- RIL reached a $130.76 billion market cap on Wednesday compared to $128 billion from BP Plc. RIL’s shares traded on the BSE in early deals today at 1,466, having gained more than 31 percent so far this year.
- BP Plc’s shares closed at $6.33 on Tuesday, down 3.8 percent— most in four weeks— in London trading, after squandering investor hopes this year for a higher dividend. The market capitalization of the company amounted to $128.86 billion. BP Plc’s stock has fallen by 0.7 percent to date.
In terms of market capitalization, Mukesh Ambani led-Reliance Industries Ltd (RIL) has pipped British oil giant BP Plc to become the sixth-largest energy entity in the world. But the increase in market cap is largely due to the retail and telecom businesses of the Indian conglomerate.
RIL reached a $130.76 billion market cap on Wednesday compared to $128 billion from BP Plc. RIL’s shares traded on the BSE in early deals today at 1,466, having gained more than 31 percent so far this year.
BP Plc’s shares closed at $6.33 on Tuesday, down 3.8 percent— most in four weeks— in London trading, after squandering investor hopes this year for a higher dividend. The market capitalization of the company amounted to $128.86 billion. BP Plc’s stock has fallen by 0.7 percent to date.
For the September quarter, BP Plc reported an adjusted net income of $2.25 billion, exceeding the average analyst estimate of $1.77 billion. This compares to a loss of $3.84 billion a year earlier when BP decided to purchase a $10.5 billion package of US shale reserves in cash instead of shares because it was assured that oil prices would remain high.
Overall, Exxon Mobil Corp is the largest oil and gas company in the listed universe, with a market cap of $290.42 billion, followed by Royal Dutch Shell Plc of $238.15 billion, Chevron Corp of $224.92 billion, Petrochina Co Ltd of $149.20 billion, and Total SA of $141.74 billion.
The largest energy entity in the world, however, is Saudi Aramco, which pumps around 10% of the world’s crude and emerged in 2018 as the most profitable company. Saudi Aramco’s earnings matched Exxon Mobil Corp. In November, the energy giant plans to launch its first public offering.
BP is RIL’s exploration and manufacturing partner in India. Both companies also have an equal joint venture called India Gas Solutions and will partner with the establishment of retail outlets for fuel.
Both companies are planning to invest in about 40,000 crores in the Krishna Godavari block and start production in 2022.
