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2. Chevron
Fortune rank: 2
2008 profit: $23.93 Billion
Chevron offset the sharp drop in oil and gas prices in the second half of 2008 by bolstering its refinery business, where profits increased 10-fold in the fourth quarter.

The oil company, second-largest in the U.S. behind Exxon, posted a record annual profit of $23.9 billion even as its oil and gas production fell each quarter during the year.

NEXT: Microsoft
Last updated April 20 2009: 11:09 AM ET
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