Exxon sets record with $40.6 billion US annual profit

Associated Press | February 1

CBC - Exxon Mobil Corp. posted the largest annual profit by a U.S. company Friday — $40.6 billion US — as the world's biggest publicly traded oil company benefited from record-high crude prices at year's end.

Exxon also set a United States record for the biggest quarterly profit, posting net income of $11.7 billion for the final three months of 2007, beating its own mark of $10.7 billion in the fourth quarter of 2005.

The previous record for annual profit was $39.5 billion, which Exxon Mobil made in 2006.

Leaftree February 1, 2008 - 9:57pm

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( categories: News | Global Energy )

Slightly over 10% of gross revenues.

Not outrageous, IMHO. If you sell 100 widgets at $1.10 that cost you $1 apiece to produce or purchase, your gross profit is $10. If you sell 100 million of those widgets, your gross profit is $10,000,000. That's a big pile of cash, but it's still just a 10% markup over cost.

Disclaimer: it's late and I've been drinking. I'm sure I mixed my margin/markup concepts. Please forgive me. I did work in distribution for many years but I'm older and more buzzed now.

Lord knows, I'm not defending the profits of any energy company. But news reports that state the gross profit dollars are like empty calories. I had this arguement with my wife this evening. I did not convince her.

_{Turn back to the Constitution - and READ it.}

Rick February 2, 2008 - 12:30am

With people

struggling or freezing because of horrendous heating bills it is hard to not find 40bn dollar profit obscene.

Tina February 2, 2008 - 12:50am

Hey Rick,

feeling okay?