Exxon dethrones Wal-Mart atop Fortune 500

updated 9:43 a.m. ET April 3, 2006

NEW YORK - Skyrocketing energy prices propelled Exxon Mobil Corp. to the top of the 2006 Fortune 500 list, and consigned Wal-Mart Stores Inc. to the No. 2 spot on the magazine's annual ranking of the nation's largest publicly traded companies.

Fortune compiled its list based on companies' 2005 revenues. Exxon Mobil raked in $340 billion in revenue, a 25.5 percent increase over 2004, and had $36.1 billion in profits, the most by any U.S. company in history.

Exxon Mobil last appeared at No. 1 in 2001. Only Wal-Mart, Exxon Mobil and General Motors Corp. have topped the list since its inception in 1954.

Wal-Mart had $315.654 billion in revenue, a 9.5 percent increase from last year. Because of its pervasive U.S. presence, the world's largest retailer has struggled to sustain profit growth in the high teens as it had in previous years.

Other oil producers also rose in the rankings, boosted by crude prices that topped $70 a barrel and gasoline prices that surpassed $3 a gallon after hurricanes battered the Gulf Coast.

Both ChevronTexaco Corp. and ConocoPhillips saw their revenues jump in 2005, increasing by 28 percent and 37 percent, respectively. Chevron climbed two spots to No. 4, while Conoco edged up to No. 6 from No. 7 last year.

The major U.S. automakers showed their vulnerability as they faced declining U.S. sales and increasing benefit costs.

GM barely retained its hold on the No. 3 spot, while Ford Motor Co. slipped to fifth place from No. 4. GM's revenues decreased nearly one-half percent to $192.604 billion, while Ford's rose less than 3 percent to $177.21 billion.

MORE FROM U.S. BUSINESS

U.S. business Section Front

The most valuable teams in NASCAR GE restructures into four business segments   FCC OKs satellite radio merger Microsoft plans big investments in search Top Windows exec to leave Microsoft Blackwater hopes to grow without hired guns Schwab stepping down as brokerage’s CEO Airlines think cutbacks could bring back profits GE, Abu Dhabi firm form $8 billion venture Yahoo settles with activist investor Icahn U.S. business Section Front   Add U.S. business headlines to your news reader: