Oil Giant Shatters US Record For Annual Profit

Despite the recent slide in oil prices, Exxon Mobil is reporting a profit of $45.2 billion for 2008, breaking its own record for full-year earnings by a U.S. company.

By: Jamie Burch | WKRG-TV
Published: January 30, 2009

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HOUSTON (AP) - Exxon Mobil is reporting a profit of $45.2
billion for 2008, breaking its own record for full-year earnings by
a U.S. company, but fourth-quarter profits tumbled 33 percent.
The fourth-quarter decline is not a surprise with oil's swift 60
percent plunge in the final three months of the year.
The previous record for annual profit was $40.6 billion, which
Exxon Mobil set in 2007.
Crude prices began the year by passing the $100 mark and by July
neared $150 per barrel. Since then, however, prices have fallen
roughly 70 percent amid a deepening global economic crisis.

(Copyright 2009 by The Associated Press. All Rights Reserved.)