Oil giant breaks record for largest annual profit by a U.S. company
Exxon Mobil Corp. on Friday posted the largest annual profit by a U.S. company — $40.6 billion — as the world’s biggest publicly traded oil company benefited from historic crude prices at year’s end.
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, beating 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 made in 2006.
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.
Exxon Mobil Corp. on Friday posted the largest annual profit by a U.S. company — $40.6 billion — as the world’s biggest publicly traded oil company benefited from historic crude prices at year’s end.
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, beating 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 made in 2006.
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.
[and Bush gives the oil companies huge tax relief... at our expense]
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