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16. ConocoPhillips
16. ConocoPhillips
Fortune 500 rank: 4
2010 profit: $11.4 billion

ConocoPhillips spent last year shrinking after years of expansion. The third largest U.S. oil giant sold off more than $7 billion in smaller ventures and non-core reserves, continuing the push it started in 2009; it also netted around $8 billion by selling its 20% stake in Russia's LUKOIL. Combined with higher crude oil prices, better refining margins, and a blowout year in its chemicals division--thanks to economic recoveries in electronics and food packaging-- ConocoPhillips grew earnings 134% in 2010.

NEXT: 17. Citigroup
Last updated May 10 2011: 8:38 AM ET
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