Friday, January 30, 2009

Exxon Record Profit: $45.22 Billion

Exxon Mobil reported the largest annual profit in U.S. history Friday, making $45.22 billion on the back of record oil prices.

But Exxon's quarterly profit fell over 33%, as crude prices dropped precipitously in the last quarter as recession spread through the globe.

Exxon (XOM, Fortune 500), the world's largest publicly traded oil company, made $7.82 billion in the fourth quarter on revenue of $84.7 billion. On a per share basis, the company made $1.55, beating analysts' estimates of $1.45 a share...

Oil prices, the driving force behind oil company profits, swung widely in 2008. Crude hit a record $147.27 in July, as surging global demand and wide investor interest pushed up commodity prices across the board.

read the CNN story

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