According PFC Energy’s ranking of world’s top energy companies the combined value of the 50 largest publicly traded energy companies increased 35% in 2009 to US $3.9 trillion. Interestingly, that value remains 26% below the $5.2 trillion high at the end of 2007. Analysts see the latest data as part of a long-term trend. J. Robinson West, chairman and CEO of PFC Energy said, “Many long-term trends that were underway before the financial crisis have reasserted themselves. We are witnessing the continuing transformation of the industry. Investors see more potential in companies with growing end-user markets and preferential access to resources, and they have soured on the refining business in mature markets.” One year ago, five of the top six positions on the PFC Energy 50 were occupied by ExxonMobil, Royal Dutch Shell, Chevron, BP, and TOTAL. At that time, ExxonMobil had reclaimed its long-standing leadership of the PFC Energy 50 list from PetroChina. This year, PetroChina tops the list with a market capitalization of $353.1 billion, 9% larger than ExxonMobil’s $323.7 billion. Number four ranked Petrobras listed a value of $199.2 billion, larger than either Royal Dutch Shell or BP. In the past twelve months, the combined value of the list’s nine traded national oil companies (NOCs) rose by 66%. During the same period, the six supermajors – ExxonMobil, Shell, BP, Chevron, Total, and ConocoPhillips – increased their combined value by less than 1%, while OECD-based integrated companies gained only 6% in value. PFC Energy called 2009 a “turnaround year” for countries as well as companies. Russian companies, last year’s worst performers, posted a combined 88% value gain. The value of the Chinese companies grew 52%. Early signs of industry restructuring and consolidation also were visible this year. After spinning off its integrated oil sands operations as Cenovus, a smaller Encana had the dubious distinction of falling from its ranking of 22 to 44, the list’s largest drop. The Petro-Canada merger helped Suncor increase its market capitalization by 91% to climb from 37 to 22. ExxonMobil’s acquisition of XTO was not completed at year-end, but even so, the combined value of the two companies fell short of displacing PetroChina from the number 1 position. Over all, it looks like the NOCs are gaining on the international oil companies (IOCs). If this is truly part of a long-term trend, the big picture is changing, and IOCs will continue to slip down the list, displaced by NOCs that are growing by leaps and bounds.