Exxon Mobil tops Wal-Mart on 500 list

Fortune’s closely watched list, released Sunday, ranked companies by their revenue in 2008. Exxon took in $442.85 billion in revenue last year, up almost 19 percent from 2007. It also raked in the biggest annual profit, $45.2 billion.

Wal-Mart had the top spot for six of the past seven years but fell to No. 2 this year. Still, the retail giant’s 2008 revenue climbed 7 percent to $405.6 billion, as the economic slump sent consumers seeking bargains. Wal-Mart took in $13.4 billion in annual profit, an increase of about 5 percent.

For most of the other companies on the list, 2008 was far from rosy. Overall earnings plunged 85 percent to $98.9 billion from $645 billion in 2007, the biggest one-year decline in the 55-year history of the Fortune 500 list.

Energy companies continued to dominate top spots, as last summer’s high oil and fuel prices more than compensated for their plunge in the fall. Chevron held on to third place with $263.16 billion in revenue, up 25 percent. ConocoPhillips climbed one notch to fourth with $230.76 billion.

General Electric, the conglomerate whose troubled financial arm has been weighing on recent results, rose one notch to fifth. Automaker General Motors fell two spots to sixth, as revenue fell 18 percent and losses totaled $30.86 billion in the imploding car market. Ford Motor followed with $146.28 billion.

Telecom giant AT&T moved up two notches to eighth place. Hewlett-Packard and Valero Energy rounded out the top 10.

Among the hardest hit in 2008 were financial services firms. Citigroup and Bank of America, No. 8 and No. 9 respectively last year, each slipped a couple of notches from the Top 10.

Thirty-eight companies fell off the list, including financial firms Lehman Brothers Holdings, Washington Mutual and Wachovia, all of which have either gone under or been acquired by rivals.

The title of “biggest loser” went to AIG. The insurer, which has received more than $180 billion in bailout aid since last fall, fell 232 spots to 245.