Exxon Post Record Profit On Oil Prices

[Kor37 9]

Exxon Posts Record Profit on Oil Prices

By JOHN PORRETTO,AP

Posted: 2008-02-01 09:47:44

Filed Under: Earnings

HOUSTON (Feb. 1) - 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.

 

By Don Ryan, AP

Exxon shattered the records for both the largest annual and quarterly profit for a U.S. company, with $40.6 billion and $11.7 billion respectively. The oil behemoth benefited from historic crude prices at year's end. Quote: XOM

 

Exxon 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.

 

The record profit for the October-December period amounted to $2.13 a share versus $1.76 a share in 2006. Year-ago net income was $10.25 billion.

 

Also extraordinary was Exxon Mobil's revenue, which rose 30 percent in the fourth quarter to $116.6 billion from $90 billion a year ago.

 

For the year, sales rose to $404.5 billion - the most ever for the Irving, Texas-based company - from the $377.64 billion it posted in 2006.

 

In a statement, Exxon Mobil Chairman Rex Tillerson said the company continued to meet the world's energy needs through its "globally diverse resource base."

 

"Our long-term investment program, in projects often far from major consuming nations, continued to provide resources essential to the increasingly interdependent global energy supply network," Tillerson said.

 

Exxon Mobil produces about 3 percent of the world's oil.

 

 

Anybody who doesn't see these gas prices as a huge scam is really naive. How long will we just sit here and take it? But what can we do? None of the politicians seem to care.......

[trekz 7]

I agree this is madening. And are any of these companies taking these record profits and building more refineries, so that consumers can get the resources they need, when they need them? :P