Abstract: The continuous drop in oil prices over the past few years has a profound impact on oil companies.Less investment leads to sluggish growth, and lower revenues lead to tight cash flow.With the recovery of oil prices since the second half of 2017, the upstream market began to recover, and exploration and development activities gradually added.This paper analyzes the performance and strategic adjustment of international oil companies after oil price recovery based on following indicators, including asset-liability ratio, free cash flow, return on capital employed, M&A value, reserves replacement ratio and low-carbon transformation so as to provide reference for energy investment and operation decisions of Chinese oil companies.The study found that although the oil price has recovered, the asset-liability ratio of oil companies is still high, which inhibite short-term investment spending.Investment returns remain weak, but signs of recovery are emerging.The free cash flow becomes to be positive after 5 years of negative.Ivestment of oil and gas assets of international oil companies slow down while national owned oil companies continue to sell assets.Merger and acquisition market recovery, the price of North American asset falls.The reserve replacement ratio is significantly increased and the cost of reserve acquisition is decreased.Overall, it will take time for international oil companies to emerge from the plight of low oil prices.