Oil giant Exxon continues to post record profits; Chevron climbs

Business Materials 1 February 2008 20:53 (UTC +04:00)

( dpa ) - The world's largest oil company Exxon Mobil Corp on Friday posted the largest annual profit in US history as record high oil prices caused a surge in fourth quarter earnings.

Net income climbed 14 per cent to 11.7 billion dollars in the quarter, the Houston, Texas-based company said. Revenue for the quarter surged nearly 30 per cent to 116.6 billion dollars.

For the year, profit rose 3 per cent to 40.6 billion dollars - breaking Exxon's own record-setting year of 2006 - and revenue was up 7 per cent to 404.6 billion dollars.

The US' second-largest oil firm Chevron Corp also posted record profit for the year of 220.9 billion dollars, up 5 per cent from 2006. Net income for the fourth quarter was reported at 4.9 billion dollars, a 29-per-cent increase on the year-earlier period. Revenue in the quarter also climbed 29 per cent, to 61.4 billion dollars, the San Ramon, California-based company said Friday.