Exxon Mobil Shatters US Record for Annual Profit

[Orwellian_Ghost]

Exxon Mobil shatters US record for annual profit

HOUSTON – Exxon Mobil Corp. on Friday reported a profit of $45.2 billion for 2008, breaking its own record for a U.S. company, even as its fourth-quarter earnings fell 33 percent from a year ago.

The previous record for annual profit was $40.6 billion, which the world's largest publicly traded oil company set in 2007.

The extraordinary full-year profit wasn't a surprise given crude's triple-digit price for much of 2008, peaking near an unheard of $150 a barrel in July. Since then, however, prices have fallen roughly 70 percent amid a deepening global economic crisis.

In the fourth quarter alone crude tumbled 60 percent, prompting spending and job cuts in an industry that was reporting robust, often record, profits as recently as last summer.



With piles of cash and diversified operations, the majors like Exxon Mobil have fared better than many smaller oil and gas companies, but Friday's results show no one is completely insulated from the ongoing malaise.

Irving, Texas-based Exxon said net income slid sharply to $7.8 billion, or $1.55 a share, in the October-December period. That compared with $11.7 billion, or $2.13 a share, in the same period a year ago, when Exxon set a U.S. record for quarterly profit. It has since topped that mark twice, first in last year's second quarter and then with earnings of $14.83 billion in the third quarter.

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http://news.yahoo.com/s/ap/20090130/ap_on_bi_ge/earns_exxon_mobil

[raccoon]

1. Just the headline speaks volumes. nt

[Zywiec]

2. Exxon Mobil Shatters US Record for Annual Profit

By total amount or percentage?

I doubt that is the largest US record for annual profit by percentage.

[Frustratedlady]

3. Do you suppose this would track the decline of the US citizen's worth

In this day and age, I'm surprised they haven't figured out a way to hide their good fortune. Hmmm! Maybe they have and we are just seeing part of the profit.

[Orwellian_Ghost]

4. Exxon Mobil outdoes it's own greed

On Friday (as the USA slipped further into a recession) Exxon Mobil Corp posted the largest annual profit by any company in world history — $40.6 billion.

Exxon also set an all-time 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, set by Exxon Mobil in 2006.

http://www.wakeupfromyourslumber.com/node/5549

[Psychic Consortium]

5. Should America’s rich natural resources belong to America?

To all the citizenry?

Or to the privileged few, so they may become vastly wealthy?

Could we use American’s vast natural resources to pay for some of these things:

• Clean air, food, water for all
• Health care
• Retirement and care of the elderly
• Education

It is time to rethink the 20th century paradigms.

[4 t 4]

7. These big oil company's have

literally stolen money from the American people. The entire industry needs to be dismantled and rebuilt in the way they do business. This disgusts me beyond words. In these economic times how truly obscene that they should make that large of a profit when we are struggling so much.

[Psychic Consortium]

13. And how much do these people pay in taxes?

Or do they use loopholes and offshore accounts to hide from paying anything back to America?

America's rich natural resources belong to us, the people.

[Phoonzang]

6. Ah....so that's why my Exxon stock is doing so well....

:hide:

[taught_me_patience]

8. 10% profit margin... what's the big deal?

[StreetKnowledge]

10. Is it not obvious?

If they are just making a 10% profit margin, but still making $45.2 Billion in profit, that says the company has grown way too big for anybody's good. Bust it in half, then bust those halves again. No company could consciously make that much in the way of profits and be thought of as not being ripoff artists. Which they are.

[leftstreet]

9. Don't bank robbers have to give the money back when they're caught?

:shrug:

[4 t 4]

11. That's it

it has become Way Way Way to big for anyones good but theirs.

[balantz]

12. "Mission Accomplished" n/t