1. Saudi Aramco

Saudi Arabia’s majority state-owned integrated oil and gas company, spanning upstream, refining, chemicals (including SABIC), gas infrastructure, and global trading. Aramco operates the Master Gas System and the world’s largest conventional oil fields including Ghawar onshore and Safaniya offshore, with proven reserves of around 247 billion barrels. Headquartered in Dhahran, it is by most measures the largest oil company in the world.

2026 status: The Hormuz disruption has forced heavier reliance on the Red Sea route via the East-West (Petroline) pipeline, which Aramco has surged to roughly 7 million bpd of throughput. The 550,000 bpd Ras Tanura refinery restarted in March after limited drone-related damage. CEO Amin Nasser has warned the global oil market will not normalize until 2027 if Hormuz disruption extends past mid-June.

2. Abu Dhabi National Oil Company (ADNOC)

The UAE’s state-owned integrated energy company, founded in 1971 and active across upstream, midstream, refining, and petrochemicals, with flagship refining at Ruwais. Recent strategic moves include the $150 billion capex plan for 2026 to 2030 and the $16.3 billion acquisition of German chemicals group Covestro.

2026 status: ADNOC’s Ruwais refinery and Shah gas field have both been hit. ADNOC is prioritizing domestic gas security while scaling back some LNG output, and continues to use the ADCOP pipeline to bypass the Strait of Hormuz. On May 1, 2026 the UAE formally left OPEC to remove production quota limits.

3. QatarEnergy

Qatar’s fully state-owned integrated energy company, covering the full oil and gas value chain. Qatar normally supplies about 20 percent of the world’s LNG, anchored by North Field developments at Ras Laffan with a nameplate capacity of 77 million tonnes per annum.

2026 status: Iranian missile strikes in March damaged LNG Trains 4 and 6 at Ras Laffan, removing 12.8 million tonnes per annum (around 17 percent of capacity) for an estimated three to five years. Restart work on undamaged trains began April 8, with full Ras Laffan operability not expected before late August. Long-term force majeure remains in effect on contracts to China, South Korea, Italy, and Belgium.

4. Kuwait Petroleum Corporation (KPC)

Kuwait’s state holding company for the national oil sector since 1980, integrating upstream, downstream, and international operations. Kuwait normally produces around 2.6 million bpd.

2026 status: KPC declared force majeure in March and cut crude production and refining throughput after Iranian attacks on Kuwait and the near-total absence of available tankers in the Arabian Gulf. The company has stated it remains ready to restore production once shipping conditions allow.

5. National Iranian Oil Company (NIOC)

Iran’s state-owned NOC, founded in 1951, managing exploration, production, and most of the country’s oil and gas supply chain through a broad network of subsidiaries under the Ministry of Petroleum.

2026 status: Iran’s main export terminal at Kharg Island has remained operational throughout the conflict, with Iran exporting between 1.5 and 1.6 million barrels per day, predominantly to China via its own tanker fleet. The South Pars gas field, which provides 80 percent of Iran’s domestic gas, was struck in March.

6. China Petroleum & Chemical Corp (Sinopec)

One of the world’s largest integrated energy and petrochemical groups, with major refining and chemicals operations alongside upstream E&P. Operates domestically and internationally under both the unlisted Sinopec Group and the listed Sinopec Corp.

2026 status: Reduced refinery runs in spring 2026 in response to constrained Middle East crude supply, before partially restoring throughput as Iranian crude flows continued.

7. China National Petroleum Corp (CNPC)

China’s state-owned integrated energy group and parent of PetroChina, with global upstream, pipeline, refining, and services businesses. It operates across multiple continents in oil, gas, and increasingly new energy. China has been the primary destination for Iranian crude during the conflict, reinforcing CNPC’s role as an anchor buyer.

8. PetroChina

The publicly listed arm of CNPC and the largest oil and gas producer inside China, active in E&P, pipelines, refining, marketing, and new energy. It remains majority-owned by CNPC and is one of the world’s largest publicly traded oil companies.

9. CNOOC

China’s largest offshore oil and gas producer and one of the world’s biggest pure-play upstream companies, listed in Hong Kong and Shanghai. It focuses on exploration, development, and production, with international assets through CNOOC International.

10. Gazprom

Russia’s majority state-owned energy group centered on natural gas, covering exploration, production, transmission, storage, processing, and power generation, along with oil activities. Headquartered in St. Petersburg, it controls extensive pipeline networks across Eurasia.

11. Rosneft

Russia’s state-controlled integrated oil company, active across upstream, refining, petrochemicals, and marketing. It is a leading refiner inside Russia with a large domestic plant network and international operations.

12. Lukoil

A major vertically integrated Russian oil and gas company with upstream, refining, and marketing operations in Russia and abroad. One of the largest publicly traded oil companies in the world.

2026 status: Iraq nationalized the West Qurna 2 field, previously operated by Lukoil, in January 2026; the field is now managed by Basra Oil Company.

13. Petrobras

Brazil’s majority state-owned integrated company, known for deepwater and ultra-deepwater expertise in the pre-salt basins, alongside refining, gas and power, and marketing. Headquartered in Rio de Janeiro, Petrobras is among the non-OPEC producers with meaningful growth optionality in the current environment.

14. Pemex

Mexico’s state-owned, fully integrated oil company, founded in 1938, active in exploration, production, refining, logistics, and marketing. Holdings include domestic refineries and a stake in Deer Park in the United States.

15. PDVSA

Venezuela’s state-owned oil and gas company, covering exploration, production, refining, and export of crude and products, along with natural gas E&P. It partners with international oil companies in a range of joint ventures.

16. Ecopetrol

Colombia’s largest integrated energy company, with mixed economy and majority state ownership, active across the value chain in E&P, pipelines and transport, refining, and marketing, both domestically and through select international assets.

17. YPF

Argentina’s majority state-owned vertically integrated energy company, with E&P, refining, and marketing operations and a leading position in the Vaca Muerta shale. It also develops petrochemicals and power businesses, and Vaca Muerta unconventional output has drawn growing interest from buyers seeking non-Gulf supply.

18. PETRONAS

Malaysia’s national oil company, founded in 1974, a fully integrated global energy group active in upstream, LNG, refining, petrochemicals, and new energy, with operations in more than 100 countries. Headquartered in Kuala Lumpur, it is one of Asia’s most important LNG suppliers.

19. PTT Public Company Limited

Thailand’s state-owned, SET-listed energy holding integrating gas transmission and trading, E&P through subsidiaries, refining, petrochemicals, and retail (including a large service-station network across Southeast Asia).

20. Pertamina

Indonesia’s state-owned integrated energy company, created in 1968 from a merger, operating across upstream, refining, petrochemicals, gas, and marketing. It manages international assets through sub-holdings.

21. CPC Corporation, Taiwan

Taiwan’s state-owned integrated oil and gas company, handling exploration and production, refining, petrochemicals, and lubricants, and the island’s sole importer and supplier of natural gas. Taiwan is unusually exposed to Qatari LNG supply and has been among the most affected importers during the Ras Laffan outage.

22. Indian Oil Corporation (IOC)

India’s largest integrated energy company, with refining, pipelines, marketing, petrochemicals, natural gas, and upstream interests, plus a nationwide retail footprint. It is a government-owned “Maharatna” PSU and the country’s largest fuel supplier.

2026 status: Indian authorities activated emergency powers in March to redirect LPG from industrial users to households, and India received a 30-day US waiver to purchase stranded Russian oil cargoes.

23. Bharat Petroleum (BPCL)

Majority state-owned integrated Indian energy company focused on refining and nationwide fuel marketing, with upstream interests and petrochemical expansion plans across its Mumbai, Kochi, and Bina refineries.

24. Hindustan Petroleum (HPCL)

Indian public sector refining and marketing company, now a subsidiary of ONGC. It operates major refineries at Mumbai and Visakhapatnam, plus India’s largest lube base-oil refinery.

25. Oil and Natural Gas Corporation (ONGC)

India’s state-owned E&P major and the country’s largest oil and gas producer, with operations onshore and offshore and stakes in downstream and international projects, including through ONGC Videsh.

26. Nigerian National Petroleum Company (NNPC)

Nigeria’s state-owned energy company, converted to a limited liability company in 2022. It operates across the value chain, partnering with IOCs in upstream and overseeing domestic supply and infrastructure across Africa’s largest oil producer.

27. Sonatrach

Algeria’s national oil company, a fully integrated group across E&P, pipelines, refining, petrochemicals, and marketing. It is among Africa’s largest companies by scale, and Algerian piped gas to Europe and LNG cargoes have taken on heightened strategic value during the Qatari outage.

28. Sonangol

Angola’s state-owned integrated oil company, managing exploration, production, refining, transport, and marketing, and partnering with IOCs on key deepwater offshore developments.

29. SOCAR (Azerbaijan)

Azerbaijan’s state-owned oil and gas company, active in upstream, processing, and marketing, with stakes in major export pipelines including BTC, TANAP, and TAP, plus downstream assets in Turkey and Europe. Its pipeline routes that bypass Hormuz have gained relative strategic value in the current environment.

30. KazMunayGas

Kazakhstan’s state oil company, founded in 2002, representing the state’s interests across upstream, oil and gas transport, refining, and marketing, with stakes in key domestic and regional assets including the giant Tengiz and Kashagan fields.

International majors and large integrated/refining leaders

31. ExxonMobil

One of the world’s largest integrated energy companies, active across upstream (including a leading Permian position), refining, and chemicals. In May 2024 it closed the $59.5 to $60 billion acquisition of Pioneer Natural Resources, creating a dominant unconventional oil and gas business in the Permian Basin. Its growing US LNG exposure has positioned the company favorably as buyers redirect demand away from Qatari volumes.

32. Chevron

US-based integrated major with material positions in the Permian, Gulf of Mexico, Kazakhstan (Tengiz), Australia LNG (Gorgon and Wheatstone), and a global refining and chemicals footprint. In July 2025 it closed the roughly $53 to $55 billion acquisition of Hess, adding a 30 percent stake in Guyana’s Stabroek Block.

2026 status: Chevron’s Leviathan gas field offshore Israel was shut on March 2 by order of Israel’s energy ministry and resumed production on April 2, 2026 after a 33-day halt. Supply to Israel, Egypt, and Jordan was restored, and the $2.3 billion Leviathan expansion tied to a $35 billion Egypt export deal is back on track.

33. Shell

Global integrated energy company with a large LNG production, marketing, and trading business alongside upstream, refining, chemicals, and retail. In 2022 it unified its share structure, moved its headquarters to London, and changed its legal name to Shell plc.

2026 status: Shell declared force majeure on LNG cargoes bought from QatarEnergy and resold worldwide. Its Pearl GTL facility at Ras Laffan also took damage in the March strikes, with one of two trains expected offline for at least a year.

34. BP

UK-based integrated major operating across upstream, trading, refining, fuels and convenience, and low-carbon businesses. Recent strategy updates emphasize capital discipline and a sharper upstream focus.

2026 status: BP is operator of Iraq’s Rumaila field, the country’s largest, which began shutting in production in early March 2026 as storage filled. Iraqi authorities have said production can be restored to roughly 3.4 million bpd of exports within a week of Hormuz reopening.

35. TotalEnergies

French integrated multi-energy company spanning oil, gas, LNG, refining, petrochemicals, power, and renewables, with a significant global LNG footprint and growing low-carbon portfolio. Headquarters in Paris with operations in around 120 countries. The company has been a key supplier of replacement LNG cargoes to Asian and European buyers during the Qatari outage, and in October 2024 it sanctioned Block 58 (GranMorgu) offshore Suriname with APA, targeting first oil around 2028.

36. Eni

Italian integrated energy company active from exploration and production to refining, chemicals, and LNG. Eni’s strategy is centered on natural gas and decarbonization, with growing positions in CCS and biofuels through its Plenitude and Enilive businesses.

37. Equinor

Norway’s integrated energy company, formerly Statoil, recognized for offshore expertise in the North Sea and a growing international oil, gas, and renewables portfolio. Norwegian gas has been Europe’s single most important supply backbone during the 2026 LNG crisis.

38. Repsol

Spain’s integrated multi-energy company across E&P, refining, chemicals, trading, and retail. It was the first among majors to set a net-zero-by-2050 target and retains meaningful upstream positions in places like Brazil and the United States.

39. OMV

Austrian integrated company with three pillars: Energy (upstream and gas), Fuels and Feedstock (refining), and Chemicals through majority-owned Borealis. In 2025 OMV and ADNOC agreed to combine their polyolefin businesses into “Borouge Group International,” a deal now moving through final approvals.

40. Galp

Portugal’s integrated energy company, with refining and marketing at home and an upstream portfolio focused on Brazil’s pre-salt and LNG-linked projects in Mozambique. It is progressively reallocating capital toward low-carbon opportunities.

41. MOL Group

Central and Eastern Europe focused integrated company headquartered in Hungary, operating refining and petrochemicals, retail networks (including subsidiaries Slovnaft in Slovakia and a controlling stake in Croatia’s INA), and regional upstream. Recent projects include SAF and HVO production at Slovnaft.

42. Orlen (PKN Orlen)

Poland’s multi-utility energy leader, integrating refining, petrochemicals, fuels retail, gas, and power following the mergers with Grupa LOTOS in August 2022 and PGNiG in November 2022. The enlarged ORLEN Group is among the largest energy companies in Central and Eastern Europe.

43. Eneos (Japan)

Japan’s largest oil and energy brand under ENEOS Holdings, operating across refining and marketing, lubricants, chemicals, and upstream interests, with a growing presence in electricity and renewables.

2026 status: Japanese refiners cut processing rates in March 2026 as Middle East crude supply tightened, and Japan opened negotiations with Iran for direct passage through Hormuz for its tankers.

44. Idemitsu Kosan

One of Japan’s leading refiners and petrochemical producers, the country’s number two refiner, also active in lubricants, basic chemicals, and upstream. Idemitsu absorbed Showa Shell in 2019, consolidating its refining network into a streamlined nationwide system.

45. SK Innovation

Korea’s SK Group energy and chemicals arm, with refining and marketing (SK Energy), petrochemicals (SK geo centric), lubricants (SK enmove), E&P (SK earthon), and batteries (SK On) under its subsidiaries. It also trades crude and products globally.

2026 status: South Korea announced a 100 trillion won (around $68 billion) stabilization fund in March to absorb the energy shock, providing direct support to refiners and importers.

46. GS Caltex

Major South Korean refiner and petrochemical producer, an equal joint venture between GS Energy and Chevron, centered on the Yeosu complex with extensive domestic marketing and product exports across Asia.

47. S-OIL

Large Korean refiner and petrochemical company anchored by the Onsan complex. Saudi Aramco is the single largest shareholder, linking S-OIL to upstream supply and petrochemical feedstock integration, a relationship operationally tested by the 2026 Hormuz disruption.

48. Reliance Industries (Oil-to-Chemicals and E&P)

India’s largest private-sector energy player, operating the Jamnagar site (the world’s largest single-location refining complex) and an integrated O2C chain across refining, aromatics, polymers, and fuels. The company is also investing heavily in new energy, including solar, storage, and green hydrogen, and benefits commercially from its ability to process diverse, discounted heavy crudes.

49. Valero Energy

One of the world’s largest independent refiners, with 15 refineries across the United States, Canada, and the UK, plus 12 ethanol plants. Through Diamond Green Diesel (a JV with Darling Ingredients), Valero is a leading renewable diesel producer, with SAF capability now operational at Port Arthur.

50. Marathon Petroleum

The largest US refiner by capacity following its 2018 Andeavor acquisition. Core businesses are refining and marketing and midstream through MPLX. It sold the Speedway retail chain in 2021 to sharpen focus and continues to expand lower-carbon fuels including renewable diesel at Dickinson.

51. Phillips 66

US-based downstream and midstream major operating refining, midstream, chemicals, and marketing across a 12-refinery system with around 1.8 million bpd of total capacity. Phillips 66 owns the full DCP Midstream business after consolidation in 2023 and holds a 50 percent interest in Chevron Phillips Chemical, one of the world’s largest petrochemical producers. The company has been a beneficiary of stronger refining margins in 2026 and remains a major US NGL exporter.

Independent E&Ps (upstream)

52. ConocoPhillips

One of the world’s largest independent E&Ps, with a global portfolio across the US Lower-48 (notably the Permian and Eagle Ford), Alaska, and international assets. It closed the acquisition of Marathon Oil in November 2024, adding the Eagle Ford, Bakken, Oklahoma, and Equatorial Guinea gas to its base. Rystad Energy estimated in March 2026 that US shale producers as a group could earn an additional $63 billion in sales at sustained $100-plus oil, though most operators have signaled capital discipline rather than rapid ramp-up.

53. Occidental Petroleum

US E&P with a major Permian footprint plus Gulf of Mexico and Rockies operations, and a chemicals arm through OxyChem. It closed the CrownRock acquisition in August 2024 and is building STRATOS, a large Direct Air Capture facility in Texas through subsidiary 1PointFive, with EPA Class VI sequestration permits approved in 2025.

2026 status: Occidental holds the 40 percent partner stake in ADNOC Sour Gas, operator of the Shah gas field that was struck by drone in March 2026.

54. EOG Resources

A leading shale producer known for “premium drilling” and capital discipline, with multi-basin positions in the Delaware Basin, Eagle Ford, Powder River, and the Dorado gas play in South Texas. Recent investor materials highlight ongoing productivity gains and consistent free cash flow generation across the diversified portfolio.

55. Devon Energy

US onshore multi-basin operator with scale in the Delaware Basin (Permian) plus Anadarko and Williston. Devon is widely credited with pioneering a fixed-plus-variable dividend framework that links cash returns directly to free cash flow, a model that has delivered sizable distributions in the elevated 2026 price environment.

56. APA Corporation (Apache)

Houston-based E&P with core positions in the US, Egypt’s Western Desert, and the North Sea. In October 2024, APA and TotalEnergies sanctioned Block 58 (GranMorgu) offshore Suriname, targeting first oil around 2028.

57. Expand Energy

The largest US natural-gas producer, formed in October 2024 from the merger of Chesapeake Energy and Southwestern Energy. The combined company holds a dominant position in Appalachia (Marcellus and Utica) and the Haynesville, with production capacity around 7 Bcf per day. With European gas prices having spiked sharply during the 2026 LNG crisis, US gas economics have been transformed, and Expand Energy sits among the clearest beneficiaries on the producer side.

58. EQT Corporation

Appalachia-focused E&P and one of the largest US natural-gas producers. EQT acquired Equitrans Midstream in July 2024, creating a more vertically integrated model across the Marcellus and Utica, with growing exposure to US LNG feedgas supply contracts.

59. Diamondback Energy

Permian Basin pure-play that closed its merger with Endeavor Energy Resources in September 2024, creating one of the largest Midland and Delaware operators with concentrated, contiguous acreage and best-in-class drilling efficiency.

60. Ovintiv

North American multi-basin E&P, formerly Encana, with scale anchored in the Permian (Midland), Anadarko, and Canada’s Montney. Strategy emphasizes liquids-rich development, free cash flow, and shareholder returns.

61. Canadian Natural Resources Limited (CNRL)

Canada’s largest crude oil and natural-gas producer, with production around 1.4 million bpd across oil sands (Horizon, AOSP), heavy oil, light oil, natural gas, and NGLs. CNRL also operates international assets in the North Sea and offshore West Africa. Calgary-based and known for an unusually long-life, low-decline asset base, it is among the non-OPEC producers positioned to grow output through the 2026 disruption.

62. Aker BP

Norway-focused independent operating the Valhall, Ula, Edvard Grieg/Ivar Aasen, Alvheim, and Skarv hubs and holding a stake in Johan Sverdrup. Among Europe’s largest independents by production, and a beneficiary of the strategic premium on non-Gulf supply.

63. Harbour Energy

UK-based independent that completed the acquisition of Wintershall Dea’s non-Russian E&P portfolio on September 3, 2024, adding positions across Norway, Argentina, Mexico, Germany, Egypt, Algeria, and Libya, plus a notable bank of CCS licenses. The deal made Harbour one of Europe’s largest independent producers by output.

64. Woodside Energy

Australia’s largest independent energy company and a leading LNG operator through North West Shelf and Pluto LNG. The Scarborough gas development and Pluto Train 2 are advancing, with first LNG targeted in 2026, an unusually well-timed addition given Asian demand for non-Gulf LNG.

65. Santos

Australia-headquartered E&P with LNG interests in PNG LNG, GLNG, and Darwin LNG, plus the Barossa backfill project producing first gas in 2025. In August 2025, Santos extended exclusive due diligence with an ADNOC-led consortium over a proposed acquisition, with discussions still subject to approvals and now complicated by ADNOC’s reprioritization of domestic gas security during the 2026 crisis.

Midstream and LNG infrastructure leaders

66. Enbridge

North American energy infrastructure leader across liquids and natural-gas transmission plus gas utilities. In 2024 Enbridge closed the purchase of Dominion’s East Ohio Gas, Questar Gas, and PSNC, creating the largest natural-gas utility franchise in North America by volume.

67. TC Energy

Following the spinoff of its Liquids Pipelines business into South Bow on October 1, 2024, TC Energy is now focused on natural-gas transmission, storage, and power and energy solutions across Canada, the United States, and Mexico. Systems include NGTL, Canadian Mainline, and Columbia Gas and Gulf.

68. Kinder Morgan

Owner and operator of the largest natural-gas pipeline network in North America, roughly 79,000 miles transporting around 40 percent of all US natural gas, with connectivity to every major US shale basin. The portfolio also includes products and CO₂ pipelines and storage, with pipeline take-away capacity becoming a defining bottleneck on US LNG ramp during the 2026 crisis.

69. Williams Companies

Operator of Transco, the largest-volume gas pipeline in the United States, moving around 20 percent of all US natural gas, alongside gathering and processing and other interstate systems. Active expansions include Southeast Supply Enhancement, adding around 1.6 MMDth per day to the Southeast.

70. Enterprise Products Partners

Integrated midstream MLP with a dominant NGL value chain: Permian processing, the Mont Belvieu fractionation and storage hub, and large export terminals including ethane at Morgan’s Point. New projects include the Bahia NGL pipeline and the Neches River (Beaumont) LPG terminal now commissioning.

71. Energy Transfer

Diversified midstream partnership spanning crude, NGLs, natural gas, and products. It operates large Gulf Coast export hubs including Nederland (around 700,000 bpd of NGL export capacity) and continues to expand through deals like WTG Midstream in 2024 and additional NGL export capacity announced in 2025.

72. Cheniere Energy

The leading US LNG producer and exporter, operating Sabine Pass (six trains, around 30 mtpa via CQP) and Corpus Christi, where Stage 3 achieved first LNG in December 2024 and continued ramp through 2025. With Qatari LNG capacity damaged for years, Cheniere is among the clearest structural beneficiaries of the 2026 supply shift and is actively evaluating further capacity additions.

73. NOVATEK

Russia’s largest independent natural-gas producer and key LNG player through Yamal LNG. Its second project, Arctic LNG 2, has faced US and EU sanctions limiting sales and logistics, even as reports in 2025 indicated output from additional trains. The 2026 LNG squeeze has revived debate over whether sanctioned Russian volumes might find buyers despite political risk.

Commodity trading powerhouses

74. Vitol

The world’s largest independent energy trader across crude, refined products, gas, LNG, power, and carbon. It pairs trading with significant owned and affiliated assets including refining, retail networks, and terminals (notably VTTI). The scale of 2026 price volatility has been structurally supportive for physical traders that can move barrels into dislocated markets.

75. Trafigura

Employee-owned global commodity trader spanning oil and products, metals and minerals, gas, and power. Trading is supported by industrial assets including Nyrstar and majority-owned Puma Energy. Like its peers, Trafigura has been positioned for unusually strong trading conditions through the trade-route reshuffling forced by Hormuz’s closure.

76. Mercuria

Independent energy and commodities trader active in crude and products, gas and power, LNG, carbon, and metals. The firm combines trading with logistics assets including Minerva Bunkering and continues to grow investments in energy-transition businesses.

Oilfield services, drilling, EPC, and specialized equipment suppliers

77. SLB (Schlumberger)

The world’s largest oilfield services company, providing reservoir characterization, drilling, completions, and production solutions, plus digital subsurface software and automation. Also active in subsea through OneSubsea and in low-carbon technologies including CCUS and geothermal.

78. Halliburton

Global services leader focused on well construction and completion, from drilling, cementing, and stimulation to production optimization and well intervention. Known for integrated projects that improve recovery and lower lifecycle cost.

79. Baker Hughes

Energy technology company spanning upstream services and equipment, turbomachinery for LNG and gas, subsea systems, and digital and condition monitoring. Baker Hughes plays a major role in LNG compression and emerging low-carbon solutions including CCUS and hydrogen, with demand for new LNG equipment building as buyers race to lock in non-Gulf supply.

80. Weatherford

Full-suite services across well construction, completion, artificial lift, and intervention, with particular strength in tubular running and managed pressure drilling. Emphasis on technologies that enhance well integrity and production efficiency.

81. TechnipFMC

Specialist in subsea and surface technologies delivering integrated EPCI (iEPCI™) for offshore developments. It provides subsea production systems, flexible pipe, and life-of-field services designed to lower project cost and time to first oil or gas.

82. Saipem

Italian EPC and EPCI contractor for offshore and onshore energy projects, including subsea installation and large pipelines. Saipem is also active in floating production, LNG, and offshore wind foundations.

83. Subsea 7

Seabed-to-surface engineering and construction company focused on SURF (subsea umbilicals, risers, flowlines), pipelines, and renewables installation. Delivers EPCI projects for complex offshore fields worldwide.

84. Aker Solutions

Norwegian engineering and technology provider for subsea production systems, topsides, and brownfield modifications. The company works across the full project lifecycle with strong North Sea heritage and alliances in subsea.

85. Wood (John Wood Group)

Global consulting and engineering firm covering concept, design, projects, and O&M across upstream, midstream, downstream, and chemicals. Known for asset integrity, decarbonization, and complex brownfield work, including the type of damage-assessment and rebuild engineering that will follow the 2026 Gulf conflict.

86. Worley

Australia-headquartered engineering and professional services company serving hydrocarbons, chemicals, and resources, now heavily focused on sustainability and energy transition projects. It delivers EPCM and advisory across the asset lifecycle.

87. McDermott

EPCI contractor for offshore and onshore energy including subsea, LNG, petrochemicals, and storage. McDermott integrates engineering, procurement, fabrication, and installation with global yards and marine spreads.

88. Fluor

One of the largest EPC firms globally, executing energy, chemicals, mining, and infrastructure megaprojects. In oil and gas it is known for LNG terminals, refineries, and petrochemical complexes, all categories that could see stronger demand as the industry rebuilds and diversifies post-Hormuz.

89. Transocean

Offshore drilling contractor specializing in deepwater and ultra-deepwater drillships and semisubmersibles. A strong track record in harsh-environment projects and high-specification rigs places Transocean at the center of the global deepwater pipeline.

90. Valaris

Global offshore driller formed from the EnscoRowan combination, operating a large fleet of jackups and floaters. Focus on safety, high-efficiency operations, and reactivated rigs supports rising deepwater demand.

91. Seadrill

Offshore drilling company with a modern fleet of drillships, semisubs, and premium jackups. Provides deepwater and harsh-environment services to major operators worldwide.

92. Maxwell Oil Tools

Manufacturer of low-friction composite and ceramic centralizers (HELIX™, MAXLOCK™) and drillpipe and casing protectors (MAXDRILL®), built on its MCC multilayer composite technology. The tools are designed to cut torque and drag, improve standoff and fluid bypass, and reduce casing wear in challenging wells.

93. Noble Corporation

Offshore drilling contractor (combined with Maersk Drilling in 2022) operating high-spec drillships, semis, and jackups. The company focuses on deepwater efficiency, digitalization, and low-emission rig upgrades.

94. Helmerich & Payne

Leading US land driller known for FlexRig® technology, automation, and performance drilling in shale basins. Helmerich & Payne offers drilling solutions, data and remote ops, and rig fleets across North America and select international markets.

95. Patterson-UTI

Integrated US drilling and completions provider with large land rig fleets and pressure-pumping and fracturing services, scaled further by its 2023 combination with NexTier. Patterson-UTI provides turnkey and performance-based solutions across major shale plays.

96. Nabors Industries

Global land drilling contractor with high-spec rigs, drilling automation, and digital workflows, also active in geothermal drilling and energy transition technologies. The company operates across the US and international markets.

97. NOV (National Oilwell Varco)

Leading manufacturer of oilfield equipment and technology for rigs, wellbore construction, completion tools, and production systems. NOV supplies critical components, composites, and digital solutions across the drilling lifecycle.

98. Tenaris

Global producer of seamless and welded steel pipe (OCTG) and related services for drilling and production. Tenaris provides rig-direct supply, premium connections, and pipe management to improve well reliability. Pipeline construction announcements like Iraq’s 700 km Basra-Haditha line launched May 1, 2026 point to steady order pipeline for OCTG and large-diameter line pipe through the rest of the decade.

99. Oceaneering International

Subsea engineering and robotics company best known for ROV services, umbilicals, tooling, and integrity management. Oceaneering supports inspection, maintenance, and remote operations for offshore energy.

100. SBM Offshore

Leader in FPSO design, leasing, and operations, plus turret mooring and floating production solutions. A strong deepwater track record with long-term lease and operate contracts for major oil and gas projects rounds out the top 100.

Themes shaping oil and gas in 2026

NOCs hold the upstream center of gravity. Despite the visibility of the international majors, the NOCs control the majority of the world’s proven reserves and operating production. Saudi Aramco, ADNOC, QatarEnergy, NIOC, Sinopec, CNPC, PetroChina, CNOOC, Gazprom, Rosneft, Petrobras, Pemex, and the Indian PSUs together direct the bulk of upstream activity and a growing share of downstream and LNG capacity. The 2026 disruption has reinforced the strategic weight of state-backed energy companies, and the response from governments has been to consolidate rather than dilute that control.

LNG and the post-Hormuz reshuffle. The damage to QatarEnergy’s Ras Laffan complex has redrawn the global LNG map for years. Buyers in South Korea, Japan, Taiwan, India, Singapore, and Europe are racing to lock in alternative supply from Cheniere, ExxonMobil, TotalEnergies, Shell, Woodside, PETRONAS, and US Gulf Coast greenfield projects. Pipeline gas exporters including Equinor, Sonatrach, and Azerbaijan’s SOCAR have similarly gained strategic premium. Even sanctioned Russian LNG from NOVATEK has drawn quiet attention from buyers struggling for cargoes.

The trading houses are positioned for an unusual run. Vitol, Trafigura, and Mercuria have historically thrived in volatility, and the 2026 environment is one of the most dislocated trading environments since 2008. Wide arbitrage spreads, frequent route changes, and stranded cargoes have all played to the structural advantages of the major commodity merchants.

The services backbone gets back to growth. Higher long-term prices, government-led pipeline build-outs (notably Iraq’s Basra-Haditha system and the expansion of UAE bypass capacity), and the need to rebuild damaged Gulf infrastructure point to a multi-year up-cycle for SLB, Halliburton, Baker Hughes, NOV, Tenaris, and the global EPC and subsea contractors. The land drillers and pressure pumpers serving US shale also benefit, though most US producers continue to favor capital discipline over aggressive ramp-up.

Frequently asked questions

Which is the largest oil and gas company in the world?

By most measures, Saudi Aramco is the largest oil and gas company in the world. It produces around 9 to 10 million barrels of oil per day in normal conditions, holds proven reserves of roughly 247 billion barrels, and operates the world’s largest integrated refining and chemicals footprint. ExxonMobil, Chevron, Shell, and TotalEnergies lead among the publicly traded international majors.

Which oil and gas companies have been most affected by the 2026 Iran war?

The most directly affected companies include QatarEnergy (LNG Trains 4 and 6 damaged for years), Saudi Aramco (Ras Tanura refinery hit, Hormuz disruption), ADNOC (Ruwais and Shah strikes, UAE leaving OPEC), Kuwait Petroleum Corporation (force majeure), Iraq’s Basra Oil Company and BP at Rumaila (output collapse), Shell (Pearl GTL damage, force majeure on Qatari LNG), and Chevron (Leviathan suspension and restart). The full operational status of each is noted in the relevant entries above.

Who are the world’s largest LNG exporters?

The world’s largest LNG exporters historically have been Qatar (QatarEnergy), the United States (Cheniere, Sabine Pass and Corpus Christi, plus ExxonMobil’s growing portfolio), Australia (Woodside, Santos), Russia (NOVATEK at Yamal LNG), and Malaysia (PETRONAS). With Qatari LNG capacity reduced by around 17 percent for several years, US exporters and Woodside in Australia are positioned as the clearest structural beneficiaries.

What is the difference between a national oil company and an international major?

A national oil company (NOC) is a state-owned or majority state-controlled energy company that typically operates the reserves of a single host country, often serving as an instrument of national economic and energy policy. Examples include Saudi Aramco, ADNOC, QatarEnergy, NIOC, Petrobras, and CNPC. An international major is a privately or publicly listed integrated energy company that operates across multiple countries, including ExxonMobil, Chevron, Shell, BP, TotalEnergies, and Eni. NOCs together control the majority of the world’s proven oil and gas reserves.

How does the Strait of Hormuz disruption affect global oil markets?

The Strait of Hormuz normally carries around 20 percent of global oil and 20 percent of global LNG trade. Its closure or partial restriction during 2026 removed more than a billion barrels of crude from the global market within a few months and triggered force majeure declarations across Gulf producers. Available bypass options including Saudi Arabia’s Petroline pipeline (surged to about 7 million bpd) and the UAE’s ADCOP pipeline can only partly replace the lost throughput, which is why Aramco’s CEO has warned that full market normalization could now extend into 2027.