EXXON GETS RICHER AS I GET POORER – POOR INSITE!

HOW ARE YOUR EARNINGS THIS FOURTH QUARTER?

Exxon Mobil Corp. posted the largest annual profit by a U.S. company — $40.6 billion — 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 for the final three months of 2007, beating 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 had in 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 then. 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 $377.64 billion in 2006.