Exxon Mobil Ranks No. 2 on the 2007 Fortune 500

NEW YORK (Fortune) -- Exxon Mobil (XOM (Charts, Fortune 500)) ranks no. 2 on FORTUNE's list of America's largest corporations.

The Irving, TX-based company was ranked No. 1 on the 2006 list. Its 2006 revenues were up 2.2 percent from the previous year; profits were up 9.3 percent from the previous year.

Full list: FORTUNE 1000 1. Wal-Mart 2. Exxon Mobil 3. General Motors 4. Chevron 5. ConocoPhillips 6. GE 7. Ford Motor 8. Citigroup 9. Bk. of America 10. AIG Top companies in your state Top-performing companies • Most profitable • Best investments • Fast growing • Big employers

Stories: • The big get bigger • A profit gusher • Exxon: No taming the tiger

Galleries: • Women CEOs • Big deals

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Other companies in the Petroleum Refining sector on this year's Fortune 500 include: Chevron (CVX (Charts, Fortune 500)) ranked No. 4; ConocoPhillips (COP (Charts, Fortune 500)) ranked No. 5; Valero Energy (VLO (Charts, Fortune 500)) ranked No. 16; Marathon Oil (MRO (Charts, Fortune 500)) ranked No. 30 and Sunoco (SUN (Charts, Fortune 500)) ranked No. 60.

Last year, Fortune 500 firms, which cover a large swath of the U.S. economy including 31 non-public companies, earned a record $785 billion, up 29 percent from 2005. "Put simply, American companies are enjoying the most sumptuously profitable period in the 500's 53-year history," said Shawn Tully, Fortune's editor at large. "Virtually every conceivable force, from mild labor costs to a falling dollar to soaring productivity, has favored big companies."

The Fortune 500 ranks companies based on revenues. New York boasts the most Fortune 500 firms this year with 57 companies, while Texas and California took the No. 2 and 3 spots, with 45 and 22 headquarters respectively.