Monday, Jul 25, 2016
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Exxon Mobil shatters U.S. record for annual profit

HOUSTON Exxon Mobil is reporting a profit of $45.2 billion for 2008, breaking its own record for full-year earnings by a U.S. company, but fourth-quarter profits tumbled 33 percent.

The fourth-quarter decline is not a surprise with oil s swift 60 percent plunge in the final three months of the year.

The previous record for annual profit was $40.6 billion, which Exxon Mobil set in 2007.

Crude prices began the year by passing the $100 mark and by July neared $150 per barrel. Since then, however, prices have fallen roughly 70 percent amid a deepening global economic crisis.

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