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Exxon Mobil (NYSE: XOM) has posted the largest profit by a US company in history. According to CNN Money, "Exxon Mobil made history on Friday by reporting the highest quarterly and annual profits ever for a US company, boosted in large part by soaring crude prices."
Exxon, the world's largest publicly traded oil company, said fourth-quarter net income rose 14% to $11.66 billion, or $2.13 per share. Exxon's shares were up over 1% on the news.
Exxon already held the record, set in 2005 at $10.7 billion.
Not that the news is good for everyone. Record profits mean record crude prices and record prices for gas and oil products used by industry and consumers. It is not good news for the housing market or airlines. It is not good news for the auto industry or retailers who count on people having gas to drive to their outlets.
Exxon's profits may actually be a negative indicator for the US economy. Exxon's shareholders win, but anyone using oil products loses.
Douglas A. McIntyre is an editor at 247wallst.com.
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Reader Comments (Page 1 of 1)
2-01-2008 @ 12:41PM
AaronUofA said...
This really pisses me off. If we are taking it up the ass at the pump, it should only be a result of their costs being passed down. Record profits do not support that assumption. The next person i see wearing a shirt with the Exxon logo is going to get a swift kick in the nuts!
2-01-2008 @ 1:52PM
ChamberPost said...
They are making about 10% on their revenue. Respectable, certainly, but not mind blowing.
More perspective: http://www.chamberpost.com/2008/02/some-perspectiv.html
2-01-2008 @ 5:32PM
Bob Keenan said...
As a longtime shareholder I am disappointed that Exxon has not increased the dividend substantially or split the stock. They are long overdue. Let us share the wealth.
2-05-2008 @ 1:54PM
gb moseley said...
yes we need a split for cvx and xom now!!!!!
2-13-2008 @ 11:14AM
sec said...
As an employee of this Giant where is my share of the profit.
3-02-2008 @ 9:14PM
jonathan said...
Actually - if you look at the profit reports (like on google finance for example) - you'll notice that the big gas companies could EASILY have afforded to keep gas prices at or below 1995 levels (what's that - like BELOW a buck a gallon??) while still maintaining very healthy profit margins compared to any point in their history.
It's just commerce. They wanted to see how much they could make off us. We keep buying it - so the prices AREN'T going down until we stop!
I believe blaming oil prices is really putting the cart before the horse. Per barrel oil prices are going up because the gas companies are making OBSCENE profits and can afford oil at that price.