Make us your home page

Exxon Mobil's 2009 profit of $19.42 billion off 56 percent from 2008

NEW YORK — Exxon Mobil Corp. said Monday its fourth-quarter net income fell 23 percent as the Irving, Texas, oil giant absorbed a loss in its refining operations, grew its revenue on higher oil prices and boosted production by increasing its spending on capital projects.

Exxon Mobil's profit fell to $6.05 billion, or $1.27 a share, from $7.82 billion, or $1.54 a share, in the year-ago period.

Revenue rose to $89.8 billion from $84.7 billion, as crude oil prices climbed from year-ago levels and production rose.

Exxon Mobil's largest unit, the upstream business specializing in production of oil and natural gas, earned $5.78 billion, a $146 million increase.

Meanwhile, Exxon's huge refining and marketing business swung to a fourth-quarter loss of $189 million from a profit of $2.6 billion a year earlier.

Exxon Mobil chief executive Rex Tillerson said the company faced "difficult global economic conditions" highlighted by "lower refining and fuels margins and lower natural gas realizations (that were) partly offset by higher crude-oil realizations."

For all of 2009, Exxon Mobil's annual profit fell 56 percent to $19.42 billion, from a U.S. record $44.06 billion in 2008.

Still, Exxon will remain the highest-earning company in the S&P 500 index, a rank it has held since 2000 after its acquisition of Mobil Corp. By comparison, Wal-Mart is expected to earn $14 billion for the fiscal year ended Jan. 31, while Microsoft earned $14.6 billion in the fiscal year ended in June 2009.

Exxon Mobil's 2009 profit of $19.42 billion off 56 percent from 2008 02/01/10 [Last modified: Monday, February 1, 2010 7:27pm]
Photo reprints | Article reprints

Copyright: For copyright information, please check with the distributor of this item, MarketWatch.

Join the discussion: Click to view comments, add yours

  1. 'Road to Nowhere' is back: Next phase of Suncoast Parkway coming


    Despite intense public opposition and dubious traffic projections, the Florida Department of Transportation has announced that construction of the toll road known as "Suncoast 2" is expected to start in early 2018.

    The Suncoast Parkway ends at U.S. 98 just south of Citrus County. For years residents have opposed extending the toll road, a project dubbed the "Suncoast 2" into Citrus County. But state officials recently announced that the Suncoast 2 should start construction in early 2018. [Stephen J. Coddington  |  TIMES]
  2. A sports rout on Wall Street


    NEW YORK — Sporting goods retailers can't shake their losing streak.

  3. Grocery chain Aldi hosting hiring event in Brandon Aug. 24


    BRANDON — German grocery chain Aldi is holding a hiring event for its Brandon store Aug. 24. It is looking to fill store associate, shift manager and manager trainee positions.

  4. Lightning owner Jeff Vinik backs film company pursuing global blockbusters


    TAMPA — Jeff Vinik's latest investment might be coming to a theater near you.

    Jeff Vinik, Tampa Bay Lightning owner, invested in a new movie company looking to appeal to a global audience. | [Times file photo]
  5. Trigaux: Look to new Inc. 5000 rankings for Tampa Bay's future heavyweights


    There's a whole lotta fast-growing private companies here in Tampa Bay. Odds are good you have not heard of most of them.


    Kyle Taylor, CEO and founder of The Penny Hoarder, fills a glass for his employees this past Wednesday as the young St. Petersburg personal advice business celebrates its landing at No. 25 on the 2017 Inc. 5000 list of the fastest growing private companies in the country. Taylor, still in his 20s, wins kudos from executive editor Alexis Grant for keeping the firm's culture innovative. The business ranked No. 32 last year. [DIRK SHADD   |   Times]