Fortune 500 rank: 261
2009 loss: $2.5 billionThe oil and gas producer's profits took a beating in 2009 as commodity prices dropped. During the first quarter, declining natural gas prices led Devon to write down $4.2 billion on the value of its oil and gas properties -- although that was a significant improvement over the $7.1 billion it wrote down in 2008.
The company got a fourth-quarter boost thanks to cost cutting, increased production, and rising prices. Devon has decided to focus solely on its North American onshore business, and the sell-off of its offshore and overseas assets could bring in up to $7.5 billion. Industry watchers have also floated its name as a possible takeover target.
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