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Biggest Profits in U.S. History, Exxon Does It Again
Exxon Mobil Corp. (XOM) reported the biggest annual corporate profit in U.S. history on Friday, even as crude oil prices plummeted from summer highs, pummeling comparable fourth-quarter earnings by 33%.
Exxon reported profits of $45.2 billion for 2008, continuing an epic run that investors have almost come to expect from the petro-giant. The previous record for annual profit was $40.6 billion, set by Exxon in 2007.
“The results speak for themselves,” Fred Burke, president of Johnston Lemon Asset Management in Washington, D.C, told Reuters. “I still think Exxon is a low-cost producer, and at some point the price of oil will increase. They…
2Feb2009 | Money Morning | 0 comments | Continued
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