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LONDON -- U.S. oil giant Chevron replaced BP as the third-largest non-government controlled oil company in the world, according to a Reuters report yesterday. BP's market capitalization was $131.2 billion as measured by Friday's closing prices, compared with $131.3 billion for Chevron.
BP was the industry's No. 2 until it was overtaken by Royal Dutch Shell after BP's valuation was hit by the Texas City refinery explosion in 2005 that killed 15 workers, and by big project delays. The report also noted BP has been hit with problems in Russia and currency weakness.
Exxon Mobil is the largest listed international oil company, with a market capitalization of $358.6 billion.