First time since 2010 capitalization of the Chinese state company PetroChina exceeded value of the US ExxonMobil ($352.6 billion) and reached $352.8 billion.
Total capitalization of the entire Russian oil and gas industry is $389.2 million (companies from RTC oil and gas index, according to Bloomberg’s data by April 9, 2015).
Class A shares of PetroChina went up by 61% during last year, while Exxon’s papers went down by 14%. Last time capitalization of the Chinese company exceeded value of its US competitor in June 2010, according to Bloomberg.
“PetroChina now derives profit from several factors: the company has been upgrading its equipment, part of its shares is traded in Hong Kong and the Chinese authorities plan to give more freedom to the managing funds based in China,” Marc Matthews, Managing Director of Singapore-based Julius Baer bank, told Bloomberg.
Reduction of oil prices that started last year has negatively affected both energy giants. In quarter 4, 2014 Exxon received $6.3 billion of net profit –minimum since October-December 2009. In quarter 4, 2014 PetroChina made 11.1 billion Yuan ($1.8 billion).
Almost entire operation profit of PetroChina in 2014 fell to the exploration and extraction, minimum – to the pipeline business and the natural gas extraction subdivisions. Last year the corporation’s oil refining and chemical business had the operational loss.
