NEW YORK, JAN. 7 -- The relative world ranking of U.S. oil companies among their foreign peers has declined as state-owned companies raise their global standing, an industry survey found today.
The latest annual survey of Petroleum Intelligence Weekly found that Texaco Inc. of White Plains, N.Y., fell from the top 10 in 1989 and Exxon Corp. of Arlington, Tex., slipped from second place to third.
Kuwait's state-owned Kuwait Oil Co. moved into the top 10 and London's Royal/Dutch Group of Companies moved up from third to replace Exxon. Saudi Arabia's Aramco retained its number one slot.
"The major change in today's top 10 firms as compared with a decade ago is the rise of state-owned enterprises," the survey said. "Five national oil companies now rank in the top 10, versus only three a decade ago."
The tenure of the Kuwaiti company in the top 10 will be short-lived because its crude production capacity has been virtually dismantled since Iraq's Aug. 2 invasion of the oil-rich emirate. Kuwait still owns a refinery and gasoline stations in Europe.
The publication said 1989 was the most recent year for which complete data were available.
The ranking was based on oil and natural gas reserves and production as well as refining capacity and the sale of refined petroleum products rather than the number of employees and financial data, which are difficult to measure given the diversity of reporting systems.
In addition to Exxon, number seven Mobil, San Francisco's eighth- ranked Chevron Corp., Chicago's number 12 Amoco and Texaco, which slipped to number 13, all declined in relative terms, the survey said. British Petroleum retained its number nine slot.
Among the national companies, Latin America's two biggest -- Mexico's Pemex and Venezuela's PDV -- "remain neck and neck" at the number four and five positions, respectively, the survey found. Iran's national oil company kept its sixth ranking.
Exxon still ranks number one in the world in terms of refining capacity ahead of Shell, Mobil and British Petroleum, the survey showed.