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Displaced as Corporate Enemy No. 1 — thank you, Wall Street bankers! — Exxon Mobil regains the Fortune 500’s No. 1 slot this year, despite the sharp fall in oil prices. Indeed, if the fourth quarter of 2008 demonstrates anything, it’s that Exxon Mobil is perfectly capable of making billions of dollars even with oil at $50 a barrel or less. – From CNN
Profits fell 33%! Oh my. Perhaps we need to give them a bailout. Or maybe they can give us a bailout.
Exxon Mobil Corp. on Friday 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. The previous record for annual profit was $40.6 billion, which the world’s largest publicly traded oil company set in 2007. – From MSNBC
Exxon Mobil reported the largest annual profit in U.S. history Friday, making $45.22 billion on the back of record oil prices. But Exxon’s quarterly profit fell over 33%, as crude prices dropped precipitously in the last quarter as recession spread through the globe. Exxon (XOM, Fortune 500), the world’s largest publicly traded oil company, made $7.82 billion in the fourth quarter on revenue of $84.7 billion. On a per share basis, the company made $1.55, beating analysts’ estimates of $1.45 a share. – From CNN
Exxon Mobil, the world’s largest publicly traded oil company, said Friday that its fourth-quarter income fell 33 percent as oil prices declined. But in a year where oil rose to a record before having its steepest-ever collapse, Exxon still managed to set a record as the most-profitable American corporation. The company earned $45.2 billion in 2008, up from $40.6 billion in 2007. – From NY Times