Filed under: Earnings reports, Analyst reports, Consumer experience, Exxon Mobil (XOM), Oil

Exxon Mobil (NYSE: XOM) has posted the largest profit by a US company in history. According to CNN Money, “Exxon Mobil made history on Friday by reporting the highest quarterly and annual profits ever for a US company, boosted in large part by soaring crude prices.”

Exxon, the world’s largest publicly traded oil company, said fourth-quarter net income rose 14% to $11.66 billion, or $2.13 per share. Exxon’s shares were up over 1% on the news.

Exxon already held the record, set in 2005 at $10.7 billion.

Not that the news is good for everyone. Record profits mean record crude prices and record prices for gas and oil products used by industry and consumers. It is not good news for the housing market or airlines. It is not good news for the auto industry or retailers who count on people having gas to drive to their outlets.

Exxon’s profits may actually be a negative indicator for the US economy. Exxon’s shareholders win, but anyone using oil products loses.

Douglas A. McIntyre is an editor at 247wallst.com.

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This entry was posted on Friday, February 1st, 2008 at 2:28 pm and is filed under Stocks Money News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.