Exxon Posts Historic Profits

No US company has ever made more money, quarterly or annually
By Kevin Spak,  Newser Staff
Posted Feb 1, 2008 8:00 AM CST
Kristen Whitman, left, and Jeffrey Jacoby yell while protesting before the start of the Exxon Mobil shareholders meeting in Dallas in this May 30, 2007 file photo. (AP Photo/LM Otero, file)   (Associated Press)
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(Newser) – Exxon Mobil today reported the biggest quarterly and annual profit in US history, the Wall Street Journal reports, as record oil prices propelled net income up 14%, to $11.66 billion, or $2.13 per share. That topped analyst estimates, and investors rushed to the stock in pre-market trading. Annually, the company posted profits of $40.6 billion, again besting its own record.

Exxon’s production actually fell 6.8%, to an average of 2.52 million barrels a day, but prices rose so explosively that production division earnings were up 33%. “If we see more results like this, I think we're going to see a stirring up in Congress among people who feel these guys are getting away with murder,” said one Exxon trader.