The AP reports, "Exxon Mobil Corp. on Friday reported a profit of $45.2 billion for 2008, breaking its own record for a U.S. company, even as its fourth-quarter earnings fell 33 percent from a year ago. The previous record for annual profit was $40.6 billion, which the world's largest publicly traded oil company set in 2007."
The numbers are staggering any way you look at them. The company pulled in $123,835,616.44 in a day, $5,159,817.35 in an hour, $85,966.96 per minute, or $1,433.28 per second.
It was more money than most experts expected the company to make. The AP notes, "Both the per-share and revenue results topped Wall Street forecasts. On average, analysts expected the company to earn $1.45 a share in the latest quarter on revenue of $69.1 billion, according to Thomson Reuters.
The Detroit Free Press explains, "The huge full-year profit wasn't a surprise given crude's rise during the first half of last year, peaking near $150 a barrel in July. Since then, prices have fallen roughly 70% amid a deepening global recession."
The jaw-dropping number comes despite a 26 percent revenue drop in the fourth quarter of the year, attributable to that sudden decline in oil prices. The New York Times reported, "After riding a tide of swelling earnings in recent years, the once high-flying oil sector is scrambling to adjust to a sharp downturn. Oil consumption is falling in all major developed nations as economies shrink and consumers cut back on spending."
Despite the long-term forecast, the price at the pump is on the way up at the moment, nearing a nationwide average of $2 per gallon. Research the best car deals with U.S. News' car rankings and reviews.