Petrobras Is No Longer The Biggest Oil Company In South America
Platts is out with its ranking of the top 250 oil firms in the world, listed according to asset worth, revenues, profits, and return on invested capital.
ExxonMobil still sits comfortably at the top of the list.
But the biggest news on the list: Petrobras is no longer the No.1 oil firm in South America.
The distinction now belongs to Ecopetrol, Colombia's state-owned firm.
The company's assets stand at $51.6 billion, with revenues of $36.8 billion, return on invested capital of 24 percent and 25 percent compound revenue growth.
The figures landed the company 14th on Platts' list, compared with 23 last year.
Meanwhile Petrobras dropped to 18 from 12.
We recently had breakfast with Ecopetrol's management, and they said the company has been incrementally devolving its government stake, which currently stands at 85 percent. The current secondary-market float is approximately 11.5%.
Proven reserves in Colombia stand at 2.26 billion barrels, state officials said earlier this year.
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