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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° 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 Equinor
Total score 25.5 /100
Material investment 25.5 /100
2 OMV
Total score 22.2 /100
Material investment 22.2 /100
3 Targa Resources
Total score 20.0 /100
Material investment 20.0 /100
4 Idemitsu Kosan
Total score 20.0 /100
Material investment 20.0 /100
5 Repsol
Total score 18.3 /100
Material investment 18.3 /100
6 PETRONAS
Total score 16.7 /100
Material investment 16.7 /100
7 Compania Espanola de Petroleos (CEPSA)
Total score 16.4 /100
Material investment 16.4 /100
8 Origin Energy
Total score 15.5 /100
Material investment 15.5 /100
9 Shell
Total score 15.4 /100
Material investment 15.4 /100
10 Emirates National Oil Company
Total score 15.4 /100
Material investment 15.4 /100
11 Hess
Total score 15.0 /100
Material investment 15.0 /100
12 Chesapeake Energy
Total score 14.2 /100
Material investment 14.2 /100
13 Marathon Oil
Total score 14.1 /100
Material investment 14.1 /100
14 Central Energy Fund
Total score 13.6 /100
Material investment 13.6 /100
15 Türkiye Petrol Rafinerileri
Total score 13.4 /100
Material investment 13.4 /100
16 TotalEnergies
Total score 13.3 /100
Material investment 13.3 /100
17 Shaanxi Yanchang Petroleum
Total score 13.1 /100
Material investment 13.1 /100
18 Inpex
Total score 13.0 /100
Material investment 13.0 /100
19 Santos
Total score 13.0 /100
Material investment 13.0 /100
20 Cosmo Energy
Total score 12.9 /100
Material investment 12.9 /100
21 Marathon Petroleum
Total score 12.9 /100
Material investment 12.9 /100
22 Saras
Total score 12.7 /100
Material investment 12.7 /100
23 Devon Energy
Total score 12.7 /100
Material investment 12.7 /100
24 Ecopetrol
Total score 12.7 /100
Material investment 12.7 /100
25 EOG Resources
Total score 12.5 /100
Material investment 12.5 /100
- Pioneer Natural Resources
Total score 12.5 /100
Material investment 12.5 /100
27 Pemex
Total score 12.2 /100
Material investment 12.2 /100
28 ENEOS
Total score 12.0 /100
Material investment 12.0 /100
29 MOL Magyar Olajes Gazipari Nyrt
Total score 11.1 /100
Material investment 11.1 /100
30 Pertamina
Total score 10.8 /100
Material investment 10.8 /100
31 California Resources Corporation
Total score 10.6 /100
Material investment 10.6 /100
32 Surgutneftegas
Total score 10.6 /100
Material investment 10.6 /100
33 ConocoPhillips
Total score 10.6 /100
Material investment 10.6 /100
34 Galp Energia
Total score 10.3 /100
Material investment 10.3 /100
35 Egyptian General Petroleum
Total score 10.2 /100
Material investment 10.2 /100
36 Petroecuador
Total score 9.9 /100
Material investment 9.9 /100
37 Petrobras
Total score 9.6 /100
Material investment 9.6 /100
38 Sasol
Total score 9.5 /100
Material investment 9.5 /100
39 Chevron
Total score 9.0 /100
Material investment 9.0 /100
40 PTT
Total score 8.6 /100
Material investment 8.6 /100
41 ENGIE
Total score 8.4 /100
Material investment 8.4 /100
42 APA Corporation
Total score 8.2 /100
Material investment 8.2 /100
43 Nigerian National Petroleum Corporation
Total score 7.8 /100
Material investment 7.8 /100
44 Reliance Industries
Total score 7.1 /100
Material investment 7.1 /100
45 Naturgy Energy
Total score 7.1 /100
Material investment 7.1 /100
46 YPF
Total score 7.1 /100
Material investment 7.1 /100
47 Sonatrach
Total score 7.0 /100
Material investment 7.0 /100
48 Eni
Total score 6.9 /100
Material investment 6.9 /100
49 Sonangol
Total score 6.5 /100
Material investment 6.5 /100
50 Oil and Natural Gas Corporation
Total score 6.5 /100
Material investment 6.5 /100
51 China National Offshore Oil
Total score 6.1 /100
Material investment 6.1 /100
52 Cenovus Energy
Total score 5.8 /100
Material investment 5.8 /100
53 Occidental Petroleum
Total score 5.6 /100
Material investment 5.6 /100
54 PKN Orlen
Total score 5.5 /100
Material investment 5.5 /100
55 Petroleum Development Oman
Total score 5.1 /100
Material investment 5.1 /100
56 Lukoil
Total score 5.0 /100
Material investment 5.0 /100
57 Tatneft
Total score 4.9 /100
Material investment 4.9 /100
58 SK Innovation
Total score 4.7 /100
Material investment 4.7 /100
59 Sinochem Energy
Total score 3.9 /100
Material investment 3.9 /100
60 Naftogaz
Total score 3.8 /100
Material investment 3.8 /100
61 HF Sinclair
Total score 3.6 /100
Material investment 3.6 /100
62 SOCAR
Total score 3.1 /100
Material investment 3.1 /100
63 Woodside Energy
Total score 3.0 /100
Material investment 3.0 /100
64 CPC
Total score 2.1 /100
Material investment 2.1 /100
65 Petroleos de Venezuela
Total score 1.9 /100
Material investment 1.9 /100
66 QatarEnergy
Total score 1.9 /100
Material investment 1.9 /100
67 Rosneft
Total score 1.7 /100
Material investment 1.7 /100
68 Abu Dhabi National Oil Company
Total score 1.5 /100
Material investment 1.5 /100
69 KazMunayGas
Total score 1.2 /100
Material investment 1.2 /100
70 National Oil Corporation of Libya
Total score 1.2 /100
Material investment 1.2 /100
71 bp
Total score 1.0 /100
Material investment 1.0 /100
72 Gazprom
Total score 1.0 /100
Material investment 1.0 /100
73 China Petroleum and Chemical Corporation Limited (Sinopec)
Total score 0.9 /100
Material investment 0.9 /100
74 Exxon Mobil
Total score 0.8 /100
Material investment 0.8 /100
75 National Iranian Oil Company
Total score 0.6 /100
Material investment 0.6 /100
76 Kuwait Petroleum Corporation
Total score 0.4 /100
Material investment 0.4 /100
77 Canadian Natural Resources
Total score 0.3 /100
Material investment 0.3 /100
78 Ampol
Total score 0.3 /100
Material investment 0.3 /100
79 TurkmenGaz
Total score 0.2 /100
Material investment 0.2 /100
80 Suncor Energy
Total score 0.1 /100
Material investment 0.1 /100
81 China National Petroleum
Total score 0.1 /100
Material investment 0.1 /100
82 Basra Oil Company
Total score 0.1 /100
Material investment 0.1 /100
83 GS Holdings
Total score 0.0 /100
Material investment 0.0 /100
84 Bharat Petroleum
Total score 0.0 /100
Material investment 0.0 /100
- Enterprise Products Partners
Total score 0.0 /100
Material investment 0.0 /100
- Formosa Petrochemical
Total score 0.0 /100
Material investment 0.0 /100
- GAIL (India)
Total score 0.0 /100
Material investment 0.0 /100
- Helleniq Energy
Total score 0.0 /100
Material investment 0.0 /100
- IndianOil
Total score 0.0 /100
Material investment 0.0 /100
- NGL Energy Partners
Total score 0.0 /100
Material investment 0.0 /100
- Neste
Total score 0.0 /100
Material investment 0.0 /100
- Novatek
Total score 0.0 /100
Material investment 0.0 /100
- PBF Energy
Total score 0.0 /100
Material investment 0.0 /100
- Phillips 66
Total score 0.0 /100
Material investment 0.0 /100
- Saudi Aramco
Total score 0.0 /100
Material investment 0.0 /100
- Ultrapar
Total score 0.0 /100
Material investment 0.0 /100
- Valero Energy
Total score 0.0 /100
Material investment 0.0 /100
- Varo Energy
Total score 0.0 /100
Material investment 0.0 /100
- Viva Energy
Total score 0.0 /100
Material investment 0.0 /100