Wal-Mart Tops Fortune 500
The 2014 Fortune 500 saw Wal-Mart Stores retain its #1 spot for the second successive year with net sales totaling $473.1 billion, reflecting a 1.6% increase over the previous year. It was reported that Wal-Mart’s domestic revenue was negatively impacted by reductions in the food stamp program and expiration of a payroll tax cut. Future plans for Wall-Mart include opening more small stores to compete with existing grocery stores and drugstores.
Exxon Mobil retained its #2 spot on the list, with total revenue dropping 8.8 percent to $438.26 billion. Capital and exploration expenditure climbed, while oil production declined in 2013 and Exxon Mobil’s net income plunged by 27%. Upcoming ventures include deep-water oil extraction in the Gulf of Mexico, as well as a liquefied natural gas project in Papua New Guinea.
At #3 on the list is the second-largest US oil company, Chevron, with $228.9 billion total revenue. Multinational conglomerate holding company Berkshire Hathaway was placed at #4 with revenues of $182.1 billion. The rest of the Top Ten on the list (in order) are Apple, Phillips 66, General Motors, Ford Motor Co., General Electric and Valero Energy.