Oil and natural gas companies are a crucial part of Russia’s economy and vital to its energy sector. The country has some of the largest multinational oil and gas companies in the world because it also has some of the largest known reserves. Russia had 80 billion barrels of proved reserves as of the latest available data from the U.S. Energy Information Administration.
Below are six of the largest Russian oil and gas companies, which together accounted for more than 80% of Russia’s oil production and 78% of the country’s energy production as of the latest available data for 2023.
Warning
Some of the stocks below are traded over-the-counter (OTC) in the U.S., not on exchanges, and as of July 11, 2024, are unavailable to trade in the U.S. due to sanctions imposed on Russia. Others are not available on OTC or U.S. markets. Trading OTC stocks often carries higher trading costs than trading stocks on exchanges. This can lower or even outweigh potential returns.
Key Takeaways
- Russia’s economy relies heavily on its oil and gas industry, which accounts for over 78% of the country’s energy production.
- Some of Russia’s largest corporations are involved in oil and gas.
- The largest oil and gas companies in Russia are Rosneft, Gazprom Neft, Lukoil, Surgutneftegaz, Gazprom, and Novatek.
1. Rosneft (ROSN.ME)
- Revenue (TTM): RUB 9.16 trillion
- Net Income (TTM): RUB 1.53 trillion
- Market Cap: RUB 2.89 trillion
- 1-Year Trailing Total Return: 39.13%
- 3-Month Average Volume: RUB 55.04 million
Rosneft, also a majority state-owned enterprise, is the overall leader of Russia’s petroleum industry and is one of the world’s largest publicly traded oil and gas companies. The company explores, extracts, and produces petroleum products and petrochemicals but is also involved in natural gas exploration and production.
2. Gazprom Neft (SIBN.ME)
- Revenue (TTM): RUB 3.52 trillion
- Net Income (TTM): RUB 637 billion
- Market Cap: RUB 3.10 trillion
- 1-Year Trailing Total Return: 39.13%
- 3-Month Average Volume: RUB 16.54 million
Though a subsidiary of Gazprom, which owns nearly 96% of all common shares, Gazprom Neft remains a publicly traded company. The company was formerly known as Sibneft.
3. Lukoil (LKOH.ME)
- Revenue (TTM): RUB 7.93 trillion
- Net Income: RUB 1.15 trillion
- Market Cap: RUB 4.84 trillion
- 1-Year Trailing Total Return: 36.00%
- 3-Month Average Volume: RUB 6.4 billion
PJSC Lukoil is a Russian company that was initially government-controlled but is now one of Russia’s most prominent companies not controlled by the state. Its main operations encompass the exploration and production of petroleum products and natural gas.
While it specializes in (and was founded for) exploration and production in western Siberia—where the majority of the company’s oil and gas reserves are located—Lukoil is a major player in the energy industry worldwide.
4. Surgutneftegas (SNGS.ME)
- Revenue (TTM): RUB 2.25 trillion
- Net Income: RUB 1.32 trillion
- Market Cap: RUB 1.01 trillion
- 1-Year Trailing Total Return: 4.12%
- 3-Month Average Volume: RUB 1.32 trillion
Surgutneftegas is a Russian oil and gas company formed by merging several former government-owned companies. Its main interests are the exploration and production of oil and natural gas, manufacturing and marketing of petroleum products, as well as gas processing and oil refining.
5. Gazprom (GAZP.ME)
- Revenue (TTM): RUB 8.54 trillion
- Net Income (TTM): RUB -659 trillion
- Market Cap: RUB 2.89 trillion
- 1-Year Trailing Total Return: -27.60%
- 3-Month Average Volume: RUB 696.56 million
With 12-month revenue of RUB 8.54 trillion, Gazprom is one of Russia’s and the world’s largest natural gas companies. It is a majority government-owned company focused on geological exploration within Russia, as well as the production, transmission, storage, processing, and marketing of natural gas and other hydrocarbons.
Gazprom has struggled since the war in Ukraine and the ensuing sanctions from major Russian oil importers began. In 2023, the company posted record losses of RUB 659 trillion.
6. Novatek (NVTK.ME)
- Revenue (TTM): RUB 1.37 trillion
- Net Income (TTM): RUB 463.03 billion
- Market Cap: RUB 3.18 trillion
- 1-Year Trailing Total Return: -24.03%
- 3-MonthAverage Volume: RUB 21.87 million
Novatek is Russia’s largest independent natural gas producer and is the second-largest natural gas producer in Russia behind Gazprom. The company engages in the exploration, production, and processing of natural gas and liquid hydrocarbons.
What Is the Biggest Oil Company in Russia?
Rosneft is the biggest oil company in Russia, with RUB 9.6 trillion in revenues in 2023.
Who Is Russia’s Biggest Oil Consumer?
According to the World Bank, China is the largest Russian crude oil purchaser, accounting for more than €4.5 billion in crude in May 2024.
Who Is the Largest Oil Refinery in Russia?
Rosneft, the country’s largest oil producer, is also its largest refiner, accounting for 40% of its refinining capacity.
The Bottom Line
Russia is one of the largest producers of oil in the world and has proved reserves of 80 billion barrels, ranking it eighth in the world for reserves. The country also depends on its oil production for energy production, which leads to the development of large oil companies.
The largest oil and gas companies in Russia are Rosneft, Gazprom Neft, Lukoil, Surgutneftegaz, Gazprom, and Novatek.
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