The challenges posed by climate change and global warming loom large, necessitating a critical initial step towards the long-term growth and the enhancement of both environmental and operational efficiency. Within the energy sector, renewable energy sources are gaining increasing prominence. Consequently, traditional oil and gas companies (OGC) are undergoing a gradual transformation into comprehensive energy corporations, aligning themselves with energy transition policies. This paper examines two types of efficiency measures—operational and environmental—for the 20 largest OGC during the period of 2010–2019. Secondly, this research aims to explore the effect of the global energy transition on both environmental and operational efficiency. Based on three estimation methods, two estimation steps are used in this research. In the first step, the True Fixed Effect (TFE) model and the Battese and coelli (1995) SFA model are applied to evaluate, measure and compare the environmental and operational efficiency scores. In the second step, the TFE model and GMM approach for the dynamic panel data model are used to explore, evaluate and verify the effect of global energy transition on the environmental and operational efficiency of the largest 20 OGC in the world. The results reveal that the average operational efficiency of major OGC measured using the BC.95 model and TFE model is 66% and 85%, respectively, and the overall average level of environmental efficiency for OGC over a 10-year period is 31% (based to B.C.95 model) and 13% (based to TFE model). Our findings reveal that biofuels, solar and hydropower contribute to promote the operational and environmental efficiency of the largest 20 OGC. However, the analysis suggests that while the global energy transition significantly influences and bolsters environmental efficiency, its effect on operational efficiency among these major OGC remains less pronounced and insufficient.