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Exxon Unseats Wal-Mart Atop Fortune 500

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Energy group Exxon Mobil beat discount retailer Wal-Mart to the top place on Fortune magazine's list of the 500 biggest publicly traded companies, based on revenue, Reuters reports from New York. The widely watched Fortune 500 list, released on Sunday, showed that the world's largest listed oil company regained the top spot by making $442.9bn of revenue in 2008, in spite of the decline of energy prices. In what was one of the worst years for stock markets, overall, earnings of the Fortune 500 fell 85 per cent to $99bn, in what the magazine said was the biggest one-year drop in the list's 55 years. Citigroup and Bank of America fell out of the top 10, while Lehman Brothers, Washington Mutual and Wachovia were among 38 companies dropping out 2

Irving, Texas-based Exxontook in $442.85-billion (U.S.) in revenue last year, up almost 19 per cent from 2007. Bentonville, Ark.-based Wal-Mart had held the top spot for six of the last seven years but fell to No. 2 this year. Still, the retail giant's 2008 revenue climbed 7 per cent to $405.6-billion, as the battered economy sent more consumers searching for bargains. 1
  1. Exxon Unseats Wal-Mart Atop Fortune 500 (The Globe and Mail)
  2. Exxon Mobil Tops Fortune 500 List (Financial Times)

Read the whole story at Dygest.net

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