Exxon Mobile reports record profit

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Posted: 11:33 AM Oct 30, 2008 Exxon Mobile reports record profit Exxon Mobil reports a record profit of $14.8 billion dollars in the third quarter, benefiting from the peak in oil prices seen in the summer. Reporter: ASSOCIATED PRESS

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October 30, 2008

HOUSTON (AP) -- Exxon Mobil reports a record profit of $14.8 billion dollars in the third quarter, benefiting from the peak in oil prices seen in the summer.

It had held the earlier record as well.

Exxon said net income surged nearly 58 percent to $2.86 a share in the July-September period. The previous record for U.S. corporate profit was set in the previous quarter by Exxon Mobil's nearly $11.7 billion dollars.

Excluding one-time items, the third-quarter earnings were nearly $13.4 billion.

Crude prices have dropped about 50 percent from the record in mid-July.

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Source: U.S. Department of Energy