Exxon Mobil's 2006 profits up at $39.5 billion

After Shell's announcement of record profits in 2006 on the back of surging oil prices during 2006, the world's largest oil company Exxon Mobil, has announced the highest-ever annual profit by a US company.

Its 2006 net profit totalled $39.5 billion (Rs 174,234.5 crore) on revenues of $377 billion. The profit rise represented a 9 per cent rise on its 2005 profits $36.1 billion on revenues of $286 billion.

Global oil prices touched a peak of $78 a barrel before declining to under $60 towards the end of December leading to a decline pf 4.3 per cent in Exxon's profits for the October to December to $10.3 billion from $10.7 billion a year ago.

The oil giant's profits in 2006 were 69 per cent higher than those of its European rival Royal Dutch Shell.