Exxon Mobil shatters US record for annual profit

Exxon Mobil shatters US record for annual profit

news.yahoo.com

HOUSTON – 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.

(visit the link for the full news article)

I would like to nominate this quote for "The Understatement of the Year Award"

"With piles of cash and diversified operations, the majors like Exxon Mobil have fared better than many smaller oil and gas companies, but Friday's results show no one is completely insulated from the ongoing malaise."

That is the funny part of this article. After talking about setting record breaking profits the article goes on to say how the price of oil has dropped 60% forcing "some layoffs". Then they go on to mention how Exxon "took a beating" from it's "exploration and production" expenses!


news.yahoo.com
(visit the link for the full news article)

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