Exxon Mobil has repeatedly broke profit-making records amid rising concern for the economy and the environment.
Resilient and ultimately morally bankrupt, international oil darling Exxon Mobil has managed to take the 2008 medal for most profitable American corporation, despite a 33 percent fall in fourth-quarter earnings.
The New York Times:
Exxon Mobil, the world’s largest publicly traded oil company, said Friday that its fourth-quarter income fell 33 percent as oil prices declined.
But in a year where oil rose to a record before having its steepest-ever collapse, Exxon still managed to set a record as the most-profitable American corporation. The company earned $45.2 billion in 2008, up from $40.6 billion in 2007.
After riding a tide of swelling earnings in recent years, the once high-flying oil sector is beginning to scramble to adjust to a sharp downturn.
Oil prices have dropped more than 70 percent since peaking above $145 a barrel in July. After averaging $100 a barrel in 2008, oil prices are set to decline for the first time this year since 2001.