Exxon Reports Record 2008 Earnings

"ExxonMobil’s full year 2008 earnings excluding special items were a record $44,060 million, up 8% from 2007. Earnings per share excluding special items were up 16% reflecting the benefit of the share purchase program. Net income of $45,220 million in 2008 was also a record, up 11% from 2007. Net income included an after-tax special gain of $1,620 million from the sale of a natural gas transportation business in Germany and after-tax special charges of $460 million related to the Valdez litigation.
"ExxonMobil’s financial strength continued to support its disciplined capital investment approach in the midst of a growing global economic slowdown. Capital and exploration project spending increased to $26.1 billion in 2008, up 25% from 2007. Through these investments we continued to demonstrate our long-term focus throughout the business cycle.
"The Corporation distributed a total of $40.1 billion to shareholders in 2008, up 12% or $4.4 billion from 2007. This reflects a 13% increase in per share dividends versus 2007 and an overall reduction in shares outstanding of 7.5%.
"ExxonMobil’s fourth quarter earnings excluding special items were $7,820 million, a decrease of 33% from the fourth quarter of 2007. Weaker crude oil prices, higher operating expenses, lower chemical volumes and the impact of the Gulf Coast hurricanes were partly offset by higher downstream margins.”