Chevron Replaces BP As Third-Biggest Oil Major
October 27, 2008
US oil major Chevron Corp has replaced Britain's BP Plc as the third-largest non-government controlled oil company in the world, as problems in Russia and currency weakness have hit BP.
BP's market capitalization was $131.2 billion as measured by Friday's closing prices, compared with $131.3 billion for Chevron.
BP was the industry's number two until it was overtaken by Royal Dutch Shell Plc after BP's valuation was hit by the Texas City refinery explosion in 2005, which killed 15 workers, and by big project delays.
Exxon Mobil is the largest listed international oil company, with a market capitalization of $358.6 billion.
BP's shares traded down another 3.92 percent at 422-3/4 pence at 1214 GMT on Monday.
Source: Xinhua Financial News
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