The news should cause some concerns or perhaps weeping among US investors who see big US companies as the pride of the global corporate fleet.
PetroChina (PTR), China’s big oil company, passed GE (GE) in market cap today. The company’s oil and gas output rose a modest 5%. PTR shares were up 13% overnight.
PetroChina’s market cap is now over $420 billion. Exxon (XOM) is still ahead of it at $520, but that probably won’t last.
Douglas A. McIntyre