Exxon Mobil has been dethroned.
For 12 years, the Irving-based oil and gas giant ranked first on S&P Global Platts’ list of the top 250 global energy companies. This year, it was knocked down to ninth place. Russia’s Gazpromtook the No. 1 spot, according to KERA News.
Platts measures the financial performance of the world’s leading energy companies based on their asset worth, revenues, profits and return on invested capital. The list only includes companies that have assets greater than $5.5 billion. Here's more on the methodology.
As Texas Monthly reports, Exxon’s has had a hard year: Its longtime CEO Rex Tillerson left to serve in the Trump administration; it suffered a blow in its alleged climate change fraud case; it was fined $2 million by the Treasury Department; it was sued by current and former employees; and it dropped in this year’s Fortune 500 Companies list, too.
Exxon could rebound in the rankings in the future with its increasing investments in the Permian basin in West Texas, according to Yahoo! Finance.
San Antonio-based Valero was the only other U.S. company in the top 10, dropping to No. 8 from third in last year’s rankings. [Platts, Yahoo! Finance, Texas Monthly]
