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Exxon reports record profits
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POSTED: Friday, January 30, 2009 - 12:47pm
UPDATED: Thursday, April 8, 2010 - 1:42am
HOUSTON (AP) - 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 Irving, Texas-based 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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Go Exxon!!!! This company has grown and prospered due to good, aggresive management. They have practiced sound business practices since early on, and serve as an example of what can happen in a country with a free enterprise system. Guess who gets the revenue from the oil and gas from Russia and other communist or socialist countries. The money they make goes right back into our economy and most Americans will be affected direcdtly or indirectly by thier profits. Don't hear much about why Wal-Mart makes so much money. Think about it.......
I think the Goverment should put a Cap on them and have them put 95% of their earning's into the Economy since the Economy right now is so low and this might be a good idea so the Ececutives will not buy a 40 million dollar jey they don't need
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