Big Oil beats ol' Sam in business, at least according to the latest Fortune 500 list. ExxonMobile takes over the top spot from Walmart on the 2009 list.
An excerpt from the AP:
Exxon Mobil Corp. unseated Walmart Stores Inc. in the 2009 Fortune 500 list, shrugging off the oil price bubble and weathering what the magazine called the worst year ever for the country’s largest publicly traded companies.
Fortune’s closely watched list, released Sunday, ranked companies by their revenue in 2008. Irving, Texas-based Exxon took in $442.85 billion in revenue last year, up almost 19 percent from 2007. The company also raked in the biggest annual profit, earning $45.2 billion.
Bentonville, Ark.-based Walmart 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 percent to $405.6 billion, as the battered economy sent more consumers searching for bargains. The world’s largest retailer took in $13.4 billion in annual profit, an increase of about 5 percent.
Although it may have been a good year for Exxon and Walmart, 2008 was far from rosy for most of remaining companies on the list. 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.
“America is getting used to the sound of bubbles bursting,” Fortune said.
Yep, that's for sure - I've been hearing my 401(k) bursting for the past year, enough to make ME want to burst. Good news is, I'm only down 10 percent for the first quarter, compared to 30 percent for all of 2008. Hey - I'm cutting my losses. Woo hoo!!