While the Russian company - which has natural gas exploration and trading at its core and the Kremlin's benign backing - topped the list, Platts said Gazprom's rise mirrored a pattern in favour of gas, utilities and pipeline companies leading the way this year.
What's worse, poorer returns from a lower oil price meant ExxonMobil barely managed to stay within the top 10 - coming in at 9th place - in ratings agency S&P Global Platts' annual corporate rankings for the energy sector.
Public sector Indian Oil Corporation (IOC) broke into the top 10 club, climbing to seventh position in the 2017 ranking, up from 14th rank in 2016.
Harry Weber, senior natural gas expert at S&P Global Platts, said European utilities and North American pipeline operators got a boost from sticking to what they know best and shying away from more risky enterprises and territories.
Reliance Industries Ltd has jumped five notches to take the third spot among the world's biggest energy companies in Platts' latest rankings. Coal India Ltd, the world's largest coal producer was the only Indian firm ranked 45 in 2017 and was at 38th rank in 2016.
The other Indian firms in the ranking included Bharat Petroleum Corp Ltd (39), Hindustan Petroleum Corp Ltd (48), Power Grid Corp (81) and GAIL India Ltd (106).
The Top 250 rankings are based on financial performance over the past year.
ExxonMobil fell to the ninth place.
Among other big movers were Germany's E.ON, which climbed 112 places to 2nd place from 114th, and British Gas' owner Centrica up to 15th from 156th.
"While 14 Indian energy companies made it to the S&P Global Platts Top 250 Global Energy Company Rankings, they were one short of the tally held past year", Platts said in a statement.
Overall, the 10 largest energy companies combined to earn $63.7 billion in profits, down 14% compared to the 2016 rankings.
"Coal's troubles were especially acute in Asia, with China's production falling by 7.9 per cent or 140 million tons of oil-equivalent (mtoe), a record decline".
Collectively, the world's top 10 companies posted combined profits of United States dollars 63.7 billion last year, 14 per cent lower than the USD 74.3 billion posted the year before, it said.