This paper aims to conduct a comparative analysis of major oil multinationals sustainable development and to improve existing methodology of measuring sustainability of companies. The study investigates the effects of the sustainable development concept on business society. By proposing a composite index of sustainable development of companies, the authors examine the level of economic efficiency, environmental and social responsibility of the largest transnational oil and gas corporations, according to the Forbes Global 2000 in 2014, during the period 2010-2014. The research findings illustrate the difference between the companies from developed countries, primarily, the USA (ExxonMobil, Chevron), and emerging economies, such as Russia and China (Gazprom, PetroChina), in the pursuit of sustainable development. The ranking of the considering companies according to the degree of sustainable development commitment is the following (from less to more sustainable): PetroChina, Gazprom, British Petroleum, Royal Dutch Shell, Chevron, ExxonMobil. The proposed approach enables the determination of the etalons of the most successful sustainable development strategies of companies in the industry, as well as the weak sides of oil and gas transnational corporations in terms of of sustainable development.