Economy

Russia's Gazprom topples United States behemoth ExxonMobil as the world's leading energy company

Russia's Gazprom topples United States behemoth ExxonMobil as the world's leading energy company”

The company has ousted USA oil and gas giant ExxonMobil which reigned for 12 years.

What's worse, poorer returns from a lower oil price meant ExxonMobil barely managed to stay within the top 10 - coming in at 9th place - in ratings agency S&P Global Platts' annual corporate rankings for the energy sector.

State-owned firm Indian Oil Corporation broke into the top 10 and was ranked seventh in the list - rising from 66th in 2015 and 14th in 2016.

Russia's Gazprom ranked no.1 in the 2017 S&P Global Platts Top 250 Global Energy Company Rankings, toppling ExxonMobil and ending its 12-year reign at the top spot, S&P Global Platts said in what it defined as the most profound change in the 16-year history of the ranking.

The Top 250 rankings are based on financial performance over the past year.

Reliance Industries was the top ranked Asian energy company in the global rankings and has Indian Oil Corp, Oil & Natural Gas Corp and Bharat Petroleum Corp for company in the Asian Top 10. ExxonMobil is holding within the lead ten at ninth place.

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The two dozen biggest movers up included a range of companies from Europe, Middle East & Africa (EMEA) and the Americas. All companies on the list have assets greater than $5.5bn (£4.1bn).

"European utilities and North American pipeline operators got a boost from sticking to what they know best and shying away from more risky enterprises and territories", Harry Weber, senior natural gas writer of S&P Global Platts, said in an S&P statement. The use of growth rate benefited some firms, such as German utility E.ON, which jumped from 114 a year ago to the second spot in the latest ranking. Of the top 5 globally ranked companies, 3 are from Asia Pacific Rim (#3 Reliance Industries Ltd.; #4 Korea Electric Power Corp.; #5 China Petroleum & Chemical Corp.).

Hong Kong's Kunlun Energy posted a three-year CGR of 23.5%, ranking it number 10 in the fastest growing segment.

Overall, the 10 largest energy companies combined to earn $63.7 billion in profits, down 14% compared to the 2016 rankings. Chevron, meanwhile, made a deal last week to farm out stakes to French company Total, ranked No. 10 by Platts, for operations in the Gulf of Mexico and cancelled a rig contract for the region about a year early. The Top 250 profit figures are adjusted for preferred dividends and exclude discontinued operations and extraordinary operations.

Platts added that Gazprom's role in the European natural gas market helped it climb two spots from previous year to take No. 1.

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