Riding the crest of a wave of rapidly increasing crude oil prices, Exxon Corporation raked in record-breaking profits for an American company during the last quarter of 2007. The petroleum giant was also the holder of the previous record.
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. The company earned $10.25 billion, or $1.76 per share, in the year-ago period.
The profit topped Exxon's previous quarterly record of $10.7 billion, set in the fourth quarter of 2005, which also was an all-time high for a U.S. corporation. 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. The company earned $10.25 billion, or $1.76 per share, in the year-ago period.
If the Board of Directors is still not satisfied with what the company is making (after all, there's always room for improvement), they could close a couple refineries and create a shortfall that way. Then they could charge us more money for less production. It wouldn't be the first time.
All this makes Exxon CEO Lee-boy Raymond very happy.
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