New York  - The global economic crisis has scrambled the pecking order among US firms, with Exxon Mobil ousting Wal-Mart as the top revenue-earning company.

The energy company vaulted to the top of the business magazine Fortune 500 list, pushing the world's largest retailer to second place.

Profits among Fortune 500 companies saw the worst declines in the list's 55-year history, falling 85 per cent in 2008 compared to 2007, for total losses of 99 billion dollars.

U. S. crude oil futures for May delivery edged lower by 18 cents to $50.15. The contract settled 35 cents higher at $50.33 on Friday, buoyed by news of a rebound in U. S. consumer confidence and better-than-expected quarterly earnings Natural Gas prices shot up to $3.729 from $3.599 this sharp rally was attributed to short covering ahead of expiry.

Crude oil speculators on the NYMEX decreased net long positions in the week to April 14, according to data from the U. S. Commodity Futures Trading Commission released on Friday. Speculators moved to a net long 4,962 positions during the week, from 12,493 positions in the week to March 31.

Invensys Process Systems (IPS), a global technology, software and consulting firm, has entered into a five-year contract with Petrobras, to provide comprehensive safety services and solutions.

Under the arrangement, the company will implement its Triconex safety and critical controls and Avantis asset management technology to upgrade and modernize 11 Petrobras refining facilities throughout Brazil. The contract is valued at $50 million.

Seamec Ltd, a subsidiary of Cof lexip Stena Offshore (Mauritius) Ltd., has signed a contract with a Dubai firm, Dulam International, to deploy one of its vessels for twelve months for $16.12 million.

The contract will commence around mid-June 2009.

Apart from the latest order, the company has also bagged a $4.47 million contract for deployment of vessel in Persian Gulf.

The Charter will commence effective from May 16, 2009.

Seamec Ltd. primarily provides support services, including marine, construction, and diving services to offshore oilfields in India and internationally. It operates three vessels: SEAMEC 1, SEAMEC 2, and SEAMEC 3.

Following the recent withdrawal of the export-oriented unit (EoU) status of Jamnagar refinery, a move facilitating the sale of its products in the domestic market, Reliance Industries Ltd (RIL) is expected to get on with it selling fuel in the country, next week onwards.

RIL's decision to go in for a change in status of the refinery is reported to have come in the wake of a nosedive in the prices of international crude and petroleum product. The drop in prices has reduced the company's its export realization, thereby indicating lower margins.

With the Wall Street Journal reporting that some problems had occurred in Suzlon Energy Ltd's supply of blades to REpower Systems AG for a project in China, the shares of the company - India's foremost wind-turbine generators' manufacturer - plunged 19 percent to Rs 55.95 on the National Stock Exchange on Thursday.

While Suzlon's blades have reportedly been rejected, the company - which owns 74 percent of Germany's REpower and is looking at increasing its stake beyond 90 per cent - denied any problem, saying that prototypes were being tested and the actual delivery would begin in a couple of months.