Top 15 Refining & Marketing

2009 Rank	2008 Rank	Company Name	Market Cap ($US Bil.)	% Share Price Change (YoY)	Est P/E	Debt/Capital	HQ Country	Ticker/Exch.
1	1	Reliance	76.6	85 %	20	39 %	India	RIL IN
2	2	Formosa Petrochemical	24.5	28 %	52	52 %	Taiwan	6505 TT
3	4	Indian Oil	16.0	50 %	28	50 %	India	IOCL IN
4	3	Valero	9.5	-23 %	19	32 %	US	VLO US
5	7	SK Energy	9.3	74 %	12	57 %	Korea	096770 KS
6		CEPSA	8.4	-67 %	21	23 %	Spain	CEP SM
7	5	Nippon Oil	6.8	-6 %	46	59 %	Japan	5001 JP
8	8	S-Oil	5.2	-2 %	14	42 %	Korea	010950 KS
9	11	PKN Orlen	5.1	37 %		40 %	Poland	PKN PW
10	12	Tupras	5.0	89 %	17	33 %	Turkey	TUPRS TI
11		Bharat Petroleum	4.9	77 %	36	63 %	India	BPCL IN
12		SNP Petrom	4.8	33 %	14	36 %	Romania	SNP RO
13	6	TonenGeneral Sekiyu	4.7	-15 %	7	26 %	Japan	5012 JP
14	10	Neste Oil	4.6	19 %	33	40 %	Finland	NES1V FH
15		Essar Oil	3.6	68 %		75 %	India	ESOIL IN

Source: Bloomberg, PFC Energy estimates as of 12/31/2009

Share price growth based on primary exchange tickers

P/E based on earnings from continuing operations for the 12 months ended 9/30/2009

Debt/Capital is ratio between total debt and total capital based on most recent published balance sheet