Fortune 500 rank: 3
2011 profit: $26.9 billion

Chevron held on to its third place spot on the Fortune 500 this year but moved up to No. 2 on our most profitable list. Sales and other operating revenues in the fourth quarter of 2011 were at $58 billion, up from $52 billion in the previous year's quarter, thanks to higher prices for crude oil and refined products.

The oil company is still dealing with accusations from Brazilian authorities that it had not taken full responsibility for an oil spill off the coast of Rio de Janeiro last November.

By Caitlin Keating, reporter - Last updated May 07 2012: 10:59 AM ET