Shell and Chevron were among the international oil giants that fell off the top 10 companies of 2016 in the S&P Platts’ annual ranking of the 250 biggest companies by assets and revenues. The asset value and revenue figures are all for 201—the year when the oil price collapse really began to be felt.
The USA Today quotes Platts as saying the changes in the top 10 segment reflected the continuing depression on international oil markets. The price slump, Platts said, hit oil and gas majors’ earnings hard, and it also led to a serious devaluation of assets, meanwhile benefiting companies with stronger downstream operations, pure-play refiners, and power utilities.
Exxon is still number 1, despite this trend, but it is the only Western integrated oil and gas company in the top 10, with assets worth US$337 billion and revenues of US$237 billion. There are also three refiners: Phillips 66 at number 4, Valero Energy at 5, and Marathon Petroleum at 10.
Phillips 66 had assets worth US$48.58 billion and revenues of US$85.2 billion. Valero Energy boasted assets worth US$44.34 billion and revenues of US$87.8 billion, and Marathon Petroleum had assets of US$43.12 billion and revenues of US$64.47 billion.
At the same time, however, Russian oil and gas majors have a notably presence: there are four of them in the top 10, including Gazprom (#3) with assets of US$253.44 billion and revenues of US$90.27 billion; Lukoil (#6) with assets of US$74.62 billion and revenues of US$85.45 billion; Rosneft (#7), with assets worth US$144.1 and revenues of US$75.32 billion; and much less known Surgutneftegaz (#9), with assets of US$60.22 billion and revenues of US$14.76 billion.
The top 10 list for 2016, according to S&P Platts, is rounded out by Korea Electric Power Corp at number 2 and Indian refiner Reliance Industries at number 8.
China’s biggest oil companies are missing from the latest top 10, with Sinopec at number 13, right after French Total, and PetroChina at number 16. Chevron comes in at 17, only the second U.S.-based integrated oil and gas company to make the Platts top 20.
Royal Dutch Shell is far behind at number 31, and BP, still further down, at number 99, thanks to its serious financial commitments concerning the 2010 Gulf of Mexico spill on top of the oil price rout.