Abstract: In recent years, the international oil price fluctuates sharply, and the requirements for low-carbon environmental protection are becoming more and more strict, which brings severe challenges to the upstream development of oil companies. Energy transformation has become an inevitable choice for major oil companies. This paper takes ExxonMobil, bp, Shell, PetroChina and Sinopec as the research objects, constructs the benchmarking system for the upstream sector of domestic and foreign oil companies, and compares and analyzes the change trend of key indicators of the upstream sector of each company in recent years, with a view to putting forward suggestions for the development of the upstream sector of domestic oil companies.