Exxon Mobil posts $40.6 billion annual profit, breaks record for largest annual profit by a U.S. company Options

[dauss]

http://www.msnbc.msn.com/id/22949325/

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

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, 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.

[Spectatrix]

While the rest of the economy goes down... oil keeps going up.

Oh well, at least it means my boyfriend's dad has job security.

[impala454]

I guess dauss has no thoughts about it

I wish I would have thought of this "oil" stuff

[theIncredibleEdi...]

I need to leave Citgo and go to Exxon!!

[Hartmann]

And some news from the Canadian front... When Saskatchewan is adequately surveyed (sometime soon), they will overtake Saudi Arabia as the home of the largest known crude reserves.

If anyone needs a job, one of our clients is hiring and electricians start at $100k / year. Of course you have to live in Alberta.

[theIncredibleEdi...]

And some news from the Canadian front... When Saskatchewan is adequately surveyed (sometime soon), they will overtake Saudi Arabia as the home of the largest known crude reserves.

If anyone needs a job, one of our clients is hiring and electricians start at $100k / year. Of course you have to live in Alberta.

ANy other positions open? LOL

[Dogmeat]

I still think it's funny how negativley the press portrays Exxon.

When was the last time you read this article about Saudi Aramco?

The entire fucking point of the Exxon - Mobil merger in the 90's was to be able to compete with Saudi Aramco.

[Billy]

Woot!

[Testm0nkey]

my dad works for shell they had some sort of record profit in his division last year so they fired all the little old ladies that worked there as temps and mail people and super streamlined the office building! lollllllllls nordes. that almost made him quit

[moebary]

And some news from the Canadian front... When Saskatchewan is adequately surveyed (sometime soon), they will overtake Saudi Arabia as the home of the largest known crude reserves.

If anyone needs a job, one of our clients is hiring and electricians start at $100k / year. Of course you have to live in Alberta.

if I was an electrician I'd do it. I lived in Alberta for ~4 years, maybe a little more and I liked it up there.

[Dogmeat]

Personally I hope gas hits $10 a gallon as soon as the next president gets into office, because the next president will be a democrat, and then they'll flail about blaming "big oil", it won't do any good whatsoever, and then the public will hate them and we can get somone who has an energy policy back in office.

[Spectatrix]

If the next president supports the hydrogen or ethanol "economies", I'm gonna scream. They're both unfeasible. AND ETHANOL GETS CRAPPY MILEAGE.

Tired of my fucking gas being diluted by that crap just so it's 20 cents per gallon cheaper. Need to get myself some damn acetone...

This post has been edited by Spectatrix: Feb 2 2008, 11:01 AM

[Dogmeat]

If the next president supports the hydrogen or ethanol "economies", I'm gonna scream. They're both unfeasible. AND ETHANOL GETS CRAPPY MILEAGE.

Tired of my fucking gas being diluted by that crap just so it's 20 cents per gallon cheaper. Need to get myself some damn acetone...

You have no idea how much I hate ethanol. I have to drive around from gas station to gas station usually trying to find one that doesn't have the "This fuel contains %10 ethanol" sticker on it so I can actually fuel up my snowmobile.

The oxygenated blend fuel is HORRIBLE on high-compression motors.

I'm seriously thinking about just saying fuck pump gas and shaving even more off the head and bumping my compression ratio to like 14:1 and just running 110 octane race gas at $5.00 a gallon all the time.

heh

At least then I won't have to worry about quality of fuel ...

[Hartmann]

Yeah the ethanol blended stuff sucks. The MPG is terrible and is just as bad for the environment (if not worse). Now we're seeing the effect of using food as the ethanol source, the price of beef and certain foods is significantly up.

[dauss]

There's a good following for E-85 as race fuel because it's cheap, and the octane is very high. It also runs cooler than gasoline so you can run more aggressive timings and compression because it's nearly impossible to knock. I've seen many dyno charts of cars getting 13%+ more horsepower and 15%+ more torque with just a E-85 tune. Obviously you have to have the support mods like new fuel pump, injectors, exhaust, piggyback or standalone ECU and a protune.