January 30, 2009
Exxon Mobil net income hits $45.22 billion
U.S. oil giant Exxon Mobil said annual net earnings rose 11 percent to $45.22 billion, despite a 33 percent drop in fourth quarter earnings to $7.82 billion.
The yearly profit was a record for a U.S. corporation, topping the $40.61 billion Exxon Mobil made a year ago.
Earnings were hit by a $570 million charge related to damage and slower production caused by Hurricanes Gustav and Ike, the report said.
Exxon Mobil distributed $40.1 billion to shareholders in 2008, up 12 percent from 2007.
Weaker crude oil prices, higher operating expenses, lower chemical volumes and the impact of the Gulf Coast hurricanes were partly offset by higher downstream margins, Chairman Rex Tillerson said in a statement.