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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 | ContinuedExxon Mobil Posts Record $14.8 Billion Profit, Shell Tops Estimates
Exxon Mobil Corp. (XOM) set a U.S. profit record today (Thursday) when it announced its third quarter profit topped $14.8 billion on record-high oil prices.
Exxon Mobil, the largest U.S. oil company, earned $14.8 billion, or $2.86 per share, a 58% increase from the $9.41 billion, or $1.70 per share it earned in the third quarter of 2007. Exxon Mobil’s record-setting profit was enough to beat analyst expectations of $2.38 a share, according FactSet Research data.
Exxon Mobil beat its own record for the largest quarterly profit for a U.S. company, which it had previously set in the second quarter of…
31Oct2008 | Money Morning | Comments Off | Continued
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