Record profits for Fortune 500; ExxonMobile tops list

Energy giant ExxonMobil beat out Wal-Mart to be the No. 1 revenue-maker among the 500 largest U.S. companies, the latest issue of Fortune magazine reports in its annual Fortune 500 list.

In total, the companies on the list accumulated record profits last year, despite the struggling economy.

Combined, the earnings of the Fortune 500 companies rose 16 percent from 2010 to a record high of $825 billion in 2011, Fortune reported.

ExxonMobil earned the top spot on the Fortune 500 for the 13th time, with $453 billion in revenue, edging out world's largest retailer Wal-Mart, whose earnings fell 4 percent, to nearly $16 billion.

After Exxon Mobile and Wal-Mart, the top 10 were Chevron, ConocoPhillips, General Motors, General Electric, Berkshire Hathaway, Fannie Mae, Ford Motor Co. and Hew lett-Packard.