Feb 01
Exxon, Chevron Post Record Profits
Houston, Texas — Feb 01, `08 — Beating its own record to rack up the largest annual corporate profit in American history, Exxon Mobil said Friday it earned $40.6 billion for the year, reaping the benefits of crude-oil prices around $100 a barrel.
Exxon Mobil also topped its own record for profit in a single quarter, posting net income of $11.7 billion for the final three months of the year — about $1 billion more than the same period in 2005, the previous quarterly record.
The annual profit was enough, at $3 a gallon, to buy nearly four 15-gallon fill-ups for the roughly 243 million registered passenger vehicles on American roads. Put another way, it’s almost equal to what Microsoft has offered to buy Yahoo outright.
Chevron, No. 2 behind Exxon Mobil among U.S. oil companies, also had its best year ever in 2007, saying Friday that it banked a profit of $18.7 billion.
The backlash against the oil industry, which has periodically intensified as gasoline prices have risen in recent years, was predictably swift on Friday.
One advocacy group, the Foundation for Taxpayer and Consumer Rights, called the profits “unjustifiable.” Some politicians said Congress should rescind the tax breaks awarded two years ago to encourage oil companies to boost their investments in the United States and increase domestic production.
“Congratulations to Exxon Mobil and Chevron — for reminding Americans why they cringe every time they pull into a gas station,” said Senator Charles Schumer, Democrat of New York.
June 26th, 2008 at 10:56 AM
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