London: The American company ExxonMobil lost its status as the world's largest energy company, which it retained for 12 years. On the first place in the list was the Russian concern "Gazprom", the second - the German energy company E.ON.
According to the new annual rating of Platts, the largest energy company in the world was the Russian Gazprom, and Exxon Mobil, which previously headed the rating, dropped to the 9th position.
"In the conditions that we had in the past year, companies like ExxonMobil and Chevron, which are prone to commodity price risks, have fallen predictably in the ranking compared to those companies that have government guarantees of profit," an economist from the University told Platts Houston Edward Hears.
According to Platts analysts, the volatility of prices for hydrocarbon raw materials, geopolitical shifts and consolidation of industry forced investors to look for companies with a high return on their invested capital, which operate under long-term fixed tariffs, the stability of state regulation and unhindered access to regional markets.
In spite of the fact that integrated oil and gas companies continue to occupy high positions in the list of the largest energy companies, they have been replaced by electric power companies and network operators. The second in the ranking was the German company E.ON, whose business is now focused on renewable energy sources and electric power infrastructure. Thanks to the new development strategy, E.ON company quickly rose to the top rating from 114th position, which it occupied a year earlier.
Changes in the Platts rating reflect fundamental shifts in the energy sector that became irreversible after the adoption of the Paris Agreement on Climate Change Prevention, when a number of states and large corporations within the framework of the RE100 initiative assumed voluntary commitments to switch to 100% renewable energy sources to stop using Fossil fuels and rapidly reduce greenhouse gas emissions.
The Platts news agency is part of the US publishing group McGraw-Hill and specializes in publications on the energy sector and industry information on price quotations for oil, oil products, natural gas, petrochemical products and industrial metals in various regions of the world.
Annually Platts makes a rating of 250 largest power companies in the world. All companies on the list have assets of at least 5.5 billion US dollars. Participants of the rating are assessed on profit, asset value, revenue and financial returns from capital investments.