Oil and Gas
Business Lesson 6
New Vocabulary
нефть, бензин
crude oil
сырая, неочищенная нефть
осадочная порода
огромный, безмерный, необъятный
резервуар, хранилище
oil field
месторождение нефти
pump up
очищать, улучшать
бензин, газолин
побочный продукт
топливо, горючее
уголь, каменный уголь
загрязнение окружающей среды
недостаток, обратная сторона
carbon dioxide
углекислый газ
greenhouse effect
парниковый эффект
global warming
глобальное потепление
разрушительный, опустошительный
поставка, запас
нехватка, дефицит
oil refinery
нефтеперерабатывающий завод
carbon-based fuels
углеводородные виды топлива
petrochemical products
нефтехимическая продукция
synthetic rubbers
синтетический каучук
jet fuel
топливо для реактивных двигателей
chemical fertilizers
химические удобрения
low-carbon electricity
низкоуглеродное электричество
разведка и добыча нефти (как сегмент нефтегазового сектора)
переработка нефти и сбыт нефтепродуктов (как сегмент нефтегазового сектора)
моющее средство
трубопровод, нефтепровод
stable substance
стабильное вещество
sales point
пункт реализации
to dissipate
LNG (liquefied natural gas)
СПГ (сжиженный природный газ)
contract arrangements
договорные соглашения
Nymex (New York Mercantile Exchange)
Нью-Йоркская товарная биржа
ICE Futures
Фьючерсы Межконтинентальной биржи
WTI (West Texas Intermediate)
нефть марки «WTI» (добывается в Техасе, США)
North Sea Brent
североморская смесь «брент»
эталон (для сравнения марок нефти)
crude blend
смесь нефтей разных марок
Dubai crude
нефть марки «Дубаи»
исчерпаемый, истощимый
spot transactions
сделка за наличный расчет
oil&gas prospecting/oil&gas exploration
разведка нефти и газа
Oil Price (per barrel)
цена нефти за баррель
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Listen about the history of oil
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10 Biggest Oil Companies
Oil remains a dominant source of energy worldwide, fueled by giant oil corporations that feed billions of barrels daily of petroleum products to energy thirsty economies. All this despite rising public concerns about climate change and moves to reduce the use of carbon-based fuels such oil. To be sure, oil prices have suffered from extreme volatility in 2020 as a result of the COVID-19 pandemic and exacerbating trade tensions. But many of the world's leading oil companies still have generated significant revenue. We look below at the 10 biggest oil companies by 12-month trailing (TTM) revenue. While Chinese and U.S. companies make up half of the 10 companies, major players also are from Saudi Arabia, Europe and Russia. This list is limited to companies which are publicly traded in the U.S. or Canada, either directly or through ADRs. Some foreign companies may report semiannually, and so may have longer lag times. All data provided by YCharts and as of September 9, 2020.

#1 China Petroleum & Chemical Corp. (SNP)

China Petroleum & Chemical is a producer and distributor of a variety of petrochemical and petroleum products. The company's products include gasoline, diesel, kerosene, synthetic rubbers and resins, jet fuel, and chemical fertilizers, among other related offerings. Also known as Sinopec, China Petroleum & Chemical is among the very largest oil refining, gas, and petrochemical companies in the world.

#2 PetroChina Co. Ltd. (PTR)

Oil and gas company PetroChina is engaged in oil products exploration, development, production, and sales. The company's primary products include crude oil, petrochemical products, and their derivatives. PetroChina is the exchange-listed branch of the Chinese state-owned China National Petroleum Corporation and is counted among the largest oil and gas producers in business today.

#3 Saudi Arabian Oil. Co. (Saudi Aramco)

Saudi Aramco, which went public in 2019, is one of the largest companies in the world across all industries, as well as among the very largest global oil companies by revenue. This company is unusual in this list in that its stock does not trade in the U.S. While Investopedia would not normally include non-U.S.-listed stocks, Saudi Aramco is such a major player in the oil industry that a list of the biggest oil companies would not make sense without including it.

#4 Royal Dutch Shell PLC (RDS.A)

Based in the Netherlands, Royal Dutch Shell explores, produces, and refines petroleum through its subsidiary companies. In addition to operating gas stations around the world, Shell produces and sells fuels, lubricants, and other chemicals.

#5 BP PLC (BP)

British oil company BP is involved in oil and petrochemical exploration, production, and supply. The company refines and sells petroleum products including chemicals such as acetic acid, ethylene, polyethylene, and terephtalic acid. BP also generates solar energy for sale as well.

#6 Exxon Mobil Corp. (XOM)

Exxon Mobil is a global petroleum and petrochemicals business. The company explores, produces, trades, transports, and sells oil and natural gas. It's also involved in electrical power generation through coal and minerals operations. Among the many products that Exxon Mobil sells are fuel, lubricants, and other petroleum-derived chemicals. After Saudi Aramco, Exxon Mobil is the second-largest oil company in the world by market value even though Exxon Mobil is more than 10 times smaller than the Saudi Arabian company.

#7 Total SE (TOT)

Total, headquartered in France, explores and produces crude oil, natural gas, and low-carbon electricity. Total also refines and produces petrochemical products. The company owns and operates gas stations throughout Europe, the U.S., and Africa. Like most of its large competitors, Total is an integrated energy company that engages in all aspects of the oil and gas business, from exploration through sale.

#8 Chevron Corp. (CVX)

Chevron is an integrated oil company with primary business operations both upstream and downstream. The upstream division is involved in the exploration and production of oil and natural gas, while the downstream operations cover refining, transportation, and marketing. Chevron is also involved in chemical and mining operations as well as non-energy activities such as technology development.

#9 Marathon Petroleum Corp. (MPC)

Marathon is a crude oil refining company. Serving customers across the U.S., the company refines, supplies, transports, and sells petroleum products. Marathon is leaseholder or owner of thousands of miles of petroleum pipelines and has been the owner of the Speedway gas station chain. In early August, Marathon agreed to sell Speedway and its 4,000 outlets to Japan's Seven & i Holdings, for for $21 billion. The Japanese retailer is owner of 7 Eleven.

#10 PJSC Lukoil (LUKOY)

Russian oil and gas company Lukoil conducts exploration, production, refining, transportation, and marketing of petroleum products primarily in the Siberian region. The company distributes oil and petroleum through an extensive pipeline system and by ship, serving customers in both Russia and the U.S.
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An expert describes what happens to a barrel of crude oil. Listen.
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Read the following article.
Marketing of oil and gas

After hydrocarbons have been produced and kept in storage tanks, they must be sold. There are different ways to sell oil and gas. Crude oil is a relatively stable substance (compared to gas) and can be easily transported to the sales point by pipeline, truck, barge or railway container. In most onshore fields oil can be sold directly from the wellhead once the operations enter the production phase.

Natural gas has the ability to dissipate into the atmosphere, and that's why keeping the appropriate pressure in the container while transporting the gas is a crucial issue. Unlike liquids, gas can be compressed and therefore large quantities can be kept and transported in special containers; gas can even be liquefied. LNG (liquefied natural gas) technology allows decreasing gas volume considerably for transportation by cooling it at a temperature of — 160 C.

On the global scale, oil is sold under a variety of contract arrangements and/or in spot transactions. Oil prices are highly influenced by two of the biggest oil exchanges: Nymex in New York and ICE Futures in London. These exchanges control global oil prices via oil futures contracts on two grades of crude oil — West Texas Intermediate and North Sea Brent. Major oil producers including Russia and Nigeria use Brent as a benchmark for pricing the crude oil they produce. Brent is a key crude blend for the European market. The third oil exchange is Dubai Mercantile Exchange (DME), trading Dubai crude.

In general crude oil is priced by a standard formula: base price (usually based on a market indicator) plus or minus a quality adjustment. Oil price is also greatly influenced by the fact that oil is an exhaustible resource.

As to natural gas prices, they are primarily tied to oil prices since natural gas is the main alternative to crude oil.

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Dr Marion Bell is an expert on the world consumption of oil. Listen to an extract of a radio interview where she was asked about trends in oil consumption.
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Watch the video and answer the questions
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Your homework is to write the summary of this topic, minimum 15 sentences, using new words and expressions
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