Wal-Mart Stores Inc took the top spot on the annual Fortune 500 list of the largest publicly held US companies in terms of revenue.
The world's largest retailer was No. 2 on the list last year.
PHOTO: AP
It switched places with oil company Exxon Mobil Corp to become the first service, as opposed to industrial, company to lead the 500. The list, which appears in the April 15 issue, has been compiled since 1955 and is based on companies' reported annual revenue figures.
Wal-Mart had revenue of US$219.8 billion last year, while Exxon Mobil recorded revenue of US$191.6 billion.
Energy companies rose on the list because they included trading contracts in their revenues, the magazine said. American Electric Power Co's revenue more than quadrupled, and it shot to No. 13 from 146. Similarly, Duke Energy Corp. moved up three notches to 14, and El Paso Electric Co rose to No. 17 from 86.
Bankrupt energy trader Enron Corp. rose two notches to No. 5.
Its ranking was based on the company's restated results for the first nine months of last year, the magazine said. The company hasn't reported results for last year's fourth quarter.
Enron's nine-month revenue of US$138.7 billion exceeded General Electric Co's full-year revenue of US$125.9 billion.
Houston-based Enron is struggling to survive after filing for Chapter 11 protection from creditors in December. The filing came after Enron restated US$586 million in earnings because of accounting irregularities tied to off-book partnerships.
General Motors Corp and Ford Motor Co clung to spots three and four. General Electric, Citigroup Inc and International Business Machines Corp each slipped one notch to sixth, seventh and ninth, respectively. Philip Morris Cos climbed one notch to 10th.
Rounding out the top 10 was ChevronTexaco Corp, which landed at No. 8 from 20 a year ago. ChevronTexaco was created in October by Chevron's Corp's US$45.8 billion acquisition of Texaco Inc.
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