Monday, 25 March 2024 11:26

Shell’s resilience: Oil & Gas giant endures transition to retain top brand value ranking

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New data from Brand Finance highlights stability for top oil and gas brands globally

  • Shell, Aramco, PetroChina, and Sinopec maintain positions as the world’s most valuable oil and gas brands, with BP re-entering the top five ranking
  • QatarEnergy, Pioneer Natural Resources, and EOG Resources emerge as fastest-growing brands
  • PETRONAS reigns as the sector’s strongest brand, showcasing enduring brand strength leadership

Shell powers on as the world’s most valuable oil and gas brand, according to a new report from Brand Finance, the world's leading brand valuation consultancy. 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 (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 second, third, and fourth, respectively. BP has re-entered the top five, having dropped in the ranking the previous year.

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Savio D’Souza, Senior Director, Brand Finance commented:

"As Shell continues to uphold its position as the world’s leading Oil & Gas brand, it highlights the remarkable stability of the brand in spite of questions about the long-term corporate strategy of the company. Correspondingly, the top 10 Oil & Gas brands have different views on their role in the energy transition; it remains to be seen which brand positioning drives the optimal value to the respective businesses in the long term."

QatarEnergy has emerged as the oil and gas sector’s fastest-growing brand, experiencing an 82% brand value surge to reach USD3.2 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 USD4.5 billion, followed by EOG Resources, up 35% to USD3.5 billion. Brand Finance research shows EOG Resources’ growth is fuelled by decentralised exploration efforts, highlighted by discoveries in Ohio Utica Combo, South Texas Dorado, and Southern Powder River Basin. EOG's focus on multiple prospects underscores its ability to expand its portfolio and boost revenue.

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PETRONAS remains the oil and gas sector’s strongest brand, retaining its AAA brand strength rating despite facing significant global challenges. However, according to Brand Finance research, customers are concerned about the reduced value for money amidst higher energy prices, underscoring the need for PETRONAS to carefully manage its pricing strategies to maintain its competitive edge and customer loyalty.

Every year, leading brand valuation consultancy Brand Finance puts 5,000 of the biggest brands to the test, and publishes over 100 reports, ranking brands across all sectors and countries. The world’s top 50 most valuable and strongest oil and gas brands are included in the Brand Finance Oil & Gas 50 2024 ranking.

Brand value is understood as the net economic benefit that a brand owner would achieve by licensing the brand in the open market. Brand strength is the efficacy of a brand’s performance on intangible measures relative to its competitors.

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

About Brand Finance

Brand Finance is the world’s leading brand valuation consultancy. Bridging the gap between marketing and finance for more than 25 years, Brand Finance evaluates the strength of brands and quantifies their financial value to help organisations of all kinds make strategic decisions.

Headquartered in London, Brand Finance has offices in over 20 countries, offering services on all continents. Every year, Brand Finance conducts more than 5,000 brand valuations, supported by original market research, and publishes over 100 reports which rank brands across all sectors and countries.

Brand Finance also operates the Global Brand Equity Monitor, conducting original market research annually on over 5,000 brands, surveying more than 150,000 respondents across 38 countries and 31 industry sectors. Combining perceptual data from the Global Brand Equity Monitor with data from its valuation database enables Brand Finance to arm brand leaders with the data and analytics they need to enhance brand and business value.

In addition to calculating brand value, Brand Finance also determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity, and business performance. Compliant with ISO 20671, Brand Finance’s assessment of stakeholder equity incorporates original market research data from over 100,000 respondents in 38 countries and across 31 sectors.

Brand Finance is a regulated accountancy firm, leading the standardisation of the brand valuation industry. Brand Finance was the first to be certified by independent auditors as compliant with both ISO 10668 and ISO 20671 and has received the official endorsement of the Marketing Accountability Standards Board (MASB) in the United States.


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