Exxon Mobil posts record $45.2 billion profit

Oil giant breaks record for full-year earnings despite quarterly slump

The Associated Press, Jan. 30, 2009

HOUSTON - Exxon Mobil reported a profit of $45.2 billion for 2008 Friday, breaking its own record for full-year earnings by a public 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.

© 2009 The Associated Press. All rights reserved.

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