The past year hasn’t been kind to oil and gas companies, as sliding oil prices have eaten sharply into bottom lines and caused layoffs and bankruptcies across the industry.
However, the titans of energy are still standing tall, even as their businesses are pressured. ExxonMobil remains the world’s largest oil company and No. 9 on Forbes’ Global 2000 list of the world’s biggest and most powerful public companies, as measured by a composite score of revenues, profits, assets and market value. While Exxon has managed to maintain its massive dividend program, it has slid two spots on our list and recently lost its perfect credit rating for the first time since the Great Depression.
China’s state-controlled oil company PetroChina is the second-largest on our list and Chevron takes third place. Both companies have dropped considerably, though, falling nine spots and 12 spots on the Global 2000, respectively.
The abundance of cheap oil is the culprit. While a barrel of crude has gone up and down in price this year, recently breaking $50 per barrel, it’s still a far cry from the $100-plus that it fetched in 2014. Earlier this year, oil bottomed in the low $30s.
This has been particularly bad news for countries that depend on oil. State-owned oil companies are getting squeezed and in Russia, for instance, Gazprom (No. 53) has dropped a staggering 26 spots and Rosneft (No. 75) has fallen 16 spots. Albert Pujols Womens JerseyShare This