Exxon Posts Historic Profits

Exxon Mobil today reported the biggest quarterly and annual profit in US history, the Wall Street Journal reports, as record oil prices propelled net income up 14%, to $11.66 billion, or $2.13 per share. That topped analyst estimates, and investors rushed to the stock in pre-market trading. Annually, the company posted profits of $40.6 billion, again besting its own record.

Exxon’s production actually fell 6.8%, to an average of 2.52 million barrels a day, but prices rose so explosively that production division earnings were up 33%. “If we see more results like this, I think we're going to see a stirring up in Congress among people who feel these guys are getting away with murder,” said one Exxon trader. (More ExxonMobil stories.)