2023 Oil and Gas Benchmark

29 June 2023

The World Benchmarking Alliance Climate and Energy Benchmark measures and ranks the world’s 100 most influential oil and gas companies on their alignment to a low-carbon world. The 2023 benchmark is the second iteration since the benchmark was launched in 2021. The assessment combines the ACT (Assessing low Carbon Transition) Oil & Gas methodology and WBA social and just transition indicators. This approach provides a holistic assessment of companies’ efforts to achieve a low-carbon transition that is just and equitable. 

Five key findings

The 2023 Climate and Energy Benchmark in the oil and gas sector reveals valuable insights about the performance of companies in the industry. Even though the median scores result has improved compared to the previous iteration, most of the companies have not set targets that cover their scope 1, 2 and 3 emissions, meaning that the majority of emissions from this sector are still not covered by reduction targets. 

The findings also show that overall, only a minority of the assessed companies are engaged with necessary preconditions for a just transition, if undertaking a low-carbon transition at all. As with the low-carbon assessment, companies demonstrate a lack of commitment and action in their business relationships and value chain, as well as within the companies and for their own employees. A just transition requires urgent attention from companies and policymakers. A concerted effort is needed to bring people along in the transformation. Lack of action by companies could risk the success of the low-carbon transition and could lead to increased inequality, mass unemployment and civil unrest.  

Key finding

With no set date to phase out fossil fuels, companies fail to make credible transition plans

The phase out of fossil fuels is urgently needed to limit increase in global temperatures to 1.5˚C. The IEA’s Net Zero Emissions (NZE) by 2050 Scenario has given a firm directive that no new oil and gas expansion should occur beyond projects approved in 2021 and production must rapidly decline by the end of this decade. Nonetheless, oil and gas companies have persisted in their expansion efforts and show no sign of curtailing production. The keystone oil and gas companies are set to burn through their carbon budget by 2036.

Key finding

Despite soaring profits, companies are still not investing in a low-carbon transition

The oil and gas sector earned USD 4 trillion in 2022, a substantial increase from an average of 1.5 trillion in recent years (Reuters, 2023). Despite this, only 25% of the assessed companies report their low-carbon capital expenditure share. Oil and gas companies need to act now to adapt business models to the low-carbon economy and invest vast amounts in new low-carbon solutions and research and development. As per the IEA’s NZE Scenario, by 2030, every 1 USD spent by companies on fossil fuels should be outmatched by 5 USD spent on clean energy supply and another 4 USD on efficiency and end users.

Key finding

Companies are not addressing their direct operational emissions, even when financially feasible decarbonisation solutions are readily available

While the transition away from fossil fuels is unavoidable, the world is currently still dependent on oil and gas. Therefore, it is critical that companies in the oil and gas sector limit the impact of their operations by reducing their scope 1 and 2 emissions in this decisive decade. Yet most of the assessed companies are not reducing their operational emissions fast enough to limit global warming to 1.5°C. Companies need to use the five key levers listed by the IEA to achieve this reduction: tackling methane emissions, eliminating non-emergency flaring, electrifying upstream facilities with low-emissions electricity, equipping oil and gas processes with carbon capture utilisation and storage (CCUS), and expanding the use of green hydrogen in refineries.

Key finding

It’s time companies come to the table with workers and affected stakeholders to plan for a just transition together

Companies in the oil and gas sector have strong connections with workers and unions when compared to other assessed sectors in WBA’s Climate and Energy Benchmark. Among the benchmarked companies, 35% have public commitments to engage in social dialogue and 46% disclose the share of their workforce covered by collective bargaining agreements; both these metrics have improved since the 2021 assessment. With improved performance in these and additional related indicators, oil and gas companies seem to be strengthening their connection with workers and unions. Now, as 93% of the companies score zero on just transition planning, it is time for the companies to use these connections to workers and unions to plan for a just transition together.

Key finding

Companies need to build on current progress and continue to strengthen their human rights due diligence

Human rights risks are highly prevalent and a significant concern in the oil and gas sector given the nature of its operations, and a majority of the companies (56%) are committed to respecting human rights. In comparison with other assessed sectors in WBA’s Climate and Energy Benchmark, the oil and gas sector performs in line with, or in some instances better, on human rights due diligence. Regardless of the comparatively strong performance of this sector, companies have a long way to go until human rights risks are effectively managed. Companies need to continue to strengthen their efforts on human rights due diligence to the benefit of those whose human rights are at risk of being violated.

See how the companies performed

View ranking

Further reading

  • Insights report

    This report builds on the above-mentioned key findings in detail and dives further into the module level summaries.

    See insights report

  • Technical FAQs

    These FAQs explain technical aspects of how the ACT methodologies are used to assess companies in high emitting sectors and create WBA’s Oil and Gas Benchmark. 

    See FAQs

  • Benchmark data set

    Our 2023 Climate and Energy Benchmark in the oil and gas sector measures the world’s 100 most influential companies in the oil and gas sector on their alignment with the Paris Agreement goal of limiting global warming to 1.5° Celsius and their contributions to a just transition. This data sheet compiles company-level information and module and indicator scoring.

    See datasheet

  • Press release

    Read or download the Oil and Gas Benchmark news announcement

    See press release

Where are the 100 companies headquartered?

Locations

  • Title: Türkiye Petrol Rafinerileri
    Place: Turkey
    Description:
  • Title: TurkmenGaz
    Place: Turkmenistan
    Description:
  • Title: Ultrapar
    Place: Brazil
    Description:
  • Title: Valero Energy
    Place: United States of America
    Description:
  • Title: Varo Energy
    Place: Switzerland
    Description:
  • Title: Viva Energy
    Place: Australia
    Description:
  • Title: Woodside Energy
    Place: Australia
    Description:
  • Title: YPF
    Place: Argentina
    Description:
  • Title: KazMunayGas
    Place: Kazakhstan
    Description:
  • Title: Novatek
    Place: Russian Federation
    Description:
  • Title: Occidental Petroleum
    Place: United States of America
    Description:
  • Title: Oil and Natural Gas Corporation
    Place: India
    Description:
  • Title: OMV
    Place: Austria
    Description:
  • Title: Origin Energy
    Place: Australia
    Description:
  • Title: PBF Energy
    Place: United States of America
    Description:
  • Title: Pemex
    Place: Mexico
    Description:
  • Title: Pertamina
    Place: Indonesia
    Description:
  • Title: Petrobras
    Place: Brazil
    Description:
  • Title: Petroecuador
    Place: Ecuador
    Description:
  • Title: Petroleos de Venezuela
    Place: Venezuela
    Description:
  • Title: Petroleum Development Oman
    Place: Oman
    Description:
  • Title: PETRONAS
    Place: Malaysia
    Description:
  • Title: Central Energy Fund
    Place: South Africa
    Description:
  • Title: Phillips 66
    Place: United States of America
    Description:
  • Title: Pioneer Natural Resources
    Place: United States of America
    Description:
  • Title: PKN Orlen
    Place: Poland
    Description:
  • Title: PTT
    Place: Thailand
    Description:
  • Title: QatarEnergy
    Place: Qatar
    Description:
  • Title: Reliance Industries
    Place: India
    Description:
  • Title: Repsol
    Place: Spain
    Description:
  • Title: Rosneft
    Place: Russian Federation
    Description:
  • Title: Santos
    Place: Australia
    Description:
  • Title: Saras
    Place: Italy
    Description:
  • Title: Sasol
    Place: South Africa
    Description:
  • Title: Saudi Aramco
    Place: Saudi Arabia
    Description:
  • Title: Shaanxi Yanchang Petroleum
    Place: China
    Description:
  • Title: Shell
    Place: Netherlands
    Description:
  • Title: Sinochem Energy
    Place: China
    Description:
  • Title: SK Innovation
    Place: Republic of Korea
    Description:
  • Title: SOCAR
    Place: Azerbaijan
    Description:
  • Title: Sonangol
    Place: Angola
    Description:
  • Title: Sonatrach
    Place: Algeria
    Description:
  • Title: Suncor Energy
    Place: Canada
    Description:
  • Title: Surgutneftegas
    Place: Russian Federation
    Description:
  • Title: Targa Resources
    Place: United States of America
    Description:
  • Title: Tatneft
    Place: Russian Federation
    Description:
  • Title: TotalEnergies
    Place: France
    Description:
  • Title: ConocoPhillips
    Place: United States of America
    Description:
  • Title: Cosmo Energy
    Place: Japan
    Description:
  • Title: CPC
    Place: Taiwan, China
    Description:
  • Title: Devon Energy
    Place: United States of America
    Description:
  • Title: Ecopetrol
    Place: Colombia
    Description:
  • Title: Egyptian General Petroleum
    Place: Egypt
    Description:
  • Title: Emirates National Oil Company
    Place: United Arab Emirates
    Description:
  • Title: ENEOS
    Place: Japan
    Description:
  • Title: ENGIE
    Place: France
    Description:
  • Title: Eni
    Place: Italy
    Description:
  • Title: Enterprise Products Partners
    Place: United States of America
    Description:
  • Title: EOG Resources
    Place: United States of America
    Description:
  • Title: Equinor
    Place: Norway
    Description:
  • Title: Exxon Mobil
    Place: United States of America
    Description:
  • Title: Formosa Petrochemical
    Place: Taiwan, China
    Description:
  • Title: GAIL (India)
    Place: India
    Description:
  • Title: Galp Energia
    Place: Portugal
    Description:
  • Title: Gazprom
    Place: Russian Federation
    Description:
  • Title: GS Holdings
    Place: Republic of Korea
    Description:
  • Title: Helleniq Energy
    Place: Greece
    Description:
  • Title: Hess
    Place: United States of America
    Description:
  • Title: HF Sinclair
    Place: United States of America
    Description:
  • Title: Idemitsu Kosan
    Place: Japan
    Description:
  • Title: IndianOil
    Place: India
    Description:
  • Title: Inpex
    Place: Japan
    Description:
  • Title: Kuwait Petroleum Corporation
    Place: Kuwait
    Description:
  • Title: Lukoil
    Place: Russian Federation
    Description:
  • Title: Marathon Oil
    Place: United States of America
    Description:
  • Title: Marathon Petroleum
    Place: United States of America
    Description:
  • Title: MOL Magyar Olajes Gazipari Nyrt
    Place: Hungary
    Description:
  • Title: Naftogaz
    Place: Ukraine
    Description:
  • Title: National Iranian Oil Company
    Place: Iran
    Description:
  • Title: National Oil Corporation of Libya
    Place: Libya
    Description:
  • Title: Naturgy Energy
    Place: Spain
    Description:
  • Title: Neste
    Place: Finland
    Description:
  • Title: NGL Energy Partners
    Place: United States of America
    Description:
  • Title: Nigerian National Petroleum Corporation
    Place: Nigeria
    Description:
  • Title: Abu Dhabi National Oil Company
    Place: United Arab Emirates
    Description:
  • Title: Ampol
    Place: Australia
    Description:
  • Title: APA Corporation
    Place: United States of America
    Description:
  • Title: Basra Oil Company
    Place: Iraq
    Description:
  • Title: Bharat Petroleum
    Place: India
    Description:
  • Title: bp
    Place: United Kingdom
    Description:
  • Title: California Resources Corporation
    Place: United States of America
    Description:
  • Title: Canadian Natural Resources
    Place: Canada
    Description:
  • Title: Cenovus Energy
    Place: Canada
    Description:
  • Title: Chesapeake Energy
    Place: United States of America
    Description:
  • Title: Chevron
    Place: United States of America
    Description:
  • Title: China National Offshore Oil
    Place: China
    Description:
  • Title: China National Petroleum
    Place: China
    Description:
  • Title: China Petroleum and Chemical Corporation Limited (Sinopec)
    Place: China
    Description:
  • Title: Compania Espanola de Petroleos (CEPSA)
    Place: Spain
    Description:

Previous findings

  • 2021 Oil and Gas Benchmark

    The World Benchmarking Alliance’s second iteration of the Oil and Gas Benchmark assessed 100 of the world’s most influential companies.

    See 2021 findings