.8tn ($426bn) of operating revenue in 2018. The company’s refinery and distribution segment accounted for approximately 60% of the revenue. Its refinery throughput during the year increased by 2.31% to 244 million tonnes (Mt). The total domestic sales volume of refined oil products increased by 1.4% to 180.24Mt.
The other business segments of the company include oil and gas exploration and production, petroleum engineering, chemical marketing, petrochemical refining and refined products marketing, engineering and construction, and international trade.
Sinopec’s crude oil production decreased by 1.75% to 288.51 million barrels, while natural gas production increased by 7.08% to 977bcf during the year. Sinopec is an integrated energy and chemical company incorporated in the People’s Republic of China.