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An industry chapter · Integrated Oil & Gas

Integrated Oil & Gas

11 members, BP to XOM, A to Z by ticker.

Gross profitability: median 20% — gross profit as a share of total assets, each member's median across its readable years; read on 5 of 11 members
Capital intensity: median 6.8% — capital expenditure as a share of revenue, each member's median across its readable years; read on 8 of 11 members
Net cash: 0 of the 11 members with a readable debt line hold more cash and short-term investments than total debt

Figures describe the list as a group, from each member's own filed record; they name no member and form no rank. A member missing an input is absent from that median, never counted against the others.

From the latest filings · data as of July 18, 2026.

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BP BP p.l.c.

Revenue is led by Oil products (59%) and Natural Gas Products (14%), with 2 more lines behind.

Owner earnings 2016–2025 ($6.0B)$2.4B$6.2B$10.4B($144M)$12.7B$28.9B$17.8B$12.0B$11.3B

Retained capital Paid out $72.6B more than it earned over 2016–2025; annual owner earnings grew $12.8B.

Balance sheet Modest net debt, $17.9B · dividend paid 10 of 10 yrs

CVE Cenovus Energy Inc

On February 28, 2023, Cenovus closed the acquisition of the remaining 50 percent interest in the Toledo Refinery for net proceeds of US$378 million, providing Cenovus with full ownership and operatorship of the refinery and further integrating Cenovus's heavy oil production and refining capabilities.

Owner earnings 2016–2020 (C$106M)C$1.5BC$832MC$2.2B(C$538M)

Retained capital Paid out C$1.0B more than it earned over 2016–2020; annual owner earnings grew C$69M.

Balance sheet Modest net debt, C$8.3B · dividend paid 5 of 5 yrs, cut at least once

CVX Chevron Corporation

Chevron is an integrated oil and gas company. It finds and pumps crude oil and natural gas, then ships, refines, and sells the fuels, lubricants, and petrochemicals made from them to buyers around the world. The bulk of what it sells is a commodity priced by global markets, so the cash it earns rises and falls with the price of oil and gas more than with anything the company decides.

Owner earnings 2016–2025 ($5.4B)$6.9B$16.8B$13.2B$1.7B$21.1B$37.6B$19.8B$15.0B$16.6B

Retained capital Paid out $39.4B more than it earned over 2016–2025; annual owner earnings grew $11.0B.

Balance sheet Meaningful net debt, $32.5B · buybacks at an average near $112 · dividend paid 10 of 10 yrs, never cut

E ENI S.p.A.

ENI is an Italian integrated oil and gas company. It explores for, produces, refines and sells crude oil and natural gas, and through its Plenitude arm it markets gas and electricity to retail customers. It makes money on the spread between what it costs to pull hydrocarbons from the ground and process them, and the price the market will pay for the barrel or the unit of energy.

Owner earnings 2016–2025 (€1.4B)€1.6B€6.7B€4.3B€415M€7.9B€9.8B€6.4B€5.1B€4.6B

Retained capital Paid out €9.9B more than it earned over 2016–2025; annual owner earnings grew €3.1B.

Balance sheet Meaningful net debt, €13.3B · dividend paid 10 of 10 yrs, cut at least once

EC Ecopetrol S.A.

Ecopetrol is Colombia's national oil company, controlled by the Colombian state. It finds and pumps crude oil and natural gas, refines them into fuels, moves them through its own pipelines, and sells the crude and products at home and abroad. It earns its money on the gap between what oil sells for and what it costs to lift the barrel out of the ground.

Owner earnings 2015–2024 COP 4.91TCOP 10.59TCOP 14.61TCOP 19.17TCOP 23.70TCOP 4.15TCOP 16.42TCOP 27.47TCOP 10.45TCOP 35.61T

Retained capital Retained COP 38.30T of earnings over 2015–2024; annual owner earnings grew COP 14.47T, COP 0.38 per COP 1 retained.

Balance sheet Meaningful net debt, COP 104.77T · dividend paid 10 of 10 yrs, cut at least once

EQNR Equinor ASA

Revenue is led by Crude oil (55%) and Natural gas (24%), with 4 more lines behind.

Owner earnings 2016–2025 ($3.4B)$4.0B$8.3B$3.5B$1.9B$20.8B$26.4B$18.7B$9.8B$10.1B

Retained capital Retained $2.8B of earnings over 2016–2025; annual owner earnings grew $9.9B.

Balance sheet Modest net debt, $6.8B · dividend paid 10 of 10 yrs, cut at least once

PBR Petroleo Brasileiro S.A. Petrobras ADS

An oil and gas business, whose fortunes rise and fall with a price it does not set.

Owner earnings 2015–2024 $14.4B$12.0B$13.5B$14.3B$17.0B$23.0B$31.5B$40.1B$31.1B$23.3B

Retained capital Retained $1.0B of earnings over 2015–2024; annual owner earnings grew $18.2B.

Balance sheet Modest net debt, $4.8B · dividend paid 10 of 10 yrs, never cut

SHEL Shell PLC

Shell is one of the world's largest integrated oil and gas companies — it finds and produces hydrocarbons, ships and trades them, refines them into fuels and chemicals, and sells them through one of the biggest retail networks on earth, alongside a sizeable gas and lower-carbon arm. Its fortunes rise and fall with a price it does not set.

Owner earnings not read

Retained capital not read

Balance sheet Modest net debt, $36.8B

SU Suncor Energy Inc.

Suncor Energy is Canada's leading integrated energy company.

Owner earnings not read

Retained capital not read

Balance sheet Modest net debt, C$5.9B

TTE TotalEnergies SE

Revenue is led by Refining & Chemicals (43%) and Marketing & Services (39%), with 3 more segments behind.

Owner earnings not read

Retained capital not read

Balance sheet Modest net debt, $27.1B

XOM Exxon Mobil Corporation

Exxon Mobil is an integrated oil company. It finds and pumps crude oil and natural gas, refines them into fuels and lubricants, and turns the same molecules into petrochemicals — the building blocks of plastics — selling to businesses and motorists in the United States and most countries of the world. It makes its money on the spread between what it costs to get a barrel out of the ground and through a plant, and the price the market pays for what comes out.

Owner earnings 2016–2025 $5.9B$14.7B$16.4B$10.7B($2.6B)$36.1B$58.4B$33.5B$30.7B$23.6B

Retained capital Paid out $6.2B more than it earned over 2016–2025; annual owner earnings grew $16.9B.

Balance sheet Modest net debt, $23.6B · buybacks at an average near $105 · dividend paid 10 of 10 yrs, never cut

The same shelf as one comparative table, every member a row and every column sortable: the Integrated Oil & Gas table →

The same four lines for every member, in strict ticker order; a figure that could not be read renders as "not read," never as a mark against the record beside it. The header describes the list and names no member; the entries carry no ranking and form no score. What a chapter cannot carry — understanding of the business, and a price — is yours.