Shell remains “the world’s most valuable oil and gas brand”

*Shell LNG Marketing & Trading.

Lagos — In its latest report, brand valuation consultancy Brand Finance has ranked the world’s strongest, most valuable and fastest-growing oil and gas brands, with Shell topping the list.

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 $50.3 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.

QatarEnergy has emerged as the oil and gas sector’s fastest-growing brand, experiencing an 82% brand value surge to reach $3.2 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 $4.5 billion, followed by EOG Resources, up 35% to $3.5 billion. Brand Finance research shows EOG Resources’ growth is fueled by decentralized 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.

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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.

Savio D’Souza, Senior Director, Brand Finance, said, “As Shell continues to uphold its position as the world’s leading oil and 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 and 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.”

Every year, brand valuation consultancy Brand Finance puts 5,000 of the biggest brands to the test, and publishes over 100 reports, ranking brands across all sectors and countries. The world’s top 50 most valuable and strongest oil and gas brands are included in the Brand Finance Oil & Gas 50 2024 ranking.

Brand value is understood as the net economic benefit that a brand owner would achieve by licensing the brand in the open market. Brand strength is the efficacy of a brand’s performance on intangible measures relative to its competitors.

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