Oil giant ExxonMobil has set a new record annual profit for a US company with 2007 earnings of $40.6 billion, helped by surging prices for crude.
The net profit was 3% higher than a year ago when the biggest US oil and gas firm reported a 2006 annual profit of $39.5 billion. Earnings per share jumped by 10% to $7.28, reflecting a programme of share buybacks.
For the fourth quarter, the Texas-based company also posted a record net profit of $11.6, up 14% from the same period in 2006.
The record profits came as the oil giant's production fell slightly amid soaring crude prices on strong global demand, particularly from fast-growing emerging economies such as China and India.
