Abstract: In recent years, the worldwide pandemics, geopolitical conflicts, and energy transition have been intertwined, and the petroleum industry has undergone profound changes. The development strategies of major oil companies are worthy of reference. By analyzing the fundamental dynamics and development strategies and tendencies of major international oil companies in the new context, their dynamic development features are summarized as follows: (1) International oil companies have recovered better than anticipated in the new context, but investments in traditional upstream businesses remain low while low-carbon investments continue to increase; (2) National oil corporations start to focus on low-carbon transition while actively promoting exploration and development of local resources; (3) Independent oil companies continue to reduce debts and consolidate core assets to achieve regional synergies. The study results indicate that: (1) Major oil companies gradually contract their global upstream business layout and concentrate more on their core assets and core areas; (2) Unconventional oil and gas businesses are severely impacted by energy transition strategies, and European and American oil companies are evidently differentiated; (3) International oil companies continue to increase low-carbon inves tments and take multiple measures to promote ener gy transition; (4) Vigorously develop natural gas business and expand natural gas value chain. It is recommended that Chinese oil companies should continue to increase investments in upstream business, actively acquire high-quality overseas resources to ensure energy security,strengthen their ties with national oil corporations, promote the construction of core production areas, strengthen the coordinated development of oil and gas and new energy businesses, strengthen risk management awareness, and employ economic means to escort the sustainable development.