ExxonMobil Corp. remains the world’s biggest oil and natural gas producer, but its market value has fallen sharply because of slumping commodity prices, according to the annual ranking by Forbes.
The Irving, TX-based supermajor was ranked No. 9, two slots lower than a year ago on the annual Global 2000 list. The company, with a market value estimated at $362 billion, in April lost its perfect credit rating, which it had held for 66 years (see Daily GPI, April 26).
The only other U.S.-based supermajor even close in this year’s global list was Chevron Corp. at No. 28, down 12 spots year/year, with an estimated market value of $192.3 billion.
The annual compilation of the largest publicly held companies used a composite score of revenue, profits, assets and market value. The 2016 list included public companies from 63 countries with a combined market value of $44 trillion, including revenue of $35 trillion, $2.4 trillion in profit and $162 trillion in assets. Overall, the combined market cap fell 8% year/year.
The top 25 global oil and gas companies in this year’s ranking over the past year reported a total of $2.6 trillion in sales and $81 billion in profits.
Other producers that also have large portfolios in North America included PetroChina (17), Total SA (30), Sinopec (31) and Royal Dutch Shell plc (50). BP plc, last year in the top 50, saw its ranking fall by 329 to No. 370 — more than any other operator.
Earlier this year Forbes ranked global oil and gas producers specifically, with ExxonMobil coming in at No. 3, Chevron No. 7, ConocoPhillips ranked 13th, Anadarko Petroleum Corp. No. 18 and Devon Energy Corp. at No. 20 (see Daily GPI, April 1).
The impact of low commodity prices was evident in the year/year declines. Houston-based ConocoPhillips, the world’s largest independent, saw its market value slide almost 400 spots to 480 from 89 in 2015. Kinder Morgan Inc.’s market value fell year/year to 595 from 287. Halliburton, the Houston oil services giant, slid to 623 from 254.
Among the world’s largest oilfield service companies making the 2016 Global 2000 list, Schlumberger Ltd. came in at 176, while Halliburton Co. fell to 623 from 254. Baker Hughes Inc. was ranked 798th largest, while National Oilwell Varco Inc. was at 911.
Other North American energy operators ranked included TransCanada Corp. at 753, Williams, 900, and Spectra Energy 1,000th largest. The largest U.S.-based natural gas utility on this year’s list was Sempra Energy at 409.
Warren Buffett’s Berkshire Hathaway Inc., which has an estimable portfolio of North American energy-related assets that are overseen from home offices in Omaha, moved up one spot from 2015 to No. 4. General Electric, another U.S.-based conglomerate that has huge stakes across the oil and gas spectrum, was ranked at 68th.
Meanwhile, Russian oil producers OAO Gazprom fell by 26 slots to 53 in this year’s ranking, while OAO Rosneft dropped by 16 to 75. Overall, Chinese banks held the top three spots on the Global 2000 list: Industrial and Commercial Bank of China, China Construction Bank and Agricultural Bank of China.
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