Wal-Mart Slips to No. 2 on Fortune 500 List

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After two years in the top spot, Bentonville-based Wal-Mart, Inc., fell to No. 2 on the Fortune 500 list released Monday.

The magazine ranks companies based on their revenue. Wal-Mart reported $447 billion in revenue in 2011 and $15.7 billion in profits.

Thanks to rising oil prices during the last quarter of 2011, Exxon Mobil, who claimed No. 1, reported $453 billion in revenue for the year.

According to Fortune, the retailer was forced to aggressively cut prices to reverse its declining same store sales in the U.S. That helped push revenues up by 6% during 2011, but it hurt Wal-Mart’s bottom line.

Other Arkansas companies in the ranking include Tyson Foods at No. 96, Murphy Oil at No. 98, and Dillard’s, Inc., at No. 383.

Click here to see the full Fortune 500 list.