ONGC moves up 9 notches in Platts global ranking
Energy major Oil and Natural Gas Corporation has been ranked 11th and number one E&P company in the coveted Platts Top 250 Global Energy Company Rankings 2017. Russia’s Gazprom end American giant Exxon Mobil’s 12-year still reign at No.1. Significantly, 10 of the 14 Indian energy companies that made it to the S&P list this year improved their rankings. Revenues of the top 10 companies surged more than 30 percent to $1.1 trillion from $830.2 billion in the 2016 rankings. These companies posted combined profits of $63.7 billion last year, 14 per cent lower than the $74.3 billion posted the year before. The top 250 profit figures are adjusted for preferred dividends and exclude discontinued operations and extraordinary operations.
Commodity price volatility, geopolitical shifts and industry consolidation made investors seek out safe havens in 2016 in the form of strong returns on invested capital, long-term fixed fees, regulatory stability, and access to regional and world markets,” Harry Weber, senior natural gas writer of S&P Global Platts, was quoted in the release as saying. “That helps explain why utilities and pipelines were able to differentiate themselves from other sectors, even as some operators struggled to boost revenue and underwent major transformations that included operational and management changes.”