european oil companies

Rajiv Gandhi Institute of Petroleum Technology

Rajiv Gandhi Institute of Petroleum TechnologyDepartment of Management Studies

Financial Performance of European Oil Companies

Research Project: Management Accounting

Submitted By:Ashutosh ShringiPrasannjeet SinhaPrateek RaiSidhant Saxena

Table of contents:

1. British Petroleum at a glance Income Statement Balance Sheet

2. Royal Dutch Shell at a glance Income Statement Balance Sheet

3. Total S.A. at a glance Income Statement Balance Sheet

4. Comparison between major European Oil Companies

5. References

1

BRITISH PETROLEUM AT A GLANCE

INTRODUCTION:

British Petroleum plc, sometimes referred to by its former name British Petroleum, is British

multinational Oil and Gas Company headquartered in London, England, United Kingdom. It

is one of the six oil and gas “Super-majors” and the fifth-largest energy company by market

capitalization. It has operations in over 80 countries.

HISTORY:

Founded on 14 April 1909 to explore the oilfields of Persia (now Iran). It was incorporated as

the Anglo-Persian Oil Company (APOC), a subsidiary of Burmah Oil Company. After World

War I, APOC started marketing its products in Continental Europe and acquired stakes in the

local marketing companies in several European countries.

In 1954, the AIOC became the British Petroleum Company. During 1979-2000 BP was

privatized. By 2013 BP had fallen from the second largest oil company to the fourth after

selling off assets to cover Deep-water Horizon oil spill-related payouts.

ACTIVITIES:

Supplier of petroleum, solar energy, petrochemicals, bitumen, LPG, lubricants, aviation fuels

and fuel cards. Activities also generate jobs, investment, infrastructure and revenues for

governments and local communities. Its operation expands in over 80 countries.

BUSINESS SEGMENTS:

Oil and natural gas

Oil refining and marketing

Alternative and low carbon energy

2

INCOME STATEMENT – BP

In Millions of USD (except for per share items) 2012 2011 2010 2009

Revenue 3,75,580.00

3,75,517.00 2,97,107.00 2,39,272.00

Other Revenue, Total 12,705.00 10,946.00 11,821.00 6,866.00

Total Revenue 3,88,285.00

3,86,463.00 3,08,928.00 2,46,138.00

Cost of Revenue, Total 3,35,311.00

3,18,043.00 2,86,070.00 1,90,726.00

Gross Profit 40,269.00 57,474.00 11,037.00 48,546.00

Selling/General/Admin. Expenses, Total 13,357.00 13,958.00 12,555.00 14,038.00

Research & Development 1,475.00 1,520.00 843 1,116.00

Depreciation/Amortization 12,481.00 11,135.00 11,164.00 12,106.00

Interest Expense(Income) - Net Operating - - - -

Unusual Expense (Income) 6,275.00 2,058.00 1,689.00 2,333.00

Other Operating Expenses, Total - - - -

Total Operating Expense 3,68,552.00

3,46,646.00 3,12,630.00 2,19,712.00

Operating Income 19,733.00 39,817.00 -3,702.00 26,426.00

Interest Income(Expense), Net Non-Operating - - - -

Gain (Loss) on Sale of Assets - - - -

Other, Net 201 263 47 -192

Income Before Tax 18,809.00 38,834.00 -4,825.00 25,124.00

Income After Tax 11,816.00 26,097.00 -3,324.00 16,759.00

Minority Interest -234 -397 -395 -181

Equity In Affiliates - - - -

Net Income Before Extra. Items 11,582.00 25,700.00 -3,719.00 16,578.00

Accounting Change - - - -

Discontinued Operations - - - -

Extraordinary Item - - - -

Net Income 11,582.00 25,700.00 -3,719.00 16,578.00

Preferred Dividends - - - -

Income Available to Common Excl. Extra Items 11,580.00 25,698.00 -3,721.00 16,576.00

Income Available to Common Incl. Extra Items 11,580.00 25,698.00 -3,721.00 16,576.00

Basic Weighted Average Shares - - - -

3

Basic EPS Excluding Extraordinary Items - - - -

Basic EPS Including Extraordinary Items - - - -

Dilution Adjustment - - 0 -

Diluted Weighted Average Shares 19,157.89 19,136.20 18,785.91 18,935.69

Diluted EPS Excluding Extraordinary Items 0.6 1.34 -0.2 0.88

Diluted EPS Including Extraordinary Items - - - -

Dividends per Share - Common Stock Primary Issue

0.33 0.28 0.14 0.56

Gross Dividends - Common Stock - - - -

Net Income after Stock Based Comp. Expense - - - -

Basic EPS after Stock Based Comp. Expense - - - -

Diluted EPS after Stock Based Comp. Expense - - - -

Depreciation, Supplemental - - - -

Total Special Items - - - -

Normalized Income Before Taxes - - - -

Effect of Special Items on Income Taxes - - - -

Income Taxes Ex. Impact of Special Items - - - -

Normalized Income After Taxes - - - -

Normalized Income Avail to Common - - - -

Basic Normalized EPS - - - -

Diluted Normalized EPS 0.84 1.11 1.06 1.73

4

BALANCE SHEET –BP

In Millions of USD (except for per share items) 2012 2011 2010 2009Cash & Equivalents 13,748.00 9,195.00 10,347.00 4,980.00

Short Term Investments 566 532 1,779.00 249

Cash and Short Term Investments 20,114.00 14,599.00 20,335.00 8,588.00

Accounts Receivable - Trade, Net 27,420.00 29,425.00 25,454.00 24,338.00

Receivables - Other - - - -

Total Receivables, Net 38,120.00 43,761.00 37,242.00 29,740.00

Total Inventory 27,867.00 25,661.00 26,218.00 22,605.00

Prepaid Expenses 1,058.00 1,286.00 1,574.00 1,753.00

Other Current Assets, Total 23,822.00 12,277.00 8,843.00 4,967.00

Total Current Assets 1,10,981.00 97,584.00 94,212.00 67,653.00

Property/Plant/Equipment, Total - Gross 2,41,055.00 2,41,987.00 2,34,239.00 2,31,258.00

Accumulated Depreciation, Total-1,20,607.00

-1,22,773.00

-1,24,076.00

-1,22,983.00

Goodwill, Net 11,861.00 12,100.00 8,598.00 8,620.00

Intangibles, Net 24,041.00 21,102.00 14,298.00 11,548.00

Long Term Investments 22,119.00 32,326.00 30,347.00 30,865.00

Other Long Term Assets, Total 5,989.00 6,405.00 8,346.00 7,278.00

Total Assets 3,00,193.00 2,93,068.00 2,72,262.00 2,35,968.00

Accounts Payable 32,255.00 32,284.00 29,583.00 23,882.00

Accrued Expenses 6,810.00 5,932.00 5,612.00 6,202.00

Notes Payable/Short Term Debt 0 0 0 0

Current Port. of LT Debt/Capital Leases 10,030.00 9,044.00 14,626.00 9,109.00

Other Current liabilities, Total 28,491.00 37,058.00 34,058.00 20,127.00

Total Current Liabilities 77,586.00 84,318.00 83,879.00 59,320.00

Long Term Debt 38,412.00 34,816.00 30,017.00 25,020.00

Capital Lease Obligations 355 353 693 498

Total Long Term Debt 38,767.00 35,169.00 30,710.00 25,518.00

Total Debt 48,797.00 44,213.00 45,336.00 34,627.00

Deferred Income Tax 15,064.00 15,078.00 10,908.00 18,662.00

Minority Interest 1,206.00 1,017.00 904 500

Other Liabilities, Total 49,156.00 46,021.00 50,874.00 30,355.00

5

Total Liabilities 1,81,779.00 1,81,603.00 1,77,275.00 1,34,355.00

Redeemable Preferred Stock, Total - - - -

Preferred Stock - Non Redeemable, Net - - - -

Common Stock, Total 5,261.00 5,224.00 5,183.00 5,158.00

Additional Paid-In Capital 9,974.00 9,952.00 9,987.00 9,847.00

Retained Earnings (Accumulated Deficit) 1,17,538.00 1,11,608.00 94,505.00 1,01,730.00

Treasury Stock - Common -21,054.00 -21,323.00 -21,211.00 -21,517.00

Other Equity, Total 6,695.00 6,004.00 6,523.00 6,395.00

Total Equity 1,18,414.00 1,11,465.00 94,987.00 1,01,613.00

Total Liabilities & Shareholders' Equity 3,00,193.00 2,93,068.00 2,72,262.00 2,35,968.00

Shares Outs - Common Stock Primary Issue - - - -

Total Common Shares Outstanding 19,135.75 18,975.90 18,796.46 18,759.89

ROYAL DUTCH SHELL AT A GLANCE6

INTRODUCTION:

Royal Dutch Shell plc (the Company), commonly known as Shell is an Anglo-Dutch

multinational oil and gas company. It is a public limited company registered in England and

Wales and headquartered in The Hague, the Netherlands.

HISTORY:

The Royal Dutch Shell Group was created in February 1907 through the merger of two rival

companies - Royal Dutch Petroleum Company and the "Shell" Transport and Trading

Company Ltd of the United Kingdom. From 1907 until 2005, Royal Dutch Petroleum

Company and The “Shell” Transport and Trading Company, p.l.c. were the two public parent

companies of a group of companies known collectively as the “Royal Dutch/Shell Group”. In

2005, Royal Dutch Shell plc became the single parent company of Royal Dutch Petroleum

Company and of The “Shell” Transport and Trading Company, p.l.c., now The Shell

Transport and Trading Company Limited.

ACTIVITIES:

Shell is vertically integrated and is active in every area of the oil and gas industry, including

exploration and production, refining, distribution and marketing, petrochemicals, power

generation and trading. It has minor renewable energy activities in the form of biofuels. It has

operations in over 90 countries, produces around 3.1 million barrels of oil equivalent per day

and has 44,000 service stations worldwide. Shell Oil Company, its subsidiary in the United

States, is one of its largest businesses.

BUSINESS GROUPINGS:

Shell is currently organized into four major business groupings:

Upstream International Upstream Americas Downstream Projects & technology

INCOME STATEMENT- ROYAL DUTCH SHELL

7


Revenue 4,67,153.00

4,70,171.00

3,68,056.00

2,78,188.00

Other Revenue, Total - - - -

Total Revenue 4,67,153.00

4,70,171.00

3,68,056.00

2,78,188.00

Cost of Revenue, Total 3,69,725.00

3,70,044.00

2,83,176.00

2,03,075.00

Gross Profit 97,428.00 1,00,127.00

84,880.00 75,113.00

Selling/General/Admin. Expenses, Total 40,896.00 40,793.00 39,986.00 42,731.00

Research & Development 4,418.00 3,391.00 3,055.00 3,303.00



Unusual Expense (Income) 1,058.00 1,483.00 2,745.00 1,804.00

Other Operating Expenses, Total - - - -

Total Operating Expense 4,20,706.00

4,18,719.00

3,35,859.00

2,58,591.00

Operating Income 46,447.00 51,452.00 32,197.00 19,597.00


Gain (Loss) on Sale of Assets 4,228.00 4,485.00 3,276.00 781

Other, Net -909 -761 -402 -435

Income Before Tax 50,289.00 55,660.00 35,344.00 21,020.00

Income After Tax 26,840.00 31,185.00 20,474.00 12,718.00



Net Income Before Extra. Items 26,592.00 30,918.00 20,127.00 12,518.00




Net Income 26,592.00 30,918.00 20,127.00 12,518.00


Income Available to Common Excl. Extra Items 26,592.00 30,918.00 20,127.00 12,518.00

Income Available to Common Incl. Extra Items 26,592.00 30,918.00 20,127.00 12,518.00



8


Dilution Adjustment - - - -


Diluted EPS Excluding Extraordinary Items 4.24 4.97 3.28 2.04



1.72 1.68 1.68 1.66














BALANCE SHEET – ROYAL DUTCH SHELL

9

In Millions of USD (except for per share items) 2012 2011 2010 2009Cash & Equivalents - - - -

Short Term Investments 17,768.00 9,931.00 12,305.00 8,549.00


Accounts Receivable - Trade, Net - - - -



Total Inventory 30,781.00 28,976.00 29,348.00 27,410.00

Prepaid Expenses 3,442.00 3,373.00 3,723.00 3,010.00

Other Current Assets, Total 18,035.00 24,598.00 25,961.00 24,348.00

Total Current Assets 1,14,734.00 1,19,777.00 1,12,894.00 96,457.00


Accumulated Depreciation, Total-1,53,460.00

-1,43,476.00

-1,42,820.00

-1,39,197.00

Goodwill, Net 2,615.00 2,620.00 2,990.00 3,140.00

Intangibles, Net 1,855.00 1,901.00 2,049.00 2,216.00



Total Assets 3,60,325.00 3,45,257.00 3,22,560.00 2,92,181.00


Accrued Expenses 11,878.00 12,200.00 12,933.00 13,001.00

Notes Payable/Short Term Debt 1,798.00 2,262.00 5,898.00 1,490.00



Total Current Liabilities 96,979.00 1,02,659.00 1,00,552.00 84,789.00

Long Term Debt 26,054.00 26,450.00 30,142.00 30,862.00

Capital Lease Obligations 3,867.00 4,013.00 4,239.00 -


Total Debt 37,754.00 37,175.00 44,332.00 35,033.00


Minority Interest 1,433.00 1,486.00 1,767.00 1,704.00


Total Liabilities 1,71,831.00 1,75,740.00 1,74,547.00 1,55,750.00

10



Common Stock, Total 542 536 529 527

Additional Paid-In Capital 154 154 154 154

Retained Earnings (Accumulated Deficit) 1,85,732.00 1,68,050.00 1,45,161.00 1,32,507.00


Other Equity, Total 4,353.00 3,767.00 4,958.00 4,954.00

Total Equity 1,88,494.00 1,69,517.00 1,48,013.00 1,36,431.00




TOTAL S.A. AT A GLANCE

11

INTRODUCTION:

Total S.A. is a French multinational integrated oil and gas company and one of the six

"Supermajor" oil companies in the world. The company has its head office in the Tour Total

in the La Défense district in Courbevoie, West of Paris.

HISTORY:

The company was founded after World War I, when the then French Prime Minister

Raymond Poincaré rejected the idea of forming a partnership with Royal Dutch Shell in

favour of creating an entirely French oil company. At Poincaré's behest, Col. Ernest Mercier

with the support of ninety banks and companies founded Total on 28 March 1924, as the

Compagnie française des pétroles (CFP), literally the "French Petroleum Company"

The company renamed itself Total CFP in 1985, to build on the popularity of its gasoline

brand. Later in 1991, the name was changed to Total, when it became a public company

listed on the New York Stock Exchange

ACTIVITIES:

Its businesses cover the entire oil and gas chain, from crude oil and natural gas exploration

and production to power generation, transportation, refining, petroleum product marketing,

and international crude oil and product trading. Total is also a large-scale chemicals

manufacturer.

BUSINESS SEGMENTS

Upstream

Supply and Marketing

Refining and Chemicals

Renewable and nuclear power

INCOME STATEMENT – TOTAL S.A.

12

In Millions of USD (except for per share items) 2012 2011 2010 2009Revenue 1,82,299.00 1,66,550.00 1,40,476.00 1,12,153.00

Other Revenue, Total - - - -

Total Revenue 1,82,299.00 1,66,550.00 1,40,476.00 1,12,153.00

Cost of Revenue, Total 1,26,798.00 1,13,892.00 93,171.00 71,058.00

Gross Profit 55,501.00 52,658.00 47,305.00 41,095.00

Selling/General/Admin. Expenses, Total - - - -

Research & Development 1,446.00 1,019.00 864 698



Unusual Expense (Income) 1,021.00 -777 399 191

Other Operating Expenses, Total 22,350.00 20,228.00 19,389.00 18,903.00

Total Operating Expense 1,59,890.00 1,41,561.00 1,21,095.00 97,315.00

Operating Income 22,409.00 24,989.00 19,381.00 14,838.00


Gain (Loss) on Sale of Assets - - - -

Other, Net -405 -344 -338 -283

Income Before Tax 23,907.00 26,654.00 21,035.00 16,380.00

Income After Tax 10,841.00 12,581.00 10,807.00 8,629.00



Net Income Before Extra. Items 10,694.00 12,276.00 10,571.00 8,447.00




Net Income 10,694.00 12,276.00 10,571.00 8,447.00


Income Available to Common Excl. Extra Items 10,694.00 12,276.00 10,571.00 8,447.00

Income Available to Common Incl. Extra Items 10,694.00 12,276.00 10,571.00 8,447.00




Dilution Adjustment - - - -


13

Diluted EPS Excluding Extraordinary Items 4.72 5.44 4.71 3.78



2.34 2.28 2.28 2.28














BALANCE SHEET – TOTAL S.A.

14


15

Cash & Equivalents 15,469.00 14,025.00 14,489.00 11,662.00

Short Term Investments - - - -


Accounts Receivable - Trade, Net 19,206.00 20,049.00 18,159.00 15,719.00



Total Inventory 17,397.00 18,122.00 15,600.00 13,867.00

Prepaid Expenses 1,085.00 840 657 638

Other Current Assets, Total 5,406.00 762 2,667.00 570

Total Current Assets 67,517.00 63,663.00 58,206.00 49,757.00


Accumulated Depreciation, Total -87,354.00 -82,687.00 -76,956.00 -69,832.00

Goodwill, Net 889 910 902 1,162.00

Intangibles, Net 11,969.00 11,503.00 8,015.00 6,352.00



Total Assets 1,71,829.00 1,64,049.00 1,43,718.00 1,27,753.00


Accrued Expenses 240 231 184 223

Notes Payable/Short Term Debt 0 0 0 0



Total Current Liabilities 49,019.00 46,702.00 40,448.00 34,408.00

Long Term Debt 22,274.00 22,557.00 20,783.00 19,437.00

Capital Lease Obligations - - - -


Total Debt 33,290.00 32,232.00 30,436.00 26,431.00


Minority Interest 1,281.00 1,352.00 857 987


Total Liabilities 98,917.00 96,012.00 83,304.00 75,201.00



Common Stock, Total 5,915.00 5,909.00 5,874.00 5,871.00

Additional Paid-In Capital 71,827.00 66,506.00 60,538.00 55,372.00

16

Retained Earnings (Accumulated Deficit) - - - -


Other Equity, Total -1,488.00 -988 -2,495.00 -3,622.00

Total Equity 72,912.00 68,037.00 60,414.00 52,552.00




GRAPHICAL COMPARISON:

17

2012 2011 2010 20090.00

50,000.00

100,000.00

150,000.00

200,000.00

250,000.00

300,000.00

350,000.00

400,000.00

450,000.00

500,000.00

Total Revenue Comparison

British Petroleum Royal Dutch Shell Total

Year

Tot

al R

even

ue (i

n M

illi

on U

SD)

Royal Dutch Shell has the highest total revenue amongst the three companies as shown in the graph.

Individually, all the three companies have shown a steady increase in total revenue over the years.

18

2012 2011 2010 2009

-5,000.00

0.00

5,000.00

10,000.00

15,000.00

20,000.00

25,000.00

30,000.00

35,000.00

Net Profit Comparison


Year

Net

Pro

fit (

in M

illi

on U

SD)

Royal Dutch Shell has recorded maximum net profit amongst the three companies as shown in the graph.

Individually, net profit has been unsteady over the years. Royal Dutch Shell and Total’s net profit declined in the year 2012 as compared to 2011. BP underwent huge losses in the year 2010 due to the oil spill accident in the Gulf of Mexico. Although, it bounced back remarkably in the following years.

19

2012 2011 2010 20090.00

50,000.00

100,000.00

150,000.00

200,000.00

250,000.00

300,000.00

350,000.00

400,000.00

Total Asset Comparison


Year

Tot

al A

sset

s (i

n M

illi

on U

SD)

Total asset value has been on constant rise for all the companies in the past four years.

20

2012 2011 2010 20090.00

20,000.00

40,000.00

60,000.00

80,000.00

100,000.00

120,000.00

140,000.00

160,000.00

180,000.00

200,000.00

Total Liabilities Comparison

british Petroleum Royal Dutch Shell Total

Year

Tot

al li

abil

itie

s (i

n m

illi

on U

SD)

Total liabilities have been on rise for all the companies .Total has the least liabilities amongst the three. Since the total asset value is greater than the total liability value for each of the company, the rise in liability is not of great concern.

21

2012 2011 2010 20090

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

Current Ratio Comparison


Year

Cur

rent

Rat

io

The current ratio is an indication of a firm's market liquidity and ability to meet creditor's demands. Acceptable current ratios vary from industry to industry and are generally between 1.5 and 3 for healthy businesses .Over the period of years, Total is maintaining a near about constant ratio while there is slight increase in the ratios of BP and Royal Dutch Shell. We can say that Total is in the best state of general health amongst the three.

22

http://en.wikipedia.org/wiki/Market_liquidity

2012 2011 2010 2009

-2

0

2

4

6

8

10

Return on Investment ComparisonBritish Petroleum Royal Dutch Shell Total

Year

Ret

urn

on I

nves

tmen

t

ROI is used to evaluate the efficiency of an investment or to compare the efficiency of a number of different investments. Higher the ratio, higher is the efficiency of returns from an investment. The year 2011 was the most efficient year in terms of returns for each of the three companies.

23

2012 2011 2010 20090

0.05

0.1

0.15

0.2

0.25

0.3

0.35

0.4

Gross Profit Margin Comparison

British petroleum Royal Dutch Shell Total

Year

Gro

ss P

rofi

t Mar

gin

A financial metric used to assess a firm's financial health by revealing the proportion of money left over from revenues after accounting for the cost of goods sold. From the graph, it is clearly shown that Total is having the highest margin over the years while BP is having the least amongst the three companies. Also, there is slight decline in the margin of each company over the years.

24

2012 2011 2010 2009

-0.02

-0.01

0

0.01

0.02

0.03

0.04

0.05

0.06

0.07

0.08

Net profit Margin Comparison


Year

Net

Pro

fit M

argi

n

Net profit margin or net profit ratio all refer to a measure of profitability. It is calculated by finding the net profit as a percentage of the revenue. Total is having the highest margin over the years amongst the three. BP is having a negative margin in the year 2010 due to the Gulf of Mexico mishap as they had to pay heavy penalty due to the accident.

25

2012 2011 2010 20090

0.5

1

1.5

2

2.5

Fixed Asset Turnover comparison


Year

Fix

ed A

sset

Tur

nove

r ra

tio

Fixed-asset turnover is the ratio of sales (on the profit and loss account) to the value of fixed assets. It indicates how well the business is using its fixed assets to generate sales. Generally speaking, the higher the ratio, the better, because a high ratio indicates the business has less money tied up in fixed assets for each unit of currency of sales revenue. A declining ratio may indicate that the business is over-invested in plant, equipment, or other fixed assets .Here, none of the three companies have a declining ratio. The ratios are on steady rise and hence, all the three companies are using their fixed asset to good effect to generate sales.

26

2012 2011 2010 20090

0.05

0.1

0.15

0.2

0.25

0.3

0.35

0.4

Debt To Equity Ratio comparison


Year

Deb

t to

Equ

ity

rati

o

The debt-to-equity ratio (D/E) indicates the relative proportion of shareholders' equity and debt used to finance a company's assets. A high debt/equity ratio generally means that a company has been aggressive in financing its growth with debt. This can result in volatile earnings as a result of the additional interest expense. Therefore, a debt to equity ratio is kept in check so that additional expense does not incur.

It is evident from the graph that the ratios are kept in control by each company.

27

2012 2011 2010 20090

0.05

0.1

0.15

0.2

0.25

0.3

Debt to Total Capital Ratio Comparison


Year

Deb

t to

Tot

al C

apit

al R

atio

A measurement of a company's financial leverage, calculated as the company's debt divided by its total capital. Companies can finance their operations through either debt or equity. The debt-to-capital ratio gives users an idea of a company's financial structure, or how it is financing its operations, along with some insight into its financial strength. The higher the debt-to-capital ratio, the more debt the company has compared to its equity. This tells investors whether a company is more prone to using debt financing or equity financing. A company with high debt-to-capital ratios, compared to a general or industry average, may show weak financial strength because the cost of these debts may weigh on the company and increase its default risk.

As shown in graph, all the companies are having lower ratio over the period of years. Hence, each of them is less prone to debt financing for their operations and investments. Royal Dutch Shell is having the least amongst the three.

28

REFERENCES:

1. Official Website British Petroleum : http://www.bp.com/2. Official Website Royal Dutch Shell : http://www.shell.com/3. Official Website Total S.A. : http://total.com/en4. http://www.investopedia.com/5. https://www.google.com/finance6. http://in.finance.yahoo.com/

29

http://in.finance.yahoo.com/

https://www.google.com/finance

http://www.investopedia.com/

http://total.com/en

http://www.shell.com/

http://www.bp.com/

european oil companies

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