Oil superpower Exxon Mobil posted record numbers in 2008, with profits of $45.2 billion over the year. Despite a late-year plunge in oil prices that damaged the energy industry, Exxon finished on top, posting its highest-ever profits last week.
Skyrocketing summer oil prices were responsible for profits throughout the oil industry, with oil peaking at $147/barrel in July. Even when oil subsequently nosedived to sub-$40/barrel levels, the industry still retained record profits for the year.
Bloomberg reported that the combined revenues of Exxon Mobil and competitor Chevron surpassed the gross domestic product of all but 16 of the world’ nations.
Exxon’s Q4 profits of $7.82 billion were less than a third of last year’s profits during the same quarter.