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ISSUES....
Inside, confidential and off the record
PFC Energy 50
Here, the highlights of the 2010 PFC Energy 50. The Annual Ranking of the World’s Largest Listed Energy Firms.
Combined Value of PFC Energy 50 Climbs 35%
• The combined market capitalization of the 50 largest energy companies rose 35% to $3.9 trillion from $2.8 trillion a year ago. The PFC Energy 50 has recovered its combined value of three years ago, but remains 26% below the $5.2 trillion high of December 2007. • The 35% value gain compares with increases of 71% in the WTI oil price and 20% in the S&P 500 index.
Most 2008 Trends Reversed
• The biggest losers in last year’s PFC Energy 50 were the National Oil Companies (NOCs), which experienced a 64% market capitalization decline, compared with average losses of 35% by Integrated Oil Companies (IOCs). This year, the picture was reversed, with the list’s nine returning NOCs posting a 66% average value increase, while the fifteen returning IOCs gained only 9%.• Following large value declines last year, the four service companies on the PFC Energy 50 list delivered a 67% value gain. • Two NOCs more than doubled their values. Petrobras’ increase from $96.8 billion to $199.2 billion pushed the company to #4, up from #23 eight years ago. Rosneft’s increase from $39.7 billion to $89.2 billion pushed it ahead 7 places, to #13 from #20 last year. • The six SuperMajors, which were affected least negatively by the 2008 value decline, squeezed out an average gain below 1% in 2009; the market valuations for ExxonMobil and ConocoPhillips declined by 20% and 2%, respectively.
Emerging Markets Redux
• The countries worst hit in 2008 outperformed in 2009. The fourteen emerging markets companies returning to the PFC Energy 50 increased their value 67%, compared with only 17% for OECD companies. • Russian companies, last year’s weakest performers, bounced back in 2009; Gazprom, Rosneft and LUKOIL produced a combined 88% value gain. • The value of Chinese companies increased 52% and PetroChina recaptured the list’s top position.
Industry Restructuring Begins•
Restructurings affected several of this year’s PFC Energy 50 companies: - EnCana and its spin-off Cenovus had a combined value 24% higher than one year ago, but the now-smaller EnCana fell from #22 to #45, the list’s largest drop. - Merging with Petro-Canada helped Suncor increase its market cap by 91% and climb from #37 to #22. - ExxonMobil’s acquisition of XTO was not completed at year end. While the announcement boosted XTO’s value, the combined market cap of XOM and XTO would fall short of displacing PetroChina from the #1 position. - The service sector has also seen consolidation. Cameron’s value reflects a $1 bn merger with Natco; the $18 bn Baker Hughes-BJ Services merger is expected to close in 1Q 2010.
Independents Outperform Integrateds
• The OECD E&P companies posted an average 34% value gain—very close to the 35% gain for the list as a whole. • Weak refining values hurt integrated companies: OECD integrateds gained only 6% in value and SuperMajors less than 1%.• Refining weakness is also reflected in the disappearance of some companies from the list. The PFC Energy 50 lost US-based refiner Valero last year and Spanish refiner Cepsa (#27 last year) failed to make this year’s list.Not an
Alternatives Year
• The PFC Energy Top 15 Alternative Energy companies increased their combined value 28%, far short of reversing last year’s 61% decline.
See more on PFC Energy 50
ISSUES.... 03/03/2010 / - Send Us Your Issues
ISSUES.... Inside, confidential and off the record
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