Exxon Mobil nabs top spot from Wal-Mart on Fortune 500 list

Oil giant Exxon Mobil has replaced big box retailer Wal-Mart in first place in the Fortune 500 top revenue-generating companies in the US, thanks to rising oil prices.

Fortune magazine released its annual list overnight.

Revenue surged last year for the Irving, Texas-based Exxon Mobil as the price of benchmark West Texas Intermediate crude oil soared 19%.

Brent crude, which helps set the price of foreign oil varieties, rose 38% between 2010 and 2011.

Two other oil companies, Chevron and ConocoPhillips followed behind Wal-Mart.

Rounding out the top 10 was car giant General Motors in fourth place, industrial and banking giant General Electric, Warren Buffett’s investment powerhouse Berkshire Hathaway, mortgage provider Fannie Mae, Ford Motor company and technology giant Hewlett-Packard.

Hewlett-Packard is new to Fortune’s top 10 this year, knocking out Bank of America, which fell to number 13.

Exxon Mobil reported revenue of $US486 billion ($AUS480 billion) for 2011.

For the year ending in January, Wal-Mart reported $US444 billion ($AUS438.54 billion) in sales

General Motors will throw the Australian Government’s subsidy on top of its pile of $150 billion ($AUS147 billion) in annual revenues.


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