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Marathon Petroleum leads NW Ohio companies on Fortune 500 list

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    Marathon Petroleum Corp in Findlay.

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Marathon Petroleum Corp in Findlay.

The Blade
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Marathon Petroleum Corp., the multibillion dollar oil refiner and marketer based in Findlay, once again tops the list of northwest Ohio companies that made the Fortune 500 list released this week.

In all, four companies in the region, including three in metro Toledo, made the list that counts the top 500 U.S. businesses in terms of total revenues.

Marathon Petroleum Corp., the third-largest company in Ohio, was 41st on the 2018 list, rising 10 spots from its position last year. Fortune noted that Marathon’s revenues had risen 21 percent in 2017 to $67.6 billion.

The oil refiner has made the list seven times in its 12-year history.

“Ohio-based refining giant Marathon Petroleum saw its annual earnings jump from $2.4 billion to $4 billion on an 21 percent increase in revenue in 2017. With its acquisition of competitor Andeavor for $23.3 billion in April 2018, Marathon is poised to make an even bigger footprint in the sector moving forward. The deal gives Marathon a big new presence on the west coast and results in a refining capacity of 3 billion barrels a day,” Fortune wrote.

Maumee-based Dana Inc., which makes axles and other auto parts and recently rekindled its Toledo manufacturing operations, was ranked 393rd with revenues of $7.2 billion, which was nearly a 24 percent increase. Dana, which has made Fortune’s list 64 times, was ranked 447th last year.

Building materials manufacturer Owens Corning made the list at the 442nd position with revenues that were up 12 percent at $6.4 billion. The company, based in Toledo, was ranked 458th a year ago and also has made the list 64 times.


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The fourth company to make the 500 list was glass beverage container manufacturer Owens-Illinois Inc., of Perrysburg. O-I’s revenues were up 2.5 percent to $6.9 billion, landing the company at 410th on Fortune’s list.

But O-I was the only one of the four that moved down the list from last year. The company, which like Dana has made the Fortune 500 a total of 64 times, was ranked 401st on the 2017 list.

Three other northwest Ohio firms made the extended Fortune 1,000 list but all dropped from their previous rankings.

Toledo-based real estate investment trust Welltower Inc. was ranked 577th, down from 564th a year ago; Monclova Township agribusiness The Andersons Inc. was 629th, down from 595th, and Findlay-based tiremaker Cooper Tire & Rubber Co. was 759th, down from 743rd.

No southeast Michigan companies made the list.

Fortune bases its rankings on 2017 revenue calculations, although the figures don't always match what the companies report in their annual reports. For example, Marathon reported 2017 revenues of $75.4 billion, rather than the $67.6 billion that Fortune reported. In years past, Marathon officials have said the difference appeared to be because of how Fortune treats excise taxes.

There was not much change at the top of Fortune’s 2018 list.

Retailing giant Walmart maintained its tight grip on the No. 1 position with $500.3 billion in revenue, or nearly twice that of the company in second place, Exxon Mobil.

The oil giant, which had been fourth a year ago, saw its revenues rise 17 percent to $244.3 billion to help it supplant Warren Buffett’s Berkshire Hathaway, which fell to third at $242.1 billion in revenues.

The previous third-largest company, Apple Inc., slipped to fourth at $229.2 billion in revenues, according to Fortune.

Rounding out the top 10 were health insurer UnitedHealth Group at $201.1 billion, pharmaceutical distributor McKesson Corp. at $198.5 billion, pharmacy retailer CVS Health at $184.7 billion, Internet retailer at $177.9 billion, telecommunication giant AT&T at $160.5 billion, and automaker General Motors, the highest Michigan company on the list, at $157.3 billion.

Contact Blade Business Writer Jon Chavez at or 419-724-6128.

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