Brand Finance’s Energy 100 2026 reveals the world’s most valuable and strongest oil & gas and utilities brands amid shifting energy demand and investment priorities
LONDON, 4 November 2026 – The collective value of the world’s top 100 most valuable energy brands has risen 6% to USD731.2 billion, from USD688.6 billion in 2025, according to the Energy 100 2026 from Brand Finance, the world's leading brand valuation consultancy. The top 50 oil & gas brands account for USD468.9 billion of the total and recorded a 6% year-on-year growth, while the top 50 utility brands represent the remaining USD262.3 billion, up 7% from 2025.
The growth reflects a changing energy landscape, with investment increasingly concentrated in regions benefiting from stronger energy demand, expanding infrastructure and supportive industrial policies. At the same time, the rapid expansion of artificial intelligence (AI) and data centres is creating new demand for electricity, driving investment across generation, transmission, energy storage and grid infrastructure.
Shell (brand value up 14% to USD51.8 billion) retains its position as the world's most valuable oil & gas brand for the 12th consecutive year, recovering strongly from a 10% decline in 2025. Shell's continued focus on LNG and gas has positioned the brand well as global energy demand continues to grow, particularly in Asia. The brand also remains the strongest oil & gas brand ranked, with a Brand Strength Index (BSI) score of 83.9/100 and an AAA- brand strength rating.
Aramco (brand value up 14% to USD47.3 billion) retains second position, recording its strongest brand value growth in four years. Higher production volumes, expansion in gas and a growing international presence have strengthened the brand's revenue outlook. Production increased as OPEC+ began relaxing its voluntary cuts, with Aramco targeting around 10.5 million barrels per day as remaining reductions are unwound. Progress in gas expansion, including production from Jafurah and operations at the Tanajib Gas Plant, is also supporting future growth.
PetroChina (brand value up 7% to USD35.7 billion) retains third position and remains China's most valuable oil and gas brand. The increase in brand value reflects improved investor confidence and a more favourable outlook for China's energy sector. China's crude oil production, refinery throughput and natural gas production all increased in 2025, supporting PetroChina's revenue outlook. Reflecting stronger perceptions of its role in meeting China's growing energy needs, PetroChina's BSI score rose to 75.4/100, with its brand strength rating upgraded from AA (2025) to AA+ this year.
In the brand strength segment, Shell retains the top position with a BSI score of 83.9/100 and an AAA- brand strength rating, followed by PETRONAS (BSI: 83.5/100, AAA- rating), and TotalEnergies (BSI: 82.4/100, AAA- rating).
ADNOC (brand value up 11% to USD21.1 billion) is named as Oil & Gas Brand to Watch for 2026. The brand has increased its value by more than 300% since 2017, supported by diversification beyond its traditional oil and gas activities. International investments through XRG, including the acquisition of Covestro and expansion into chemicals and low-carbon businesses, are broadening the group’s scale and growth opportunities. ADNOC’s production ambitions also strengthen its outlook, with the company targeting oil production capacity of 5 million barrels per day by 2027, following the UAE’s withdrawal from OPEC in May 2026. This combination of sustained brand value growth, international expansion and increased production capacity positions ADNOC to build further brand strength and value.
Neste (brand value up 17% to USD3.5 billion) has emerged as the fastest growing oil & gas brand in 2026, reflecting the company’s strong positioning in renewable fuels, growing demand for lower carbon energy solutions and continued investment in production capacity. The Finnish energy company is increasingly differentiated from traditional oil & gas peers through its focus on renewable diesel and sustainable aviation fuel (SAF), while maintaining a global production footprint across three continents.
Andy Kan, Managing Director Australia, Brand Finance, commented:
"Sporting success remains an important catalyst for club brands across both the AFL and NRL, but the results show that it is only one part of the equation. The most resilient brands are those that can translate moments of sporting relevance into deeper supporter engagement, broader commercial appeal and enduring partnerships. Equally, clubs with established fan bases and strong commercial foundations can continue to create value even when results on the field are less consistent.”
State Grid Corporation of China (brand value up 20% to USD102.4 billion) retains its position as the world's most valuable utilities brand by a wide margin, reflecting the scale of China's electricity infrastructure and State Grid's central role in the country's power system. The company's continued focus on strengthening transmission and distribution infrastructure is particularly relevant as electricity demand rises alongside industrial activity, electrification and renewable energy deployment.
The Chinese brand also continues to be the strongest utilities brand in the rankings, with a BSI score of 92.9/100 and an AAA+ brand strength rating. Brand Finance's market research data shows that State Grid continues to benefit from strong familiarity, reliability and reputation in its domestic market.
EDF (brand value up 19% to USD16.5 billion) and Enel (brand value up 13% to USD12.1 billion) are ranked as the second and third most valuable utilities brands respectively. EDF's growth comes as French nuclear output reached 373 TWh in 2025, the highest level in six years, Enel’s brand value increased year on year, driven by a stronger brand, a more favourable discount rate and higher core profitability.
Edison (brand value up 33% to USD1.9 billion) is the fastest growing brand in this year's ranking, underpinned by its significant business-to-business activities: Edison Energia is a market leader in electricity and gas volumes supplied to companies, the tertiary sector, and public administration — a diversified customer base that, alongside residential growth, supports the brand's overall resilience.
Saudi Energy, which rebranded from Saudi Electricity Company in February 2026, has been identified as a Brand to Watch in the utilities sector. The brand's value grew 25% to USD2.4 billion this year, reflecting strong underlying business performance as Saudi Arabia's national electricity provider.
In the utilities brand strength segment, two ASEAN brands are ranked among the top three whish is Indonesia’s PLN with a BSI score of 91.8/100 and an AAA+ rating,and Tenaga Nasional of Malaysia with BSI score of 91.5/100 and AAA+ rating.
PLN (brand value up 21% to USD2.7 billion) ranks as the second strongest utilities brand in the ranking. The brand recorded a five-point increase in brand strength index score this year, driven by exceptional familiarity and reputation scores in its home market of Indonesia, where 97% of respondents reported familiarity with PLN, among the highest awareness levels of any brand in the sector ranking.
Tenaga Nasional (brand value at USD2.3 billion) ranks as the world's third strongest utilities brand. Strong familiarity in its home market, where 91% of respondents in Malaysia report familiarity with the brand, continues to support its performance. As Malaysia's primary electricity provider, its constant presence in daily life through billing, outage updates and digital service touchpoints reinforces strong brand recognition.
Brand Finance is the world’s leading brand valuation consultancy. Bridging the gap between marketing and finance, Brand Finance evaluates the strength of brands and quantifies their financial value to help organisations make strategic decisions.
Headquartered in London, Brand Finance operates in over 25 countries. Every year, Brand Finance conducts more than 6,000 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 6,000 brands, surveying more than 175,000 respondents across 41 countries and 31 industry sectors. By combining perceptual data from the Global Brand Equity Monitor with data from its valuation database — the largest brand value database in the world — Brand Finance equips ambitious brand leaders with the data, analytics, and the strategic guidance 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, compliant with ISO 20671.
Brand Finance is a regulated accountancy firm and a committed leader in 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.
Brand is defined as a marketing-related intangible asset including, but not limited to, names, terms, signs, symbols, logos, and designs, intended to identify goods, services, or entities, creating distinctive images and associations in the minds of stakeholders, thereby generating economic benefits.
Brand strength is the efficacy of a brand’s performance on intangible measures relative to its competitors. Brand Finance evaluates brand strength in a process compliant with ISO 20671, looking at Marketing Investment, Stakeholder Equity, and the impact of those on Business Performance. The data used is derived from Brand Finance’s proprietary market research programme and from publicly available sources.
Each brand is assigned a Brand Strength Index (BSI) score out of 100, which feeds into the brand value calculation. Based on the score, each brand is assigned a corresponding Brand Rating up to AAA+ in a format similar to a credit rating.
Brand Finance calculates the values of brands in its rankings using the Royalty Relief approach – a brand valuation method compliant with the industry standards set in ISO 10668. It involves estimating the likely future revenues that are attributable to a brand by calculating a royalty rate that would be charged for its use, to arrive at a ‘brand value’ understood as a net economic benefit that a brand owner would achieve by licensing the brand in the open market.
The steps in this process are as follows:
1 Calculate brand strength using a balanced scorecard of metrics assessing Marketing Investment, Stakeholder Equity, and Business Performance. Brand strength is expressed as a Brand Strength Index (BSI) score on a scale of 0 to 100.
2 Determine royalty range for each industry, reflecting the importance of brand to purchasing decisions. In luxury, the maximum percentage is high, while in extractive industry, where goods are often commoditised, it is lower. This is done by reviewing comparable licensing agreements sourced from Brand Finance’s extensive database.
3 Calculate royalty rate. The BSI score is applied to the royalty range to arrive at a royalty rate. For example, if the royalty range in a sector is 0-5% and a brand has a BSI score of 80 out of 100, then an appropriate royalty rate for the use of this brand in the given sector will be 4%.
4 Determine brand-specific revenues by estimating a proportion of parent company revenues attributable to a brand.
5 Determine forecast revenues using a function of historic revenues, equity analyst forecasts, and economic growth rates.
6 Apply the royalty rate to the forecast revenues to derive brand revenues.
7 Discount post-tax brand revenues to a net present value which equals the brand value.
Brand Finance has produced this study with an independent and unbiased analysis. The values derived and opinions presented in this study are based on publicly available information and certain assumptions that Brand Finance used where such data was deficient or unclear. Brand Finance accepts no responsibility and will not be liable in the event that the publicly available information relied upon is subsequently found to be inaccurate. The opinions and financial analysis expressed in the study are not to be construed as providing investment or business advice. Brand Finance does not intend the study to be relied upon for any reason and excludes all liability to any body, government, or organisation.
The data presented in this study form part of Brand Finance's proprietary database, are provided for the benefit of the media, and are not to be used in part or in full for any commercial or technical purpose without written permission from Brand Finance.
