Record Earnings for Exxon

Exxon Mobil (XOM Quote) had the highest quarterly and annual profit ever reported by a U.S. company, and revenue for 2007 surged past the staggering $400 billion mark amid a steep increase in oil prices.

For the fourth quarter, Exxon earned $11.66 billion, or $2.13 a share, on revenue of $116.64 billion. In the same period a year earlier, the Irving, Texas, petroleum behemoth made $10.25 billion, or $1.76 a share, with revenue of $90.03 billion.

Exxon previously held the quarterly profit record of just above $10.7 billion, which it posted in the final quarter of 2005.

As for the full year, Exxon had earnings of $40.61 billion, up 3% from $39.50 billion in 2006. On a per-share basis, that equated to $7.28 in 2007, compared with $6.62 in the prior year.

Revenue last year climbed to $404.55 billion from $377.64 billion.

Analysts surveyed by Thomson Financial were looking for earnings of $1.95 a share in the fourth quarter and $7.12 for the year.

Shares of Exxon were gaining 1.6% to $87.76 in premarket trading Friday.