ExxonMobil Breaks Annual Profit Record

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ExxonMobil Breaks Annual Profit Record

IRVING, Texas -- Exxon Mobil Corp. reported a profit of $45.2 billion for 2008, breaking its own record for a U.S. company, even as its fourth-quarter earnings fell 33 percent from a year ago, according to The Associated Press.

The previous record for annual profit was $40.6 billion, which the world's largest publicly traded oil company set in 2007.

The strong results reported by ExxonMobil were hardly a surprise given the triple-digit price increase of crude oil for much of 2008. However, after peaking at $150 per barrel in July, oil prices have plunged roughly 70 percent amid the global economic recession.

ExxonMobil has come a long way in a short time. The company's annual report for 2000 -- one year after Exxon and Mobil merged in November 1999 -- saw annual revenue of $228 billion, with a net income of $17.7 billion.