Exxon Mobil Earnings Report - KTRE.com | Lufkin and Nacogdoches, Texas

Exxon Mobil Earnings Report

HOUSTON (AP) - Exxon Mobil is reporting a profit of $45.2 billion for 2008, breaking its own record for full-year earnings by a U.S. company, but fourth-quarter profits tumbled 33 percent.      

The fourth-quarter decline is not a surprise with oil's swift 60 percent plunge in the final three months of the year.      

The previous record for annual profit was $40.6 billion, which Irving, Texas-based Exxon Mobil set in 2007.      

Crude prices began the year by passing the $100 mark and by July neared $150 per barrel. Since then, however, prices have fallen roughly 70 percent amid a deepening global economic crisis.            

(Copyright 2009 by The Associated Press.  All Rights Reserved.)

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