Singapore – PETRONAS (brand value up 15% to USD14.6 billion) remains the oil & gas sector’s strongest brand, according to a new report from Brand Finance, the world’s leading brand valuation consultancy. It retained its AAA brand strength rating despite facing significant global challenges. Brand Finance also found that PETRONAS’ financial performance remains robust, driven by strategic shifts towards increased trading activities in crude oil and petrochemicals, which have contributed to very large revenue increases, announced on April 2.

Indonesia’s Pertamina (brand value up 21% to USD4.5 billion) and Thailand’s PTT (brand value up 25% to USD8.3 billion) follow PETRONAS as second and fourth strongest oil & gas brands in the world respectively, highlighting brand strength leadership of ASEAN brands on the global stage. Pertamina maintained its brand strength rating of AAA- while PTT is down one rating from AAA to AAA-.

In maintaining brand strength, Pertamina continues to support the community with several initiatives, which include Pertamina’s technology grant for micro, small and medium enterprises (MSMEs) to enhance their capabilities and encourage them to expand internationally. Since late 2023, it has provided aid to 28 MSMEs totaling approximately USD44 million. Meanwhile, PTT is furthering investments in the digital capital market and expanding its renewable energy businesses such as through partnership with Chinese Electric Vehicle (EV) battery manufacturer CATL to push Thailand to become the EV battery production hub in the ASEAN region.

Shell powers on as the world’s most valuable oil & gas brand. Recording a 4% increase in brand value to USD50.3 billion, Shell has remained resilient despite facing challenges such as falling revenues, a decline in enterprise value and a drop in Brand Strength Index (BSI) score. Brand Finance research shows Shell’s decline in brand strength is primarily caused by lower recommendations, expectations and current revenue.

Elsewhere, Aramco, PetroChina and Sinopec remain in 2nd, 3rd and 4th most valuable brand positions, respectively. BP has re-entered the top five, having dropped in the ranking the previous year.

Savio D’Souza, Senior Director, Brand Finance commented, “Shell’s strategic response to these challenges includes a focus on alternative energy segments and a diversification of its product portfolio. It aims to mitigate the impacts of volatile market conditions and align with global energy transition trends. This approach, combined with Shell’s sustained investment in brand and operational excellence, positions it well to navigate the evolving energy landscape and maintain its leadership position in the global market.”

QatarEnergy has emerged as the oil & gas sector’s fastest-growing brand, experiencing an 82% brand value surge to reach USD 3.2 billion. This growth is largely attributed to the successful integration of Qatargas into the QatarEnergy brand. The strategic rebranding to QatarEnergy LNG has consolidated the brand and underscored its commitment to liquified natural gas (LNG) in the energy transition.

Behind QatarEnergy, Pioneer Natural Resources is the second-fastest growing brand, up 35% to USD 4.5 billion, followed by EOG Resources, up 35% to USD 3.5 billion. Brand Finance research shows EOG Resources’ growth is fuelled by decentralized exploration efforts, highlighted by discoveries in Ohio Utica Combo, South Texas Dorado and Southern Powder River Basin. EOG Resources’ focus on multiple prospects underscores its ability to expand its portfolio and boost revenue.

Every year, global brand valuation consultancy Brand Finance puts 6,000 of the biggest brands to the test and publishes over 100 reports, ranking brands across all sectors and countries. The top 50 most valuable and strongest oil & gas brands are included in the Brand Finance Oil & Gas 50 2024 ranking.

The full ranking, additional insights, charts, and more information about the methodology and definitions of key terms are available in the Brand Finance Oil & Gas 50 2024 ranking.

Brand Finance provides an independent analysis based on publicly available information but does not accept responsibility for inaccuracies and advises against using the study for investment or business decisions, also prohibiting commercial or technical use without permission.

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