In this update to our 2016 rankings, the top two slots in the list still belong to the Russian giants, Exxon is still third, and PetroChina held onto fourth place – but Shell and BP flipped positions, changing the makeup of the world’s five largest oil companies
With 2017 in the books, it is a good time to see where the chips fell for the world’s largest public oil and gas companies.

During a year of recovery for the highly capital-intensive exploration and production industry, 2017 saw a slow but steady increase of oil prices – back to levels that allow companies to once again make money. $60 oil is a great number for the shale industry, but it is still a long way from triple digit oil that was driving the industry five years ago.

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