Exxon Mobil Leads ‘Fortune 500’ Profit Surge of 16%

Exxon Mobil topped Fortune magazine’s Fortune 500 list, reclaiming the No. 1 spot and bumping Walmart after the oil giant saw a big profit increase of 35 percent to $41.1 billion in 2011.
Fortune 500 companies made a combined profit of $824.5 billion, breaking the previous 2006 record of $785 billion – and a 16.4 percent profit jump over 2010.
Taxpayer-subsidized Fannie Mae slipped to No. 8 from No. 5 after posting a revenue loss of more than 10 percent to $137.5 billion in 2011. Losses for the year grew to $16.9 billion from $14 billion in 2010.
The mortgage financing giant has siphoned more than $120 billion from a U.S. Treasury credit line since both Fannie and Freddie Mac were taken over by the U.S. government in September 2008.
See the Fortune 500 list.
Here’s the top 10:
1. Exxon Mobil
2. Walmart Stores
3. Chevron
4. ConocoPhillips
5. General Motors
6. General Electric
7. Berkshire Hathaway
8. Fannie Mae
9. Ford Motor
10. Hewlett-Packard

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