• 45 mins Aramco In Talks With Chinese Petrochemical Producers
  • 2 hours Federal Judge Grants Go-Ahead On Keystone XL Lawsuit
  • 3 hours Maduro Names Chavez’ Cousin As Citgo Boss
  • 10 hours Bidding Action Heats Up In UK’s Continental Shelf
  • 15 hours Keystone Pipeline Restart Still Unknown
  • 19 hours UK Offers North Sea Oil Producers Tax Relief To Boost Investment
  • 21 hours Iraq Wants To Build Gas Pipeline To Kuwait In Blow To Shell
  • 23 hours Trader Trafigura Raises Share Of Oil Purchases From State Firms
  • 1 day German Energy Group Uniper Rejects $9B Finnish Takeover Bid
  • 1 day Total Could Lose Big If It Pulls Out Of South Pars Deal
  • 1 day Dakota Watchdog Warns It Could Revoke Keystone XL Approval
  • 2 days Oil Prices Rise After API Reports Major Crude Draw
  • 2 days Citgo President And 5 VPs Arrested On Embezzlement Charges
  • 2 days Gazprom Speaks Out Against OPEC Production Cut Extension
  • 2 days Statoil Looks To Lighter Oil To Boost Profitability
  • 2 days Oil Billionaire Becomes Wind Energy’s Top Influencer
  • 2 days Transneft Warns Urals Oil Quality Reaching Critical Levels
  • 2 days Whitefish Energy Suspends Work In Puerto Rico
  • 2 days U.S. Authorities Arrest Two On Major Energy Corruption Scheme
  • 3 days Thanksgiving Gas Prices At 3-Year High
  • 3 days Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 3 days South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 3 days Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 3 days Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 3 days Iraq Steps In To Offset Falling Venezuela Oil Production
  • 3 days ConocoPhillips Sets Price Ceiling For New Projects
  • 6 days Shell Oil Trading Head Steps Down After 29 Years
  • 6 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 6 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 6 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 6 days Venezuela Officially In Default
  • 6 days Iran Prepares To Export LNG To Boost Trade Relations
  • 6 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 6 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 7 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 7 days Rosneft Announces Completion Of World’s Longest Well
  • 7 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 7 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 7 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 7 days Santos Admits It Rejected $7.2B Takeover Bid
Alt Text

Keystone XL Pipeline Gains Approval After A 9-Year Battle

Nebraskan regulators have approved the…

Alt Text

The Wireless Power Grid: More Than A 100 Years In The Making

In fulfilling Nikola Tesla’s dreams,…

Alt Text

EU Aims To Reform World’s Biggest Carbon Market

The European Union is divided…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing for news outlets such as iNVEZZ and…

More Info

Has Big Oil Regained Its Pre-Crash Position?

Oil

The oil price crash battered the 2016 earnings of energy firms, but the usual suspects are still there in the rankings of the biggest oil and gas companies this year. And the largest oil companies started turning in much higher profits for the first quarter of 2017, thanks to the relative increase in oil prices this year compared to Q1 last year.

ExxonMobil is still king on the Forbes list of the 25 largest oil and gas companies in 2017, part of the 2017 Global 2000 ranking of The World’s Biggest Public Companies. The ranking is a composite score of equally weighted measures of revenue, profits, assets, and market value.

Forbes has estimated that the 25 biggest oil and gas companies on the Global 2000 list generated a combined US$2.2 trillion in sales during the 12-month measurement period, down compared to US$2.6 trillion in sales for the previous year. In terms of profits, the combined earnings of the top 25 oil and gas firms dropped to US$73 billion in the 2017 ranking from US$81 billion in the previous ranking.

The unsurprising leader of the oil firms ranking, ExxonMobil, doubled profits in Q1 2017, beating analyst expectations as higher commodity prices and cost cuts boosted earnings.

In Forbes’ 2017 Global 2000 list of the biggest and most powerful public companies, Exxon is 13th this year, down from the 9th place last year.

Second on the oil and gas list comes Royal Dutch Shell, which climbed from the 6th spot it held in 2016. Last year, Shell completed the takeover of BG Group. This year, Shell is 20th on the Global 2000 list.

The world’s third largest oil company is China Petroleum and Chemical Corporation. The Chinese corporation is also 25th in the Forbes’ global public companies ranking. In 26th place in that ranking is France’s oil major Total SA, which is 4th in the oil and gas companies’ standings. The top five of the oil and gas firms is completed by Russia’s gas giant Gazprom, which is sitting in 40th place on the global public companies list. Related: The Big Data Revolution In Oil Is Accelerating

While U.S. major Exxon is still the undisputed leader of the oil and gas companies, U.S. firm Chevron has fallen out of the top ten in the 2017 rankings, compared to the 3rd place it held in 2016. Chevron also plunged to no. 359 in the Global 2000 ranking, from 28th last year.

Chevron returned to profit in the first quarter this year, driven by higher oil prices, slashed expenditure, and proceeds from asset sales. The corporation continues to slash capex, and has said that it would spend US$19.8 billion this year, down 42 percent on 2015 and at least 15 percent lower than outlays for 2016. The U.S. major also continues to sell non-core assets as it seeks to raise proceeds and optimize its upstream asset portfolio, following the oil price downturn.

Another Big Oil firm, BP, is not among the top 10 largest oil and gas companies on Forbes’ list either. It shares the 359 spot with Chevron in the Global 2000 ranking.

The top 10 of the oil and gas firms in 2017 is completed by Russia’s oil giant Rosneft, PetroChina, India’s Reliance Industries, Russia’s Lukoil, and Thailand’s PTT PCL.

If oil prices stay close to US$50 or trend higher throughout the rest of this year, oil and gas companies may report higher sales and profits next year and climb some places in the ranking of the biggest public firms in the world.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage


Leave a comment
  • Lee James on May 30 2017 said:
    It's getting harder to eonomically bring in the crude oil, and the politics are none to good either.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News