Sector News

ExxonMobil retains title as largest oil and gas company in the world

June 22, 2016
News

The rankings’ prelude indicates that researchers equally-weighted measures of revenue, profits, assets and market value in order to name the 25 biggest players in the global energy industry.

Last week, Exxon became one of only five oil majors to remain a part of the Fortune 500 list. The firm took second place overall with earnings at $1.8 billion in the second quarter.

Exxon’s role in shielding the oil and gas industry, particularly in the United States, from incoming changes due to rising environmental concerns has been significant.

The New York Attorney General is currently carrying out an investigation regarding Exxon’s role in hiding the effects of oil and gas production and consumption from the public. The company denies all claims lodged in the case.

PetroChina was the second highest oil major on the list, as it and its peers suffered severe financial blows due to production costs that ran from $40 to $60 a barrel in a $50 a barrel global market.

Related: Big Oil Betting On Another Price Jump With Refinery Sales

The French firm Total, the third largest oil major, has been receptive to creating progressive industry standards after 195 countries agreed to pursue the Paris Climate Change Accord late last year.

Sinopec, a Chinese oil giant, stood in fourth place after suffering a 50 percent decline in profits in recent months.

By Zainab Calcuttawala

Source: Oilprice.com

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