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.