Exxon Mobil: Biggest Annual Profit in History for U.S. Company

February 5th, 2008

Maybe I need a Shakedown category on here.

Via: CBS News:

Exxon Mobil Corp. on Friday posted the largest annual profit by a U.S. company – $40.6 billion – as the world’s largest publicly traded oil company benefited from historic crude prices at year’s end.

Exxon Mobil also set a U.S. record for the biggest quarterly profit, posting net income of $11.7 billion for the final three months of 2007, besting its own mark of $10.71 billion in the fourth quarter of 2005.

The previous record for annual profit was $39.5 billion, which Exxon Mobil reported for 2006.

The eye-popping results weren’t a surprise given record prices for a barrel of oil at the end of 2007. For much of the fourth quarter, they hovered around $90 a barrel, more than 50 percent higher than a year ago.

Crude prices reached an all-time trading high of $100.09 on Jan. 3 but have fallen about 10 percent since.

Posted in Economy, Energy | Top Of Page

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