PetroChina Co. shares more than doubled in their Shanghai debut Monday, giving the oil giant a $1 trillion market capitalization and easily surpassing Exxon Mobil as the world's largest company.
The shares ended at 43.96 yuan, up from their initial-public-offering price of 16.70 yuan.
The runup gave the oil giant a market capitalization of $1.005 trillion, more than twice that of Exxon Mobil (XOM) at $480.45 billion.
PetroChina which had 20.5 billion barrels of oil and gas reserves in 2006, is adding new reserves at an average annual rate of 5%, according to Bloomberg. Exxon Mobil reportedly had 22.1 billion barrels of reserves in 2006.
~ MarketWatch, "PetroChina tops $1 trillion market cap in debut," November 5, 2007, By Chris Oliver