NEW YORK (AP) — Exxon Mobil has bumped Wal-Mart from first place among the Fortune 500 top revenue-generating U.S. companies thanks to rising oil prices.
Fortune Magazine released its annual list on Monday.
Oil producers saw some of the biggest revenue increases as a rebellion in Libya and high demand worldwide pushed oil prices higher. The price of benchmark West Texas Intermediate crude oil soared 19 percent. Brent crude, which helps set the price of foreign oil varieties, surged 38 percent between 2010 and 2011.
Revenue rose for Exxon Mobil Corp., based in Irving, Texas, even though the company struggled with lower production and high refining costs. It earned $41 billion last year on revenue of $486 billion.
Now at No. 2, Wal-Mart Stores Inc. reported 4 percent lower earnings in its latest fiscal year: net income of $15.7 billion on revenue of $446.95 billion. Higher expenses squeezed profits as the Bentonville, Ark., retail giant also looked for ways to lower prices.
