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Global 500 2008: ConocoPhillips - COP
Dropping one spot on our list, ConocoPhillips saw a steep 23.5% decline in profits. The Texas-based company spent some $5.4 billion to reduce debt - incurred after the Burlington Resources acquisition in 2006 - and took a $4.5 billion hit due to Venezuelas expropriation of Conocos assets. ConocoPhillips did make advances in the energy field, however, by teaming up with Tyson Foods to further its work in the biofuels industry. <p style="text-align:right;color:#A8A8A8"></p>