Material Investment

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Total score Targets Material Investment Intangible Investment Sold products Management Supplier Engagement Client Engagement Policy Engagement Business Model

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Module 2, material investment, assesses action to reduce emissions from the company’s operations. Emissions from oil and gas companies primarily occur when their products are combusted (i.e. scope 3 in-use emissions) but significant emissions are also generated during product extraction and processing (scopes 1 and 2). Comparing the company’s past and projected scope 1 and 2 emissions intensity trends with its 1.5°C pathway provides a good measure of its transition progress.

It is also important to assess the volume of scope 3 emissions expected from the company’s current and already approved extraction assets compared to the volume available under the company’s 1.5°C pathway. Comparing capital expenditure (CapEx) allocated to low-carbon technologies against the total CapEx also provides a good measure of action on transition.

Ranking overview

1 Marathon Petroleum Corporation
Total score 58.1 /100
Material Investment 58.1 /100
2 Hellenic Petroleum
Total score 51.2 /100
Material Investment 51.2 /100
3 ENEOS Holdings
Total score 36.1 /100
Material Investment 36.1 /100
4 CPC Corporation, Taiwan
Total score 34.5 /100
Material Investment 34.5 /100
5 Origin Energy
Total score 33.0 /100
Material Investment 33.0 /100
6 bp
Total score 26.7 /100
Material Investment 26.7 /100
7 Engie
Total score 26.2 /100
Material Investment 26.2 /100
8 Occidental Petroleum
Total score 20.4 /100
Material Investment 20.4 /100
9 Chevron Corporation
Total score 17.8 /100
Material Investment 17.8 /100
10 MOL Magyar Olajes Gazipari Nyrt
Total score 17.5 /100
Material Investment 17.5 /100
11 Cosmo Energy Holdings
Total score 16.3 /100
Material Investment 16.3 /100
12 Devon Energy Corp
Total score 16.2 /100
Material Investment 16.2 /100
13 Petroleos de Venezuela (PDVSA)
Total score 15.5 /100
Material Investment 15.5 /100
14 Compania Espanola de Petroleos SAU (CEPSA)
Total score 15.3 /100
Material Investment 15.3 /100
15 Apache Corporation
Total score 14.9 /100
Material Investment 14.9 /100
16 Repsol
Total score 14.7 /100
Material Investment 14.7 /100
17 Naftogaz
Total score 14.1 /100
Material Investment 14.1 /100
18 Chesapeake Energy Corp
Total score 13.8 /100
Material Investment 13.8 /100
19 Sinochem Energy
Total score 13.0 /100
Material Investment 13.0 /100
20 Oil and Natural Gas Corporation (ONGC)
Total score 12.8 /100
Material Investment 12.8 /100
21 Pertamina
Total score 12.7 /100
Material Investment 12.7 /100
22 Ecopetrol 
Total score 11.9 /100
Material Investment 11.9 /100
23 Novatek
Total score 11.8 /100
Material Investment 11.8 /100
24 BHP Group
Total score 11.6 /100
Material Investment 11.6 /100
25 Royal Dutch Shell
Total score 11.3 /100
Material Investment 11.3 /100
26 Egyptian General Petroleum Corporation (EGPC)
Total score 11.2 /100
Material Investment 11.2 /100
27 Total
Total score 11.1 /100
Material Investment 11.1 /100
28 Surgutneftegas
Total score 11.0 /100
Material Investment 11.0 /100
29 Sonangol
Total score 10.6 /100
Material Investment 10.6 /100
30 YPF
Total score 10.5 /100
Material Investment 10.5 /100
31 ConocoPhillips
Total score 10.4 /100
Material Investment 10.4 /100
32 Sasol
Total score 10.1 /100
Material Investment 10.1 /100
33 National Iranian Oil Company (NIOC)
Total score 10.0 /100
Material Investment 10.0 /100
34 Petroleum Development Oman (PDO)
Total score 9.5 /100
Material Investment 9.5 /100
35 Valero Energy
Total score 9.2 /100
Material Investment 9.2 /100
36 Equinor
Total score 9.1 /100
Material Investment 9.1 /100
- Petroecuador
Total score 9.1 /100
Material Investment 9.1 /100
38 EOG Resources 
Total score 8.7 /100
Material Investment 8.7 /100
39 Cenovus Energy
Total score 8.4 /100
Material Investment 8.4 /100
- China Petroleum and Chemical Corporation Limited (Sinopec)
Total score 8.4 /100
Material Investment 8.4 /100
- Marathon Oil
Total score 8.4 /100
Material Investment 8.4 /100
- Phillips 66
Total score 8.4 /100
Material Investment 8.4 /100
43 OMV
Total score 8.3 /100
Material Investment 8.3 /100
44 Emirates National Oil Company (ENOC)
Total score 8.0 /100
Material Investment 8.0 /100
45 Galp Energia
Total score 7.9 /100
Material Investment 7.9 /100
46 Petroleos Mexicanos (Pemex)
Total score 7.6 /100
Material Investment 7.6 /100
47 California Resources Corporation
Total score 7.3 /100
Material Investment 7.3 /100
- Petroliam Nasional Bhd (PETRONAS)
Total score 7.3 /100
Material Investment 7.3 /100
49 HollyFrontier
Total score 7.0 /100
Material Investment 7.0 /100
50 National Oil Corporation of Libya
Total score 6.9 /100
Material Investment 6.9 /100
51 Indian Oil Corporation (IndianOil)
Total score 6.8 /100
Material Investment 6.8 /100
52 Nigerian National Petroleum Corporation (NNPC)
Total score 6.6 /100
Material Investment 6.6 /100
53 Eni
Total score 6.3 /100
Material Investment 6.3 /100
- State Oil Company of Azerbaijan Republic (SOCAR)
Total score 6.3 /100
Material Investment 6.3 /100
55 Tatneft
Total score 6.0 /100
Material Investment 6.0 /100
56 Sonatrach
Total score 5.8 /100
Material Investment 5.8 /100
57 Lukoil
Total score 5.0 /100
Material Investment 5.0 /100
58 Neste
Total score 4.8 /100
Material Investment 4.8 /100
59 Gazprom
Total score 4.2 /100
Material Investment 4.2 /100
60 Suncor Energy 
Total score 3.4 /100
Material Investment 3.4 /100
61 Saras
Total score 3.3 /100
Material Investment 3.3 /100
62 Naturgy Energy
Total score 3.1 /100
Material Investment 3.1 /100
- TurkmenGaz
Total score 3.1 /100
Material Investment 3.1 /100
64 Pioneer Natural Resources 
Total score 2.8 /100
Material Investment 2.8 /100
65 Ampol Limited
Total score 2.5 /100
Material Investment 2.5 /100
- Inpex 
Total score 2.5 /100
Material Investment 2.5 /100
- PetroSA
Total score 2.5 /100
Material Investment 2.5 /100
68 China National Offshore Oil Corporation (CNOOC Group)
Total score 2.4 /100
Material Investment 2.4 /100
- Polski Koncern Naftowy Orlen (PKN Orlen)
Total score 2.4 /100
Material Investment 2.4 /100
- Rosneft
Total score 2.4 /100
Material Investment 2.4 /100
71 Exxon Mobil
Total score 2.0 /100
Material Investment 2.0 /100
72 SK Innovation
Total score 1.7 /100
Material Investment 1.7 /100
73 Türkiye Petrol Rafinerileri
Total score 1.5 /100
Material Investment 1.5 /100
74 NK KazMunayGaz
Total score 1.3 /100
Material Investment 1.3 /100
75 Santos 
Total score 1.1 /100
Material Investment 1.1 /100
76 Petroleo Brasileiro (Petrobras)
Total score 1.0 /100
Material Investment 1.0 /100
77 Formosa Petrochemical Corp
Total score 0.8 /100
Material Investment 0.8 /100
- Saudi Aramco
Total score 0.8 /100
Material Investment 0.8 /100
- Shaanxi Yanchang Petroleum Group
Total score 0.8 /100
Material Investment 0.8 /100
80 Targa Resources
Total score 0.7 /100
Material Investment 0.7 /100
81 Qatar Petroleum
Total score 0.4 /100
Material Investment 0.4 /100
82 GAIL (India)
Total score 0.1 /100
Material Investment 0.1 /100
- Hess Corporation
Total score 0.1 /100
Material Investment 0.1 /100
84 Abu Dhabi National Oil Company (ADNOC)
Total score 0.0 /100
Material Investment 0.0 /100
- Basra Oil Company (BOC)
Total score 0.0 /100
Material Investment 0.0 /100
- Bharat Petroleum Corporation
Total score 0.0 /100
Material Investment 0.0 /100
- Canadian Natural Resources
Total score 0.0 /100
Material Investment 0.0 /100
- China National Petroleum Corporation (CNPC)
Total score 0.0 /100
Material Investment 0.0 /100
- Enterprise Products Partners
Total score 0.0 /100
Material Investment 0.0 /100
- GS Holdings
Total score 0.0 /100
Material Investment 0.0 /100
- Idemitsu Kosan
Total score 0.0 /100
Material Investment 0.0 /100
- Kuwait Petroleum Corporation (Q8)
Total score 0.0 /100
Material Investment 0.0 /100
- NGL Energy Partners
Total score 0.0 /100
Material Investment 0.0 /100
- PBF Energy 
Total score 0.0 /100
Material Investment 0.0 /100
- PTT
Total score 0.0 /100
Material Investment 0.0 /100
- Reliance Industries
Total score 0.0 /100
Material Investment 0.0 /100
- Ultrapar
Total score 0.0 /100
Material Investment 0.0 /100
- Varo Energy
Total score 0.0 /100
Material Investment 0.0 /100
- Viva Energy Group
Total score 0.0 /100
Material Investment 0.0 /100
- Woodside Petroleum
Total score 0.0 /100
Material Investment 0.0 /100