Exxon Mobil beats Wal-Mart to top Fortune 500
NEW YORK ” Exxon Mobil has unseated Wal-Mart Stores to top the 2009 Fortune 500 list after a year the magazine called the worst ever for the country’s 500 largest publicly traded companies.
Fortune ranks companies by revenue. Exxon shrugged off plummeting oil prices to take the No. 1 spot with $442.85 billion in revenue in 2008.
Wal-Mart had held the top spot for six of the last seven years. The retail giant slipped to No. 2, with $405.6 billion in revenue.
Fortune released the list on Sunday, calling 2008 the worst year for the 500 companies on its closely watched list. It says earnings fell 85 percent ” the biggest one-year decline in the list’s 55-year history.