Shell becomes Europe’s largest public company as soaring oil prices boost profits
PGasoline and energy giant Royal Dutch Shell has regained its place as Europe’s leading public company in the market Forbes World Ranking 2000, pushing German auto giant Volkswagen AG to second place.
The London-based Anglo-Dutch giant, with its distinctive yellow and red branding seen on petrol forecourts in Europe, is valued at $211 billion this year, an increase of nearly 40% on the year and more twice the value of Volkswagen AG, second. .
In May, Shell announced its highest-ever quarterly profit for the first three months of 2022 at $9.13 billion, following a sharp rise in oil prices further accentuated by the Russian invasion of the Ukraine in February and the punitive sanctions regime imposed on Russia thereafter. Falling to 324th place on the list of 2,000 listed companies last year, Shell has shaken off its pandemic blues and returned to 16th place globally in 2022.
In second place in Europe, Volkswagen AG, the famous German car giant that makes some of the most recognizable names in global motoring – Porsche, Audi, Lamborghini, Bentley – has lost more than $60 billion in value over the last 12 month. Automakers like Volkswagen have cut production in part because of a severe global chip shortage and the ongoing fallout from its diesel emissions scandal, which has seen the stock price plummet about 30% since then. publication of last year’s list.
Next on the list is Total SA. Another European oil and gas giant, Total has risen alongside Shell for many of the same reasons, and the company ranked 344th last year on the Forbes’ Global 2000, broke into the top 30 (29) this year. Away from oil, German insurance giant Allianz and Britain’s biggest bank HSBC complete the top five.
Since 2003, Forbes’ The Global 2000 list measured the world’s largest public companies by four equally weighted metrics: assets, market value, sales and earnings. This year’s list is compiled using data from FactSet Research and our market value calculation is based on April 22, 2022 closing prices. All figures are consolidated and in US dollars.
In terms of major companies and geography, of Europe’s three dominant economic powers – Germany, France and the UK – Germany has 52 companies in the ranking; France has 54; the UK has 57.
While last year’s list was colored by the coronavirus pandemic and changes in the business environment, this year’s oil power following Russia’s invasion of Ukraine highlights some most remarkable changes.
While Russian billionaires have lost a significant percentage of their wealth since invading Ukraine in February, Russia’s oil and gas giants have weathered the storm better.
The Russian giant Gazprom has indeed moved up the list by more than 300 places and is now back in the top 50 (49). While Rosneft remains in the top 100 and LukOil also climbs over 300 places in the list.
The world’s No. 1 oil giant sits head and shoulders above the competition, but the Saudi Arabian Oil Company (Saudi Aramco) is now third on the list. Forbes’ Global 2000 listing with a value north of $2 trillion.