Exxon Mobil breaks own record for profit
Exxon Mobil, the world’s largest publicly traded oil company, 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.
Fourth-quarter net income slid to $7.8 billion, or $1.55 a share, in the October-December period, the slimmest quarterly profit since 2005. The company earned $11.7 billion, or $2.13 a share, a year earlier.
Quarterly revenue fell 27 percent to $84.7 billion.
Chevron Corp. said Friday it earned $4.9 billion in the fourth quarter though revenue plunged 26 percent with oil prices in sharp decline. The second-largest U.S. oil company said it earned $2.44 per share in the three months ended Dec. 31, compared with $4.88 billion, or $2.32 per share, in the quarter a year ago.
Revenue fell 26.4 percent to $45.2 billion, from $61.4 billion.
Treasury prices fall as stocks head down
Treasury prices slid on Friday as stocks plummeted and investors worried that the financial sectors’ troubles will take longer to fix.
The benchmark 10-year Treasury note fell, and its yield rose to 2.84 percent from 2.81 percent.
The 30-year bond also rose, and its yield fell to 3.6 percent from 3.62 percent.