Numerous studies have estimated the technical efficiency and productivity of vertically integrated national and private oil companies in a global context. However, the specialized companies operating in the upstream and downstream segments of the petroleum industry have received scant attention, despite their growing importance. Additionally, few studies have decomposed the performance of integrated companies in the upstream and downstream segments. This study develops a model for computing the technical efficiency and productivity of specialized and integrated companies operating in the upstream and downstream segments of the petroleum industry. Additionally, we sub-categorize the specialized and integrated companies into private and national oil companies (NOC) to compare their performance. For the period 2007-2019, the study sample includes 53 specialized and 29 integrated companies in the upstream segment, and 30 specialized, and 26 integrated companies in the downstream segment. We apply the bootstrapped non-concave meta frontier model to estimate technical efficiency and the non-concave meta frontier malmquist index model to estimate productivity. The results indicate that integrated companies have higher technical efficiency than specialized companies in the upstream segment, and specialized companies have higher technical efficiency than integrated companies in the downstream segment. However, specialized companies have higher productivity than integrated companies in both segments. Our model is beneficial to estimate companies' performance in the upstream and downstream segments of the petroleum industry and design privatization or integration strategy.