Competitive Intelligence Research has updated 2026 Guidance data for companies under coverage. The updated Excel-based report provides near and medium-term production and capital expenditure plans, as well as upstream, exploration and low-carbon spending details as available.

Energy Intelligence’s proprietary AI Initiative Tracker captures activity of 50 major oil and gas companies since 2023. This update highlights developments since our initial October 2025 report. The upward trend of energy companies announcing AI initiatives continues, with firms interacting with AI in four main ways: integrating AI into their businesses; supplying energy for AI; investing in AI companies; and partnering with AI companies to offer services to other energy players. Three main regional centers of AI use are emerging – North America, Europe and the Mideast Gulf – while NOCs as a peer group are embracing AI the fastest.

The emission monitor provides detailed reported emissions data and emissions reduction targets for key oil and gas operating companies, covering both IOCs and NOCs. It is updated twice a year.

An updated dataset for the Emissions Monitor is now available. The Excel-based report provides detailed reported emissions data and emissions reduction targets for key oil and gas operating companies, covering both IOCs and NOCs. Included in this update: Scope 1+2 Total GHG Emissions data, Upstream Operational GHG Intensity data, Scope 3 End-Use GHG Emissions data, Total Operational Methane Emissions, Methane Emissions Intensity, and key Company Emissions Targets.

The latest update to the Emissions Monitor reflects a full performance benchmarking for FY2024, with data from a total of 43 oil and gas companies. Methane performance continues to improve markedly year-on-year across all peer groups, while operated emissions performance (Scope 1 and 2) is mixed. Upstream emissions intensity, however, continues to decline, suggesting that companies are learning to produce more hydrocarbons with a lower per-unit carbon footprint. This update also adds six independent E&Ps and three state firms to coverage: Antero Resources, Devon Energy, Coterra Energy (to be acquired by Devon), Murphy Oil, Galp Energia, Tullow Oil, YPF, KMG and OQ.

The upstream sector shrugged off energy price volatility and macroeconomic headwinds to carry out $42 billion in deals in the last quarter of 2025, pushing annual deal flow to $108 billion. SM Energy’s acquisition of Civitas Resources for $12.8 billion was the top deal of the quarter, but Devon Energy’s acquisition of Coterra Energy for $58 billion in February sets the stage for 2026 deals. We expect oil price volatility to weigh on asset valuations, with the industry possibly pursuing merger-of-equal deal options and gas-weighted transactions in the shale patch. International exploration deals look exciting in 2026, with frontier play transactions in Latin America and Sub-Saharan Africa and new conventional acreage awards in the Middle East and North Africa on our radar.

Despite weaker oil prices and macro headwinds, new exploration offerings and direct government negotiations have markedly increased in the past six months. Numerous countries have advanced bid rounds and direct deals as select upstream companies refocus on exploration and acquisition of organic growth options. The most licensing action is in Asia and Africa, but smaller producers are also hoping to take advantage of the uptick in investor interest by launching new opportunities.

While the political environment in Venezuela remains in flux, the US is advancing its energy agenda. US firms have cautiously signaled investment interest, but is likely contingent on political stability, physical security, sanctions removal and attractive fiscal terms. At the same time, Washington’s plan to restore the Venezuelan oil sector will need to include PDVSA, which relies on a network of partners. A review of this cobbled competitive landscape may be on the table. We expect Caracas to advance short-term energy policy changes, but long-term investment clarity will be needed.

Competitive Intelligence Research is pleased to share the Executive Summary findings from this year's Top 100: Global NOC & IOC Rankings. Deeper commitments and larger bets on oil and gas are back in focus. The latest Energy Intelligence Top 100: Global NOC & IOC Rankings reinforce clarity around their prominent long-term role in the global energy system. Saudi Aramco, NIOC and CNPC retain their first, second and third spots, while Exxon Mobil regained the No. 4 spot after relinquishing it to Rosneft last year. The 2026 rankings also reveal dramatic results from the ongoing US shale patch consolidation wave, fueling significant ranking gains for several companies. This includes larger IOCs such as Exxon and ConocoPhillips, along with four US shale players entering the Top 100 for the first time. US energy policy shifts, renewed global exploration focus and continued sector consolidation are expected to drive future ranking changes.

Weaker oil prices and macroeconomic headwinds cooled upstream M&A activity in Q3’25, with only $15.7 billion in announced deals. North American consolidation remains the key M&A theme, with a pending Canadian oil sands tie-up, high-value Permian Basin deals, and other shale plays showing strength as operators seek scale, efficiency and drilling inventory. Exploration acreage acquisition also featured prominently this quarter, with farm-in deals and government acreage awards across various frontier plays in Latin America and Sub-Saharan Africa. Given the weaker macro environment, deal activity could slow in the fourth quarter.