Exxon posts largest annual U.S. company profit, $40.6 billion in 2007

Exxon posts largest annual U.S. company profit

www.chinaview.cn 2008-02-02 16:58:05

BEIJING, Feb. 2 (Xinhuanet) --

Exxon Mobil Corp. posted the largest annual profit by a U.S. company — 40.6 billion U.S. dollars — on Friday as the world's biggest publicly traded oil company benefited from historic crude prices at the end of the year.

Exxon also set a U.S. record for the biggest quarterly profit, posting net income of 11.7 billion dollars for the final three months of 2007, beating its own mark of 10.71 billion dollars in the fourth quarter of 2005.

The previous record for annual profit was 39.5 billion dollars, which Exxon Mobil had in 2006. Crude prices reached an all-time trading high of 100.09 dollars on Jan. 3 but have fallen about 10 percent since then. Exxon Mobil produces about 3 percent of the world’s oil.

Also extraordinary was Exxon Mobil's revenue, which rose 30 percent in the fourth quarter to 116.6 billion dollars from 90 billion dollars a year ago. For the year, sales rose to 404.5 billion dollars — the most ever for the Irving, Texas-based company — from 377.64 billion dollars in 2006.

In addition to benefiting from higher commodity prices, the company said its results were evidence of a well-run, globally diverse operation that's investing billions to find more energy supplies. It noted that its capital and exploration spending amounted to nearly 21 billion dollars last year, up 5 percent from 2006.

Already, ConocoPhillips has said record oil prices at the end of 2007 helped it post a 37 percent increase in fourth-quarter profit, even as it produced less crude and natural gas than a year earlier. Its quarterly net income rose to 4.37 billion dollars versus 3.2 billion dollars a year earlier.

ConocoPhillips is the nation's third-largest integrated oil company behind Exxon Mobil and Chevron Corp.

Chevron reported separately Friday that its profit rose 29 percent in the fourth quarter, as surging prices for crude oil offset weak results from its refining business. It earned 4.88 billion dollars, or 2.32 dollars per share, from 3.77 billion dollars, or 1.74 dollars per share, a year earlier. Revenue rose 29 percent to 61.41 billion dollars from 47.75 billion dollars.

(Agencies)

Editor: Gareth Dodd

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