The Top Ten Oil & Gas Companies: Growth strategies, consolidation and convergence in the leading players

Table of Contents

Executive Summary

• Market context
• Abbreviations used
• Exxon Mobil Corporation
• OAO LUKOIL
• BP
• Chevron Corporation
• Petroleo Brasileiro S.A. (Petrobras)
• Royal Dutch Shell plc
• Total S.A.
• ConocoPhillips
• OAO Surgutneftegas
• Eni SpA

Chapter 1 Introduction

• What is this report about?
• Methodology

Chapter 2 Market context

• Summary
• Overview
• Market trends
• Sustained increase in oil prices since 2003
• Underlying causes for high oil prices
• 2005 - Record profits for Big Oil, but costs are increasing

Chapter 3 Exxon Mobil Corporation

• Summary
• Company Information
• Oil & Gas Operations
• Reserves & Production
• Upstream Strategy
• SWOT Analysis
• Conclusions

Chapter 4 OAO LUKOIL

• Summary
• Company Information
• Oil & Gas Operations
• Reserves & Production
• Upstream Strategy
• SWOT Analysis
• Conclusions

Chapter 5 BP

• Summary
• Company Information
• Oil & Gas Operations
• Reserves & Production
• Upstream Strategy
• SWOT Analysis
• Conclusions

Chapter 6 Chevron Corporation

• Summary
• Company Information
• Oil & Gas Operations
• Reserves & Production
• Upstream Strategy
• SWOT Analysis
• Conclusions

Chapter 7 Petroleo Brasileiro S.A.(Petrobras)

• Summary
• Company Information
• Oil & Gas Operations
• Reserves & Production
• Upstream Strategy
• SWOT Analysis
• Conclusions

Chapter 8 Royal Dutch Shell plc

• Summary
• Company Information
• Oil & Gas Operations
• Reserves & Production
• Upstream Strategy
• SWOT Analysis
• Conclusions

Chapter 9 Total S.A.

• Summary
• Company Information
• Oil & Gas Operations
• Reserves & Production
• Upstream Strategy
• SWOT Analysis
• Conclusions

Chapter 10 ConocoPhillips

• Summary
• Company Information
• Oil & Gas Operations
• Reserves & Production
• Upstream Strategy
  • Burlington Resources
  • LUKOIL
• SWOT Analysis
• Conclusions

Chapter 11 OAO Surgutneftegas

• Summary
• Company Information
• Oil & Gas Operations
• Reserves & Production
• Upstream Strategy
• SWOT Analysis
• Conclusions

Chapter 12 Eni SpA

• Summary
• Company Information
• Oil & Gas Operations
• Reserves & Production
• Upstream Strategy
• SWOT Analysis
• Conclusions
• Abbreviations

List of Figures

• Figure 2.1: Global population growth through 2050
• Figure 2.2: Energy demand outlook until 2030
• Figure 2.3: Europe Brent Spot Price FOB ($/Barrel), 1987-2005
• Figure 2.4: Year-on-year growth rate of global oil consumption, 1994-2004
• Figure 2.5: OPEC's spare capacity
• Figure 2.6: Distribution of global reserves (2004)
• Figure 2.7: Distribution of global natural gas reserves (2004)
• Figure 2.8: Natural gas market (bcf/d) - 2030
• Figure 3.9: Liquids reserves geographic mix (2005)
• Figure 3.10: Gas reserves geographic mix (2005)
• Figure 3.11: Exxon - Global liquids production (2001-2005)
• Figure 3.12: Exxon - Global gas production (2001-2005)
• Figure 3.13: Exxon - Gas and power opportunities
• Figure 3.14: SWOT Analysis: Exxon Mobil
• Figure 4.15: LUKOIL - Liquids reserves geographic mix (2004)
• Figure 4.16: LUKOIL - Gas reserves geographic mix (2004)
• Figure 4.17: LUKOIL - Global liquids production (2001-2004)
• Figure 4.18: LUKOIL - Global gas production (2001-2004)
• Figure 4.19: SWOT Analysis: LUKOIL
• Figure 5.20: BP - Liquids reserves geographic mix (2005)
• Figure 5.21: BP - Gas reserves geographic mix (2005)
• Figure 5.22: BP - Global liquids production (2001-2005)
• Figure 5.23: BP - Global gas production (2001-2005)
• Figure 5.24: BP - LNG business overview
• Figure 5.25: SWOT Analysis: BP
• Figure 6.26: Chevron - Liquids reserves geographic mix (2005)
• Figure 6.27: Chevron - Gas reserves geographic mix (2005)
• Figure 6.28: Chevron - Global liquids production
• Figure 6.29: Chevron - Global gas production (2001-2005)
• Figure 6.30: Chevron- Upstream portfolio and global gas strategy
• Figure 6.31: Chevron - Unocal Asset Portfolios
• Figure 6.32: SWOT Analysis: Chevron
• Figure 7.33: Petrobras - Liquids reserves geographic mix (2005)
• Figure 7.34: Petrobras - Gas reserves geographic mix (2005)
• Figure 7.35: Petrobras - Global liquids production(2001-2005)
• Figure 7.36: Petrobras - Global gas production (2001-2005)
• Figure 7.37: SWOT Analysis: Petrobas
• Figure 8.38: Shell - Liquids reserves geographic mix (2005)
• Figure 8.39: Shell - Gas reserves geographic mix (2005)
• Figure 8.40: Shell - Global liquids production(2001-2005)
• Figure 8.41: Shell - Global gas production (2001-2005)
• Figure 8.42: Shell - Key Projects (2006-12)
• Figure 8.43: SWOT Analysis: Royal Dutch Shell
• Figure 9.44: Total - Liquids reserves geographic mix (2005)
• Figure 9.45: Total - Gas reserves geographic mix (2005)
• Figure 9.46: Total - Global liquids production(2001-2005)
• Figure 9.47: Total - Global gas production (2001-2005)
• Figure 9.48: SWOT Analysis: Total
• Figure 10.49: ConocoPhillips - Liquids reserves geographic mix (2005)
• Figure 10.50: ConocoPhillips - Gas reserves geographic mix (2005)
• Figure 10.51: ConocoPhillips - Global liquids production (2001-2005)
• Figure 10.52: ConocoPhillips - Global gas production (2001-2005)
• Figure 10.53: ConocoPhillips - New Legacy Growth Areas
• Figure 10.54: SWOT Analysis: ConocoPhillips
• Figure 11.55: SWOT Analysis: OAO Surgutneftegas
• Figure 12.56: Eni - Liquids reserves geographic mix (2005)
• Figure 12.57: Eni - Gas reserves geographic mix (2005)
• Figure 12.58: Eni - Global liquids production(2001-2005)
• Figure 12.59: Eni - Global gas production (2001-2005)
• Figure 12.60: Eni - Main start-ups & exploration discoveries
• Figure 12.61: Eni -Portfolio for future growth
• Figure 12.62: SWOT Analysis: Eni

List of Tables

• Table 2.1: Top 10 oil/gas companies - Profitability
• Table 2.2: Top 10 reserve replacement ratios
• Table 3.3: Exxon - Key statistics
• Table 3.4: Exxon - Summary financial information (2003-2005)
• Table 3.5: Exxon - Upstream Summary Financial Data (2003-2005)
• Table 3.6: Exxon - Reserves Data (2003-2005)
• Table 3.7: Exxon - Reserves and Production (2001-2005)
• Table 4.8: LUKOIL - Key Statistics
• Table 4.9: LUKOIL - Summary financial information (2002-2004)
• Table 4.10: LUKOIL - Upstream Summary Financial Data (2002-2004)
• Table 4.11: LUKOIL - Reserves Data (2003-2005)
• Table 4.12: LUKOIL - Reserves and Production (2001-2005)
• Table 5.13: BP - Key Statistics
• Table 5.14: BP - Summary financial information (2003-2005)
• Table 5.15: BP - Upstream Summary Financial Data (2003-2005)
• Table 5.16: BP - Reserves data (2003-2005)
• Table 5.17: BP - Reserves and Production (2001-2005)
• Table 6.18: Chevron - Key Statistics
• Table 6.19: Chevron - Summary financial information (2003-2005)
• Table 6.20: Chevron - Upstream summary financial data (2003-2005)
• Table 6.21: Chevron - Reserves data (2003-2005)
• Table 6.22: Chevron - Reserves and Production (2001-2005)
• Table 6.23: Chevron - Project starts (2005-2008)
• Table 7.24: Petrobras - Key Statistics
• Table 7.25: Petrobras - Summary financial information (2003-2005)
• Table 7.26: Petrobras - Upstream summary financial data (2003-2005)
• Table 7.27: Petrobras - Reserves data (2003-2005)
• Table 7.28: Petrobras - Reserves and production (2001-2005)
• Table 8.29: Shell - Key statistics
• Table 8.30: Shell - Summary financial information (2003-2005)
• Table 8.31: Shell - Upstream summary financial data (2003-2005)
• Table 8.32: Shell - Reserves data (2003-2005)
• Table 8.33: Shell - Reserves and production
• Table 9.34: Total - Key statistics
• Table 9.35: Total - Summary financial information (2003-2005)
• Table 9.36: Total - Upstream summary financial data (2003-2005)
• Table 9.37: Total - Reserves data (2003-2005)
• Table 9.38: Total - Reserves and production (2001-2005)
• Table 10.39: ConocoPhillips - Key statistics
• Table 10.40: ConocoPhillips - Summary financial information (2003-2005)
• Table 10.41: ConocoPhillips - Upstream summary financial data (2003-2005)
• Table 10.42: ConocoPhillips - Reserves data (2003-2005)
• Table 10.43: ConocoPhillips - Reserves and production (2001-2005)
• Table 11.44: Surgutneftegas - Key statistics
• Table 11.45: Surgutneftegas - Summary financial information (2003-2005)
• Table 12.46: Eni - Key statistics
• Table 12.47: Eni - Summary financial information (2003-2005)
• Table 12.48: Eni - Upstream summary financial data (2003-2005)
• Table 12.49: Eni - Reserves data (2003-2005)
• Table 12.50: Eni - Reserves and production (2001-2005)