NEW YORK ( TheStreet) -- Wal-Mart ( WMT) topped the 2011 Fortune 500 list, which was revealed on Wednesday evening, for the second consecutive year.

Exxon Mobil ( XOM) took the second spot, followed by fellow oil companies Chevron ( CVX) and ConocoPhillips ( COP).

Wal-Mart was ranked the largest company on the list in 2007 and 2008, but was bested by Exxon Mobil in 2009. Wal-Mart regained the top spot in 2010's list and has held onto it for another year.

The 2011 list, which ranks companies by their total revenue in 2010, was announced on Wednesday evening on ABC's "Nightline."

The annual list, compiled by Fortune magazine, ranks the top 500 U.S. corporations by their gross revenue.

Wal-Mart and CEO Michael Duke held onto the top spot, coming in with $421.85 billion in revenue.

Exxon Mobil ranked second with total revenue coming in at $354.67 billion, followed by Chevron with $196.34 billion, ConocoPhillips with $184.97 billion. Fannie Mae came in fifth with $153.83 billion in revenue.

-- Written by Theresa McCabe in Boston.

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