Exxon Surpasses GE in Market Capitalization
Buoyed by rising profit from lofty oil prices, Exxon Mobil Corp. passed General Electric Co. on Friday to become the largest U.S. corporation by stock market value.
The two Goliaths traded places after Exxon Mobil shares gained $1.28 to $59.41, while GE dropped 15 cents to $35.88. That vaulted Exxon Mobil ahead of GE in market capitalization, topping $383 billion, compared with about $379 billion for GE.
A spokesman for Exxon Mobil, which just set a record for quarterly operating profit by a U.S. corporation, said the company wasn’t counting.
“We kind of leave that to other folks,” said Tom Cirigliano. “Our goal is to be the most efficient and profitable company. If the outcome of that is that we become the largest company, that’s just icing on the cake.”