1. Wal-Mart Stores
Rank: 1 (Previous rank: 3)
CEO: Michael T. Duke
Employees: 2,100,000
Address: 702 S.W. Eighth St.
Bentonville, Arkansas 72716
Country: U.S.
Website: www.walmartstores.com
Despite the global recession, the discount retailer’s bargain prices lured consumers worldwide under new President and CEO Michael Duke. Wal-Mart continued expanding globally, reaching further into Asian markets, and it completed its biggest Latin-America acquisition: a controlling interest in Chile’s largest grocer, Distribucion y Servicio.
Growth won't be easy for Wal-Mart in 2010. In the U.S., the retailer must battle high unemployment and rising gas prices. But international sales could pick up the slack: In 2009, nearly 25% of income came from outside the U.S. As Duke told investors and analysts at Wal-Mart’s annual shareholder meeting in June: Global markets are "becoming an even bigger and more important part of our company."
2. Royal Dutch Shell
Rank: 2 (Previous rank: 1) 
CEO: Peter R. Voser
Employees: 101,000
Address: Carel van Bylandtlaan 30
The Hague 2596
Country: Netherlands
Website: www.shell.com
While Europe’s biggest oil company fell out of the Global 500’s top spot, its earnings beat those of rivals ExxonMobil and BP. The recession cut energy demand, causing prices to fall far below their record highs of 2008, but CEO Peter Voser took bold steps to make the company more competitive, selling assets, merging divisions and cutting jobs.
2010 looks better, but Voser admits on Shell’s website that the Gulf oil spill is adding to market uncertainty. He says the disaster will have a significant impact on offshore operations, resulting in potentially more regulation and higher costs.
3. Exxon Mobil
Rank: 3 (Previous rank: 2)
CEO: Rex W. Tillerson
Employees: 102,700
Address: 5959 Las Colinas Blvd.
Irving, Texas 75039
Country: U.S.
Website: www.exxonmobil.com
ExxonMobil may have trailed Royal Dutch Shell on our list, but solid revenue helped it outstep BP. The recession meant the oil and gas company faced the same challenges as its peers, but ExxonMobil still continued to expand its global reach into emerging markets. It completed a $5 billion refining complex in China’s Fujian province, which will expand production of diesel and other refined products to meet the region’s growing demands.
Like the rest of the industry, ExxonMobil stands to benefit from increased spending when the global economy recovers; but it will also have to adapt to a new, more volatile marketplace.
4. BP
Rank: 4 (Previous rank: 4)
CEO: Anthony B. Hayward
Employees: 80,300
Address: 1 St. James Sq.
London SW1Y 4PD
Country: Britain
Website: www.bp.com
BP rounds out the top three energy companies on our list. Despite lower demand and falling prices, it managed to post hefty profits. It's also moving forward with a handful of new projects including a site in Indonesia that is expected to generate about 7.6 million tons of liquefied natural gas for export per year.
BP’s 2010 outlook is much less certain following the worst oil spill in U.S. history. As of press time, oil continues to spew into the Gulf of Mexico from one of its offshore rigs. BP has already spent billions of dollars to clean up the disaster, and has canceled shareholder dividends for the rest of 2010. The company has also established a $20 billion fund to compensate businesses impacted by the spill as civil and federal criminal investigations continue.
5. Toyota Motor
Rank: 5 (Previous rank: 10) 
CEO: Akio Toyoda
Employees: 320,590
Address: 1 Toyota-cho
Toyota 471-8571
Country: Japan
Website: www.toyota.co.jp
2009 was annus horribilis for Toyota. The world’s largest automaker faced declining global vehicle demand, a stronger Japanese yen, and worst of all, a string of embarrassing recalls that reached ten million worldwide.
It was a rude introduction for new president Akio Toyoda, but 2010 looks better. The automaker reported a surprise profit in its fiscal fourth quarter and is forecasting an earnings increase for this year as it boosts Asia sales and cuts costs further. A much-needed image boost will come from the introduction of the $350,000 Lexus LFA, a carbon-fiber sports car of which only 500 will be built.
6. Japan Post Holdings
Rank: 6 (Previous rank: 11) 
CEO: Jiro Saito
Employees: 229,134
Address: 1-3-2 Kasumigaseki
Tokyo 100-8798
Country: Japan
Website: www.japanpost.jp
Japan Post Holdings Co. climbed five notches on our list, despite a turbulent 2009: Japan’s new government scrapped plans to privatize the agency that combines mail delivery with banking and insurance services. In 2007, a previous administration split Japan Post into four parts -- banking, insurance, mail delivery and over-the-counter-services -- to make it easier to sell to private hands by 2017. But the new administration scaled the plan back as part of an effort to stem privatization and also dropped a proposed public offering.
It remains to be seen what Japan’s leadership has in store for Japan Post (the nation has had five prime ministers in three years). The current government wants to expand the agency’s financial services menu, but private banks and insurance companies, who fear it could distort competition, are crying foul.
7. Sinopec
Rank: 7 (Previous rank: 9) 
CEO: Su Shulin
Employees: 633,383
Address: 22 Chaoyangmen N. St.
Beijing 100728
Country: China
Website: www.sinopecgroup.com
China’s second-largest refining and gas company is trying to get a little greener in the new decade. In 2009, China Petrochemical Corp., also known as Sinopec Group, cut its CO2 emissions by 16.3%, meeting its energy-saving goal a year earlier than planned. The company is also actively exploring alternative and renewable energy sources.
But it’s fossil fuels that boost the bottom line, and Sinopec is likely to get a little relief from Beijing’s ease on gasoline price controls, which had been raised several times in the last year to reflect higher costs in the oil industry.
8. State Grid
Rank: 8 (Previous rank: 15) 
CEO: Liu Zhenya
Employees: 1,533,800
Address: 86 Xichang'an Ave.
Beijing 100031
Country: China
Website: www.sgcc.com.cn
State Grid Corporation serves as China’s primary power grid builder and operator, supplying power to millions. Since its founding in 2002, the company has become increasingly involved in power industry reform, technology exchange, and environmental conservation development.
State Grid President Liu Zhenya has set his sights on constructing China’s first national Smart Grids in order to slash energy costs and improve distribution. If the grids are completed by 2020, they are expected to provide up to 35% of China’s energy supply.
9. AXA
Rank: 9 (Previous rank: 73) 
CEO: Henri de Castries
Employees: 103,432
Address: 25 Ave. Matignon
Paris 75008
Country: France
Website: www.axa.com
French insurance giant AXA is shrugging off lower margins and slower growth in the U.K., where it has a customer base of 10 million, in favor of expanded business in the East. A $4.1 billion sale of its British life and savings units to buyout fund Resolution could provide cash for growth as it expands its life insurance and wealth-management businesses.
With AXA’s Asia Pacific revenues shooting up 50% from a year ago, the company hopes to triple its earnings from emerging economies such as Thailand, Indonesia, and Malaysia by 2015.
10. China National Petroleum
Rank: 10 (Previous rank: 13) 
CEO: Jiang Jiemin
Employees: 1,649,992
Address: 9 Dongzhimen N. St.
Beijing 100007
Country: China
Website: www.cnpc.com.cn
China National Petroleum is its nation’s largest state-owned oil and gas producer. Since its founding in 1988, the company has expanded across 12 countries from Asia to Africa to South America. It has 14 large oil and gas field enterprises, 14 large-scale refining and petrochemical companies, and R&D units located across China.
In 2009, China National posted record overseas oil and gas production. The company also sealed a cooperative crude processing deal with Taiwan in June which could help improve the often testy relationship between the two governments.
