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The petroleum and gas industry leads Forbes' 2019 profit growth list
Published:2019-11-11 22:52:45    Text Size:【BIG】【MEDIUM】【SMALL

 

The petroleum and gas industry saw the biggest increase in profits on Forbes' 2019 top 10 list of the world's largest public companies, GlobalData indicated on Tuesday.
GlobalData analyzed the annual changes of sales and profits among the top 10 sectors of the Forbes list of the world's largest public companies from 2018 to 2019. The biggest winners in profit growth were the petroleum and gas sector, which grew 36.3 percent in the 2018-19 period, followed by technology and communications, which grew 19.8 percent, metals and mining, 13.6 percent, banking, 12.6 percent, as well as pharmaceuticals and health care, which grew 11.8 percent.
According to GlobalData's analysis, the petroleum and gas industry beat technology and communications to become Forbes' fastest growing industry in terms of revenue growth in 2019, with an annual growth rate of 16.2 percent.
Analyst Parth Vala said: "the OPEC output reduction agreement and the voluntary production adjustment to about 1.8 million barrels per day posted by 11 non-OPEC petroleum producers on November 30, 2017 have had a positive impact on the petroleum and gas industry in 2018."
Despite there is a nearly 40% drop of petroleum prices in the fourth quarter of last year, the big petroleum and gas companies are doing well in the fourth quarter and 2018. Three of the top five petroleum companies -- Shell, Exxon Mobil and Chevron -- reported their strong data of 2018, with many key indicators exceeding analysts' expectations and the earnings reaching their highest levels since 2014, when petroleum prices topped at $100 per barrel.
All of these companies are on Forbes' 2019 list of the largest public companies, with Shell (NO.9), Exxon Mobil (NO.11) and Chevron (NO.19), followed by PetroChina (NO.22), British Petroleum (NO.24) and Total (NO.25).

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