Newspaper article THE JOURNAL RECORD

Four State Firms Make Fortune List

Newspaper article THE JOURNAL RECORD

Four State Firms Make Fortune List

Article excerpt

NEW YORK (AP) _ Four Oklahoma companies, all energy firms, were included in Fortune magazine list of the 500 largest companies for 1991.

The list, based on 1991 sales, was released Wednesday.

The four Oklahoma-based companies listed in the Fortune 500, including rank, name of company, headquarters, change from last year, and the 1991 sales figure were:

Phillips Petroleum Co., Bartlesville, No. 32 down from 27th, 04 billion.

Citgo Petroleum Corp., Tulsa, No. 54 and new to list, $8.922 billion.

Kerr-McGee Corp., Oklahoma City, No. 142 down from 129th, $3.307 billion.

Mapco Inc., Tulsa, No. 170 down from 165th, $2.646 billion.

General Motors Corp. remained the nation's biggest company despite losing $4.45 billion in 1991, when the recession sent corporate profits plunging, Fortune magazine said in the annual ranking.

The economic slump transcended business lines as 103 of the Fortune 500 companies lost money, the most in the list's 38 years.

Only one of Fortune's top 10 made more in 1991 than the previous year.

Three of the top four _ GM, No. 3 Ford Motor Co. and No. 4 International Business Machines Corp. _ combined to lose nearly $10 billion.

Overall, combined profits of the 500 companies sank 41 percent to billion from $93.4 billion in 1990. Total sales fell by 1.8 percent, and 238 companies recorded declines.

Fortune bases its list on total revenue and rates only industrial companies. The magazine also compiles separate rankings by profits, assets, stockholder equity and other financial indicators.

GM remained No. 1 with $123.8 billion in revenue, a 1.1 percent drop.

Exxon Corp. _ the biggest money-maker with $5.6 billion in profits _ held on to second place.

Ford lost $2.6 billion and IBM lost $2.8 billion. General Electric Co., Mobil Corp., Philip Morris Cos., Du Pont, Texaco Inc. and Chevron Corp. completed the top 10.

In a competing list, Forbes magazine said GE retained the title of "most powerful" corporation. GM, IBM and Ford were left off that ranking because they lost money.

Forbes also ranks 500 companies by sales, profits, assets and market value. To distinguish itself from Fortune, it does a composite measurement combining all categories to determine its "Super 50. …

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