PetroChina was the first non-U.S. company to briefly exceed a US$1 trillion market capitalization.
PetroChina reached the milestone during trading in Shanghai on November 5, 2007, shortly after its shares began trading there. Its valuation briefly surpassed that of ExxonMobil, then the world’s largest publicly traded company by market value. The share price later fell, so the trillion-dollar figure was not sustained.
PetroChina is the listed oil and gas arm of China National Petroleum Corporation, a state-owned energy group. The company explores for, produces, refines, transports, and sells petroleum and natural gas. Its huge domestic market and investors’ enthusiasm for Chinese equities helped fuel the 2007 surge.
This event is sometimes confused with Saudi Aramco’s 2019 public offering or with later technology-company milestones. PetroChina’s distinction concerns the first non-U.S. company to pass the trillion-dollar mark, not the first company overall.