7. Pepco Holdings
> 10-year change in revenue: -36%
> Revenue (last fiscal year): $4.7 billion
Pepco Holdings Inc. (NYSE: POM) is a multi-state utility holding company with regulated utility operations in Washington, D.C., Maryland, Delaware, and New Jersey. In recent years, the company has moved to shed assets, thereby shrinking its operations and revenues significantly. In 2010, the company sold its Conecitv power plants in a move to exit the power generation business — which carries significant exposure to changes in commodity prices — so as to focus itself as a regulated utility. However, Pepco will likely not be a publicly traded company for much longer. In April, nuclear energy giant Exelon agreed to acquire Pepco in a $6.8 billion deal. The acquisition is expected to be finalized next year.
> 10-year change in revenue: -38%
> Revenue (last fiscal year): $56.9 billion
ConocoPhillips’ revenue dropped by 24.4% over the past five years, and by 38% over the last 10 years. Yet, these figures alone do not tell the whole story. ConocoPhillips (NYSE: COP) benefitted tremendously from a strong rally in energy prices five years ago. As a result, revenue soared to $240.8 billion in 2008. After hitting these highs, energy prices softened as did the company’s revenues. The company also spun off in 2012 Phillips 66, which focuses more on downstream activities such as refining and marketing petroleum products. In doing so, ConocoPhillips slashed its revenue considerably. In its last full fiscal year as part of ConocoPhillips, Phillips 66 had revenues totalling more than $196 billion.
5. Williams Companies
> 10-year change in revenue: -59%
> Revenue (last fiscal year): $6.9 billion
At the start of 2012, Williams Companies Inc. (NYSE: WMB) completed its spinoff of its production and exploration business into a separate publicly held company, WPX Energy. During its first year reporting as an independent company, WPX reported over $3 billion in revenue. In addition to the spinoff shrinking the top line, Williams’ natural gas product sales fell by 12% in 2012 and 18% in 2013. The company attributed the drop to lower volumes of ethane recovered as well as lower prices for natural gas liquids. The company currently derives most of its revenue from its majority stake in its master limited partnership, Williams Partners L.P. Williams recently increased its stake in another master limited partnership, Access Midstream Partners L.P., which it has said it will merge with Williams Partners.