Energy companies dominate Fortune Global 500

Energy corporations dominate this year’s Fortune Global 500 list of the largest corporations in the world by revenue, with China’s oil and power giants rising in the ranks. China National Petroleum and Sinopec Group hopped over BP, as the British oil company struggles to pay for a legal settlement and environmental damages in the 2010 Gulf of Mexico oil spill.

Royal Dutch Shell held onto the top spot, while some U.S.-based energy companies fell on the list, as previewed in the Fortune 500 list of domestic companies released earlier this year. Exxon Mobil, based in Irving, Texas, fell in the ranking to No. 3, bested by retail titan Wal-Mart. And Houston-based ConocoPhillips — after splitting from its refining arm, Phillips 66, in 2012 — plummeted from No. 9 to No. 144 on the 2013 list.

Meanwhile, refining companies performed well, with Valero rising from No. 35 to No. 27 this year and Phillips 66 making its debut at No. 16. Marathon Petroleum, which separated from Marathon Oil in 2011, rose from No. 106 in 2012 to No. 101 this year.