4.20.2009

Exxon Mobil ousts Wal-Mart for top rank on Fortune 500 list

·Exxon Mobil has unseated Wal-Mart Stores to top the 2009 Fortune 500 list after a year Fortune called the worst ever for the nation's 500...

http://seattletimes.nwsource.com/html/businesstechnology/2009086102_fortune20.html
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NEW YORK — Exxon Mobil has unseated Wal-Mart Stores to top the 2009 Fortune 500 list after a year Fortune called the worst ever for the nation's 500 largest publicly traded companies.

Fortune ranks companies by revenue. Exxon shrugged off plummeting oil prices to take the No. 1 rank with $442.85 billion in revenue in 2008.

Wal-Mart held it for six of the last seven years but now has slipped to No. 2, with $405.6 billion in revenue.

Fortune on Sunday said 2008 was the worst year for the 500 companies on its closely watched list. It said profits fell 85 percent, the biggest one-year drop in the list's 55-year history.

Among the hardest hit were financial-services companies, accounting for almost 70 percent of the total dollar decline from the peak in 2006.

Thirty-eight companies fell off this year's list, including Lehman Brothers Holdings, Washington Mutual and Wachovia, which have either gone under or been acquired by rival banks.

Source: seattletimes.com

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