United Energy Group Valuation Multiples

Saudi Aramco is the national oil company of Saudi Arabia and holds the exclusive right to explore for, produce, and refine the country’s hydrocarbons. It is the largest oil and gas producer in the world with a production volume of 12.4 mmboe/d in 2024, including 10.8 mmboe/d of liquids. Its 4.1 mmb/d in net refining capacity makes it the world’s fourth-largest refiner. It also owns 57.6 million metric tons of chemical manufacturing capacity, placing it among the top five global chemical companies.

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 2024, reserves were 19.9 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 4.3 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.

Morgan Stanley is a massive global financial services firm, with offices in 42 countries and more than 82,000 employees as of year-end 2025. The firm cut its teeth in investment banking and institutional trading, where it maintains a strong presence today, but generates the lion share of its income from wealth and asset management franchises, where it boasted $9.3 trillion in client assets at the end of its most recent fiscal year. After reincorporation as a bank holding company in the wake of the global financial crisis, Morgan Stanley also boasts a top 10 banking franchise by deposits, with more than $400 billion in customer deposits, predominately attributable to cash sweeps from its wealth management and brokerage businesses.

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%.

Goldman Sachs is a storied financial institution, founded in 1869 and best known for its role as a leading global investment bank. The firm has a sprawling reach across global financial centers and has been the leading provider of global merger and acquisition advisory services, by revenue, for the past 20 years. Since the global financial crisis, Goldman has expanded its offerings into more stable fee-based businesses like asset and wealth management, which comprised roughly 30% of post-provision revenue at the end of 2025. The bank holding company generates revenue from investment banking, global market making and trading, lending, asset management, wealth management, and a small and declining portfolio of consumer credit card loans.

Shell 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 7.7 billion cubic feet of natural gas per day. At year-end 2024, reserves stood at 9.6 billion barrels of oil equivalent, 48% 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 1.6 mmb/d located in the Americas, Asia, and Europe, and sells about 12 million tons per year of chemicals. Its largest chemical plants, often integrated with its local refineries, are in Central Europe, China, Singapore, and North America.

Reliance Industries Ltd is engaged in hydrocarbon exploration and production, refining and marketing, petrochemicals, financial services, retail, and communications. The Group has five principal operating and reporting segments: Oil to Chemicals (O2C), Oil and Gas, Retail, Digital Services, and other services. Reliance's refineries produce a range of petroleum products that find use as fuel variants, feedstock, and fuel for power and cement plants. Fuels produced in refineries are exported to several countries and can be processed into any grade of gasoline or diesel. The Oil to Chemicals segment, which derives the majority of revenue, includes Refining, Petrochemicals, fuel retailing through Reliance BP Mobility Limited, aviation fuel, and bulk wholesale marketing.

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.

NextEra Energy's regulated utility, Florida Power & Light, is the largest rate-regulated utility in Florida. The utility distributes power to over 6 million customer accounts in Florida and owns 36 gigawatts of generation. FP&L contributes roughly 70% of NextEra's consolidated operating earnings. NextEra Energy Resources, the renewable energy segment, generates and sells power throughout the United States and Canada with nearly 40 GW of generation capacity, including natural gas, nuclear, wind, and solar.

BlackRock is the largest asset manager in the world, with $14.041 trillion in assets under management at the end of December 2025. Its product mix is diverse, with 55% of managed assets in equity strategies, 23% in fixed income, 9% in multi-asset classes, 6% in money market funds, and 5% in alternatives. Passive strategies account for more than two-thirds of long-term AUM, with the company's ETF platform maintaining a leading market share domestically and on a global basis. Product distribution is weighted more toward institutional clients, which, by our calculations, account for around 80% of AUM. BlackRock is geographically diverse, with clients in more than 100 countries and more than one-third of managed assets coming from investors domiciled outside the US and Canada.

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.

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.

Blackstone is the world's largest alternative-asset manager with $1.242 trillion in total asset under management, including $906.2 billion in fee-earning assets under management, at the end of September 2025. The company operates with scale in each of its major product lines: private equity (26% of fee-earning AUM and 33% of base management fees), real estate/real assets (31% and 35%), private credit (34% and 25%), and other alternatives (9% and 7%). While the firm primarily serves institutional investors (84% of AUM), it also caters to clients in the high-net-worth channel (16%). Blackstone operates through 25 offices in the Americas (8), Europe and the Middle East (9), and the Asia-Pacific region (8).

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.

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.

Petrobras is a Brazil-based integrated energy company controlled by the Brazilian government. The company focuses on exploration and production of oil and gas in Brazilian offshore fields. Production in 2024 was 2.7 million barrels of oil equivalent a day (80% oil production), and reserves stood at 11.4 billion boe (85% oil). At end-2024, Petrobras operated 10 refineries in Brazil with capacity of 1.8 million barrels a day and distributes refined products and natural gas throughout Brazil.

Enbridge owns extensive midstream assets that transport hydrocarbons across the US and Canada. Its pipeline network consists of the Canadian Mainline system, regional oil sands pipelines, and natural gas pipelines. The company also operates regulated natural gas utilities in the US and Canada, including Canada's largest natural gas distribution company. The firm has a small renewable energy portfolio primarily focused on onshore and offshore wind projects.

BP is an integrated oil and gas company that explores for, produces, and refines oil around the world. In 2024, it produced 1.2 million barrels of liquids and 6.9 billion cubic feet of natural gas per day. At the end of 2024, reserves stood at 6.2 billion barrels of oil equivalent, 59% of which are liquids. The company operates refineries with a capacity of 1.6 million barrels of oil per day.

Enel is a diversified energy company domiciled in Italy. Operations are concentrated in Italy, Spain, and Latin America. The firm's primary activities are electric generation, electric networks, and gas and electricity marketing. Around 35% of the company's EBITDA is derived from its regulated networks, the rest is from generation and supply. Enel is a giant in global power generation with 81 gigawatts of capacity, of which 56 GW is renewables, including a large share of hydro.

Constellation Energy Corp producer of carbon-free energy and a supplier of energy products and services. The company offers generating capacity that includes nuclear, wind, solar, natural gas, and hydroelectric assets. It sells electricity, natural gas, and other energy-related products and sustainable solutions to various types of customers, including distribution utilities, municipalities, cooperatives, and commercial, industrial, public sector, and residential customers in markets across multiple geographic regions. Its operating segments and reporting units are Mid-Atlantic, Midwest, New York, ERCOT, and Other Power Regions.

Brookfield Corp is an investment firm focused on building long-term wealth for institutions and individuals. It has seven operating segments: Asset Management, Wealth Solutions, Renewable Power and Transition, Infrastructure, Private Equity, Real Estate and Corporate Activities. It invests in real assets that form the backbone of the economy to deliver risk-adjusted returns to stakeholders. The company generates the majority of its revenue from Asset Management. It has a geographic presence in the UK, the United States, Australia, Canada, Brazil, India, Colombia, Germany, Other Europe, Other Asia, and other countries.

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.

Canadian Natural Resources is the largest producer of oil and the second-largest producer of natural gas in Canada. It is principally involved in extracting heavy oils, natural gas, and bitumen through its drilling and mining operations. Bitumen from mining operations is upgraded into synthetic crude oil. Commodities produced are primarily exported to the US via pipeline. The company also has smaller offshore production operations in the North Sea and Africa.

Equinor is a Norway-based integrated oil and gas company. It has been publicly listed since 2001, but the government retains a 67% stake. Operating primarily on the Norwegian Continental Shelf, the firm produced 2.1 million barrels of oil equivalent per day in 2024 (52% liquids) and ended 2024 with 6.1 billion barrels of proven reserves (42% liquids). Operations also include offshore wind, solar, oil refineries and natural gas processing, marketing, and trading.

Williams operates the Transco pipeline, which connects the Gulf Coast to the Northeast United States. It has additional natural gas transmission pipelines connecting the Rockies to the Pacific Northwest and midcontinent. At the field level, it operates substantial gathering and processing assets in Appalachia and other basins. The company has also struck several power supply agreements.

KKR is one of the world's largest alternative asset managers, with $723.2 billion in total managed assets, including $585.0 billion in fee-earning AUM, at the end of September 2025. The company has two core segments: asset management (which includes private markets—private equity, credit, infrastructure, energy, and real estate—and public markets—primarily credit and hedge/investment fund platforms) and insurance (following the firm's initial investment in, and then ultimate purchase of, Global Atlantic Financial Group, which is engaged in retirement/annuity and life insurance lines as well as reinsurance).

China Petroleum & Chemical, or Sinopec, is one of China's national oil companies and one of Asian's largest integrated oil companies in revenue. Its income is derived primarily from refining and marketing of oil products and petrochemical production. Sinopec has China's largest petrol station network with over 30,000 stations and enjoys a significant market share in petrochemicals. Established in 2000 by China Petrochemical Corporation, a state-owned enterprise and majority shareholder, the company also owns oil and gas assets in Shandong and Sichuan provinces. It has a smaller global upstream presence than its peers, PetroChina and CNOOC. In 2024, Sinopec’s production of oil and gas equivalent was 515.35 million barrels. The firm also processed 252.30 million metric tons of crude oil.

SLB is the world’s premier oilfield-services company as measured by market share. While the industry is largely fragmented, SLB holds the first or second competitive position in many of the differentiated oligopolies in which it operates. Also known as Schlumberger, the company was founded in 1926 by two brothers bearing the same last name. Today, it’s most known as a global industry leader in innovation, while it focuses its strategy on its three growth engines: core, digital, and new energy businesses. Over three-fourths of its revenue base is tied to international markets, while the company boasts nearly $3 billion in digital-related revenue.

Enterprise Products Partners is a master limited partnership that transports and processes natural gas, natural gas liquids, crude oil, refined products, and petrochemicals. It is one of the largest midstream companies, with operations servicing most producing regions in the continental US. Enterprise is particularly dominant in the NGL market and is one of the few MLPs that provide midstream services across the full hydrocarbon value chain.

Engie is a global energy firm formed by the 2008 merger of Gaz de France and Suez and the acquisition of International Power in 2012. It changed its name to Engie from GDF Suez in 2015. The company operates Europe's largest gas pipeline network in France and a global fleet of conventional and renewable power plants with 67 GW of capacity on a consolidated basis. Engie also operates a diverse suite of other energy businesses.

Eni is an integrated oil and gas company that explores for, produces, and refines oil around the world. In 2024, the company produced 0.8 million barrels of liquids and 4.8 billion cubic feet of natural gas per day. At end-2024, Eni held reserves of 6.5 billion barrels of oil equivalent, 46% of which are liquids. The Italian government owns a 30.5% stake in the company. Eni is placing its renewable and low-carbon business in a separate entity called Plenitude, which it will likely list publicly at some point.

Brookfield Asset Management is one of the world's largest alternative-asset managers, with USD 1.151 trillion in total managed assets, including USD 580.7 billion in fee-earning AUM, at the end of September 2025. The company has three main business segments: private credit (USD 349.0 billion in total AUM and USD 262.8 billion in fee-earning AUM), private equity (USD 151.0 billion/USD 46.3 billion), and real estate/real assets (USD 651.0 billion/USD 271.6 billion). The firm primarily serves institutional investors (90% of AUM) and high-net-worth individuals (10%), and is diversified globally, with 67% of revenue from the Americas, 20% from EMEA, and 13% from Asia-Pacific. Canadian-based Brookfield Corporation owns 73% of Brookfield's outstanding Class A shares.

Suncor Energy Inc is an integrated energy company. The company's operations include oil sands development, production and upgrading, offshore oil production, petroleum refining in Canada and the U.S., and the company's Petro-Canada retail and wholesale distribution networks. The company is developing petroleum resources while advancing the transition to a low-emissions future through investment in power, and renewable fuels. It also conducts energy trading activities focused principally on the marketing and trading of crude oil, natural gas, byproducts, refined products and power. The company's operating segments include Oil Sands, Exploration & Production, Refining & Marketing (R&M), and Corporate & eliminations. Geographically, the company generates a majority of its revenue from Canada.

Apollo is one of the world's largest alternative asset managers, with $908.4 billion in total assets under management, or AUM, including $685.0 billion in fee-earning assets, at the end of September 2025. The company has two core operating segments: asset management and retirement services. Apollo operates with scale in each of its major product lines-private equity (with $125.6 billion in total AUM and $71.7 billion in fee-earning AUM), real estate/real assets ($59.6 billion/$27.1 billion), and private credit ($723.2 billion/$586.2 billion). Apollo has a distribution profile that is likely not too far off from the industry averages-with 84% of its assets held by institutional investors and 16% by high-net-worth clients.

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.

Valero Energy is one of the largest independent refiners in the United States. It operates 15 refineries, with a total throughput capacity of 3.2 million barrels a day in the US, Canada, and the United Kingdom. Valero also owns 12 ethanol plants with capacity of 1.6 billion gallons a year and holds a 50% stake in Diamond Green Diesel, which can produce 1.2 billion gallons per year of renewable diesel.

Abu Dhabi National Energy Co PJSC which is majority-owned by the Abu Dhabi government is a fully integrated energy provider with operations in nine markets around the world. Its segment includes Power and Water Generation segment, Power and Water Transmission and Distribution segment, Oil and Gas segment, Water Solutions Segment. The company generates the majority of its revenue from Power and Water Transmission and Distribution segment, which is engaged in generation of electricity and production of desalinated water for supply in UAE and generation of electricity in Morocco, India, Ghana, and Saudi Arabia. Geographically the company generates the majority of its revenue from UAE.

Kinder Morgan operates natural gas, crude oil, and refined products pipelines connecting producing regions to demand centers. It is principally involved in the gathering, storage, and transmission of natural gas across the continental United States. It also operates distribution centers for refined products along with the largest fleet of Jones Act-compliant tankers.

American Electric Power is one of the largest regulated utilities in the United States, providing electricity generation, transmission, and distribution to more than 5 million customers in 11 states. About 39% of AEP's capacity is coal, with the remainder from a mix of natural gas (28%), renewable energy and hydro (23%), nuclear (7%), and demand response (3%). Vertically integrated utilities, transmission and distribution, and generation and marketing support earnings.

EOG Resources is an oil and gas producer with acreage in several US shale plays, primarily in the Permian Basin and the Eagle Ford. At the end of 2024, it reported net proven reserves of 4.7 billion barrels of oil equivalent. Net production averaged roughly 1,062 thousand barrels of oil equivalent per day in 2024 at a ratio of 69% oil and natural gas liquids and 31% natural gas.

ADNOC Gas PLC is an integrated gas processing company. The Company is responsible for producing, processing, distributing, and marketing natural gas and its derivatives in the UAE and abroad. The company Gas operates a network of pipelines, processing plants, storage facilities, and export terminals that supply gas to various sectors, including power generation, water desalination, petrochemicals, industries, and households. The Company also exports liquefied natural gas (LNG) and liquefied petroleum gas (LPG) to regional and international markets.

Phillips 66 is an independent refiner that owns or holds interest in 10 refineries with a total crude throughput capacity of 1.9 million barrels per day, or mmb/d, at the end of 2025. The midstream segment comprises extensive transportation and NGL processing assets. It includes 70,000 miles of crude oil, refined petroleum product, NGL and natural gas pipeline systems, and a comprehensive set of refined petroleum product, NGL and crude oil terminals, gathering and processing plants and fractionation facilities and various other storage and loading facilities. Its CPChem chemical joint venture operates facilities primarily in the United States and the Middle East and produces olefins and polyolefins.

Strategy Inc is a bitcoin treasury company and a provider of business intelligence services. It is designed to provide investors varying degrees of economic exposure to Bitcoin by offering a range of securities, including equity and fixed-income instruments. The company also provides industry AI-powered enterprise analytics software. It has one reportable operating segment: the Software Business, which is engaged in the design, development, marketing, and sales of the company's enterprise analytics software platform through cloud subscriptions and licensing arrangements and related services (i.e., product support, consulting, and education). Geographically, the company operates in EMEA, U.S. and Other Regions, of which maximum revenue is derived from U.S..

TC Energy operates natural gas transmission assets across North America. Segments are determined by country of operation, but both Canadian and US operations are interconnected. Mexican operations are disconnected from the US and only have one customer, the state utility CFE. They also operate power generation assets, with the largest being the Bruce Power nuclear plant.

Energy Transfer is a diversified midstream firm, operating from wellhead to consuming demand. It handles natural gas, natural gas liquids, or NGLs, crude oil, and refined products. Commodities are moved through its network of field level gathering and processing to refineries and demand centers. Operations are concentrated in Texas and the Midcontinent United States. It also controls Sunoco and USA Compression through its general partner relationship.

Macquarie Group began trading in 1969 as Hill Samuel Australia, obtained its bank licence in 1985, and listed in 1996. It's Australia's only sizable listed investment bank, now internationally diversified, operating in asset management, banking and wealth, risk and capital solutions, and advisory.

Following a 2022 reorganization, Baker Hughes operates in two segments: oilfield services and equipment, and industrial and energy technology. The firm's oilfield services and equipment segment is one of the Big Three oilfield-services players, along with SLB and Halliburton, and mostly supplies to hydrocarbon developers and producers, including national oil companies, major integrated firms, and independents. Markets outside of North America buy roughly three-fourths of the segment's offerings. Baker Hughes' industrial and energy technology segment manufactures and sells turbines, compressors, pumps, valves, and related testing and monitoring services for various energy and industrial applications.