Top 25 oil and gas companies by production, 2006-2019

Notes

The portfolios contain the top 25 listed energy companies (in 2018) by oil and gas production (majors and E&P) and power companies by ownership of solar and wind capacity. Companies based in China and Russia are excluded from the analysis. The weighted average cost of capital is expressed in nominal terms and measures the company’s required return on equity and the after-tax cost of debt issuance, weighted according to its capital structure. The tax rate is assumed at 35% for all companies.