Exxon Mobil reigns atop Fortune 500

Associated Press

NEW YORK — Surging U.S. energy prices gave oil, gas and power companies new fuel in their climb through the ranks of the annual Fortune 500.

Oil giant Exxon Mobil Corp. posted its highest revenue of $210 billion in 2000, boosting it to No. 1 on the list from its 1999 ranking as No. 3. Automaker General Motors Corp. had revenue of $184.6 billion and fell from No. 1 to No. 3, trailing No. 2 Wal-Mart Stores Inc.

Other energy companies also fared well in 2000, with Enron Corp. rising to No. 7 from No. 18. Duke Energy Corp. shot up to No. 17 from 69, and Reliant Energy Inc. made it up to No. 55 from 114.

Energy companies benefited from a surge in revenue brought about by falling supplies, utility deregulation, soaring natural gas prices and OPEC's maneuvering to keep oil prices high. In the past year, crude oil has sold for as much as $30 a barrel, and gasoline cost more than $2 a gallon last summer in parts of the United States.

San Francisco-based Chevron agreed to buy Texaco last October for $35.1 billion in stock, plus assumed debt of $7.5 billion. The deal is expected to close this summer pending review by the U.S. Federal Trade Commission.

The Internet slowdown and uncertainty about the economy hurt a number of companies, particularly telecommunications firms. AT&T Corp. fell from No. 8 to No. 9.

But Verizon Communications Inc., formed when Bell Atlantic and GTE combined in May, leapfrogged to the No. 10 spot from No. 33, climbing past rivals WorldCom Inc. at No. 32, and SBC Communications at No. 14.