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Exxon Mobil Makes Monster Profit
Key Excerpts from Article on Website of CBS News
Posted: February 17th, 2008
http://www.cbsnews.com/stories/2008/02/01/business/main37779...
Exxon Mobil Corp. [has] posted the largest annual profit [ever] by a U.S. company - $40.6 billion. Exxon Mobil 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. 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. Exxon Mobil produces about 3 percent of the world's oil.
Note: How strange that they don't even mention that high pump prices is what fed these huge profits? If they are making such "monster" profits, why do they make the public pay such high gasoline prices?
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