Special Report

The Largest Company in Each State

The largest companies in the United States are almost all concentrated in major metropolitan areas. Nearly one in 10 Fortune 500 companies are headquartered in New York City. The five largest cities in the U.S. by population account for more than one fifth of the 500 largest public U.S. companies by revenue, and that’s not counting, for example, the substantial metropolitan regions of the San Francisco Bay Area or the New York tri-state area, which have dozens more.

Still, there are plenty of major U.S. corporations that, for any number of reasons, are headquartered in smaller states, sometimes even in remote cities. Wal-Mart, the largest company in the world, is based in Bentonville, Arkansas, a town with a population of barely 40,000 people. While every state does not have a Wal-Mart, all but four states were home to at least one company with $1 billion or more in annual revenue. 24/7 Wall St. reviewed the largest companies in each state.

Click here to see the largest company in each state. 

While these companies are the largest in their home states, they are not necessarily among the largest in the nation. Exxon Mobil, the largest company in Texas and the second-largest in the U.S., reported revenue of $411.9 billion last year. That is roughly 4,100 times the annual sales of Bloedorn Lumber, the business generating the most revenue in Wyoming.

Going public confers some important benefits for large companies, including providing additional revenue streams and increasing visibility. For this reason, the vast majority of the largest companies in each state are public. The largest company in all but 13 states is publicly traded.

Still, there are dozens of very large corporations that never opted to make a public offering, and in many cases, these companies generate the most revenue of any enterprise in a state. Wichita, Kansas-based Koch Industries, for example, dwarfs the operations of Spirit Airlines, the state’s largest public company. Spirit reported annual revenue of $6.8 billion, a fraction of Koch’s $121 billion.

Regional industries are often a strong indicator for what the biggest company in the state will be. In Nevada, where the Las Vegas economy generates a large share of state GDP, every large publicly traded company is a casino resort corporation, including Las Vegas Sands, the biggest in the state. In Michigan, home of Detroit, the motor city, General Motors is the biggest company.

To identify the biggest company in each state, 247 Wall St. reviewed the 1,000 largest public U.S. companies by revenue from Fortune. Revenue figures for the largest private companies in the country were provided by PrivCo. When available, more recent figures were obtained from annual SEC filings.

These are the largest companies in each state.

1. Alabama
> Largest company:
Protective Life
> Revenue: $4.4 billion
> Headquarters: Birmingham, AL
> Ownership: Public

Protective Life reported revenue of more than $4.4 billion in its fiscal 2014, the highest revenue of any company in Alabama. The holding company provides financial services related to life insurance through its subsidiaries. The corporation was recently purchased by The Dai-ichi Life Insurance Company, based in Japan. The state is one of seven where the largest company by revenue operates in the insurance industry. The company employs a total of 2,457 people, including 1,437 in its headquarters in Birmingham.

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2. Alaska
> Largest company:
Arctic Slope Regional Corporation
> Revenue: $2.6 billion
> Headquarters: Barrow, AK
> Ownership: Private

Arctic Slope Regional Corporation (ASRC), the largest company by revenue in Alaska, is owned by its roughly 11,000 Iñupiaq shareholders. Most of the people living in Barrow, the largest city in Alaska’s North Slope and where ASRC is headquartered, are native Iñupiaq Eskimo. ASRC controls several companies operating in the energy industry. Alaska’s crude oil production has waned in recent years, but the state is still among the nation’s largest oil producers. Most of the state’s energy production takes place on the North Slope.

3. Arizona
> Largest company:
Avnet
> Revenue: $27.5 billion
> Headquarters: Phoenix, AZ
> Ownership: Public

Electronics distributor Avnet reported $27.5 billion in revenue last year, up 8% from the year before and the highest annual revenue figure of any other company based in Arizona. The company boasts 96 acquisitions since 1991 and has more than 100,000 customers worldwide in over 400 locations. Avnet was founded in 1921 and employs more than 6,700 people in North and South America.

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4. Arkansas
> Largest company:
Wal-Mart
> Revenue: $485.2 billion
> Headquarters: Bentonville, AR
> Ownership: Public

Headquartered in Bentonville, Arkansas, Wal-Mart reported in its fiscal 2015 net sales of $485.2 billion — the largest revenue figure in the state, in the country, and in the world. The retailer behemoth is also the largest employer in Arkansas, with over 50,000 employees. Wal-Mart has about 2.2 million employees worldwide and operates nearly 11,000 stores in 28 countries.

5. California
> Largest company:
Chevron
> Revenue: $212.0 billion
> Headquarters: San Ramon, CA
> Ownership: Public

Chevron is one of the largest oil companies in the world. With revenues of $212 billion, Chevron is also the largest company in California, beating out the 52 other California-based Fortune 500 companies. Chevron employs 64,700 people worldwide. The company produced roughly 2.6 million barrels of oil per day in 2014, about three-quarters of which came from countries outside the U.S.

6. Colorado
> Largest company:
Arrow Electronics
> Revenue: $22.8 billion
> Headquarters: Centennial, CO
> Ownership: Public

Arrow Electronics, a tech company that provides products and services to commercial scale electronics consumers, is one of nine Fortune 500 companies headquartered in Colorado. With total revenue of $22.8 billion in 2014, it is the biggest company in the state. In late July, senior VP Gregory Tarpinian sold 667 of his own shares in the company — a total value of nearly $40,000.

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7. Connecticut
> Largest company:
General Electric
> Revenue: $148.6 billion
> Headquarters: Fairfield, CT
> Ownership: Public

Seventeen Fortune 500 companies are headquartered in Connecticut, including United Technologies, Aetna, and Xerox. None, however, come close to the size of General Electric. Thomas Edison’s company was formed more than 120 years ago in Schenectady, NY and solidified itself as one of the country’s largest conglomerates, manufacturing electric appliances, transportation equipment, medical devices, and generators among other products and services. In 2014, GE reported $148.6 billion in revenue. In April, the company sold most of the assets of its GE Capital investment division.

8. Delaware
> Largest company:
DuPont
> Revenue: $34.7 billion
> Headquarters: Wilmington, DE
> Ownership: Public

Chemical giant DuPont is the largest company based in Delaware. DuPont reported $34.7 billion in revenue in its most recent fiscal year. The company is one of the 100 largest public companies by revenue in the country and one of only two Fortune 500 companies in Delaware. Navient, the next largest public Delaware-based company, is a diversified financial company also based in Wilmington.

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9. Florida
> Largest company:
World Fuel Services
> Revenue: $43.4 billion
> Headquarters: Miami, FL
> Ownership: Public

Miami-based World Fuel Services, a global fuel supplier, is the largest company in Florida with revenue of more than $43 billion in 2014. While Publix Super Markets Inc. is roughly 30% smaller than World Fuel Services, it may be better know. Publix is the state’s largest private company and one of the largest private companies in the country. Also, while the supermarket chain employs more than 177,500 people in more than 1,100 locations across the Southeastern U.S., World Fuel Services employs just over 4,000 people.

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10. Georgia
> Largest company:
Home Depot
> Revenue: $83.2 billion
> Headquarters: Atlanta, GA
> Ownership: Public

Georgia is home to 20 Fortune 500 companies, including UPS, Coca-Cola, and Delta Airlines. None, however, is as large as Atlanta-based home improvement and construction retail giant Home Depot. With locations in all 50 states, Home Depot is the largest store chain of its kind in the world. Home Depot reported revenue of $83.2 billion in its fiscal 2015, making it the 33rd largest public company in America.

11. Hawaii
> Largest company:
Hawaiian Electric Industries
> Revenue: $3.2 billion
> Headquarters: Honolulu, HI
> Ownership: Public

While no Fortune 500 company is headquartered in Hawaii, Hawaiian Electric Industries is one of two Fortune 1,000 companies based in the state. The company is over 100 years old and provides electricity for 95% of Hawaiians. The company reported revenue in its fiscal 2014 of more than $3.2 billion, making it the largest in the state. Earlier this month, the company reported quarterly revenue of $623.9 million, well below the $799.41 million analysts were expecting.

12. Idaho
> Largest company:
Albertsons, LLC
> Revenue: $17.2 billion
> Headquarters: Boise, ID
> Ownership: Private

Micron Technology is the only publicly traded company in Idaho large enough to be on the Fortune 500. However, that may soon change as the state’s largest company — which is now private — may soon go public. Supermarket chain Albertsons LLC filed for its initial public offering with the Securities and Exchange Commission this July. The company will also be much larger when it releases its next annual report due to the completion of a merger with supermarket chain Safeway in January.

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13. Illinois
> Largest company:
Boeing
> Revenue: $90.8 billion
> Headquarters: Chicago, IL
> Ownership: Public

Aeronautics defense company Boeing reported revenues of $90.8 billion in its fiscal 2014, the highest of any company in the state, including 34 other Fortune 500 companies. Boeing has become known primarily for its commercial jets, but it is also one of the world’s largest arms producers. For decades, Boeing was based in Seattle, until the company moved to Illinois in 2001.

14. Indiana
> Largest company:
Anthem
> Revenue: $73.9 billion
> Headquarters: Indianapolis, IN
> Ownership: Public

Of the six Fortune 500 companies based in Indiana, Anthem is by far the largest. A conglomerate of several health insurance companies, Anthem’s membership totalled 37.5 million in 2014. According to the company, one in nine Americans receive medical coverage through an Anthem service. The company reported $73.9 billion in revenue in its fiscal 2014. Year-to-date, Anthem stock has significantly outperformed the major market indices.

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15. Iowa
> Largest company:
Principal Financial
> Revenue: $10.5 billion
> Headquarters: Des Moines, IA
> Ownership: Public

Investment management company Principal Financial is the largest corporation in Iowa, coming in at 282 on the Fortune 500. The company, based in Des Moines, reported 2014 annual revenue of $10.5 billion. Principal Financial has offices in 18 countries and nearly 20 million clients worldwide.

16. Kansas
> Largest company:
Koch Industries, Inc.
> Revenue: $121.0 billion
> Headquarters: Wichita, KS
> Ownership: Private

Though Kansas is home to three Fortune 500 companies, the privately owned Koch Industries is bigger than all three combined. With revenue exceeding $121.0 billion in its most recent fiscal year, Koch Industries’ revenue is more than 17 times the revenue of the state’s largest public company, Spirit AeroSystems Holdings. With interests in a diverse array of industries, from manufacturing to ranching, Koch Industries employs about 60,000 people in the United States.

17. Kentucky
> Largest company:
Humana
> Revenue: $48.5 billion
> Headquarters: Louisville, KY
> Ownership: Public

Founded in 1964, health insurance company Humana provides services to about 9.8 million people. Of the five Fortune 500 companies in Kentucky, three are based in Louisville, including Humana. In early July 2015, Connecticut-based health insurance provider Aetna announced an agreement to purchase Humana for $37 billion. Combined, the two health insurance giants will have an estimated 33 million customers with revenue exceeding $100 billion.

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18. Louisiana
> Largest company:
CenturyLink
> Revenue: $18.0 billion
> Headquarters: Monroe, LA
> Ownership: Public

Integrated communications company CenturyLink reported for its fiscal 2014 revenue of $18.0 billion, higher than any other company in the state. The company is the third largest telecommunications company in the United States based on its roughly 12.4 million access lines. CenturyLink had over 6 million U.S. subscribers in addition to its customers in Europe, Asia, and the rest of North America.

19. Maine
> Largest company:
L.L. Bean
> Revenue: $1.6 billion
> Headquarters: Freeport, ME
> Ownership: Private

L.L. Bean in 2013 had revenue of $1.6 billion, the highest in the state. The shoe and apparel company was founded in 1912 and did not expand to other states until 2000, when a store opened in Virginia. Today, L.L. Bean has stores in several other states. It also opened its first overseas retail outlet in Japan, in 1992. The company employs more than 5,000 people in the United States, and like most U.S. retailers, the company’s headcount surges during the holidays. In the 2013 holiday season, the total number of employees jumped to over 9,000.

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20. Maryland
> Largest company:
Lockheed Martin
> Revenue: $45.6 billion
> Headquarters: Bethesda, MD
> Ownership: Public

Of the four Fortune 500 companies in Maryland, three are based in Bethesda, which lies just across the state border from Washington, D.C. The largest of these companies is defense contractor Lockheed Martin. The company has produced some of the most well-known space and military aircraft, including the F-16 and F-22 fighter jets and the Hubble Space Telescope. And Lockheed is not done growing. The company announced in July the acquisition of helicopter manufacturer Sikorsky, maker of the Black Hawk helicopters.

21. Massachusetts
> Largest company:
Liberty Mutual Holding Co., Inc.
> Revenue: $39.6 billion
> Headquarters: Boston, MA
> Ownership: Private

Founded in 1912, Liberty Mutual Holding Company is an insurance conglomerate headquartered Boston. With more than 400 locations, through its subsidiaries, the holding company provides disability, health, homeowner, and automobile insurance throughout the U.S. With revenue of $39.6 billion in its fiscal 2014, the company is larger than every other company headquartered in the state, including 13 Fortune 500 companies.

22. Michigan
> Largest company:
General Motors
> Revenue: $155.9 billion
> Headquarters: Detroit, MI
> Ownership: Public

General Motors reported $155.9 billion in net sales in its fiscal 2014, one of the ten largest companies by revenue in the country, and the largest in Michigan. In addition to its headquarters in Detroit, GM has over 100 locations in the United States and numerous manufacturing and distribution operations in 61 other countries. Detroit became the largest U.S. municipality ever to file for bankruptcy on July 18, 2013, four years after the federal government bailed out GM in 2009. Since then, the car company seems to have fully recovered.

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23. Minnesota
> Largest company:
UnitedHealth Group
> Revenue: $130.5 billion
> Headquarters:
> Ownership: Public

While Minnesota has many notable public companies, it is also home to a relatively large private company. Agricultural giant Cargill, which just reported annual revenue of more than $120 billion in fiscal 2015, is one of the largest companies in the U.S. Still, the company is beaten out by an even larger public company in its home state. Health insurance giant UnitedHealth Group, based in Minnetonka, reported revenues in excess of $130 billion in 2014. The company employs more than 190,000 people worldwide.

24. Mississippi
> Largest company:
Ergon Inc.
> Revenue: $4.3 billion
> Headquarters: Jackson, MS
> Ownership: Private

Ergon Inc. is a conglomerate with business interests in an array of industries, from crude oil processing to road maintenance equipment. In fiscal 2014, the Jackson-based, privately held company had nearly twice the revenue of Mississippi’s largest publicly traded company, Sanderson Farms. Through it subsidiaries, Ergon Inc. employs more than 2,300 people.

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25. Missouri
> Largest company:
Express Scripts Holding
> Revenue: $100.9 billion
> Headquarters: St. Louis, MO
> Ownership: Public

Seven out of the 10 Fortune 500 companies in Missouri are based in St. Louis, including Express Scripts, the largest company in the state. Among its other services, Express Scripts processes prescription drug claims of tens of millions of Americans. Currently trading at nearly $90, Express Scripts’ share price has roughly doubled since the beginning of 2012.

26. Montana
> Largest company:
Barnard Construction Co. Inc
> Revenue: $413 million
> Headquarters:
> Ownership: Private

Montana is one of the least populous states in the country. Barely 100,000 resident live in the largest city, Billings. Perhaps it is not surprising, therefore, that there are no Fortune 500 companies in the state. The largest corporation, Barnard Construction, had revenues of just $413 million in fiscal 2015. The company operates out of its Bozeman office and works on projects worldwide, including building subway tunnels in San Francisco and building dams all across the country.

27. Nebraska
> Largest company:
Berkshire Hathaway
> Revenue: $194.7 billion
> Headquarters: Omaha, NE
> Ownership: Public

Berkshire Hathaway, known as the primary investment vehicle of famed investor Warren Buffett, is based in Omaha. With $194.7 billion in revenue in its most recent fiscal year, it is the largest company in Nebraska. Berkshire Hathaway’s holdings are numerous and include other companies on this list. The company owns stakes in companies such as American Express, Charter Communications, Costco Wholesale Corp., DirecTV, GE, GM, and Coca Cola.

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28. Nevada
> Largest company:
Las Vegas Sands
> Revenue: $15.4 billion
> Headquarters: Las Vegas, NV
> Ownership: Public

Not surprisingly, Nevada’s four Fortune 500 companies are all casino resorts, including Wenn Resorts, Caesars Entertainment, and MGM Resorts. The largest, however, is Las Vegas Sands, with $15.4 billion in revenue in 2014. The company owns The Venetian and The Palazzo, two of the most recognizable resorts on the Las Vegas Strip. It also owns four casinos in Macau and one in Singapore.

29. New Hampshire
> Largest company:
C&S Wholesale Grocers, Inc.
> Revenue: $25.9 billion
> Headquarters: Keene, NH
> Ownership: Private

There are no Fortune 500 companies in the small New England state of New Hampshire. Still, Keene-based C&S Wholesale Grocers, the largest private business in the state, is one of the largest in the country, with revenue of more than $25 billion in fiscal 2014. The company distributes wholesale groceries to roughly 5,000 stores and supermarkets all over the United States.

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30. New Jersey
> Largest company:
Johnson & Johnson
> Revenue: $74.3 billion
> Headquarters: New Brunswick, NJ
> Ownership: Public

Of the 19 Fortune 500 companies headquartered in New Jersey, New Brunswick-based Johnson & Johnson is the largest. Founded by the three Johnson brothers in 1886, Johnson & Johnson is the name behind common household brands such as Listerine and Tylenol. With revenue in excess of $74.3 billion in its fiscal 2014, the company shares now trade at nearly $100 a share.

31. New Mexico
> Largest company:
Select Milk Producers Inc.
> Revenue: $1.0 billion
> Headquarters: Artesia, NM
> Ownership: Private

Select Milk Producers is a cooperative of 92 large dairy companies based mostly in New Mexico, Texas, Indiana, Michigan, and Wisconsin. While in most states the largest company is publicly traded, in 15 states, including New Mexico, the largest company is privately held. The company recently opened Fair Oaks Farms in Indiana, which doubles as a farm and an entertainment park.

32. New York
> Largest company:
Verizon
> Revenue: $127.1 billion
> Headquarters: New York, NY
> Ownership: Public

New York is home to 55 Fortune 500 companies, 48 of which are headquartered in New York City, including Verizon, the state’s largest company. With more than 100 million subscribers, the company is also the telecom industry’s largest service provider. Verizon was recently ranked as one of the 10 companies with the worst customer service in the country. In an effort to simplify customer experiences, the company recently announced it would do away with long-term contracts.

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33. North Carolina
> Largest company:
Bank of America Corp.
> Revenue: $84.2 billion
> Headquarters: Charlotte, NC
> Ownership: Public

Bank of America, the country’s second largest commercial bank, is located in Charlotte, North Carolina. With many Americans blaming the big banks for the financial crisis and recession and resenting them for the massive bailouts they received, the more than two centuries old bank is still trying to improve its reputation. The bank reported revenue of nearly $85 billion last year.

34. North Dakota
> Largest company:
MDU Resources Group
> Revenue: $4.7 billion
> Headquarters: Bismarck, ND
> Ownership: Public

The development of the Bakken Shale in 2007 precipitated a surge in natural gas production in North Dakota. While MDU Resources Group, an energy distribution company, benefited from the statewide boom, the company was among the largest North Dakota-based companies by revenue prior to the boom. With $4.7 billion in revenue reported last year, the company is today the largest based in the state. MDU Resources Group is headquartered in Bismarck, on the Missouri River.

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35. Ohio
> Largest company:
Kroger
> Revenue: $108.5 billion
> Headquarters: Cincinnati, OH
> Ownership: Public

Cincinnati-based supermarket chain Kroger is one of 23 Fortune 500 companies based in Ohio. It is also the largest. Founded in 1883, the company reported revenue in excess of $108.5 billion in its fiscal 2015. It also employs 400,000 people worldwide. The company is currently experimenting with online ordering. The company is currently experimenting with online ordering, hoping to further expand its business.

36. Oklahoma
> Largest company:
Love’s Travel Stops & Country Stores, Inc.
> Revenue: $24.9 billion
> Headquarters: Oklahoma City, OK
> Ownership: Private

Not surprisingly, most of the largest companies in resource-rich Oklahoma are energy and mining enterprises. The largest corporation, however, is not an oil company but a massive chain of convenience stores, Love’s Travel Stops & Country Stores Inc. Love’s owns gas station chains, travel stops, and a fuel hauling company. It is operating in 40 states and has more than 350 locations.

37. Oregon
> Largest company:
Nike
> Revenue: $30.6 billion
> Headquarters: Beaverton, OR
> Ownership: Public

Of the three Fortune 500 companies headquartered in Oregon, Nike is by far the largest. Behind such brands as Converse, Hurley, and Jordan, the apparel manufacturer has claim to nearly 60% of the U.S. sneaker market alone. Nike reported revenue in excess of $30.6 billion in fiscal 2015, and its stock is valued around $110 a share.

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38. Pennsylvania
> Largest company:
AmerisourceBergen
> Revenue: $119.6 billion
> Headquarters: Chesterbrook, PA
> Ownership: Public

With $119.6 billion in annual revenue, pharmaceutical company AmerisourceBergen is the largest company headquartered in Pennsylvania. Walgreen Co. and Express Scripts are the company’s two largest customers, accounting for almost half of its revenue. The company employs about 14,000 people nationwide.

39. Rhode Island
> Largest company:
CVS Health
> Revenue: $139.4 billion
> Headquarters: Woonsocket, RI
> Ownership: Public

Given its diminutive size, it is somewhat surprising that Rhode Island has any large public corporations at all, let alone one like CVS Health, which is one of the biggest enterprises — public or private — in the world. The Woonsocket-based pharmacy chain has locations in nearly every state, as well as roughly 200,000 employees.

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40. South Carolina
> Largest company:
Domtar
> Revenue: $5.6 billion
> Headquarters: Fort Mill, SC
> Ownership: Public

Domtar is the only Fortune 500 company in South Carolina. The Fort Mill-based paper manufacturer has been in business since 1848, though it was not officially named Domtar until 1965. After acquiring Georgia-Pacific’s paper mills in 2001, Domtar became the third largest manufacturer of uncoated freesheet paper on the continent. About 60% of the company’s 9,800 employees are based in the U.S.

41. South Dakota
> Largest company:
POET, LLC
> Revenue: $6.5 billion
> Headquarters: Sioux Falls, SD
> Ownership: Private

According to the company’s website, POET is one of the largest ethanol producers in the world. It is probably no coincidence, then, that POET is based in South Dakota, which is among the top 10 corn producers and the sixth-largest ethanol producer in the country.

42. Tennessee
> Largest company:
FedEx
> Revenue: $45.6 billion
> Headquarters: Memphis, TN
> Ownership: Public

Memphis, Tennessee, is home to FedEx, the third largest shipping company in the U.S. by revenue, after UPS and the USPS. The company delivers nearly 4 million packages every day, and employs roughly 160,000 people. One of FedEx’s major competitors, the USPS, has been struggling for decades with net losses of more than $5 billion last year, while FedEx and UPS have thrived.

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43. Texas
> Largest company:
Exxon Mobil
> Revenue: $411.9 billion
> Headquarters: Irving, TX
> Ownership: Public

Texas is home to 54 Fortune 500 companies, including Exxon Mobil, the second largest public company in the nation. The company, as it is known today, was formed in November 1999 with the merger of Exxon and Mobil. Texas leads the nation in total energy production due in no small part to Exxon Mobil’s oil and natural gas business. The company was the target of public outrage in 1989 when, one of its tankers, the Exxon Valdez, hit a reef in Alaskan waters and spilled 11 million gallons of crude oil into Prince WIlliam Sound. The oil contaminated over 1,000 miles of coastline and, between fines and cleanup expenses, cost the company billions of dollars. Last year marked the 25th anniversary of the disaster.

44. Utah
> Largest company:
Huntsman
> Revenue: $11.6 billion
> Headquarters: Salt Lake City, UT
> Ownership: Public

Huntsman started as a small polystyrene plastics packaging company. Now, the holding company controls a range of chemical manufacturing businesses around the world. With reported revenue of $11.6 billion in its fiscal 2014, the company is the largest in Utah.

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45. Vermont
> Largest company:
Keurig Gr43qa35een Mountain
> Revenue: $4.7 billion
> Headquarters: Waterbury, VT
> Ownership: Public

Formerly Green Mountain Coffee Roasters, and locally known as Coffee Roasters, Keurig Green Mountain, with reported revenue of $4.7 billion, is the largest company in Vermont. The coffee company has production and distribution centers in Waterbury — its headquarters — as well as Windsor and Williston. According to an Associated Press article, Keurig Green Mountain employs between 700 and 800 people in Waterbury, although the number will likely decrease, as the company announced in August it would lay off several hundred workers.

46. Virginia
> Largest company:
Freddie Mac
> Revenue: $70.5 billion
> Headquarters: McLean, VA
> Ownership: Public

Virginia-based Freddie Mac and sister company Fannie Mae were the largest mortgage providers in the country, and were viewed by many as the safest. However, in 2008, when the subprime mortgage crisis came to a head, corporate shares plummeted and both companies were bailed out by the government at a cost of about $187 billion. However, the company may be recovering. In early August, Freddie reported second-quarter earnings of $4.2 billion. Freddie financed more than 650,000 new home purchases in the last 12 months alone.

47. Washington
> Largest company:
Costco
> Revenue: $112.6 billion
> Headquarters: Issaquah, WA
> Ownership: Public

Though half of Washington’s Fortune 500 companies are based in Seattle, the state’s largest company is not. Headquartered in Issaquah, Costco is a membership-based wholesale grocer. Eight years ago the company announced its egg supply would be entirely cage-free. It is currently at the center of controversy as it has yet to fulfill its promise. Costco employs an estimated 195,000 people, most of which work full-time.

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48. West Virginia
> Largest company:
Camcare Inc.
> Revenue: $450 million
> Headquarters: Charleston, WV
> Ownership: Private

Compared with the largest companies in other states, Camcare’s revenue is small — less than $500 million. The Charleston Area Medical Center has three locations — General Hospital, Memorial Hospital, and Women and Children’s Hospital — and the hospital system is the largest in West Virginia.

49. Wisconsin
> Largest company:
Johnson Controls
> Revenue: $42.8 billion
> Headquarters: Milwaukee, WI
> Ownership: Public

Milwaukee-based Johnson Controls currently supplies batteries and climate-control equipment for buildings, as well as interior parts for vehicles. Though the bulk of the company’s revenue comes from its automotive branch, the company announced it would separate its auto business into its own distinct company in 2016. This year may be the last time Johnson Controls is the largest of the five Milwaukee-based Fortune 500 companies.

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50. Wyoming
> Largest company:
Bloedorn Lumber
> Revenue: $100 million
> Headquarters: Torrington, WY
> Ownership: Private

Like just a few other states, there are no Fortune 500 companies based in Wyoming. Bloedorn Lumber, a private company, with reported annual revenue of $100 million, is the largest company based in the state. Based in Torrington, the lumber company was founded in the early part of the 20th century. Now, Bloedorn Lumber supplies a range of building materials to hardware stores throughout Wyoming, as well as nearby Nebraska.

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