HOUSTON - Exxon Mobil reported a profit of $45.2 billion for 2008 Friday, breaking its own record for full-year earnings by a public 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.
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RE: Shell Loses Exxon posts a $45.2 Billion Profit
Hmm, does this mean Exxon really does have a good business model and it's profits aren't based on the price at the pump?
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Shell Loses Exxon posts a $45.2 Billion Profit
