The accelerating restructuring of world energy balance, promotion of alternative sources of energy, shift in global energy demand to the Asia-Pacific region, strengthening of political and economic positions of national state energy companies in developing countries, enjoying a priority access to hydrocarbon assets, and other related factors place substantial pressure upon oil supermajors. Traditionally this small group of the world largest private vertically integrated oil companies play the role of a driver of the world oil market. The goal of the present article is to analyze the adaptation of European and American supermajors business model to the new circumstances of development. The analysis proves that the largest private vertically integrated oil companies remain one of the most dynamic player in the world oil market. Both European and American vertically integrated oil companies are constantly rebalancing the portfolio of oil extraction projects, using the competitive advantage of the highest order, namely the cutting-edge technologies. European supermajors more rapidly develop the natural gas business, compared to the American competitors. Of special importance is the fact, that after big deals, involving mergers and buying of assets, Royal Dutch Shell and Total became the leading players in the rapidly evolving global liquified natural gas market. In the last few years leading European oil companies intervened into a principally new direction of business - electricity. Pilot projects in the sector of new alternative energy sources, natural gas based electricity generation, smart grids and e-charging stations for electric vehicles allow the European companies to develop capacities to manage heterogeneous businesses and get ready for the integration of the latter in the general corporate structure.