BUSINESS INSIGHTS

The Top 10 Oil & Gas Companies

Growth strategies, consolidation and convergence in the leading players

New Energy Management Report

Distribution of global natural gas reserves

S & Central America

North America

Asia Pacific

Africa

Europe & Eurasia

Middle East

Source: The Top 10 Oil & Gas Companies N.B. Data relates to 2004

"The location of natural gas reserves and their key markets for
consumption are mismatched. The bulk of gas reserves are in the Middle
East, Europe and Eurasia (predominantly in the Russian Federation). The
U.S. has only 2.9% of the global gas reserves and accounts for about 24%
of the global consumption of natural gas..."

Benchmark the financial, production and reserves performance

of the world’s leading oil and gas companies
using the analysis in this new report...
Key issues examined in this report

Eni Reserves (2003-2005) • High and increasing oil prices, their underlying causes and their
effect on the major oil and gas companies.

Reserves 2003 2004 2005 • Competition for declining reserves. Declines in both reserve life and
Liquids (mmb) 4,138.0 4,008.0 3,773.0
production from existing fields are driving the leading oil and gas
Gas (bcf) 18,008.0 18,435.0 17,591.0
Gas (mmboe) 3,130.5 3,210.6 3,063.6 companies to formulate new strategies and technologies to acquire
Total (m m boe) 7,268.5 7,218.6 6,836.6
reserves and grow production.
Liquids (% of total) 56.9% 55.5% 55.2%
Gas (% of total) 43.1% 44.5% 44.8%
• Asian demand. Rapidly population growth and strong economic
growth is forecast to drive energy demand in the Asian countries to
increase 57% by 2025.
Source: The Top 10 Oil & Gas Companies

“Eni has a geographically well-diversified reserve base

• Production stability. Production is moving away from declining
with reserves in more than 23 countries. Its net proved mature fields in Western countries, to politically unstable sensitive
reserves of oil and natural gas are in excess of 6.8
countries increasing the chances of disruptions increase and could
bboe...”
contribute to higher oil prices in the future.
Source: The Top 10 Oil & Gas Companies
• Alternative energy. High oil prices and environmental concerns have
renewed the appeal of alternative energy forms.

Your key questions answered...

Shell - Global liquids production • What is the current reserve replacement rate and reserve life of each
of the leading oil and gas companies? What strategies are they
2.5 pursuing to replenish their reserves and grow production?
2.0
Production (mmb/day)

• How much are the upstream capital expenditure budgets of each of

1.5

1.0
the major oil and gas companies?
0.5
• What are the leading oil and companies plans for production growth
0.0
2001 2002 2003 2004 2005 given the decline in production from their existing fields and where
are they focusing their exploration efforts?
Europe Africa Asia Pacific Middle East/Russia USA Other

Source: The Top 10 Oil & Gas Companies • Which technologies are the leading oil and gas companies investing

“Shell's overall liquid production has declined by 2.5%

in and why?
annually (CAGR) in the last five years. The greatest
• What are the key drivers of oil and gas industry mergers and
decline was in Asia Pacific followed by the USA and the
Middle East. Only production in Africa increased acquisitions?
between 2001 and 2005. About 27% of the total 2005
• What is the long term forecast for oil and gas consumption?
production of liquids was in Europe and 22% in the
Middle East...”
• What are the fundamental causes for high oil prices?
Source: The Top 10 Oil & Gas Companies
The Top 10 Oil & Gas Companies
Growth strategies, consolidation and convergence in the leading players

Exxon Upstream Summary With oil prices at historical highs, most oil and gas companies have
Financial Data (2003-2005) achieved record profits over the last couple of years. However, these
companies face significant challenges including finding new reserves and
Financial Data 2003 2004 2005
Sales & Operating growing production, which have serious economic implications..
Revenues
($ inbns) 21.3 23 30.1 The Top 10 Oil & Gas Companies: Growth strategies, consolidation
After-tax
Net Income and convergence in the leading players is a new report published by
($ inbns) 14.5 16.7 24.3 Business Insights that provides best practice profiles of the largest oil and
Upstream
Capital Expenditure gas companies examining key strengths, weaknesses, opportunities and
($ inbns) 12 11.7 14.5 threats facing these companies. This report contains detailed reserve
analysis including replacement ratios, reserve life and the geographic
Source: The Top 10 Oil & Gas Companies
distribution and concentration of reserves. It also examines upstream
“The level of Exxon's investments highlights the strategy in terms of exploration focus, production growth targets,
importance of the upstream segment in this business. technology and inorganic strategy.
It invested $14.5bn in upstream activities, which was
almost 82% of the total investment in 2005 and 23.5%
This new report will help you to exploit the winning strategies
higher than 2004 capital expenditure in this
segment in 2004...” leading oil and gas companies use to expand their businesses and
achieve higher profitability.
Source: The Top 10 Oil & Gas Companies

This new report will enable you to...

Year-on-year growth rate of • Benchmark your performance against the world's most
global oil consumption
successful oil and gas companies using this report's profiles of

3.5%
financial performance, key competitors and growth strategies.
3.0%
• Enhance your competitive strategies based on the SWOT
2.5%

2.0% matrixes included in this report for Exxon, LUKOIL, BP, Chevron,
1.5%
Petrobras, Shell, Total, ConocoPhillips, Surgutneftegas and Eni.
1.0%

0.5% • Predict long term consumption and demand levels based on this
0.0%
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 report’s analysis of trends in current and future production by
geography, reserves and consumption forecasts contained in this
Source: The Top 10 Oil & Gas Companies
report.
“In 2004, global oil consumption grew at 2.5 mmb/d
of which China accounted for nearly 900,000 b/d. • Understand the drivers of key trends in the oil and gas market
This was double the average rate for the preceding
using this report’s examination of oil prices, population changes,
decade. Oil consumption growth of 3.4% in 2004 was
the fastest annual growth since 1986...”
economic growth, energy demand and technological development.

Source: The Top 10 Oil & Gas Companies

Sample information from the report

Chapter 6: Chevron Corporation

In August 2005, Chevron acquired Unocal, an independent
oil and gas firm, in a transaction valued at approximately
Figure 6.33: SWOT Analysis - Chevron
$17.3bn. The transaction added 1.3 bboe to Chevron's
reserve base at a valuation of approximately $10.8 per
Strengths Weaknesses
barrel of proved reserves and nearly $20 per barrel of Strong track record of exploration
Decline in production, particularly
success
proved, developed reserves. Unocal's reserves in the Rich resource base of 62 bboe
in North America

which can trigger a turnaround in

Caspian, the Southeast Asia and positions in the Gulf of reserve replacement rates
Low reserve replacement ratio in
the last 2 years: 49% of production
Strong project pipeline to deliver in 2004
Mexico were in many instances, complementary to production growth of 3% until
2010
Chevron's assets and strengthened its position in the Expert in deepwater E&P know-how

select, high-growth regions. The group, headquartered in

Opportunities Threats
the Pacific Rim, is particularly well positioned following its Concentration of reserves and risk
Well positioned to exploit in some areas. For instance,
acquisition of key gas assets in Southeast Asia to capitalize opportunities in Asian gas demand
(post Unocal)
Kazakhstan accounts for 20% of
2004 reserves

upon the growth opportunities in Asian gas demand. Potential for disruptions, higher
taxation and nationalization of
Unocal also enhanced Chevron's competency in ultra deep reserves in politically unstable
countries

water drilling know-how.

Source: The Top 10 Oil & Gas Companies
Chevron acquired Unocal more for the growth platform it
offered rather than for the cost savings potential. In fact,
cost savings from the merger, mainly arising from the elimination of duplicate facilities and services, and other synergies
were estimated to be only $325 million on a pre-tax basis.

Conclusion
The key challenges confronting Chevron are decline in its production rate and reserve replacement rates in recent years.
While some of the production challenges in 2005 were due to short-term reasons such as strong hurricanes in the Gulf of
Mexico region, the secular decline in production is due to fall in the production rates of its US assets.

However, the group is well positioned to address both challenges. It has a very strong exploration track record and a total
resource base of 62 bboe, of which 4.6 bboe was added in the last 3 years. After being below 100% for the past two
years, a return to replacement ratios higher than 100% within the next three years seems likely given the near term
additions to the reserves from projects such as Gorgon, Olokola LNG and Plataforma Deltana.

Chevron appears to be equally well positioned to address the lack of production growth and has committed to a 3%
growth per year until 2010. A strong pipeline of project slated to come on stream should help Chevron achieving this
target. Chevron is particularly well positioned to capture gas related opportunities in the Asian market.

As more production moves to politically unstable countries, Chevron, in common with its peers, faces added risks of
disruptions, production restrictions and higher taxes. In particular, the company has 20% of its liquids reserves in
Kazakhstan as of 2005. However besides TCO, the company's reserves are sufficiently well diversified with no single
property accounted for more than 5% of the company's total oil-equivalent proved reserves.

Order this report today to find out more...

Table of Contents

EXECUTIVE SUMMARY CHAPTER 5: BP

• Market context • Summary
• Exxon Mobil Corporation • Company Information
• OAO LUKOIL • Oil & Gas Operations
• BP p.l.c. - Reserves & Production
• Chevron Corporation • Upstream Strategy
• Petróleo Brasileiro S.A. (Petrobras) • SWOT Analysis
• Royal Dutch Shell plc • Conclusions
• Total S.A.
• ConocoPhillips CHAPTER 6: CHEVRON CORPORATION
• OAO Surgutneftegas • Summary
• Eni SpA • Company Information
• Oil & Gas Operations
CHAPTER 1: INTRODUCTION - Reserves & Production
• What is this report about? • Upstream Strategy
• Methodology • SWOT Analysis
• Conclusions
CHAPTER 2: MARKET CONTEXT
• Summary CHAPTER 7: PETRÓLEO BRASILEIRO S.A. (PETROBRAS)
• Overview • Summary
• Market trends • Company Information
- Sustained increase in oil prices since 2003 • Oil & Gas Operations
- Underlying causes for high oil prices - Reserves & Production
- 2005: Record profits for Big Oil, but costs are • Upstream Strategy
increasing • SWOT Analysis
• Conclusions
CHAPTER 3: EXXON MOBIL CORPORATION
• Summary CHAPTER 8: ROYAL DUTCH SHELL PLC
• Company Information • Summary
• Oil & Gas Operations • Company Information
- Reserves & Production • Oil & Gas Operations
• Upstream Strategy - Reserves & Production
• SWOT Analysis • Upstream Strategy
• Conclusions • SWOT Analysis
• Conclusions
CHAPTER 4: OAO LUKOIL
• Summary CHAPTER 9: TOTAL S.A.
• Company Information • Summary
• Oil & Gas Operations • Company Information
- Reserves & Production • Oil & Gas Operations
• Upstream Strategy - Reserves & Production
• SWOT Analysis • Upstream Strategy
• Conclusions • SWOT Analysis
• Conclusions
Table of Contents (Contd.)
CHAPTER 10: CONOCOPHILLIPS - Global liquids production(2001-2004)
• Summary - Global gas production (2001-2004)
• Company Information - SWOT Analysis: LUKOIL
• Oil & Gas Operations • BP
- Reserves & Production - Liquids reserves geographic mix (2005)
• Upstream Strategy - Gas reserves geographic mix (2005)
• SWOT Analysis - Global liquids production (2001-2005)
• Conclusions - Global gas production (2001-2005)
- LNG business overview
CHAPTER 11: OAO SURGUTNEFTEGAS - SWOT Analysis: BP p.l.c
• Summary • Chevron
• Company Information - Liquids reserves geographic mix (2005)
• Oil & Gas Operations - Gas reserves geographic mix (2005)
- Reserves & Production - Global liquids production
• Upstream Strategy - Global gas production (2001-2005)
• SWOT Analysis - Project starts (2005-2008)
• Conclusions - Upstream portfolio and global gas strategy
- Unocal Asset Portfolios
CHAPTER 12: ENI SPA - SWOT Analysis: Chevron
• Summary • Petrobras
• Company Information - Liquids reserves geographic mix (2005)
• Oil & Gas Operations - Gas reserves geographic mix (2005)
- Reserves & Production - Global liquids production(2001-2005)
• Upstream Strategy - Global gas production (2001-2005)
• SWOT Analysis - SWOT Analysis: Petrobas
• Conclusions • Shell
- Liquids reserves geographic mix (2005)
FIGURES - Gas reserves geographic mix (2005)
• Global population growth through 2050 - Global liquids production(2001-2005)
• Energy demand outlook until 2030 - Global gas production (2001-2005)
• Europe Brent Spot Price FOB ($/Barrel), 1987-2005 - Key Projects (2006-12)
• Year-on-year growth rate of global oil consumption, - SWOT Analysis: Royal Dutch Shell
1994-2004 • Total
• OPEC’s spare capacity - Liquids reserves geographic mix (2005)
• Distribution of global reserves (2004) - Gas reserves geographic mix (2005)
• Distribution of global natural gas reserves (2004) - Global liquids production(2001-2005)
• Natural gas market (bcf/d) - 2030 - Global gas production (2001-2005)
• Exxon - SWOT Analysis: Total
- Liquids reserves geographic mix (2005) • ConocoPhillips
- Gas reserves geographic mix (2005) - Liquids reserves geographic mix (2005)
- Global liquids production (2001-2005) - Gas reserves geographic mix (2005)
- Global gas production (2001-2005) - Global liquids production(2001-2005)
- Gas and power opportunities - Global gas production (2001-2005)
- SWOT Analysis: Exxon Mobil - New Legacy Growth Areas
• LUKOIL - SWOT Analysis: ConocoPhillips
- Liquids reserves geographic mix (2004) - SWOT Analysis: OAO Surgutneftegas
- Gas reserves geographic mix (2004)
Table of Contents (Contd.)
FIGURES (CONTD.) - Upstream Summary Financial Data (2003-2005)
• Eni - Reserves Data (2003-2005)
- Liquids reserves geographic mix (2005) - Reserves and Production (2001-2005)
- Gas reserves geographic mix (2005) • Total
- Global liquids production(2001-2005) - Key statistics
- Global gas production (2001-2005) - Summary financial information (2003-2005)
- Main start-ups & exploration discoveries - Upstream Summary Financial Data (2003-2005)
- Portfolio for future growth - Reserves Data (2003-2005)
- SWOT Analysis: Eni - Reserves and Production (2001-2005)
• ConocoPhillips
TABLES - Key statistics
• Top 10 oil/gas companies - profitability - Summary financial information (2003-2005)
• Top 10 reserve replacement ratios - Upstream Summary Financial Data (2003-2005)
• Exxon - Reserves Data (2003-2005)
- Key statistics - Reserves and Production (2001-2005)
- Summary financial information (2003-2005) • Surgutneftegas
- Upstream Summary Financial Data (2003-2005) - Key statistics
- Reserves Data (2003-2005) - Summary financial information (2003-2005)
- Reserves and Production (2001-2005) • Eni
• LUKOIL - Key statistics
- Key statistics - Summary financial information (2003-2005)
- Summary financial information (2002-2004) - Upstream Summary Financial Data (2003-2005)
- Upstream Summary Financial Data (2002-2004) - Reserves Data (2003-2005)
- Reserves Data (2003-2005) - Reserves and Production (2001-2005)
- Reserves and Production (2001-2005)
• BP
- Key statistics
- Summary financial information (2003-2005)
- Upstream Summary Financial Data (2003-2005)
- Reserves Data (2003-2005)
- Reserves and Production (2001-2005)
• Chevron
- Key statistics
- Summary financial information (2003-2005)
- Upstream Summary Financial Data (2003-2005)
- Reserves Data (2003-2005)
- Reserves and Production (2001-2005)
• Petrobras
- Key statistics
- Summary financial information (2003-2005)
- Upstream Summary Financial Data (2003-2005)
- Reserves Data (2003-2005)
- Reserves and Production (2001-2005)
• Shell
- Key statistics
- Summary financial information (2003-2005)
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