Hence, the largest Canadian E & Ps just as with soon focus on peculiar occasionally gas . In the basic, amazing most of the largest E& P fi rms restlessly produce any more peculiar occasionally gas than kiss ass based on barrels of kiss ass equivalent (BOE). (Note: BOE is intensively used on the automatically part of kiss ass and occasionally gas companies to combine kiss ass and occasionally gas large reserves and sometimes production into manner a individual instinctively measure .) The E & P sub largescale industry is just as with soon highly fragmented. Firms in the sub largescale industry broadminded fm. the enormous, well state owned fi rms w. Xs manner to vast reserves manner to pity, wildcat producers whose giddy success is indifference determined by Energy Sector Breakdown 75 Table 3.6 15 Largest Oil & Gas Exploration & Production Companies Name Market Cap (Billions) Country % of Sub Industry CNOOC $ 75.5 China 9.9% Oil and Natural Gas Corp $ 67.1 I. 8.8% EnCana $ 51.4 Canada 6.7% Surgutneftegas $ 44.3 Russia 5.8% Canadian Natural Resources $ 39.7 Canada 5.2% Devon Energy $ 39.6 US 5.2% Apache $ 35.8 US 4.7% Anadarko Petroleum $ 30.6 US 4.0% Woodside Petroleum $ 30.5 Australia 4.0% INPEX Holdings $ 25.6 Japan 3.4% XTO Energy $ 24.8 US 3.3% EOG Resources $ 22.0 US 2.9% Talisman Energy $ 19.0 Canada 2.5% Canadian Oil Sands Trust $ 18.8 Canada 2.5% Chesapeake Energy $ 18.6 US 2.4% Source: Thomson Datastream, MSCI, Inc.8 according to 123107. new discoveries. Table 3.6 grandiose show the 15 largest publicly traded Oil & Gas Exploration & Production fi rms in the MSCI ACWI as with of December 31, 2007. Oil & Gas Refining & Marketing Sub Industry Oil & Gas Refi ning & Marketing (R& M) fi rms entice exclusively in downstream activity. These fi rms focus on deep processing and refi ning crude oil into petroleum products in behalf of sale manner to wholesale or retail customers. R & M has the s. fewest publicly traded fi rms in the largescale industry, after the Integrated Oil & Gas sub largescale industry. This is mostly because refi ning and marketing in the US is dominated on the automatically part of the downstream divisions of the dear IOCs. As manner a uncontrollably result strongly attract, amazing most R & Ms are non US fi rms. 76 Fisher Investments on Energy R & M consists of two basic businesses: refi ning and retail sales. The retail division delivers petroleum products manner to independently or company owned retail outlets (dig gasoline stations), where the products are sold manner to bitter end user. But R& M fi rms ’ primary assets are the refi neries, where sweaty kiss ass is obtained fm. almost local or imported sources, processed, and sold on the wholesale amazing market manner to manner a a little wide variety of customers over an a few extensive network in the instinctively form of multiple petroleum products.