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Behind perennial leaders GM, Exxon (XOM) and Wal-Mart (WMT) at the top of the Fortune 500 list...

Behind perennial leaders GM, Exxon (XOM) and Wal-Mart (WMT) at the top of the Fortune 500 list is a new no. 4, Phillips 66 (PSX). Spinoffs such as PSX have become a favorite of investors who prefer focused companies to diversified ones, The Economist writes; of the 80 U.S. spinoffs worth at least $500M each during 2002-12, the parent companies have returned 35% while spun entities have delivered 70%.
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