The following is a list of publicly traded companies having the greatest market capitalization , sometimes described as their "market value":
106-507: Big Oil is a name sometimes used to describe the world's six or seven largest publicly traded and investor-owned oil and gas companies , also known as supermajors . The term, particularly in the United States , emphasizes their economic power and influence on politics. Big Oil is often associated with the fossil fuels lobby and also used to refer to the industry as a whole in a pejorative or derogatory manner. Sources conflict on
212-644: A Doctorate of Laws ( doctorate en Droit ) at the University of Neuchâtel in Switzerland . In June 1913, Mosaddegh received his doctorate and in doing so became the first Iranian to receive a PhD in Law from a European university. Mosaddegh taught at the Tehran School of Political Science at the start of World War I before beginning his political career. Mosaddegh started his political career with
318-506: A 1981 post-apocalyptic dystopian action film about apocalyptic fuel shortages. Being politically influential, vertically integrated , well organized, and able to negotiate cohesively as a cartel, the Seven Sisters were initially able to exert considerable power over Third World oil producers. Despite their market power, the Seven Sisters kept prices stable at moderate levels. This was done to not incentivize governments in both
424-615: A few giant corporations, was popularized in print from the late 1960s. Today it is often used to refer specifically to the seven supermajors. The use of the term in the popular media often excludes the national producers and OPEC oil companies who have a much greater global role in setting prices than the supermajors. China's two state-owned oil companies , Sinopec and the China National Petroleum Corporation , as well as Saudi Aramco , had greater revenues in 2022 than any investor-owned oil company. In
530-597: A massive, unbroken daisy chain of cars...In the final seven or eight miles approaching the village, traffic became so gridlocked that mourners were forced to...complete the journey on foot. The U.S. role in Mosaddegh's overthrow was not formally acknowledged for many years, although the Eisenhower administration vehemently opposed Mossadegh's policies. President Eisenhower wrote angrily about Mosaddegh in his memoirs, describing him as impractical and naive. Eventually,
636-524: A means of checking the power of the Tudeh Party , which had been agitating the peasants by criticising his lack of land reform. However, during this time Iranians were "becoming poorer and unhappier by the day", in large part due to the British-led boycott. As Mosaddegh's political coalition began to fray, his enemies increased in number. Partly through the efforts of Iranians sympathising with
742-520: A military prison, well short of the death sentence requested by prosecutors. After hearing the sentence, Mossadegh was reported to have said with a calm voice of sarcasm: "The verdict of this court has increased my historical glories. I am extremely grateful you convicted me. Truly tonight the Iranian nation understood the meaning of constitutionalism." Mosaddegh was kept under house arrest at his Ahmadabad residence, until his death on 5 March 1967. He
848-502: A month after the Shah was deposed, hundreds of thousands of Iranians marked the 12th anniversary of Mossadegh's death. In Ahmadabad, where he was buried, Iranian leaders and politicians eulogized him in a way that would've been unthinkable before the Shah's removal. It was estimated that the crowd in size was over one million. The event was described as: For sixty solid miles, the highway from Tehran to Mossadeq's burial site...transformed into
954-405: A number of hurdles in terms of nationalizing the oil production. First, a number of oil-producing countries did not have independence and were controlled by empires. Second, great powers had installed compliant heads of state in several oil-producing countries, making those leaders reliant on the support of the great powers and unwilling to upset them. Third, a number of oil-producing countries lacked
1060-647: A period of one year. Finally, to end Mossadegh's destabilising influence that threatened the supply of oil to the West and could potentially pave the way for a communist takeover of the country, the US made an attempt to depose him. In March 1953, Secretary of State John Foster Dulles directed the CIA , which was headed by his younger brother Allen Dulles , to draft plans to overthrow Mossadegh. On 4 April 1953, Dulles approved $ 1 million to be used "in any way that would bring about
1166-556: A single-clause bill to parliament to grant him emergency "dictatorial decree" powers for six months to pass "any law he felt necessary for obtaining not only financial solvency, but also electoral, judicial, and educational reforms", in order to implement his nine-point reform program to bypass the stalled negotiations of the nationalisation of the oil industry. On 3 August 1952, the Majlis voted in approval, and elected Ayatollah Kashani as House Speaker. Kashani's Islamic scholars, as well as
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#17327799769151272-743: A substantial consolidation phase of "Major" Oil companies which would result in a group of dominant "Super-Major" entities. Big Oil previously referred to seven oil companies which formed the Consortium for Iran ; such " Seven Sisters " were the Anglo-Persian Oil Company (a predecessor of BP), Shell plc, three of Chevron's predecessors (Standard Oil of California, Gulf Oil and Texaco ), and two of ExxonMobil's predecessors ( Jersey Standard and Standard Oil of New York ). The term, analogous to others such as Big Steel , Big Tech , and Big Pharma which describe industries dominated by
1378-546: A wide range of social reforms: unemployment compensation was introduced, factory owners were ordered to pay benefits to sick and injured workers, and peasants were freed from forced labour in their landlords' estates. In 1952, Mosaddegh passed the Land Reform Act which forced landlords to place 20% of their revenue into a development fund. This development fund paid for various projects such as public baths, rural housing, and pest control. On 1 May, Mosaddegh nationalised
1484-613: Is calculated by multiplying the share price on a selected day and the number of outstanding shares on that day. The list is expressed in USD millions, using exchange rates from the selected day to convert other currencies. The table below lists all companies which have, at any point, had a market capitalization in excess of $ 1 trillion, the date on which their market cap first exceeded $ 1 trillion and their record market cap. All market capitalization figures are in USD millions. Only companies with free float of at least 15% are included;
1590-417: Is up to data as of December 31, 2020 . Indicated changes in market value are relative to the previous quarter. This Financial Times –based list is up to date as of December 31, 2019 . Indicated changes in market value are relative to the previous quarter. This Financial Times –based list is up to date as of December 31, 2018 . Indicated changes in market value are relative to
1696-551: Is up to date as 31 March 2000. The 10 largest companies in the world by market capitalization in 1999 This Financial Times –based list is up to date as of 30 September 1998. United Kingdom This Financial Times –based list is up to date as of 30 September 1997. United Kingdom This Financial Times –based list is up to date as of 30 September 1996. United Kingdom Mohammad Mosaddegh Mohammad Mosaddegh ( Persian : محمد مصدق , IPA: [mohæmˈmæd(-e) mosædˈdeɢ] ; 16 June 1882 – 5 March 1967)
1802-539: The Financial Times called these "the new Seven Sisters". According to consulting firm PFC Energy , by 2012 only 7% of the world's known oil reserves were in countries that allowed private international companies free rein. Fully 65% were in the hands of state-owned companies. The Era of the Super Major was an industry report published by Douglas Terreson of Morgan Stanley on 13 February 1998. Mr. Terreson
1908-699: The Anglo-Iranian Oil Company , cancelling its oil concession, which was otherwise set to expire in 1993, and expropriating its assets. Mosaddegh saw the AIOC as an arm of the British government controlling much of the oil in Iran, pushing him to seize what the British had built in Iran. The next month, a committee of five majlis deputies was sent to Khuzistan to enforce the nationalisation. Mosaddegh justified his nationalisation policy by claiming Iran
2014-619: The Azerbaijan Province . In 1923, he was re-elected to the Majlis. In 1925, the supporters of Reza Khan in the Majlis proposed legislation to dissolve the Qajar dynasty and appoint Reza Khan the new Shah. Mossadegh voted against such a move, arguing that such an act was a subversion of the 1906 Iranian constitution . He gave a speech in the Majlis, praising Reza Khan's achievements as prime minister while encouraging him to respect
2120-684: The Iranian Constitutional Revolution of 1905–07. At the age of 24, he was elected from Isfahan to the newly inaugurated Persian Parliament, the Majlis of Iran . However, he was unable to assume his seat, because he had not reached the legal age of 30. During this period he also served as deputy leader of the Society of Humanity , under Mostowfi ol-Mamalek . In protest at the Anglo-Persian Treaty of 1919 , he relocated to Switzerland, from where he returned
2226-615: The OECD , namely CNPC , Gazprom (Russia) , National Iranian Oil Company (Iran) , Petrobras (Brazil) , PDVSA (Venezuela) , Petronas (Malaysia) , and Saudi Aramco (Saudi Arabia) . Other companies not directly involved in trading oil and gas, but still supplying accessories such as drilling, fracking and refining equipment, have also been associated with Big Oil due to their political influence. In particular, Koch Industries and Wilks Masonry have actively funded lobby groups, think tanks and media outlets aligned with Big Oil. In
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#17327799769152332-562: The OPEC cartel and state-owned oil companies , primarily located in the Middle East. A trend of increasing influence of the OPEC cartel, state-owned oil companies in emerging-market economies is shown and the Financial Times has used the label "The New Seven Sisters" to refer to a group of what it argues are the most influential national oil and gas companies based in countries outside of
2438-405: The Tudeh Party , proved to be two of Mosaddegh's key political allies, although relations with both were often strained. In addition to the reform program, which intended to make changes to a broad region of laws covering elections, financial institutions, employment, the judiciary, the press, education, health, and communications services, Mosaddegh tried to limit the monarchy's powers, cutting
2544-534: The United Nations Security Council , where, on 15 October 1951, Mosaddegh declared that "the petroleum industry has contributed nothing to well-being of the people or to the technological progress or industrial development of my country." The British government also threatened legal action against purchasers of oil produced in the Iranian refineries and obtained an agreement with its sister international oil companies not to fill in where
2650-465: The maritime industry, six to seven large oil companies that decide a majority of the crude oil tanker chartering business are called "Oil Majors". The expression "Seven Sisters" was coined by the head of the Italian state oil company ( Eni ), Enrico Mattei , who sought membership for his company, but was rejected. The history of the supermajors traces back to the seven oil companies which formed
2756-719: The " Consortium for Iran " cartel and dominated the global petroleum industry from the mid-1940s to the 1970s. The Seven Sisters were: By the 1930s, the Seven Sisters dominated oil production in the world. The companies owned nearly all rights to the oil in Iran , Iraq , Saudi Arabia , and the Persian Gulf . The companies established jointly owned companies (such as the Iraq Petroleum Company ) to legally tie their hands together, facilitate cooperation, and prevent cheating on one another. The companies sought to limit
2862-461: The "vitriol he had once reserved for the British". The reason for difference of opinion among Makki and Mosaddegh was the sharp response of Mosaddegh to Kashani, who was an inoffensive scholar who attracted public support. Hossein Makki strongly opposed the dissolution of the parliament by Mossadegh and evaluated in the long run at his loss because with the closure of the parliament, the right to dismiss
2968-470: The 2022 Fortune Global 500 than Eni, though the company frequently touts that it is an independent refiner focused on midstream and downstream operations which does not have significant upstream activities. In the media, however, Valero is sometimes called a "Big Oil" company and grouped with the other large companies. As a group, the supermajors control around 6% of global oil and gas reserves. Conversely, 88% of global oil and gas reserves are controlled by
3074-561: The 79 deputies elected. Yet none of those present vetoed the statement, and completion of the elections was postponed indefinitely. The 17th Majlis convened in April 1952, with the minimum required of the 136 seats filled. Throughout his career, Mosaddegh strove to increase the power parliament held versus the expansion of the crown's authority. But tension soon began to escalate in the Majlis. Conservative, pro-Shah, and pro-British opponents refused to grant Mosaddegh special powers to deal with
3180-586: The AIOC was boycotting Iran. The entire Iranian oil industry came to a virtual standstill, oil production dropping almost 96% from 664,000 barrels (105,600 m ) in 1950 to 27,000 barrels (4,300 m ) in 1952. This Abadan Crisis reduced Iran's oil income to almost nothing, putting a severe strain on the implementation of Mosaddegh's promised domestic reforms. At the same time, BP and Aramco doubled their production in Saudi Arabia, Kuwait and Iraq, to make up for lost production in Iran so that no hardship
3286-492: The Anglo-Iranian Oil Company (now BP ), and Iranian oil was subjected to an international embargo . In an effort to bring Iranian oil production back to international markets, the U.S. State Department suggested the creation of a consortium of major oil companies, several of which were daughter corporations of John D. Rockefeller 's original Standard Oil monopoly. In 1959, the Seven Sisters reduced
Big Oil - Misplaced Pages Continue
3392-549: The Bazaar closing down in Tehran. Over 250 demonstrators in Tehran, Hamadan, Ahvaz, Isfahan, and Kermanshah were killed or suffered serious injuries. On the fourth day of mass demonstrations, Ayatollah Abol-Ghasem Kashani called on the people to wage a "holy war" against Qavam. The following day, Si-ye Tir (the 30th of Tir on the Iranian calendar), military commanders ordered their troops back to barracks, fearful of over-straining
3498-560: The British, and partly in fear of the growing dictatorial powers of the Prime Minister, several former members of Mosaddegh's coalition turned against him, fearing arrest. They included Mozzafar Baghai , head of the worker-based Toilers party; Hossein Makki , who had helped lead the takeover of the Abadan refinery and was at one point considered Mosaddegh's heir apparent; and most outspokenly Ayatollah Kashani, who damned Mosaddegh with
3604-494: The CIA's involvement with the coup was exposed. This caused controversy within the organisation and the CIA congressional hearings of the 1970s. CIA supporters maintained that the coup was strategically necessary and praised the efficiency of the agents responsible. Critics say the scheme was paranoid, colonial, illegal, and immoral—and truly caused the "blowback" suggested in the pre-coup analysis. The extent of this "blowback", over time,
3710-518: The Energy sector. Corporate performance was very positive in Energy through 2007, underscoring the premise that the "Super-Major" thesis would create significant economic value for shareholders: This process of consolidation created some of the largest global corporations as defined by the Forbes Global 2000 ranking, and as of 2007 all were within the top 25. Between 2004 and 2007 the profits of
3816-496: The Iranian government would not be accepted on the world market." Two months later the AIOC evacuated its technicians and closed down the oil installations. Under nationalised management, many refineries lacked the trained technicians that were needed to continue production. The British government announced a de facto blockade and embargo, reinforced its naval force in the Persian Gulf and lodged complaints against Iran before
3922-521: The Iranian oil industry , which had been built by the British on Persian lands since 1913 through the Anglo-Persian Oil Company (APOC/ AIOC ), later known as British Petroleum (BP). In the aftermath of the overthrow, Mohammad Reza Pahlavi returned to power, and negotiated the Consortium Agreement of 1954 with the British, which gave split ownership of Iranian oil production between Iran and western companies until 1979. Mosaddegh
4028-551: The National Front. There was a special focus on the Anglo-Iranian Oil Company and the heavy involvement of foreign actors and influences in Iranian affairs. Although Iran was not officially a colony or a protectorate, it was still heavily controlled by foreign powers beginning with concessions provided by the Qajar Shahs and leading up to the oil agreement signed by Reza Shah in 1933. The new administration introduced
4134-513: The Prime minister was made by the Shah. The British government had grown increasingly distressed over Mosaddegh's policies and were especially bitter over the loss of their control of the Iranian oil industry. Repeated attempts to reach a settlement had failed, and, in October 1952, Mosaddegh declared Britain an enemy and cut all diplomatic relations. Since 1935, the Anglo-Persian Oil Company had
4240-474: The Rashidian brothers (two of Iran's most influential royalists) in the hope of buying off, according to CIA estimates, "the armed forces, the Majlis (Iranian parliament), religious leaders, the press, street gangs, politicians and other influential figures". Thus, in his statement asserting electoral manipulation by "foreign agents", Mosaddegh suspended the elections. His National Front party had made up 30 of
4346-462: The Saudi oil production ultimately became jointly controlled by four of the seven sisters, thus making it easier to maintain coordination between the Seven Sisters. According to Jeff Colgan, the Seven Sisters faced two major problems. The first revolved around coordinating the activities of the companies so that oil prices would be kept high. The second revolved around cooperation with the governments of
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4452-488: The Shah confirmed Mosaddegh as Prime Minister after the Majlis ( Parliament of Iran ) elected Mosaddegh by a vote of 79–12. The Shah was aware of Mosaddegh's rising popularity and political power, after a period of assassinations by Fada'iyan-e Islam and political unrest by the National Front . Demonstrations erupted in Tehran after Mosaddegh was elected, with crowds further invigorated by the speeches of members from
4558-465: The Shah had done up to that point. The Shah refused, seeing it as a means for Mosaddegh to consolidate his power over the government at the expense of the monarchy. In response, Mosaddegh announced his resignation appealing directly to the public for support, pronouncing that "in the present situation, the struggle started by the Iranian people cannot be brought to a victorious conclusion". Veteran politician Ahmad Qavam (also known as Ghavam os-Saltaneh)
4664-518: The Shah had only initiated land reform in January 1951, where all territory inherited by the Crown was sold to peasants at 20% of the assessed value over a payment period of 25 years, Mosaddegh decreed a new land reform law to supersede it, establishing village councils and increasing the peasants' share of production. This weakened the landed aristocracy by imposing a 20% tax on their income—of which 20%
4770-538: The Shah returned from Rome. Zahedi's new government soon reached an agreement with foreign oil companies to form a consortium and "restore the flow of Iranian oil to world markets in substantial quantities", giving the United States and Great Britain the lion's share of the restored British holdings. In return, the US massively funded the Shah's resulting government, until the Shah's overthrow in 1979 . As soon as
4876-416: The Shah was terrified to attempt such a dangerously unpopular and risky move against Mosaddegh. It would take much persuasion and many US-funded meetings, which included bribing his sister Ashraf with a mink coat and money, to successfully change his mind. Mosaddegh became aware of the plots against him and grew increasingly wary of conspirators acting within his government. According to Donald Wilber , who
4982-400: The Shah's personal budget, forbidding him to communicate directly with foreign diplomats, transferring royal lands back to the state and expelling the Shah's politically active sister Ashraf Pahlavi . However, six months proved not long enough, and Mosaddegh asked for an extension in January 1953, successfully pressing Parliament to extend his emergency powers for another 12 months. Though
5088-523: The Soviet sphere at a time of high Cold War fears. Though his suggestion was rebuffed by Eisenhower as "paternalistic", Churchill's government had already begun "Operation Boot", and simply waited for the next opportunity to press the Americans. On 28 February 1953, rumours spread by British-backed Iranians that Mosaddegh was trying to exile the Shah from the country gave the Eisenhower administration
5194-464: The Super-Major", BP and Amoco merged, representing the largest industrial combination on Wall Street at that time. The combined value of the stocks of those 2 companies rose significantly and that merger was followed by ExxonMobil , BP-Amoco-Arco, ConocoPhillips , Chevron-Texaco- Unocal , Total-Petrofina-Elf and others. The phase represented one of the largest consolidation phases in the history of
5300-409: The United States ( CIA ), led by Kermit Roosevelt Jr. His National Front was suppressed from the 1954 election . Before its removal from power, his administration introduced a range of social and political measures such as social security, land reforms and higher taxes including the introduction of taxation on the rent of land. His government's most significant policy was the nationalisation of
5406-418: The bill, on the grounds that it would "unjustly discriminate patriots who had been voting for the last forty years", thus leaving the National Front to compete against conservatives, royalists, and tribal leaders alike in the upcoming election. His government came under scrutiny for ending the 1952 election before rural votes could be fully counted. According to historian Ervand Abrahamian : "Realizing that
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#17327799769155512-475: The capital and bombarded the prime minister's official residence. With loyalist troops overwhelmed, Mossadegh was taken into hiding by his aides, narrowly escaping the mob that set in to ransack his house. The following day, he surrendered himself at the Officers' Club, where General Zahedi had been set up with makeshift headquarters by the CIA. Zahedi announced an order for his arrest on the radio, and Mosaddegh
5618-414: The capital and technical expertise to run the oil production, as well as needed access to North American and European markets. Fourth, oil-producing countries feared that they would be punished by Western governments and firms if they nationalized oil production (as Mohammad Mossadegh was when he nationalized the Iranian oil industry). In 1951, Iran nationalized its oil industry , previously controlled by
5724-574: The constitution and stay as the prime minister. On 12 December 1925, the Majlis deposed the young Shah Ahmad Shah Qajar and declared Reza Shah the new monarch of the Imperial State of Persia, and the first Shah of the Pahlavi dynasty . Mosaddegh then retired from politics, due to disagreements with the new regime. In 1941, Reza Shah Pahlavi was forced by the British to abdicate in favour of his son Mohammad Reza Pahlavi . In 1944, Mosaddegh
5830-626: The consumer and producer countries to impose regulations on the oil industry. Preceding the 1973 oil crisis , the Seven Sisters controlled around 85 per cent of the world's petroleum reserves . In the 1970s, many countries with large reserves nationalized holdings of all major oil companies. Since then, industry dominance has shifted to the OPEC cartel and state-owned oil and gas companies in emerging-market economies , such as Saudi Aramco , Gazprom (Russia), China National Petroleum Corporation , National Iranian Oil Company , PDVSA (Venezuela), Petrobras (Brazil), and Petronas (Malaysia). In 2007,
5936-500: The coup succeeded, many of Mosaddegh's former associates and supporters were tried, imprisoned, and tortured. Some were sentenced to death and executed. The minister of foreign affairs and the closest associate of Mosaddegh, Hossein Fatemi , was executed by order of the Shah's military court. The order was carried out by firing squad on 10 November 1954. On 21 December 1953, Mosaddegh was sentenced to three years' solitary confinement in
6042-451: The economic crisis caused by the sharp drop in revenue and voiced regional grievances against the capital Tehran, while the National Front waged "a propaganda war against the landed upper class". On 16 July 1952, during the royal approval of his new cabinet , Mosaddegh insisted on the constitutional prerogative of the Prime Minister to name a Minister of War and the Chief of Staff, something
6148-472: The enlisted men's loyalty, and left Tehran in the hands of the protesters. Frightened by the unrest, the Shah asked for Qavam's resignation, and re-appointed Mosaddegh to form a government, granting him control over the Ministry of War he had previously demanded. The Shah asked whether he should step down as monarch, but Mosaddegh declined. More popular than ever, a greatly strengthened Mosaddegh introduced
6254-491: The exact makeup of Big Oil today, though the companies which are most frequently mentioned as supermajors are ExxonMobil , Shell , TotalEnergies , BP , Chevron and Eni , with ConocoPhillips frequently being included as well prior to spinning off its downstream operations into Phillips 66 . The phrase "Super-Major" emanated from a report published by Douglas Terreson of Morgan Stanley in February 1998. The report foretold
6360-494: The exclusive rights to Iranian oil. Earlier in 1914, the British government had purchased 51% of its shares and became the majority shareholder. After the British Royal Navy converted its ships to use oil as fuel, the corporation was considered vital to British national security, and the company's profits partially alleviated Britain's budget deficit. Engulfed in a variety of problems following World War II, Britain
6466-486: The fall of Mosaddegh". Soon the CIA's Tehran station started to launch a propaganda campaign against Mossadegh. Finally, according to The New York Times , in early June, American and British intelligence officials met again, this time in Beirut , and put the finishing touches on the strategy. Soon afterward, according to his later published accounts, the chief of the CIA's Near East and Africa division, Kermit Roosevelt, Jr.
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#17327799769156572-583: The following year after being invited by the new Iranian prime minister, Hassan Pirnia (Moshir-ed-Dowleh), to become his minister of justice. While en route to Tehran, he was asked by the people of Shiraz to become the governor of the Fars Province . He was later appointed finance minister , in the government of Ahmad Qavam (Qavam os-Saltaneh) in 1921, and then foreign minister in the government of Moshir-ed-Dowleh in June 1923. He then became governor of
6678-444: The grandson of US President Theodore Roosevelt , arrived in Tehran to direct it. In 2000, The New York Times made partial publication of a leaked CIA document titled Clandestine Service History – Overthrow of Premier Mosaddegh of Iran – November 1952 – August 1953 . The plot, known as Operation Ajax, centered on convincing Iran's monarch to issue a decree to dismiss Mosaddegh from office, as he had attempted some months earlier. But
6784-464: The impetus to join the plan. The United States and the United Kingdom agreed to work together toward Mosaddegh's removal and began to publicly denounce Mosaddegh's policies for Iran as harmful to the country. In the meantime, the already precarious alliance between Mosaddegh and Kashani was severed in January 1953, when Kashani opposed Mosaddegh's demand that his increased powers be extended for
6890-541: The industry and operate upstream , midstream , and downstream . ConocoPhillips is less frequently counted as one of the Big Oil companies due to spinning off its downstream division into Phillips 66 . Additionally, ConocoPhillips in 2022 ranked lower than any of the six major Big Oil companies on the Fortune Global 500 , and its revenue was superseded by Phillips 66 in 2022. Valero Energy ranked higher on
6996-438: The maritime industry, a group of six companies that control the chartering of the majority of oil tankers worldwide are together referred to as "oil majors" . These are: Shell , BP , ExxonMobil , Chevron , TotalEnergies and ConocoPhillips . Charter parties such as "Shelltime 4" frequently mention the phrase "oil major". List of corporations by market capitalization#Publicly traded companies Market capitalization
7102-679: The net profits on oil be set aside to meet all the legitimate claims of the company for compensation. It has been asserted abroad that Iran intends to expel the foreign oil experts from the country and then shut down oil installations. Not only is this allegation absurd; it is utter invention. The confrontation between Iran and Britain escalated as Mosaddegh's government refused to allow the British any involvement in their former enterprise, and Britain made sure Iran could sell no oil, which it considered stolen. In July, Mosaddegh broke off negotiations with AIOC after it threatened to "pull out its employees" and told owners of oil tanker ships that "receipts from
7208-450: The opposition would take the vast majority of the provincial seats, Mosaddegh stopped the voting as soon as 79 deputies—just enough to form a parliamentary quorum—had been elected." An alternative account is offered by journalist Stephen Kinzer : Beginning in the early 1950s under the guidance of C.M. Woodhouse , chief of the British intelligence station in Tehran, Britain's covert operations network had funnelled roughly £10,000 per month to
7314-487: The other parts of the market. The premise of the report was that "a confluence of industry dynamics would conspire to produce a strategic and financial environment that was conducive to major consolidation activity in the Integrated Oil sector. Significant modifications to the strategic landscape would result, dictating competitive placement and equity market performance for years to come". The report indicated that
7420-505: The phase would be driven by the competitive implications of: (1) the globalization of privatized national oil companies and (2) the rising stature of specialized multinationals. Combinations were expected primarily between Major Oils which would then become "Super-Majors" which was a phrase created at Morgan Stanley in the late 1990's to denote the prototype model for success in the Integrated Oil industry as gains in globalization and scale unfolded. Within 6 months of publication of "The Era of
7526-457: The power of the British company, we would also eliminate corruption and intrigue, by means of which the internal affairs of our country have been influenced. Once this tutelage has ceased, Iran will have achieved its economic and political independence. The Iranian state prefers to take over the production of petroleum itself. The company should do nothing else but return its property to the rightful owners. The nationalization law provides that 25% of
7632-448: The previous quarter. [REDACTED] 2,066,000 [REDACTED] 1,787,000 [REDACTED] 1,145,000 [REDACTED] 856,940 [REDACTED] 681,770 [REDACTED] 495,370 [REDACTED] 461,840 [REDACTED] 454,240 [REDACTED] 439,950 [REDACTED] 405,090 This list is up to date as of December 31, 2021 . Indicated changes in market value are relative to the previous quarter. This Financial Times –based list
7738-481: The previous quarter. This Financial Times –This list is up to date as of 31 March 2005. United Kingdom This Financial Times –based list is up to date as 31 March 2004. This Financial Times –based list is up to date as December 2003. United Kingdom This Financial Times –based list is up to date December 2002. United Kingdom This Financial Times –based list is up to date as 31 March 2001. United Kingdom This Financial Times –based list
7844-455: The previous quarter. This Financial Times –based list is up to date as of December 31, 2014 . Indicated changes in market value are relative to the previous quarter. This Financial Times –based list is up to date as of 31 December 2013. Indicated changes in market value are relative to the previous quarter. This Financial Times –based list is up to date as of 31 December 2012. Indicated changes in market value are relative to
7950-480: The previous quarter. This Financial Times –based list is up to date as of December 31, 2017 . Indicated changes in market value are relative to the previous quarter. This Financial Times –based list is up to date as of December 31, 2016 . Indicated changes in market value are relative to the previous quarter. This Financial Times –based list is up to date as of December 31, 2015 . Indicated changes in market value are relative to
8056-440: The previous quarter. This Financial Times –based list is up to date as of 31 December 2008. Indicated changes in market value are relative to the previous quarter. This Financial Times –based list is up to date as of 31 December 2007. Indicated changes in market value are relative to the previous quarter. This Financial Times –based list is up to date as of December 2006. Indicated changes in market value are relative to
8162-443: The previous quarter. This Financial Times –based list is up to date as of 31 December 2011. Indicated changes in market value are relative to the previous quarter. This Financial Times –based list is up to date as of 31 December 2010. Indicated changes in market value are relative to the previous quarter. This Financial Times –based list is up to date as of 31 December 2009. Indicated changes in market value are relative to
8268-431: The price of oil for Venezuela and Middle Eastern producers, which provoked anger among oil-producing governments. This prompted the oil-producing governments to take the initial steps to establish OPEC. The Seven Sisters threatened the OPEC founders that they would lose market access if they went ahead with their plans. The head of the Italian state oil company ( Eni ), Enrico Mattei , sought membership for his company, but
8374-470: The prime minister power to make law was submitted to voters, and it passed with 99 per cent approval, 2,043,300 votes to 1300 votes against. According to historian Mark Gasiorowski, "There were separate polling stations for yes and no votes, producing sharp criticism of Mosaddeq" and that the "controversial referendum...gave the CIA's precoup propaganda campaign to show up Mosaddeq as an anti-democratic dictator an easy target". On or around 16 August, Parliament
8480-607: The same title, by which he was still known to some long after titles were abolished. In 1901, Mosaddegh married Zahra Emami (1879–1965), a granddaughter of Nasser al-Din Shah through her mother Zi'a es-Saltaneh . In 1909, Mosaddegh pursued education abroad in Paris, France, where he studied at the Institut d'études politiques de Paris (Sciences Po). He studied there for two years, returning to Iran because of illness in 1911. After two months, Mosaddegh returned to Europe to study
8586-488: The second coup, circulating a false account that Mossadegh attempted to seize the throne and bribed Iranian agents. Soon, massive popular protests, aided by Roosevelt's team, took place across the city and elsewhere with tribesmen at the ready to assist the coup, with anti- and pro-monarchy protesters, both being paid by Roosevelt. By paying mobs to demonstrate, tricking Mossadegh into urging his supporters to stay home, and bribing and mobilising officers against Mossadegh, he
8692-430: The secret U.S. overthrow of Mosaddegh served as a rallying point in anti-US protests during the 1979 Iranian Revolution , and to this day he is one of the most popular figures in Iranian history. The withdrawal of support for Mosaddegh by the powerful Shia clergy has been regarded as having been motivated by their fear of a communist takeover. Some argue that while many elements of Mosaddegh's coalition abandoned him, it
8798-463: The six supermajors totaled US$ 494.8 billion. Many of these now-merged companies remain in the Fortune Global 500 , with ExxonMobil ranking 12th, Total ranking 27th, BP ranking 35th, and Chevron ranking 37th in the 2022 edition of the list. The composition of Big Oil is subject to wide debate. Nearly all accounts of Big Oil include ExxonMobil , Chevron , Shell , BP , Eni and TotalEnergies . All six of these companies are vertically integrated within
8904-455: The supply of oil by controlling the speed at which oil fields were developed. From the 1920s to 1940s, they had agreements not to produce oil in the Middle East unless it was in coordination with one another. After the 1940s, the companies continued to collude. The discovery of massive oil fields in Saudi Arabia threatened to scuttle the cartel, as control of the oil fields by two companies could undermine existing supply management schemes. However,
9010-581: The territories containing the oil reserves: the companies sought to minimize the taxes and royalties paid to the governments. In terms of dealing with host governments, the Seven Sisters benefitted from the willingness of British and American governments to pressure and coerce the host governments. The oil companies also slowed down production when taxes and royalties were increased by one host government while ramping up production in other territories with lower taxes and royalties, thus pressuring host governments to keep taxes and royalties low. Host governments faced
9116-447: The value of unlisted stock classes is excluded. Investment companies are not included in the list. This list is up to date as of 30 September 2024 . Indicated changes in market value are relative to the previous quarter. This list is up to date as of 31 December 2023. Indicated changes in market value are relative to the previous quarter. This list is as of 31 December 2022. Indicated changes in market value are relative to
9222-399: Was "the rightful owner..." of all the oil in Iran, and also pointing out Iran could use the money, in a 21 June 1951 speech: Our long years of negotiations with foreign countries... have yielded no results thus far. With the oil revenues, we could meet our entire budget and combat poverty, disease, and backwardness among our people. Another important consideration is that by the elimination of
9328-433: Was able to force a military confrontation outside Mossadegh's home. The protests turned increasingly violent, leaving almost 300 dead, at which point the pro-monarchy leadership, led by retired army General and former Minister of Interior in Mosaddegh's cabinet, Fazlollah Zahedi , interceded, joined with underground figures such as the Rashidian brothers and local strongman Shaban Jafari . Pro-Shah tank regiments stormed
9434-466: Was an Iranian politician, author, and lawyer who served as the 30th Prime Minister of Iran from 1951 to 1953, elected by the 16th Majlis . He was a member of the Iranian parliament from 1923 , and served through a contentious 1952 election into the 17th Iranian Majlis , until his government was overthrown in the 1953 Iran coup aided by the intelligence agencies of the United Kingdom ( MI6 ) and
9540-508: Was appointed as Iran's new Prime Minister. On the day of his appointment, he announced his intention to resume negotiations with the British to end the oil dispute, a reversal of Mosaddegh's policy. The National Front—along with various Nationalist, Islamist, and socialist parties and groups —including Tudeh—responded by calling for protests, assassinations of the Shah and other royalists, strikes and mass demonstrations in favour of Mosaddegh. Major strikes broke out in all of Iran's major towns, with
9646-472: Was denied a funeral and was buried in his living room, despite his request to be buried in the public graveyard, beside the victims of the political violence on 30 Tir 1331 (21 July 1952). Although Mosaddegh was never directly elected as Prime Minister, he enjoyed massive popularity throughout most of his career. Despite beginning to fall out of favour during the later stages of the Abadan Crisis,
9752-403: Was diverted back to the crop-sharing tenants and their rural banks, and also by levying heavy fines for compelling peasants to work without wages. Mosaddegh attempted to abolish Iran's centuries-old feudal agriculture sector by replacing it with a system of collective farming and government land ownership, which centralised power in his government. Ann Lambton indicates that Mosaddegh saw this as
9858-451: Was elected President. In November and December, British intelligence officials suggested to American intelligence that the Iranian prime minister should be ousted. British prime minister Winston Churchill suggested to the incoming Eisenhower administration that Mosaddegh, despite the latter's open dislike of communism, would become reliant on the pro-Soviet Tudeh Party , resulting in Iran "increasingly turning towards communism " and towards
9964-483: Was felt in Britain. Still enormously popular in late 1951, Mosaddegh called elections, and introduced a modified version of his 1944 electoral reform bill. As his base of support was in urban areas and not in the provinces, the proposed reform no longer barred illiterate voters, but placed them into a separate category from literate voters and increased the representation of the urban population. The opposition defeated
10070-534: Was imprisoned for three years, then put under house arrest until his death and was buried in his own home so as to prevent a political furor. In 2013, the US government formally acknowledged its role in the coup as being a part of its foreign policy initiatives, including paying protestors and bribing officials. Mosaddegh was born to a prominent Persian family of high officials in Ahmedabad, near Tehran , on 16 June 1882; his father, Mirza Hideyatu'llah Ashtiani,
10176-467: Was increased in various ways by the Shah himself. As a precautionary measure, he flew to Baghdad and from there hid safely in Rome. He actually signed two decrees, one dismissing Mosaddegh and the other nominating the CIA's choice, General Zahedi, as Prime Minister. These decrees, called Farmāns , played a major role in giving legitimacy to the coup, and were further spread by CIA officials. On 22 August,
10282-434: Was involved in the plot to remove Mossadegh from power, in early August, Iranian CIA operatives pretending to be socialists and nationalists threatened Muslim leaders with "savage punishment if they opposed Mossadegh", thereby giving the impression that Mossadegh was cracking down on dissent earlier than planned, and stirring anti-Mossadegh sentiments within the religious community. A referendum to dissolve parliament and give
10388-463: Was not completely clear to the CIA, as they had an inaccurate picture of the stability of the Shah's regime. The Iranian Revolution of 1979 caught the CIA and the U.S. very much off guard (as CIA reporting a mere month earlier predicted no imminent insurrectionary turbulence whatsoever for the Shah's regime) and resulted in the overthrow of the Shah by a fundamentalist faction opposed to the U.S., headed by Ayatollah Khomeini . In retrospect, not only did
10494-579: Was once again elected to parliament. This time he took the lead of Jebhe Melli ( National Front of Iran , created in 1949), an organisation he had founded with nineteen others such as Hossein Fatemi , Ahmad Zirakzadeh , Ali Shayegan and Karim Sanjabi , aiming to establish democracy and end the foreign presence in Iranian politics, especially by nationalising the Anglo-Iranian Oil Company 's (AIOC) operations in Iran. In 1947 Mossadegh once again announced retirement, after an electoral-reform bill he had proposed failed to pass through Majlis. On 28 April 1951,
10600-461: Was rejected and since then spread the expression "Seven Sisters". British writer Anthony Sampson took over the term when he wrote the book The Seven Sisters in 1975, to describe the oil cartel that tried its best to eliminate competitors and keep control of the world's oil resource. The term for the oil cartel was further popularized, along with a fictional logo, in Mad Max 2: The Road Warrior ,
10706-441: Was suspended indefinitely, and Mosaddeq's emergency powers were extended. Declassified documents released by the CIA in 2017 revealed that—after the Shah had fled to Italy—CIA headquarters believed the coup to have failed. Following the initial failed coup by the foreign-backed General Fazlollah Zahedi, the CIA sent Roosevelt a telegram on 18 August 1953 telling him to flee Iran immediately, but Roosevelt ignored it and began work on
10812-500: Was the finance minister under the Qajar dynasty , and his mother, Princess Malek Taj Najm-es-Saltaneh, was the granddaughter of the reformist Qajar prince Abbas Mirza , and a great-granddaughter of Fath-Ali Shah Qajar . When Mosaddegh's father died in 1892, his uncle was appointed the tax collector of the Khorasan province and was bestowed with the title of Mosaddegh-os-Saltaneh by Nasser al-Din Shah . Mosaddegh himself later bore
10918-549: Was the loss of support from Ayatollah Abol-Ghasem Kashani and another cleric that was fatal to his cause, reflective of the dominance of the Ulema in Iranian society and a portent of the Islamic Revolution to come. The loss of the political clerics effectively cut Mosaddegh's connections with the lower middle classes and the Iranian masses which are crucial to any popular movement in Iran. On March 5, 1979, not even
11024-421: Was the top-rated Integrated Oil analyst according to Institutional Investor magazine at the time and had a broad following within the global investment community. After many years of poor industry performance by the Energy sector. Mr. Terreson suggested that business models had become obsolete, and that major strategic change was needed across the global Energy sector for value propositions to become competitive with
11130-483: Was transferred to a military jail shortly after. The Shah finally agreed to Mossadegh's overthrow after Roosevelt said that the United States would proceed with or without him, and formally dismissed the prime minister in a written decree, an act that had been made part of the constitution during the Constitutional Assembly of 1949, convened under martial law, at which time the power of the monarchy
11236-436: Was unable to resolve the issue single-handedly and looked towards the United States to settle the matter. Initially, the US had opposed British policies. After mediation had failed several times to bring about a settlement, American Secretary of State Dean Acheson concluded that the British were "destructive, and determined on a rule-or-ruin policy in Iran." The American position shifted in late 1952 when Dwight D. Eisenhower
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