Exxon, based in Irving, Texas has earned a spot as the largest publicly traded oil company in the world

2008-10-31 16:12:09 (GMT) (WiredPRNews.com - Business, News)

Wired PR News.com — Exxon Mobile reported their end of the quarter profits to be the highest ever for a U.S. corporation on Thursday. As reported by the Associated Press, the company’s $14.83 billion income topped their own previous record of $11.83 billion.

Exxon, based in Irving, Texas has earned a spot as the largest publicly traded oil company in the world. The company’s release of financial information also revealed decreases in shares and production in addition to the profit highs. One factor mentioned in the report that contributed to the revenue increase was the company’s sale of a German based natural gas transportation enterprise. The increase in oil prices earlier in the quarter was another factor.

The aftermath of the recent decreases in oil prices have caused some to wonder about the effect demand decreases, and a volatile market may have for the upcoming quarters. Smaller oil companies are preparing for possible future financial setbacks by cutting costs now. The effects are projected to be less major for large corporations like Exxon Mobile.

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Tiffany Cherry - WiredPRNews.com Press Release Reporter · Filed Under Business, News