BP overtakes rival Shell as Europe’s largest oil company
UK supermajor BP has unseated Shell by market value as Europe’s largest oil company for the first time in more than three years.
BP is now valued at about $192 billion after shares rose 2.2% to $10.34 (635.50 pence) in London trading yesterday, the highest price in almost 20 months.
Shell added 0.9% to $31.36 (1,927 pence), giving it a market value of $193.2 billion, a Bloomberg report said.
Bloomberg data showed that this is the first time BP has been worth more than Shell since October 2006. BP raised production to 3.9 million barrels of oil equivalent per day in the third quarter of last year.
The company expects cash costs to have been about $4 billion lower in 2009, compared with an initial forecast of $2 billion.
Shell, whose production has dropped below 3 million boepd, has already cut 5000 jobs.
Shell and BP both reported lower third-quarter earnings as the economic slowdown eroded.