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

25 March 2024
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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

March 25, 2024 [London]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.

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.

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.

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Media Contacts

Penny Erricker
Communications Executive
Brand Finance

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 organizations 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.

Brand Finance is a regulated accountancy firm, leading the standardization 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.

Definition of Brand

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

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 Valuation Approach

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.

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