This report, produced by Carbon Tracker, Principles for Responsible Investment (UN PRI) and leading institutional investors, is the first to rank 69 of the biggest oil and gas industry companies according to the extent of their exposure to the low-carbon transition. It provides a way of understanding whether the supply options of the largest publicly traded oil and gas producers are aligned with demand levels consistent with a 2˚C carbon budget, and will equip investors with the authoritative information they need to challenge companies on their investment strategy and approach to climate risk. It finds that across the oil and gas industry $2.3 trillion of upstream projects – roughly a third of business as usual projects to 2025 – are inconsistent with global commitments to limit climate change to a maximum 2˚C and rapid advances in clean technologies. The study offers a sophisticated tool to investors to align their capital allocation decisions with the company’s exposure to climate risks.