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Exxon Mobil breaks profit record - again

2009-01-30 17:54:50 (GMT) (Caymanmama.com - Business News)

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Exxon Mobil Corp

Exxon Mobil Corp.  reported a profit of $45.2 billion for 2008 on Friday. This amount breaks the company’s own record for an American company.

Milwaukee, Wisconsin (CaymanMama.com) — The rich just keep getting richer and the poor keep getting poorer as Exxon Mobil Corp.  reported a profit of $45.2 billion for 2008 on Friday.

This amount breaks the company’s own record for an American company, in spite of the fact that its fourth-quarter earnings dipped 33 percent from one year ago.

The previous record set by the world’s largest publicly traded oil company was $40.6 billion, set in 2007.

According to the Associated Press, “Irving, Texas-based Exxon said net income slid sharply to $7.8 billion, or $1.55 a share, in the October-December period. That compared with $11.7 billion, or $2.13 a share, in the same period a year ago, when Exxon set a U.S. record for quarterly profit. It has since topped that mark twice, first in last year’s second quarter and then with earnings of $14.83 billion in the third quarter.”

As projected, Exxon Mobil’s overall revenue did slip in its exploration and production departments, as net income dropped 31 percent to $5.6 billion. The reason: crude prices at an all time low, which ExxonMobil said lowered earnings by $3.2 billion in the fourth quarter alone.



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