With oil rising to a record $85 a barrel, Petrochina (PTR) has surged in recent months to become the second-largest company in the world, behind only Exxon Mobil (XOM). The state-owned oil company is now worth $434 billion, while General Electric (GE)stands at $420 billion. Exxon is still far ahead with a value of $518 billion. The stock has risen by 13 percent recently.
“Petrochina’s share surge is mainly due to investors’ expectations of the company’s further growth, high oil prices and a good market outlook,” said Wang Jing, a senior oil analyst with Orient Securities in Shanghai.
Share prices have been hovering around $85.19 a barrel in New York - a record high. Although when adjusted for inflation, it would have to reach $100 a barrel to reach a true record. That's a definite possibility though.
Update: Today General Electric did gain back its second-place position in the world.
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"Shun the incremental, and look for the quantum leap."We have to realize when Welch made this statement, he was the leader of the largest company in the world. Even now the foundation he laid makes the General Electric (GE) number... [Read More]
Tracked on: October 17, 2007 9:50 PM | Permalink to Trackback