The End Of Exxon's Reign?
Everybody likes to compare themselves to the biggest and the best. For years, Exxon Mobil was the largest publicly traded company in the US and the biggest producer of oil and natural gas. Many have challenged its dominance, and on Thursday a new contender emerged. The challenger is PetroChina, a state-controlled giant that just announced its oil production has topped Exxon’s.
Comparisons are always difficult, but PetroChina can now say it produces more daily barrels of oil than Exxon Mobil. The Chinese company produced 2.43 million barrels of oil per day in 2011, climbing above Exxon’s 2.3 million barrels. Chevron, for example, saw production slide to 1.8 million barrels last year.