50

The Definitive Annual Ranking of the Worlds Largest Listed Energy Firms

JANUARY 2013

PFC Energy 50 Combined Value Unchanged The combined market capitalization of the PFC Energy 50 was $3.5 trillion, a slight 0.8% decline from 12 months previously.Although market cap for the group as a whole has generally followed the price of crude, these indices disconnected during the 2008-10 financial crisis. In 2011-12 they converged again but at a new normal of generally lower company valuations. The most dramatic value increase of recent years has been posted by the Colombian traded NOC Ecopetrol, which gained the #6 position at $126.6 billion, posting a 44% rise in market cap for the year and 250% since joining the list in 2007 at $36.6 billion. Mixed Bag for IOCs and NOCs Among IOCs, the strongest share price performance came from LUKOIL (+29%), Husky (+21%) and Eni (+17%). The loss of its assets in Argentina resulted in a 34% share price decline for Repsol in 2012. Other negative performance came from TNK-BP (-31%), Sasol (-10%) and Shell (-6%). The combined value of the top five NOCs on the PFC Energy 50 remained steady at $725 billion, following a 17% drop from 2010 to 2011. Unlike previous years when NOCs trended up or down together, 2012 performance was highly differentiated. Second to Ecopetrols 43% gain in share price, Rosneft posted a 25% share price increase following a year of bold strategic moves and CNOOC gained 24%. Refining & Marketing is BackEspecially in North America The Top 15 Refining & Marketing companies posted a 40% average increase in market capitalization, led by North American players HollyFrontier (share price up 105%) and Tesoro (+83%).Well-positioned refiners are earning higher returns than during the mid 2000s golden age of refining.

North American Energy Reset Aids Volumes More than Value The unconventional oil and gas story in North America continues to impact company values in new and surprising ways. Differentials between coastal and inland crude prices widened in 2012 as a lack of infrastructure to move crude to global markets created discounts as wide as $30-50/bbl between more landlocked oil and WTI/Brent. While North American oil and gas production has posted impressive volume growth and attracted substantial investment, value creation has been more elusive.The Top 15 E&P list, which is dominated by companies with substantial North America portfolios, many with gasheavy weighting, showed an average decline of 4% in share price as markets continued to punish weak gas prices. The Midstream/Infrastructure segment, a top performer in 2011, posted roughly flat performance in 2012.The average 23% gain of the top three performers (Sunoco Logistics, Magellan Midstream, Plains All American) was offset by the average 21% decline for the three weakest performers (Buckeye Partners, Williams Companies and Boardwalk Pipeline Partners).Geography played a key role, with companies linking to the Bakken Shale and Canadian oil sands outperforming competitors. Spin-Offs Continue ConocoPhillips spun off its downstream business as Philipps 66 in 2012, following the trail blazed by Marathon in 2011. The resulting smaller and more focused companies are leaders in their segments, with ConocoPhillips holding pole position in the E&P segment and Phillips 66 and Marathon Petroleum both in the top five Refining & Marketing companies. Alternative Technologies Still Weak With reduced subsidies for wind and solar power and highly competitive gas prices, alternative technologies have lost much of their investment appeal.The combined value of the Alternative Technologies PFC Energy Top 15 was $24 billion, a 22% decline from 2011 and 69% below the $78.7 billion seen in 2010.

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PFC Energy 50

2012 Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50

2011 Rank 1 2 3 4 6 12 5 8 7 15 9 17 11 13 14 10 16 21 18 20 23 19 32 25 24 22 28 29 40 31 37 42 34 39 26 33 38 48 43 47 41 36 27 35 30 44 50

Company Name ExxonMobil PetroChina Royal Dutch Shell Chevron BP Ecopetrol Petrobras TOTAL Gazprom CNOOC Sinopec Rosneft Schlumberger Eni Statoil ConocoPhillips Occidental LUKOIL BG Suncor Reliance GDF SUEZ BHP Billiton* Enterprise ONGC E.ON Anadarko Imperial Oil Enbridge NOVATEK TransCanada Phillips 66** EOG Resources Halliburton Surgutneftegaz Canadian Natural Apache Dominion National Oilwell Varco Husky Woodside Centrica Kinder Morgan Formosa Petrochemical TNK-BP Sasol Repsol Cenovus RWE Tenaris

Market Cap ($US billion) 394.6 264.5 222.6 211.6 132.1 126.6 124.7 121.9 112.3 96.7 96.5 93.4 92.0 88.1 79.3 70.4 62.1 56.3 56.0 50.4 50.3 49.6 45.3 45.1 41.9 37.3 37.1 36.5 34.7 34.6 33.4 33.2 32.7 32.2 31.6 31.6 30.7 29.8 29.2 29.1 29.0 28.2 28.2 28.2 27.9 27.7 25.4 25.3 25.3 24.7

% Share Price Change (YoY) 0% -7% -6% 0% -3% 43% -17% 0% -8% 24% -4% 25% -1% 17% -3% 3% -20% 29% -23% 12% 18% -26% 10% 6% 1% -14% -5% -4% 14% -7% 7% N/A 20% -1% 12% -24% -15% -4% -3% 21% 13% 22% -8% -4% -31% -10% -34% 0% 17% 11%

Primary Business Integrated IOC Integrated NOC Integrated IOC Integrated IOC Integrated IOC Integrated NOC Integrated NOC Integrated IOC Integrated NOC Integrated NOC Integrated NOC Integrated NOC Drilling & Oilfield Services Integrated IOC Integrated NOC E&P E&P Integrated IOC Integrated IOC Integrated IOC R&M Gas/Utilities Other Midstream/Infrastructure Integrated NOC Gas/Utilities E&P Integrated IOC Midstream/Infrastructure E&P Midstream/Infrastructure R&M E&P Drilling & Oilfield Services Integrated IOC E&P E&P Gas/Utilities Equipment & EPC IOC E&P Gas/Utilities Midstream/Infrastructure R&M Integrated IOC Integrated IOC Integrated IOC E&P Gas/Utilities Equipment & EPC

HQ Country US China Netherlands US UK Colombia Brazil France Russia China China Russia US Italy Norway US US Russia UK Canada India France Australia US India Germany US Canada Canada Russia Canada US US US Russia Canada US US US Canada Australia UK US Taiwan Russia South Africa Spain Canada Germany Luxembourg

Ticker/Exch XOM US 601857 CH RDSA NA CVX US BP LN ECOPETL CB PETR4 BZ FP FP GAZP RU 883 HK 600028 CH ROSN RU SLB US ENI IM STL NO COP US OXY US LKOH RU BG LN SU CN RIL IN GSZ FP BHP AU EPD US ONGC IN EOAN GR APC US IMO CN ENB CN NVTK RM TRP CN PSX US EOG US HAL US SNGS RM CNQ CN APA US D US NOV US HSE CN WPL AU CNA LN KMP US 6505 TT TNBP RU SOL SJ REP SM CVE CN RWE GR TS US

Source: Bloomberg, PFC Energy estimates as of 12/31/2012 Share price growth based on primary exchange tickers in $US Prices for thinly traded companies are as of years last trade Changes in market capitalization may differ from changes in share price due to mergers, share repurchases and other factors

* BHP Billiton is ranked based on a value of 23% of the companys total market capitalization, representing the contribution of its petroleum segment to total EBIT in the 12 months ended 6/30/2012. ** Phillips 66 was spun off from ConocoPhillips in 2012

Changes in Market Capitalization Growth

40%

DRILLING & OILFIELD SERVICES E&P

Enterprise

EQUIPMENT & EPC

Ecopetrol

30%

GAS/UTILITIES IOC R&M MIDSTREAM/INFRASTRUCTURE

NOVATEK

Enbridge
20%

3-YEAR GROWTH IN MARKET CAPITALIZATION

Kinder Morgan CNOOC Husky Canadian Natural

-40%

NOC OTHER

Centrica Occidental
-20% 20%

TNK-BP
-60%

LUKOIL

Rosneft

40%

60%

Repsol Petrobras GDF SUEZ

-10%

Reliance

-20%

E.ON
-30%

RWE

1-YEAR GROWTH IN MARKET CAPITALIZATION

Circle size indicates market cap Data source: Bloomberg, PFC Energy estimates as of 12/31/12

No one industry sector stands out for one- and three-year market capitalization growth, although infrastructure companies continued their positive performance after a particularly strong three years. European utilities saw a pronounced retreat in

market capitalization, feeling the combined effect of sluggish European economies and European deregulation, the effects of which has eaten into many of these companies traditional business models. Of special note, Ecopetrol (+44% in the

last year alone, with +37% over the last three) benefited from continually favorable above-ground conditions in Colombia.

Capturing Value from North American Price Differentials

DIFFERENTIALS VS. WTI
-50% % SHARE PRICE CHANGE (YOY) FOR NORTH AMERICAN PLAYERS -25% 0% 25% 50% 75% 100% 125%

$/bbl
40 30 20 10 -10 -20 -30 -40

BRENT-WTI

EXPLORATION & PRODUCTION

GAS HEAVY PORTFOLIOS

CLEARBROOK-WTI

INFRASTRUCTURE

LARGE, LINKED NETWORKS

REGIONAL NETWORKS

REFINING & MARKETING

WESTERN CANADA-WTI -50

11

12

11

20

20

20

20

12

Ja

Ju

Ja

The greatest gainers from North American price differentials were refiners with inland assets that could add significant value to discounted crudes: HollyFrontier (+105%), Marathon Petroleum (+84%), Tesoro (+83%) and Valero (+57%).

In E&P, EOG Resources attracted investors with its high oil to gas ratio, resulting in a 20% share price gain in 2012. Midstream/Infrastructure companies able to play these spreads posted the strongest performance: Sunoco Logistics

Ju

Data source: Bloomberg, PFC Energy estimates as of 12/31/12

ly

ly

(+26%), Magellan Midstream (+23%) and Plains All American (+21%) captured additional value by controlling links between unconventional plays and coastal demand centers, while peers without such connections lost substantial value.

Segment Share Price Leaders

% SHARE PRICE CHANGE (YOY) 0% 20% 40% 60% 80% 100% 120% LUKOIL Husky Eni
33% 31% 29% 33% 32% 27% 39% EQUIPMENT, ENGINEERING & CONSTRUCTION 33% 26% 26% 23% 21%
REFINING & MARKETING MIDSTREAM/INFRASTRUCTURE OILFIELD & DRILLING SERVICES GAS/UTILITIES

% SHARE PRICE CHANGE (YOY) 0% 10% 20% 30% 40% 50%

EOG Woodside BHP Billiton PETRONAS Gas Hong Kong & China Gas KEPCO CGGVeritas COSL Diamond Offshore Sembcorp Subsea 7 Keppel Corp Sunoco Logistics Magellan Midstream Plains All American HollyFrontier Marathon Petroleum Tesoro Cosan Ormat Technologies Suzlon
4% 10%

20% 13%

EXPLORATION & PRODUCTION

INTEGRATED IOCS

Ecopetrol Rosneft CNOOC

INTEGRATED NOCS

Segment leaders saw higher share price growth in 2012 than the leaders of 2011and the top three performers in each segment were all in positive territory. Further, all of the top performers posted relatively similar rises, reflecting general confidence in the market instead of specific companies outperforming peers.
105%

84% 63% 56% 26% 83%

Refining & Marketing companies did particularly well, with HollyFrontier (+105%), Marathon Petroleum (+84%) and Tesoro (+83%) leading the group. All of the top performing integrated IOCs and NOCs did well in 2012, with performance of the third highest companyEni, which saw growth of 17%equal to the top performer of 2011.
Data source: Bloomberg, PFC Energy estimates as of 12/31/12

ALTERNATE TECHNOLOGIES

Top 15 Exploration & Production

2012 Rank

2011 Rank

Company Name

Market Cap ($US billion)

% Share Price Change (YoY)

Est P/E

Debt/Capital

HQ Country

Ticker/Exch

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

1 5 3 4 7 2 6 8 12 9 11 13 14

ConocoPhillips Occidental BHP Billiton Anadarko NOVATEK EOG Resources Canadian Natural Apache Woodside Cenovus Marathon Oil Devon INPEX Tullow Noble Energy

70.4 62.1 45.3 37.1 34.6 32.7 31.6 30.7 29.0 25.3 21.7 21.1 19.4 18.6 18.1

3% -20% 10% -5% -7% 20% -24% -15% 13% 0% 2% -18% -16% -6% 5%

9 11 12 18 8 22 14 8 19 16 11 13 8 21 23

31% 16% 30% 40% 23% 31% 26% 27% 28% 33% 27% 34% 12% 17% 34%

US US Australia US Russia US Canada US Australia Canada US US Japan UK US

COP US OXY US BHP AU APC US NVTK RM EOG US CNQ CN APA US WPL AU CVE CN MRO US DVN US 1605 JP TLW LN NBL US

Company names in bold blue indicate PFC Energy 50 ranking Share price growth based on primary exchange tickers in $US P/E based on earnings from continuing operations for the 12 months ended 9/30/2012 Debt/Capital is ratio between total debt and total capital based on most recent published balance sheet

Source: Bloomberg, PFC Energy estimates as of 12/31/2012

Note: BHP Billiton is ranked based on a value of 23% of the companys total market capitalization, representing the contribution of its petroleum segment to total EBIT in the 12 months ended 6/30/2012.

Top 15 Gas/Utilities

2012 Rank

2011 Rank

Company Name

Market Cap ($US billion)

% Share Price Change (YoY)

Est P/E

Debt/Capital

HQ Country

Ticker/Exch

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

1 2 3 4 5 6 8 7 10 9 12 -

GDF SUEZ E.ON Dominion Centrica RWE Hong Kong & China Gas KEPCO Gas Natural Fenosa Sempra Origin PETRONAS Gas Tokyo Gas PGN EnBW Chubu Electric

49.6 37.3 29.8 28.2 25.3 23.7 18.3 17.9 17.2 13.2 12.6 11.8 11.6 11.0 10.1

-26% -14% -4% 22% 17% 31% 29% 5% 28% -11% 33% 0% 37% -21% -28%

10 N/A 18 18 8 26 N/A 10 16 13 28 11 14 30 N/A

47% 44% 63% 49% 55% 39% 41% 59% 54% 29% 13% 11% 33% 48% 68%

France Germany US UK Germany Hong Kong Korea Spain US Australia Malaysia Japan Indonesia Germany Japan

GSZ FP EOAN GR D US CNA LN RWE GR 3 HK 015760 KS GAS SM SRE US ORG AU PTG MK 9531 JP PGAS IJ EBK GR 9502 JP

Company names in bold blue indicate PFC Energy 50 ranking Share price growth based on primary exchange tickers in $US P/E based on earnings from continuing operations for the 12 months ended 9/30/2012 Debt/Capital is ratio between total debt and total capital based on most recent published balance sheet

Source: Bloomberg, PFC Energy estimates as of 12/31/2012

Top 15 Oilf ield & Drilling Services

2012 Rank

2011 Rank

Company Name

Market Cap ($US billion)

% Share Price Change (YoY)

Est P/E

Debt/Capital

HQ Country

Ticker/Exch

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

1 2 3 4 5 7 8 9 10 6 11 12 13 -

Schlumberger Halliburton Baker Hughes Seadrill Transocean Ensco COSL Diamond Offshore Noble Weatherford H&P CGGVeritas Core Laboratories Nabors Rowan

92.0 32.2 18.0 17.1 16.1 13.8 11.0 9.4 8.8 8.6 5.9 5.3 5.1 4.2 3.9

-1% -1% -18% 10% 15% 23% 32% 27% 14% -28% -7% 33% -5% -19% 0%

16 10 11 17 N/A 12 13 13 17 17 11 57 25 7 18

25% 24% 23% 63% 48% 29% 48% 25% 36% 50% 6% 33% 47% 44% 24%

US US US Norway Switzerland UK China US Switzerland Switzerland US France Netherlands Bermuda US

SLB US HAL US BHI US SDRL NO RIG US ESV US 2883 HK DO US NE US WFT US HP US GA FP CLB US NBR US RDC US

Company names in bold blue indicate PFC Energy 50 ranking Share price growth based on primary exchange tickers in $US P/E based on earnings from continuing operations for the 12 months ended 9/30/2012 Debt/Capital is ratio between total debt and total capital based on most recent published balance sheet

Source: Bloomberg, PFC Energy estimates as of 12/31/2012

Top 15 Equipment, Engineering & Construction

2012 Rank

2011 Rank

Company Name

Market Cap ($US billion)

% Share Price Change (YoY)

Est P/E

Debt/Capital

HQ Country

Ticker/Exch

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

1 2 3 4 6 7 5 8 9 11 14 12 15 -

National Oilwell Varco Tenaris Saipem Keppel Cameron Technip FMC Technologies Fluor Petrofac Subsea 7 Sembcorp WorleyParsons Oceaneering Jacobs AMEC

29.2 24.7 17.1 16.2 13.9 13.0 10.2 9.8 9.1 8.3 7.7 5.9 5.8 5.5 4.9

-3% 11% -9% 26% 10% 21% -22% 14% 19% 33% 39% -6% 14% 3% 17%

12 N/A 13 9 19 19 25 17 15 11 12 16 22 15 14

7% 15% 45% 34% 28% 35% 47% 13% 5% 13% 29% 27% 6% 12% 13%

US Luxembourg Italy Singapore US France US US UK UK Singapore Australia US US UK

NOV US TS US SPM IM KEP SP CAM US TEC FP FTI US FLR US PFC LN SUBC NO SCI SP WOR AU OII US JEC US AMEC LN

Company names in bold blue indicate PFC Energy 50 ranking Share price growth based on primary exchange tickers in $US P/E based on earnings from continuing operations for the 12 months ended 9/30/2012 Debt/Capital is ratio between total debt and total capital based on most recent published balance sheet

Source: Bloomberg, PFC Energy estimates as of 12/31/2012

Top 15 Midstream/Infrastructure

2012 Rank

2011 Rank

Company Name

Market Cap ($US billion)

% Share Price Change (YoY)

Est P/E

Debt/Capital

HQ Country

Ticker/Exch

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

1 3 2 4 6 7 9 8 10 11 15 12 13

Enterprise Enbridge TransCanada Kinder Morgan Williams Companies Snam Plains All American Oneok Energy Transfer Partners Magellan Midstream MarkWest Energy Partners OGE Energy Sunoco Logistics Buckeye Partners

45.1 34.7 33.4 28.2 17.3 15.7 15.1 11.9 10.9 9.8 6.4 5.7 5.6 5.2 4.4

6% 14% 7% -8% -21% 5% 21% -8% -7% 23% -9% -11% -2% 26% -30%

17 42 24 51 16 16 16 15 18 24 47 18 16 12 17

55% 59% 54% 64% 48% 69% 49% 52% 54% 59% 49% 47% 52% 54% 54%

US Canada Canada US
US

NOV US TS US SPM IM KEP SP FTI US SRG IM PAA US OKS UN ETP US MMP US MWE US BWP US OGE US SXL US BPL US

IT US US US US US US US US US

14 Boardwalk Pipeline Partners

Company names in bold blue indicate PFC Energy 50 ranking Share price growth based on primary exchange tickers in $US P/E based on earnings from continuing operations for the 12 months ended 9/30/2012 Debt/Capital is ratio between total debt and total capital based on most recent published balance sheet

Source: Bloomberg, PFC Energy estimates as of 12/31/2012

Top 15 Ref ining & Marketing

2012 Rank

2011 Rank

Company Name

Market Cap ($US billion)

% Share Price Change (YoY)

Est P/E

Debt/Capital

HQ Country

Ticker/Exch

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

1 2 3 4 6 5 7 9 10 12 8 13

Reliance Phillips 66* Formosa Petrochemicals Marathon Petroleum Valero SK Energy Indian Oil S-OIL HollyFrontier Tupras Petrom PKN Orlen Tesoro Tonengen Sekiyu Bharat Petroleum

50.3 33.2 28.2 21.4 18.9 15.1 12.0 11.0 9.5 7.2 7.2 6.9 6.2 4.9 4.7

18% N/A -4% 84% 57% 33% 3% 13% 105% 34% 47% 63% 83% -21% 43%

13 N/A 88 9 9 7 16 9 6 10 N/A 7 10 3 33

35% 28% 51% 23% 29% 10% 56% 42% 17% 47% 30% 25% 25% 63% 64%

India US Taiwan US US Korea India Korea US Turkey Romania Poland US Japan India

RIL IN PSX US 6505 TT MPC US VLO US 096770 KS IOCL IN 010950 KS HFC US TUPRS TI SNP RO PKN PW TSO US 5012 JP BPCL IN

Company names in bold blue indicate PFC Energy 50 ranking Share price growth based on primary exchange tickers in $US P/E based on earnings from continuing operations for the 12 months ended 9/30/2012 Debt/Capital is ratio between total debt and total capital based on most recent published balance sheet

Source: Bloomberg, PFC Energy estimates as of 12/31/2012

* Phillips 66 was spun off from ConocoPhillips in 2012

Some Barrels are Better than Others

PFC ENERGY TOP 10 (2012): MARKET CAP AND OPERATING COMPARISON
mkt cap ($bn) 450 400 350 300 250 100 200 80 150 100 50 0 60 40 20 0 150 100 50 0 2009 MARKET CAP AT YEAR END 2010 2011 2012 200 80 60 40 20 0

$/mboe/d $/boe 200 180 160 140 120

ECOPETROL: 2009-2012 HISTORIC VALUATION

mkt cap ($bn) 450 400 350 300 250

$/mboe/d $/boe 200 180 160 140 120 100

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PRODUCTION AT START OF YEAR (RIGHT) -$ / MBOE/D RESERVES AT START OF YEAR (RIGHT) -$ / BOE

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The market valuation of Colombian traded NOC Ecopetrol has risen at an impressive rate since its IPO in 2007. From #33 on the PFC Energy 50 list five years ago with a market capitalization of $36.6 billion, the company has grown at a 28% compound growth rate to a valuation of $126.6

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billion, putting it in #6 position this year. The charts above compare the valuations of the top 10 PFC Energy 50 companies with their proved reserves and oil equivalent production levels, providing a lesson in which barrels markets currently like better than others.

Sources: Bloomberg, S&P, PFC Energy estimates as of 12/31/2012

Top 15 Alternative Technologies

2012 Rank

2011 Rank

Company Name

Market Cap ($US billion)

% Share Price Change (YoY)

Est P/E

Debt/Capital

HQ Country

Ticker/Exch

Technology

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

4 2 1 5 3 7 6 8 13 9 14 10 15 12

Cosan Acciona GCL Energy First Solar Goldwind Abengoa Vestas SMA Solar Ormat Technologies SunPower Suzlon Gamesa Motech Meyer Burger

4.7 4.3 3.1 2.7 2.1 1.7 1.2 0.9 0.7 0.7 0.6 0.6 0.4 0.4 0.4

56% -11% -28% -12% -30% -27% -48% -55% 26% -12% 4% -43% -47% -59% -53%

31 85 61 N/A 483 10 N/A 5 N/A N/A N/A N/A N/A 3 N/A

35% 63% 67% 13% 43% 86% 44% 13% 50% 42% 73% 42% 40% 43% 16%

Brazil Spain Hong Kong US China Spain Denmark Germany Israel US India Spain Taiwan US Switzerland

CZZ US ANA SM FSLR US 002202 CH VWS DC S92 GR ORA US SPWR US SUEL IN GAM SM 6244 TT GTAT US MBTN SW

Biofuels Wind Solar Wind Wind Solar Geothermal Solar Wind Wind Solar Solar Solar

3800 HK Alt. Electricity

ABG SM Alt. Electricity

11 GT Advanced Technologies

Share price growth based on primary exchange tickers in $US P/E based on earnings from continuing operations for the 12 months ended 9/30/2012 Debt/Capital is ratio between total debt and total capital based on most recent published balance sheet

Source: Bloomberg, PFC Energy estimates as of 12/31/2012

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