Controlled Thermal Resources Funding, Investors & Competitors

Cepsa is a Spanish integrated energy company founded in 1929 and renamed Moeve in 2024. Its historical operations include oil refining, fuel marketing, service stations, lubricants, aviation and marine fuels, petrochemicals and selected upstream interests. The group serves industrial customers, transport operators, distributors and motorists, generating revenue from commodity production, refining margins, chemical sales and retail energy products. It operates major industrial complexes in Andalusia and a broad Iberian commercial network. More recent investment has shifted toward renewable fuels, electric mobility, green hydrogen and other lower-carbon energy infrastructure. Mubadala has controlled the group since acquiring the former IPIC interest, while Carlyle held a substantial minority stake during part of the covered period.

Aramco, officially the Saudi Arabian Oil Company, is the majority state-owned national oil and gas company of Saudi Arabia, headquartered in Dhahran. It explores for, produces, refines and markets crude oil, natural gas, refined products, petrochemicals and lubricants, and has the world's largest proven crude oil reserves, at more than 270 billion barrels, and the largest daily oil production of any company. It manages over one hundred oil and gas fields, including Ghawar, the largest onshore oil field, and Safaniya, the largest offshore field, and operates the Master Gas System; its 2024 production totalled 12.7 million barrels of oil equivalent a day. It also owns 70% of the chemicals maker SABIC, bought from the Public Investment Fund in 2020, and refining ventures in Saudi Arabia and abroad. In 2024 it reported revenue of US$480.4 billion and net income of US$106.2 billion, with more than 75,000 employees. The company began on 29 May 1933 as California-Arabian Standard Oil, a subsidiary of Standard Oil of California, struck commercial oil at Dammam No. 7 in 1938 and was renamed Arabian American Oil Co. in 1944; a November 1988 royal decree created the Saudi Arabian Oil Company to take over the former Aramco assets. Its shares have traded on the Saudi Exchange since December 2019, with the government owning about 82%, the Public Investment Fund 12% and Sanabil 4%.

ExxonMobil is an integrated oil and gas company that explores for, produces, and refines oil worldwide. In 2025, it produced 3.3 million barrels of liquids and 8.4 billion cubic feet of natural gas per day. At the end of 2025, reserves were 19.3 billion barrels of oil equivalent, 69% of which were liquids. The company is one of the world's largest refiners, with a total global refining capacity of 4.1 million barrels of oil per day, and is one of the world's largest manufacturers of commodity and specialty chemicals.

Chevron is an integrated energy company with exploration, production, and refining operations worldwide. It is the second-largest oil company in the United States with production of 3.0 million of barrels of oil equivalent a day, including 7.7 million cubic feet a day of natural gas and 1.7 million of barrels of liquids a day. Production activities take place in North America, South America, Europe, Africa, Asia, and Australia. Its refineries are in the US and Asia for total refining capacity of 1.8 million barrels of oil a day. Proven reserves at year-end 2024 stood at 9.8 billion barrels of oil equivalent, including 5.1 billion barrels of liquids and 28.4 trillion cubic feet of natural gas.

PetroChina, the national champion that inherited the majority of Chinese onshore oil and gas assets, has developed into an international supermajor. In 2024, it produced more than 1.7 billion barrels of oil equivalent of oil and gas, and processed 1.4 billion barrels of crude oil. It also has more than 22,000 service stations. The fluctuations in the prices of crude oil, refined products, chemical products, and natural gas have a significant impact on PetroChina’s revenue. State-owned China National Petroleum Corp is PetroChina’s controlling shareholder with a stake of more than 82%.

Shell is an integrated oil and gas company that explores for, produces, and refines oil around the world. In 2025, it produced 1.5 million barrels of liquids and 7.3 billion cubic feet of natural gas per day. At end-2025, reserves stood at 8.1 billion barrels of oil equivalent, 44% of which consisted of liquids. Its production and reserves are in Europe, Asia, Oceania, Africa, and North and South America. The company operates refineries with a capacity of 1.4 mmb/d located in the Americas, Asia, and Europe, and sells about 9 million tons per year of chemicals. Its largest chemical plants, often integrated with its local refineries, are in NorthWestern Europe, China, and North America.

TotalEnergies is an integrated oil and gas company that explores for, produces, and refines oil around the world. In 2024, it produced 1.5 million barrels of liquids and 5.2 billion cubic feet of natural gas per day. At the end of 2024, reserves stood at 11.1 billion barrels of oil equivalent, 54% of which are liquids. During 2024, it had LNG sales of 39.8 million metric tons. The company owns interests in refineries with a capacity of nearly 1.8 million barrels a day, primarily in Europe, distributes refined products in 65 countries, and manufactures commodity and specialty chemicals. At year-end, its gross installed renewable power generation capacity was 26 gigawatts.

Iberdrola is one of the largest utilities in the world with electric utility operations in nearly 40 countries. The company has a 57-gigawatt portfolio of hydro, wind, natural gas, and nuclear power plants. It is one of the largest owners of wind farms in the world, representing about 40% of its portfolio. Although the company has recently developed or acquired distribution and power generation assets in other geographic areas, Spain is still home to more than half of its power generation capacity. Iberdrola also owns and operates electricity and distribution networks in Spain, the UK, Brazil, and the US.

ConocoPhillips is a US-based independent exploration and production firm. Its operations are primarily in Alaska and the Lower 48, with footprints in Canada, Europe, Asia-Pacific, the Middle East, and Africa. It also has substantial integrated LNG production and marketing activities across geographies.

China Shenhua Energy Co Ltd is a globally integrated coal-based energy company, mainly engaging in business segments: Coal, Power generation, Shipping, railway, port, and Coal chemical. Focusing on its core coal mining operation, China Shenhua leverages its self-developed transportation and sales network as well as downstream power plants, coal-to-chemicals facilities, and new energy projects to achieve cross-sector and cross-industry integrated development and operation.

CNOOC is China's main offshore oil and gas exploration and production company. Through its parent company, it has exclusive rights to partner with foreign companies in offshore China projects. Net production for 2024 reached 726.8 million barrels of oil equivalent (78.0% oil), and year-end proven reserves were 7.27 billion barrels of oil equivalent. Assets outside China make up around 32.2% of production.

BP is an integrated energy company that explores for, produces, and refines oil and gas around the world. In 2025, it produced 1.2 million barrels of liquids and 6.5 billion cubic feet of natural gas per day. At the end of 2025, proved hydrocarbon reserves stood at 6.2 billion barrels of oil equivalent, 56% of which are liquids. The company operates refineries with a total crude distillation capacity of 1.56 million barrels of oil per day.

Petrobras is a Brazil-based integrated energy company controlled by the Brazilian government. The company focuses on the exploration and production of oil and gas in Brazilian offshore fields. Production in 2025 was 3.0 million barrels of oil equivalent per day (80% oil), and reserves stood at 12.1 billion boe (84% oil). At the end of 2025, Petrobras operated 10 refineries in Brazil with a capacity of 1.8 million barrels per day and distributed refined products and natural gas throughout the country.

China Yangtze Power Co Ltd business activities include hydroelectric power generation, power distribution and sales, overseas power station's operation, management, consultation services, investment, and financing. It has also established its power distribution and sales platforms such as Three Gorges Water Conservancy and Peru LuzdelSur. The company owns the power generation assets of four hydropower plants on the mainstream of the Yangtze River, namely Three Gorges, Gezhouba, Xiluodu, and Xiangjiaba.

Marathon Petroleum is an independent refiner with 13 refineries in the mid continent, West Coast, and Gulf Coast of the United States with total throughput capacity of 3.0 million barrels per day. Its Dickinson, North Dakota, facility produces 184 million gallons a year of renewable diesel. Its Martinez, California, facility has the ability to produce 730 million gallons a year of renewable diesel. The firm also owns and operates midstream assets primarily through its listed master limited partnership, MPLX.

Helion Energy is an Everett, Washington-headquartered fusion energy company founded in 2013, advancing toward the first fusion power plant for clean electricity production. It has demonstrated prototypes like Trenta and develops the Polaris project for net electricity generation using magneto-inertial fusion. Helion secures a power purchase agreement with Microsoft for delivery of 50 megawatts of fusion power.

Eni Plenitude is a Milan-headquartered energy retailer operating in 10 European countries, generating electricity from 6 GW of renewable capacity including solar farms in Italy and Spain. The company manages 7 million charging points for electric vehicles across highways and urban areas, alongside retail sales of gas and power to residential and business customers.

Freeport LNG is a Texas company that owns and operates a liquefied natural gas export terminal on Quintana Island near Freeport. The site began as an import terminal and was expanded with a three-train liquefaction plant, which started exporting in 2019 and has a capacity of about 15 million tonnes a year. Most of that capacity is sold under long-term tolling agreements to buyers including Osaka Gas, JERA, BP, TotalEnergies and SK E&S. The company was founded in 2002 by Michael Smith, who remains chairman, chief executive and majority shareholder. Infrastructure investors have funded the build-out: IFM Investors committed about 1.3 billion dollars of equity for the second train in 2013, Global Infrastructure Partners bought a quarter of the holding company in 2014, and JERA bought that stake in 2021 for 2.5 billion dollars. A fourth train is fully permitted.