Exxon Mobil today reported a quarterly profit of $10.7 billion to cap a year of record earnings dominated by surging oil and gas prices.
The results pushed up profit at the oil company for the year to a staggering $36.13 billion - bigger than the economies of 125 of the 184 countries ranked by the World Bank. Profit rose 42 per cent from 2004.
Exxon's fourth-quarter net income rose 27 per cent, to $10.71 billion, or $1.71 a share, from $8.42 billion, or $1.30 a share, a year earlier. Its fourth-quarter revenue jumped to $99.66 billion from $83.37 billion a year earlier. Analysts' average forecast was $101.29 billion.
Excluding a special gain, the company earned $1.65 per share. Analysts, on average, expected $1.45 per share, according to Reuters Estimates. Exxon shares were up 4 per cent at $63.75 in early trade on the New York Stock Exchange.
The company and its peers have been criticised for posting record earnings while consumers struggle with high gasoline prices.
Crude oil prices rose about 40 per cent last year, driven up by tensions in oil-producing countries such as Iran and Nigeria and tight supplies.
Still, Exxon's results showed evidence of some of the problems affecting large oil companies, which are struggling to raise output as they grapple with maturing fields and find it harder to access vast reserves in regions such as the Middle East and Russia.