Exxon Mobile breaks profit records

IRVING, Texas, Feb. 1 (UPI) -- Exxon Mobil Corp. posted $11.66 billion in fourth-quarter profits in 2007, breaking its quarterly profit record.

Income for the company was 14 percent above fourth-quarter income in 2006, when the company posted profits of $10.25 billion. Earnings per share rose from $1.69 per share in the fourth quarter of 2006 to $2.13 per share in 2007.

Exxon Mobil distributed $35.6 billion to shareholders in 2007 through dividends and share purchases to reduce shares outstanding, up from $3 billion in 2006, financial statements released by the company Friday show.

Cash flow from operations and asset sales reached $13.1 billion in the fourth quarter; spending on capital and exploration reached $6.2 billion, up 21 percent from the fourth quarter of 2006.

Spending on exploration projects and other capital assets increased to $20.8 million in 2007, up 5 percent from 2006.

The figures reflect, "strong results in all business segments," Exxon Mobile Chairman Rex W. Tillerson said.

Boosting the company's profits, oil production at the Marimba North Project, 90 miles off the coast of Angola, is yielding 40,000 barrels of oil per day. Production began ahead of schedule and came in under its budgeted cost, the statement said.