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Big Oil may be getting a little smaller. ConocoPhillips surprised many on Wall Street last year when it announced plans to break up into two publicly traded companies, one focused on exploration and production and another on refineries and marketing, called Phillips 66. The spin-off happened on April 30. Conoco officials hope the break-up will help it compete better internationally and unlock value by attracting more investors. This Fortune 500 list was based on 2011 results, so the new changes for ConocoPhillips shareholders aren't reflected here. If they were, we'd see Phillips 66 in the No. 4 spot instead of the parent company, ConocoPhillips. The spin-off represents about 80% of the original company's total 2011 revenue -- that still puts it ahead of the next company on this list, General Motors. |
Industry: Petroleum Refining
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Headquarters
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| Rank # of Fortune 500 Companies | |
|---|---|
| California | 53 |
| Texas | 52 |
| New York | 50 |
| Company | Rank |
|---|---|
| 73 | |
| NetApp | 474 |
| NuStar Energy | 377 |
