Russian oil and gas conglomerate Gazprom (OGZPY) has replaced its U.S. counterpart Exxon Mobil (XOM) - Get Free Report as the number one global energy company, according to the results of the 2017 S&P Global Platts Top 250 Global Energy Company Rankings.
Exxon had been atop the list, which ranks companies based on asset worth, revenues, profits, and return on invested capital, for the last 12 years.
Overall, the 10 largest energy companies combined to earn $63.7 billion in profits, lower 14% versus the 2016 rankings. S&P Global Platts noted that utilities did well during a period of lower oil prices.
"European utilities and North American pipeline operators got a boost from sticking to what they know best and shying away from more risky enterprises and territories," said Harry Weber, senior natural gas writer of S&P Global Platts. "Regulated utilities, in particular, have an advantage because their revenues are largely defined and consistent, and are not as susceptible to swings in oil and gas prices."
Shares of both Exxon and Gazprom were climbing over 1% in midday trading on Monday.
More of What's Trending on TheStreet: