The global oil price rout has knocked ExxonMobil out of the top five largest U.S. companies.
According to Marketwatch, Exxon fell two spots this week to become the sixth largest U.S. company on a market capitalization basis after its stock tumbled more than 3 points.
Exxon’s market capitalization currently stands at about $356 billion.
The five largest U.S. companies are now all technology firms with Amazon taking over the fourth spot from Exxon.
Apple held on to the top spot with a market capitalization of $571.4 billion and Alphabet took the number two spot, Marketwatch said.
Exxon reported $1.7 billion in second quarter earnings last week, or $0.41 in earnings per common share, in second quarter earnings, down 59 percent year-over-year.
Second quarter revenues fell to $57.69 billion compared to $74.11 billion in the prior year quarter.
Upstream earnings fell $1.7 billion year-over-year to $294 million for the quarter.
U.S. Upstream earnings fell to a loss of $514 million in the second quarter, a $467 million decline from the prior year quarter.
Downstream earnings fell to $825 million, down $681 million from the second quarter of 2015.
U.S. Downstream earnings held steady year-over-year at $412 million.
Chemical earnings declined $29 million year-over-year to $1.2 billion in the second quarter.
Production volumes were essentially unchanged at 4 million oil equivalent barrels per day in the quarter.
“While our financial results reflect a volatile industry environment, ExxonMobil remains focused on business fundamentals, cost discipline and advancing selective new investments across the value chain to extend our competitive advantage,” ExxonMobil chairman and chief executive Rex W. Tillerson said last week.
