Yusef Ramelize Portfolio | Page 3

How are the rankings compiled ?
di Aramco
INOC
NIOC
KPC
PDV
Adnoc
Libya NOC
Pemex
Lukoil
rPetroleum
Ga zprom
NNPC
Yukos
Exon Mo b il
troChina
Ro sneft
tch / Shel
natrach
BP
Petrobras
The Energy Intelligence Top 100 : Ranking the World ' s Oil Companies

The wealth of detail in this unique annual study is presented in easy-to-use tables and charts . . . .

THE Page 124 Energy Intelligence © 2004 ENERGY INTELLIGENCE TOP 100
COUNTRY STATUS TYPE OF COMPANY DIVERSIFICATION
US Private Integrated Chemicals . Coal
ENERGY INTELLIGENCE RANK 7 HEAD
ADDRESS
David O ’ Reilly Chairman 6001 Bollinger Canyon Road San Ramon , CA 94 583
TEL . 1-925-842-1000
FAX 1-415-894-0583
INTERNET LISTING www . ChevronTexaco . com New York- CVX
O IL & GAS O PERATIONS
CHEVRONTEXACO
C ORPORATE F INANCIAL R ESULTS ( In million dollars ) 2001 2002 Rank
INCOME Total Revenue
99,699
92,043
5
Net Income
3,288
1,132
22
Operating Profit
9,245
4,778
12
Operational Cash Flow
11,457
9,941
7
BALANCE SHEET Shareholders ’ Equity
33,958
31,604
8
Total Assets
77,572
77,359
6
Market Capitalization
95,875
70,070
5
OTHER CRITERIA Capital Expenditures
12,028
9,255
4
Employees
69,416
66,038
18
PERCENT RETURN ON : Avg . Capital Employed
18.3
9.6
47
Avg . Total Assets
11.8
6.1
53
Average Equity
9.8
3.5
51
Sales
3.4
1.2
57
OTHER RATIOS Capex / Cash Flow (%)
84.8
76.4
38
Equity / Assets (%)
43.8
40.9
33
Dividends / Cash Flow (%)
23.9
29.8
6
Cash Flow / Revenue (%)
11.5
10.8
47
Long Term / Total Debt (%)
50.8
66.6
53
Net Income per Employee
47.4
17.1
49
Cash Flow per Employee
165.0
150.5
30
Year-end PE Ratio (%)
29.1
62.3
4
Share Price Volatility (%)
22.2
40.9
27
2001 2002 Rank ( In million dollars ) 2001 2002 Rank
OIL / NGL OUTPUT ( 1,000 B / D )
America
678
672
North
3
Latin America
61
59
10
Europe
171
170
20
North Africa
—
—
—
West Africa
355
315
4
Middle East
144
140
11
Asia / Pacific
397
373
6
Other
—
—
—
World
1,959
1,897
10
NATURAL GAS OUTPUT ( MMCF / D )
North America
2,873
2,545
3
Latin America
363
407
7
Europe
455
466
15
North Africa
—
—
—
West Africa
44
74
5
Middle East
10
15
18
Asia / Pacific
453
603
11
Other
—
—
—
World
4,417
4,376
11
NOTES Merged with Texaco in 2001 , now called Chevron Texaco Corporation .
R ESULTS B Y B USINESS S EGMENT
REVENUE Upstream
31,544
22,840
6
Downstream
75,386
79,845
4
CAPITAL EXPENDITURES Upstream
7,129
6,283
4
Downstream
2,144
1,632
7
PROFIT MARGIN (%) Downstream
0.03
-0.02
33
Upstream
18.37
21.48
44
EARNINGS PER BARREL Downstream
1.28
-0.01
28
Upstream ( oil & gas per boe )
4.38
4.75
40
FINDING COSTS Avg . Last 3 Years
4.67
4.56
16
PRICE REALIZATIONS Oil ( per bbl )
21.08
22.03
29
Natural Gas ( per mcf )
3.69
2.55
24
INTEGRATION RATIOS Oil Prod ./ Refining Cap .
83.4
85.3
33
Prod . Sales / Refining Cap .
176.2
174.0
6
Upstream Performance
Energy Intelligence © 2004
Page 25
World Liquids Reserves
( Million Barrels ) Company
Rank Criterion Company
Rank Criterion
Saudi Aramco
1 261,800
Apache
55
637
Devon Energy
56
636
INOC
2 112,000
Talisman
57
612
NIOC
3
99,080
Burlington
58
588
KPC
4
96,500
Wintershall
59
581
PDV
5
77,900
Nexen
60
550
Adnoc
6
55,210
BG Group
61
522
Libya NOC
7
36,000
plc
PetroKazakhstan
62
518
Pemex
8
17,196
Husky Energy
63
501
Lukoil
9
15,258
Kerr-McGee
64
487
Qatar Pet .
10
15,204
TPAO
65
476
Gazprom
11
15,000
RWE-DEA
66
470
NNPC
12
14,900
Pioneer
67
381
Yukos
13
13,734
Murphy
68
368
Exxon Mobil
14
12,623
Oil
SK Corp .
69
330
PetroChina
15
10,999
Woodside
70
309
Rosneft
16
10,995
Pet .
Santos
71
209
Royal Dutch / Shell
17
10,133
Noble
72
201
Sonatrach
18
9,200
Energy
OMV
73
173
BP
19
9,165
Dominion
74
169
Petrobras
20
8,955
El Paso
75
136
ChevronTexaco
21
8,668
Pogo
76
118
TNK
22
8,527
PTT
77
98
Total
23
7,231
EOG
78
85
Surgutneftegas
24
6,642
Resources
XTO
79
82
Tatneft
25
6,605
Mol
80
74
Sidanco
26
6,577
INA
81
72
ConocoPhillips
27
5,137
Nippon
82
50
Sibneft
28
4,720
Oil
ONGC
29
4,380
Petroecuador
30
4,329
Pertamina
31
4,000
Total Amount :
1,019,917
Total Companies
82
Eni
32
3,783
:
Petronas
33
3,700
Sinopec
34
3,320
PDO
35
3,158
Socar
36
3,105
Kazmunaigas
37
2,190
Repsol YPF
38
2,019
Occidental
39
1,970
Sonangol
40
1,948
Statoil
41
1,866
EGPC
42
1,850
Syrian Pet .
43
1,650
Ecopetrol
44
1,632
CNOOC
45
1,425
EnCana
46
1,204
Anadarko
47
1,131
Norsk Hydro
48
1,055
Maersk
49
950
Canadian NR
50
848
Petro-Canada
51
830
Amerada Hess
52
782
Marathon
53
720
Unocal
54
681
Saudi Aramco
INOC
NIOC
KPC
PDV
Adnoc
Libya NOC
Pemex
Lukoil
Qatar Petroleum
Gazprom
NNPC
Yukos
Exxon Mobil
PetroChina
Rosneft
Royal Dutch / Shell
Sonatrach
BP
50,000 100,000 150,000 200,000 250,000 300,000
Petrobras
The Top 100 Companies Energy Intelligence © 2004 Page 15 The Top 100 Companies
Ownership
Structure /
Ranking Company
Full Name
Country
Status *
Type Of Firm
Diversification
1
Saudi Aramco
Saudi Arabian
Saudi Arabia
State-owned
Integrated
—
Oil
Company
2
Exxon Mobil
Exxon Mobil Corp .
US
Private
Integrated
Chemicals , Coal ,
Power
3
PDV
Petroleos de Venezuela
Venezuela
State-owned
Integrated
Chemicals , Coal
4
NIOC
National Iranian Oil
Iran
State-owned
Integrated
Chemicals
Company
5
Shell
Royal Dutch / Shell
UK &
Private
Integrated
Chemicals , Coal ,
Netherlands
Power
6
BP
BP plc
UK
Private
Integrated
Chemicals , Power
7
ChevronTexaco
ChevronTexaco
US
Private
Integrated
Chemicals , Coal
Corp .
8
Pemex
Petroleos Mexicanos
Mexico
State-owned
Integrated
Petrochemicals
8
Total
Total
France
Private
Integrated
Petrochemicals
10
PetroChina
PetroChina
China
90 % State-owned
Integrated
Equipment
Manufacturing
11
KPC
Kuwait Petroleum
Kuwait
State-owned
Integrated
Chemicals
Corp .
12
ConocoPhillips
ConocoPhillips
US
Private
Integrated
Chemicals ,
Power
13
Pertamina
Perusahaan
Indonesia
State-owned
Integrated
—
Pertambangan Minyak Dan Gas Bumi Negra
13
Sonatrach
Sonatrach
Algeria
State-owned
Integrated
Chemicals , Gas
Pipelines
15
Petrobras
Petroleos Brasileiro
Brazil
51 % State-owned
Integrated
Chemicals , Power
16
Adnoc
Abu Dhabi National
UAE
State-owned
Mainly Upstream
Chemicals
Oil Company
17
Eni
Enti Nazionale
Italy
30 % State-owned
Integrated
Chemicals ,
Engineering ,
Idrocarburi
Pipelines , Power
17
Repsol
Repsol YPF
Spain
Private
Integrated
Chemicals , Power
YPF
19
Petronas
Petroliam
Malaysia
State-owned
Mainly Upstream
Chemicals , Pipelines
Nasional Berhad
20
Lukoil
Lukoil Joint Stock
Russia
14.1 % State-owned
Integrated
Petrochemicals
Oil Company
21
INOC
Iraq National
Iraq
State-owned
Integrated
Chemicals
Oil Company
22
NNPC
Nigerian National
Nigeria
State-owned
Integrated
Chemicals
Petroleum Company
23
Libya NOC
Libya National
Libya
State-owned
Integrated
Chemicals
Oil Company
24
EGPC
Egyptian General
Egypt
State-owned
Integrated
Chemicals
Petroleum Corp .
25
QPC
Qatar General
Qatar
State-owned
Mainly Upstream
Chemicals
Petroleum Company
26
Sinopec
China Petrochemical
China
57 % State-owned
Integrated
Chemicals
Company

How are the rankings compiled ?

We obtain data from the companies themselves and our information partner Evaluate Energy . Where official data is not available ( for some state companies or other firms ) Energy Intelligence develops informed estimates .
From a survey of over 132 companies , we compile and assess data for six key operating categories to determine the top 100 companies . We also provide more detailed rankings for more than 102 criteria .
All rankings are based on 2004 data , the latest available for such a wide group of firms .
MARKETING PERFORMANCE
• World Product Sales
• World Market Share
• Product Sales by Type
• Regional Product Sales & Market Share
• Service Stations
REFINING PERFORMANCE
• World Distillation Capacity
• Regional Distillation Capacity
• World Refinery Runs
• Refinery Conversion Intensity
• Regional Refinery Runs
• Capacity Utilization Rate
UPSTREAM PERFORMANCE
• World Liquids Reserves
• Regional Liquids Reserves
• World Liquids Reserves Changes
• Oil Reserve Replacement Ratios
• World Gas Reserves
• Regional Gas Reserves
• Oil Reserves / Production
• World Gas Reserves Changes
• Gas Reserve Replacement Ratios
• Gas Reserves / Production
• Total Drilling Activity : Exploration
• Successful Drilling Activity : Exploration
• Unsuccessful Drilling Activity : Exploration
• Total Drilling Activity : Development
• Successful Drilling Activity : Development
• Unsuccessful Drilling Activity : Development
• World Liquids Production
• Regional Liquids Production
• Oil Production as % of Total Production
• World Gas Production
• Regional Gas Production
• Gas Production as % of Total Production
FINANCIAL PERFORMANCE
• Total Revenues
• Upstream Revenues
• Downstream Revenues
• Net Income
• Operating Profit
• Operational Cash Flow
• Shareholder Equity
• Total Assets
• Employees
• Market Capitalization
• Capital Expenditures
• Upstream Capital Expenditures
• Downstream Capital Expenditures
• Return on Average Capital Employed
• Return on Average Total Assets
• Return on Average Equity
• Return on Sales
• Capital Expenditure / Cash Flow
• Equity / Assets
• Dividends / Cash Flow
• Cash Flow / Revenue
• Long-Term / Total Debt
• Net Income per Employee
• Cash Flow per Employee
• Year-end PE Ratio
• Share Price Volatility
• Upstream Profit Margin
• Downstream Profit Margin
• Upstream Earnings per Barrel
• Downstream Earnings per Barrel
• Finding Costs
• Oil Price Realizations
• Gas Price Realizations
• Upstream Integration Ratio
• Downstream Integration Ratio