Record Profits from Exxon Mobil
Oil giant Exxon Mobil reports $40.6bn net profits in 2007, a record for a US company. Its production was up 1% in the last quarter, despite losing its Venezuela oilfields to the government there. This follows on from Royal Dutch Shell's $22.6bn record for a UK company.
Clearly the high crude price is giving the oil companies soaring profits, and the seemingly endless demand should ensure that this picture continues for some time to come.
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