This study observes the shareholder’s value creation in the Indian petroleum industry. Indian petroleum industry is dominated by Public Sector Company and Private Sector Company. The real owners of business are equity shareholders. Equity shareholders invest their money in equity shares of a company with the primary motive of achieving good capital appreciation and regular & stable return (i.e., dividends). The shareholders’ objectives are purely based on overall performance of the company. So, shareholders before taking their investment decisions, they consider several factors which influence the corporate performance. In the present study to analyse the performance of the company we have divided petroleum into Public Sector Company and private sector companies. For the purpose of study used EVA, MVA, NOPAT, PAT, Market Capitalization and EPS, data provided by CMIE Prowess database for the period of 10 years (2002-03 to 2012-13). In the study period both the sector has created positive Economic Value Added and Market Value Added.