An Upstream Comeback with Less Splash but More Cash?

9. Saudi Aramco

The only national oil company (NOC) to make Rigzone’s list of the top 10 upstream employers, Saudi Arabian Oil Co. (Saudi Aramco) was established in 1933 and is fully owned by the Saudi Arabian government. That should change, however, given the Kingdom’s efforts to sell a minority stake in the company to investors via an initial public offering.

Led by CEO Amin H. Nasser, Saudi Aramco boasts roughly 65,000 employees. The NOC reports reserves of 260.8 billion barrels of crude oil and condensate and 298.7 trillion standard cubic feet of natural gas. Also, as of 2016, the company produced 10.5 million barrels per day of crude oil, 8.3 billion standard cubic feet per day (scfd) of sales natural gas, 920 million scfd of ethane and 1.4 million barrels per day (MMbpd) of natural gas liquids.

8. Total

One of the largest publicly traded integrated oil companies in the world, Paris-based Total maintains some presence in more than 130 countries. Patrick Pouyanné serves as chairman and CEO of the company, which had 98,000 employees at the end of January 2017.

Total produces more than 2.4 million barrels of oil equivalent per day from assets in the Americas, Africa, the Middle East, Asia-Pacific and Europe and the Commonwealth of Independent States, and that figure is set to increase significantly. Its largest acquisition in nearly two decades, Total earlier this year acquired the Danish E&P company Maersk Oil in a $7.54 billion deal. Adding Maersk will boost Total’s reserves by 1 billion barrels and help it to reach production of 3 million barrels per day from 2019, according to Total.

In addition to its extensive upstream activities, Total engages in refining, petrochemicals and fuel and lubricant marketing as well as renewables.

7. Baker Hughes a GE Company

When GE completed its acquisition of Baker Hughes in mid-2017 to create Baker Hughes, a GE company (BHGE), it began a new chapter in oil and gas services. According to BHGE, the merger formalized what it contends is the “world’s first and only fullstream oil and gas company” catering to the needs of the entire value chain. Focus areas include evaluation, drilling, completion and production, liquefied natural gas (LNG), pipeline and storage, and refining and petrochemicals.

Lorenzo Simonelli is chairman and CEO of BHGE, whose approximately 70,000 employees work in more than 120 countries. BHGE maintains dual headquarters in Houston and London.

6. BP

In 2017, London-based BP plc employed 74,000 people across its operations in 70 countries on six continents. The integrated oil and gas company’s Upstream business was active in 29 of those countries last year, producing 3.6 million barrels of oil equivalent per day. BP boasts proved reserves of 18.4 billion barrels of oil equivalent.

According to BP, 2017 was a particularly busy year upstream-wise with the start-up of seven major projects. In addition, the company gained new exploration access to 28,000 square kilometers of acreage.

Bob Dudley, an American by birth, has been BP’s chief executive since 2010.

5. Schlumberger

With origins dating back to 1926, Schlumberger Limited is an oilfield services giant operating in more than 85 countries. It provides products and services to assist customers with reservoir characterization, drilling, production and processing. The company, headed by chairman and CEO Paal Kibsgaard, employs approximately 100,000 individuals and maintains principal offices in Paris, Houston, London and The Hague.

4. Chevron

Chevron Corp. traces its roots to late-19th century California, and it maintains its headquarters near San Francisco (in San Ramon, to be exact).  Nowadays, however, the integrated oil and gas company boasts an Americas upstream portfolio spanning from Canada to Argentina. Moreover, its exploration and production assets extend to the North Sea, West Africa, the Middle East, Central Asia, China, Western Australia and Asia-Pacific.

For 2017, Chevron reported net oil-equivalent production of 2.73 million barrels per day and net proved oil-equivalent reserves of 11.7 billion barrels. Liquids comprise approximately 60 percent of Chevron’s resource base and natural gas makes up the remainder. Just under one-third of the company’s resources are in the United States while another 12 percent is found in Australia. Other areas with significant Chevron acreage include Canada (11 percent), Kazakhstan (10 percent) and Nigeria (8 percent).

Leading Chevron is Chairman and CEO Michael K. Wirth. The company’s employee headcount is approximately 48,500.