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 Adding the value of PetroChina shares traded in Shanghai, Hong Kong and New York
-- and those still owned by the government -- the company's total market capitalization ballooned to just over $1 trillion, compared to Exxon Mobil Corp.'s $488 billion.
However, more than 85 percent the shares outstanding -- 157.9 billion shares
-- are held by PetroChina's parent company CNPC and are unlikely to trade in the market any time soon.
PetroChina's new shares listed in Shanghai surged to 43.96 yuan ($5.90) Monday, nearly triple the IPO price of 16.70 yuan ($2.24).
The stellar performance was expected: Shares in elite companies like PetroChina tend to soar in their trading debuts given the strong appetite among Chinese investors for highly valued companies.
Like other yuan-denominated "A shares" traded in China, the PetroChina shares issued in Shanghai are meant for domestic investors and are not generally available to foreign buyers. They account for 2.18 percent of the company's enlarged share capital of 183.02 billion shares.
"PetroChina's return to the A-share market is a result of the Chinese economy's fast growth and surging energy demand," the company said in a statement. "PetroChina's public offering will bring renewed energy to domestic capital markets and also provide an important investment indicator."
Before PetroChina's IPO, coal producer China Shenhua Energy Co.'s debut in Shanghai in September was the largest for a domestic exchange, raising $8.91 billion.
The benchmark Shanghai Composite index has more than doubled in value this year as investors have piled into the market chasing a slew of IPOs by big-name companies, hoping for higher returns than they can earn on bank savings.
The index fell 2.5 percent Monday, or 143.36 points, to 5,634.45 as institutional investors cut holdings in energy and financial companies to buy into PetroChina.
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 As of Friday, PetroChina's market value was $456.6 billion.
That was based on the company's share price in Hong Kong, where it has listed 21.09 billion shares, or about 11.5 percent of total stock. Those shares closed Monday at 18 Hong Kong dollars, or $2.31.
In Shanghai, PetroChina's shares closed Monday at a much higher $5.90, lifting the value of company's remaining 162 billion shares
-- mostly held by CNPC -- to $955 billion.
Adding the value of PetroChina's Hong Kong shares, worth about $49 billion, the company's total market capitalization rose to more than $1 trillion.
PetroChina's status as the world's most highly valued company by market capitalization thus does not necessarily reflect stronger profitability or productivity than its rivals.
The company has seen revenues soar amid surging oil prices but has struggled to boost production from its aging domestic oil fields. In refining, it has struggled with a widening gap between soaring world crude oil prices and state-controlled prices for oil products in the domestic market.
PetroChina reported that its first-half net profit rose 1.4 percent from a year earlier on modest output growth, to 81.8 billion yuan ($10.8 billion), compared with 80.7 billion yuan a year earlier.
Like other Chinese energy giants, PetroChina is investing heavily in both overseas and domestic oil and gas fields as it rushes to meet soaring demand. The company said it plans to use around 37.8 billion yuan ($5 billion) of the proceeds from the Shanghai IPO to help finance five projects aimed at boosting its crude oil output and refining capacity.
The company's luster appears to have been undimmed by a decision by Berkshire Hathaway Inc.'s decision to sell off all its 2.3 billion PetroChina shares.
The company made about $3.5 billion on the sale of that $488 million investment, Berkshire Hathaway Chairman and Chief Executive Warren Buffett has said in interviews.
[Associated Press; By ELAINE KURTENBACH]
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