PFC Energy 50 Ranking of World’s Top Energy Companies: SuperMajors, led by Chevron, Top 2011 Value Growth Performance

by PFC Energy, press release, Washington D.C., Jan 23, 2012

The six SuperMajors posted the best group performance among companies returning to this year’s PFC Energy 50 list. ExxonMobil, Royal Dutch Shell [#3 at $234.6 bn -- D.R], Chevron, BP [#6 at $135.5 bn -- D.R.], TOTAL [#8 at $121.0 bn -- D.R.] and ConocoPhillips [#10 at 96.8 bn -- D.R.] increased their combined market capitalization 8% during 2011 to $1.2 trillion. Chevron (#4 at $211.9 bn) increased its valuation by 15% from $183.6 bn one year ago—the largest percentage increase of any returning company.

 

ExxonMobil (#1 at $406.3 bn) kept the first place position it has held every year except 2007 and 2009, when the list was headed by PetroChina, this year at #2 with a market valuation of $276.6 bn.

 

“At higher oil prices than four years ago the combined $3.6 trillion valuation of the PFC Energy 50 companies still falls short of the peak $5.2 trillion in December 2007,” commented PFC Energy’s Chairman and CEO, Robin West. “Several factors drive the lower valuation, including significantly lower North American gas prices and less buoyant global equity markets.”

 

Marathon [#44 in 2010 -- D.R.] ended its six-year run on the PFC Energy 50 when it spun off downstream operations in July as Marathon Petroleum. Marathon Oil (+30%) and Marathon Petroleum (+14%) led the Exploration & Production and Refining & Marking segments in share price performance. The combined market value of the two companies increased 24%.

 

Underperforming the overall list were National Oil Companies and companies located in emerging markets. With investors viewing these companies more critically due to country risk exposure and lack of portfolio diversification, the groupings posted value declines of 14% and 16%, respectively. 

 

The combined value of the four service sector companies on the PFC Energy 50 list (Schlumberger, Halliburton, National Oilwell Varco and [Luxembourg-based] Tenaris) declined by 16% as the global energy industry achieved high activity levels with no significant tightness in services and equipment markets. 

 

A major story of 2011 has been the expanding oil and gas potential of the North American onshore, which has created an intense demand for infrastructure. In recognition of their growing importance, this year’s PFC Energy 50 list includes midstream and pipeline companies. Four companies from that segment made the list—Enterprise (#25), TransCanada (#37), Enbridge (#40) and Kinder Morgan (#41). As a group, these new entrants to the PFC Energy 50 posted the year’s largest value gains. [Full Story -- D.R.] 

 

(PFC Energy, the Washington-based consulting firm, publishes an annual Top 50 ranking of the biggest publicly-traded energy companies, based mainly on capital market performance. The listing includes companies from nine sectors: International Oil Companies; National Oil Companies; Exploration & Production; Midstream/Infrastructure, Refining & Marketing; Gas/Utilities; Oilfield & Drilling Services; Equipment, Engineering & Construction; and Alternative Energy. State-backed national oil companies, or NOCs, had a bad 2011. Only two publicly traded NOCs -- Norwegian Statoil (+9%) and Colombian Ecopetrol (+1%) -- posted positive performance. The largest declines among NOCs experienced Indian ONGC (-33%, #24 in 2011 versus #21 in 2010), Brazilian Petrobras (-33%, #5 in 2011 versus #3 in 2010) and China's CNOOC (-26%, #15 in 2011 versus #10 in 2010). The full PFC Energy 50, January 2012 report is also available at https://workspaces.acrobat.com/?d=MRjCvriadJ0ApxoN67GMvQ Also, please see my previous post "World Watch: PFC Energy 50 Ranking of World's Top Energy Companies, Jan 2011." -- D.R.)

Top 10 Largest Refining Companies in Asia

by David Rachovich

Largest Refining Companies in Asia 

Rank	Company	No. of Refineries	Crude Capacity, barrels per calendar day (b/cd)*
1.	Sinopec (China)	27	3,971,000
2.	CNPC (China)	25	2,675,000
3.	ExxonMobil (USA)	10	1,937,500
4.	JX Nippon Oil & Energy Corp. (Japan)	7	1,423,200
5.	Royal Dutch Shell PLC (NL/UK)	13	1,340,875
6.	Indian Oil Co. Ltd. (India)	11	1,314,566
7.	Reliance Industries Ltd.(India)	2	1,240,000
8.	SK Innovation (South Korea)	2	1,115,000
9.	Pertamina (Indonesia)	8	1,011,825
10.	Chinese Petroleum Corp. (CPC, Taiwan)	3	770,000

Notes: In table above, Pertamina and SK Innovation (formerly SK Corp.) have switched positions – please see my previous post "Top 10 Largest Refining Companies in Asia, the USA and WesternEurope – OGJ," Feb 20, 2011.  Please read Warren R. True and Leena Koottungal, "Global Capacity Growth Reverses; Asian, Mideast Refineries Progress," OGJ, Dec 5, 2011.

*Includes partial interests in refineries not wholly owned by the company.

Source: Oil & Gas Journal, Dec 5, 2011.

(Please see my post "World's Top 21 Largest Oil Refineries - OGJ," Feb 7, 2012. Also, please see my post "Mid 2012 Ranking of the World's Biggest Oil & Gas Companies -- Forbes." -- D.R.)  

World's Top 21 Largest Oil Refineries -- OGJ

by David Rachovich

World's Largest Refineries (minimum capacity of 400,000 b/cd) 

Rank	Company	Location	Crude Capacity, barrels per calendar day (b/cd)
1.	Paraguana Refining Center*	Cardon/Judibana, Falcon, Venezuela	940,000
2.	SK Innovation	Ulsan, South Korea	840,000
3.	GS Caltex Corp.	Yeosu, South Korea	760,000
4.	Reliance Petroleum Ltd. [merged with RIL since 2009]	Jamnagar, India	660,000
5.	ExxonMobil Refining & Supply Co.	Jurong/Pulau Ayer Chawan, Singapore	605,000
6.	Reliance Industries Ltd. [RIL]	Jamnagar, India	580,000
7.	S-Oil Corp.	Onsan, South Korea	565,000
8.	ExxonMobil Refining & Supply Co.	Baytown,** Texas, USA	560,500
9.	Saudi Arabian Oil Co. (Saudi Aramco)	Ras Tanura, Saudi Arabia	550,000
10.	Formosa Petrochemical Co.	Mailiao, Taiwan	540,000
11.	ExxonMobil Refining & Supply Co.	Baton Rouge, Louisiana, USA	502,500
12.	Hovensa LLC	St. Croix, Virgin Islands, USA	500,000
13.	Marathon Petroleum Co. LLC	Garyville, Louisiana, USA	490,000
14.	Kuwait National Petroleum Co.	Mina Al-Ahmadi, Kuwait	466,000
15.	Shell Eastern Petroleum (Pte) Ltd.	Pulau, Bukom, Singapore	462,000
16.	BP PLC	Texas City, Texas, USA	451,250
17.	Citgo Petroleum Corp.	Lake Charles, Louisiana, USA	440,000
18.	Shell Nederland Raffinaderij B.V.	Pernis, Netherlands	404,000
19.	Sinopec	Zhenhai, China	403,000
20.	Saudi Arabian Oil Co. (Saudi Aramco)	Rabigh, Saudi Arabia	400,000
21.	Saudi Aramco-Mobil	Yanbu, Saudi Arabia	400,000

Notes: OGJ data show that Marathon Petroleum Co. LLC moved from No. 17 to No.13 on the list during 2011 – please see the previous post "World's Top 21 Largest Oil Refineries – OGJ," Feb 19, 2011. Reliance Industries Limited (RIL) has 1.24 million barrels per day of crude processing capacity [i.e. No. 4 Jamnagar + No. 6 Jamnagar, above], the largest at any single location in the world – please see RIL's website here – D.R. For 2011, OGJ's survey shows total capacity of 88,055,552 bc/d in 655 refineries. For 2010, OGJ's previous survey shows total capacity at more than 88.2 million b/cd in 662 refineries, an increase of 1 million b/cd over the figure for 2009 of 87.2 million b/cd for 661 refineries. OGJ's refinery survey for 2008 listed a global capacity of 85.6 million b/cd in 655 refineries. – Please read Warren R. True and Leena Koottungal, "Global Capacity Growth Reverses; Asian, Mideast Refineries Progress," OGJ, Dec 5, 2011; "Global Capacity Growth Slows, But Asian Refineries Bustle," OGJ, Dec 6, 2010. South Korea is home to three of the ten largest crude oil refineries in the world – SK Innovation's Ulsan (No. 2), GS Caltex's Yeosu (No. 3) and S-Oil's Onsan (No. 7), according to OGJ data above. Hess Corporation said in a statement on Jan 18, 2012, the Hovensa LLC refinery (No. 12 above) in St. Croix, U.S. Virgin Islands, a joint venture between Hess and Petroleos de Venezuela S.A., the state-owned oil company of Venezuela, will be shut down, after the refinery saw continued losses over several years. Following the shutdown, the complex will operate as an oil storage terminal---please see Hess website – D.R.

*The Paraguana Refining Center (Centro de Refinacion Paraguana/CRP) or Complex is the result of the merger in 1997 of three refineries: the Amuay refinery, the Cardon refinery and the Bajo Grande refinery, and currently considered the world's second largest refinery complex, after the Jamnagar complex (No. 4 Jamnagar + No. 6 Jamnagar, above) in India---please see notes above. The Paraguana Refining Center has the nominal capacity to refine 955,000 barrels of crude oil per day. -- D.R

**Update 1: Royal Dutch Shell Plc and Saudi Aramco became co-owners of the largest U.S. refinery when a new crude distillation unit at their joint-venture Motiva Enterprises Port Arthur, Texas, plant received oil for the first time. The 325,000 barrel-per-day (bpd) atmospheric crude distillation unit that started processing combines with existing crude units to give Motiva's Port Arthur, Texas, refinery a total crude oil refining capacity of 600,000 bpd, said Shell Chief Financial Officer Simon Henry during the company's first quarter earnings call. With the startup of the new Port Arthur crude unit, Exxon Mobil Corp's Baytown, Texas, refinery becomes the second-largest refinery in the United States---please see "Motiva Port Arthur refinery becomes U.S. largest - Shell," Reuters, Apr 26, 2012. Update 2: But by far the biggest refining story in North America in 2012 centered on the massive expansion at Motiva Enterprise LLC's Port Arthur, Tex., refinery. The 325,000-b/d, $10 billion expansion, largest at a US refinery in nearly 40 years and designed for feedstock flexibility, was dedicated on May 31, raising capacity to 600,000 b/d and making it the largest US refinery. On June 9, 2012, however, the new crude distillation unit sprung leaks traced to massive corrosion; a fire ensued and the expansion was shut down. Motiva has since traced the problem to faulty design. The unit will not restart before the end of first-quarter 2013, if then---please see Warren R. True and Leena Koottungal, "Asia, Middle East lead modest recovery in global refining," OGJ, Dec 3, 2012 - D.R.)

Source: Oil & Gas Journal, Dec 5, 2011

(For the outlook for Europe's refiners, please see "Europe’s refiners fall on hard times" - http://FT.com - Oil & Gas http://on.ft.com/xQoYU0 Also, please see "Top 10 Largest Refining Companies in Asia," Feb 13, 2012. Breaking News: On August 25, 2012, a massive blast at Venezuela's largest oil refinery, the 645,000 b/d Amuay refinery (part of the Paraguana Refinery Complex, please see table and notes above), on Paraguana peninsula, has left at least 39 people dead and dozens others injured. A gas leak is being blamed for the blast. Update: Please see my post "World's Top 21 Largest Oil Refineries -- OGJ," OGJ, Jan 6, 2013. -- D.R.)