HOUSTON, Feb. 1, 2008
Exxon Mobil Makes Monster Profit
Oil Giant Raked In $40.6B In 2007 - Biggest Annual Profit In History For U.S. Company
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Photo
(AP / CBS)
Exxon Mobil also set a U.S. record for the biggest quarterly profit, posting net income of $11.7 billion for the final three months of 2007, besting its own mark of $10.71 billion in the fourth quarter of 2005.
The previous record for annual profit was $39.5 billion, which Exxon Mobil reported for 2006.
The eye-popping results weren't a surprise given record prices for a barrel of oil at the end of 2007. For much of the fourth quarter, they hovered around $90 a barrel, more than 50 percent higher than a year ago.
Crude prices reached an all-time trading high of $100.09 on Jan. 3 but have fallen about 10 percent since.
The record profit for the October-December period amounted to $2.13 a share versus $1.76 a share in 2006. Year-ago net income was $10.25 billion.
Also extraordinary was Exxon Mobil's revenue, which rose 30 percent in the fourth quarter to $116.6 billion from $90 billion a year ago.
For the year, sales rose to $404.5 billion - the most ever for the Irving, Texas-based company - from the $377.64 billion it posted in 2006.
In a statement, Exxon Mobil Chairman Rex Tillerson said the company continued to meet the world's energy needs through its "globally diverse resource base."
"Our long-term investment program, in projects often far from major consuming nations, continued to provide resources essential to the increasingly interdependent global energy supply network," Tillerson said.
Exxon Mobil produces about 3 percent of the world's oil.
© MMVIII The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.



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See all 161 CommentsNow the filthy rich oil tyrants will be able to buy more jumbo jets, gold toilets, and million dollar chandeliers.
They wipe their behinds with $1,000 bills while we bend over and take it up the rear.
God bless corporate greed!
The worst is not over, the billionare hording club will spawn corporate monopoly (Gates is making his move), lower wages, layoffs, law enforcement corruption, food shortages, and wars (people are starving to death as we speak - Haiti poverty is eating mud pies (dirt, shorting, and salt).
Find that really strange when Gates supposely donated million to Africa (probably want to coernstore the precious metals market).
All this falls into the plan of the Great Emperor who follows the philosphy of "Ferengi" economics which primarily states "Where''s the PROFIT in it FOR ME???"!
As far as what Exxon-Mobil will do with its huge wealth, it is extremely doubtful that it and other BIG OIL companies realizing such profits will re-invest the money into upgrading their infrastructures or exploring alternative "greener" forms of energy.
Instead, it is expected that Exxon-Mobil will give their corporate management huge pay raises, bonuses and additional "perks" for a "job well done in cheating the consumer" and will continue to inflate oil prices to achieve even greater profits and higher levels of GREED!!!!!!
As stated, the Great Emperor Bush II is very pleased, and he could care less what consumers think!!!
SIG HEIL, BUSH!!!!!
Actually they have been given so many tax breaks they are not paying much in taxes at all. With a Republican oil administration it is all one way. Our tax dollars fund troops that protect their oil fields, pay grants they get for research and we do not get anything back. Once we have a dem pres as well as a majoirty in both houses that will all change. Better sell your exxon stock now.
Posted by killtheliars at 09:48 AM : Feb 01, 2008
That 40.6 billion is after they pay their bills the cash flow is a lot more.
Just think you and I pay over 3 dollars per gallon of gas. Your electric bill is probably 40 percent higher now.
Thank you Republicans want to bet you never see power again in our life time.
This is a bill the Cheney Energy Bill, that Obama actually showed up for, pushed the right button and voted Yeah for energy company tax giveaways......and against America
Hillary voted Nay and for the American People
How much would it cost to bring out smarter stoplights? Ones with sensors that change the lights quicker when there is no traffic coming the other way. The switch would be simple. How about we make big oil give up some of these record profits to invest in better and more available public transportation.
Bush asks the Saudis to lower oil prices but there it remains. Just words. None of our present or future leaders are talking or taking any real action.
Just remember what goes up must come down.
Just don''t dry for a government bailout when a breakthrough in energy technology hits the market.
Voters of America, there is an election next year, if your Senator or Congressional representatives are not doing their job (WHICH IS REPRESENTING YOU) get them out of office.
HAS YOUR PAYCHECK GONE UP 300%
They both cleared $40,000,000,000.00 in profits last year.
70% of the pot went to school kids
Both have a similar way of dealing with addictions.
Ruthless drug dealers and oil companies acting the same? Who Knew!
There will come a fiscal crisis and this is the logical response.We need money for troops and social services(millions of baby boomers who retire).
On the other hand, maybe, just maybe, all of the idiots out there who voted for the idiot-in chief will come to their senses. But don''t count on it.
Posted by gunownerdan
The Bible did warn: "The root of ALL EVIL is avarice." The greedy pastors will use the interpretation, "the love of money is the root of all evil," that is before and after they take your last dollar.
I am not very religious but I can see where the world especially American Businesses are leading us right to revelations.
Posted by mediapreachr
Keep dreaming, most regional utility companies are already corporate monopolies. The pigs are already porking everyone.
Posted by marcpcbs
Oil corporation give reason for drug demand.
There are several reasons why the youth of today turn toward drugs, but the primary motive for drug abuse is to easy their personal depression. The present economic senario gives good reason for the drug dealers to get rich.
It''s getting to where it''s either the oil companies run America or America needs to run the oil companies.
We should nationalize them and split them up and spit them back out as littler ventures that actually compete.
Posted by tejasdemo
With pure colombian coke and a fresh *** every night - no shame.
Most corporations don''t give ethics or character a thought, CEO''s motto "CASH, CASH, CASH, nothing else matters."
I think I can see the future so I predict: Gas prices will continue to rise, the consumer will scream and then Congress will look into price gouging charges against the oil companies to calm the comsumer and then declare to find no proof of it.
Hummm, maybe I am not predicting the future, just reliving the past several years. OMG I must be cought in some kind of time loop. The same thing keeps happening each spring and fall.
and so did Haliburton;
and so did Blackwater;
and so did the Bush Crime Family;
and so did all the churchs that got their mindless
congregations to vote for Bush.
Bu$h stands to collect his royal AssKissing, while Americans shuffle off to borrow money to drive to work...
The Cheney Secret Energy Plan worked!
Where the h@ll is our anti-trust enforcement!!!!??
IMPEACH BUSH CHENEY NOW!!
NATIONAL STRIKE, TAKE BACK THE COUNTRY!
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