Oil Companies Round Out Top Five on Fortune 500

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Oil Companies Round Out Top Five on Fortune 500

NEW YORK -- While Wal-Mart topped the annual Fortune 500 list grossing over $100 billion, three stalwart oil companies rounded out the top five.

ExxonMobil was ranked No. 2 and remains among the most profitable companies on the Fortune 500 for the fifth year in a row. The magazine reported that the company realized a record-breaking $40 billion in 2007. Chevron Corp. came in at No. 3. The second largest U.S. oil company posted its highest annual profit ever, with 2007 income of $18.6 billion, reported Forbes.

ConocoPhillips' earnings slipped placing the company at No. 5. According to Fortune, as a result of the company's forced pull out of Venezuela last June, an estimated $4.5 billion was lost resulting in an earnings plunged of 23.5 percent to $11.8 billion.

Rounding out the top 10 were General Electric Co. at No. 6, Ford Motor Co. at No. 7, Citigroup Inc. at No. 8, Bank of America Corp. at No. 9 and AT&T Inc. in 10th place.

Fortune reported that Texas is the state with the most Fortune 500 companies, with 58. New York is next in line with 55 companies, while California is No.3 with 52 and Illinois' 33 and Ohio's 28 companies follow at No. 4 and No. 5.

The Triangle Business Journal reported that The Pantry Inc., a gas station and convenience store chain based in Sanford, N.C., came in at No. 405 with $6.02 billion in 2007 sales. Last year, the company was ranked 436th on list.