(11/01/2008)
With most of the USA economy in the basement, oil companies are doing well.

Exxon Mobil Corporation, the world's largest publicly traded oil company, has reported record-breaking income, even shattering its own record for the biggest profit from any U.S. corporation in history.

Exxon Mobil has earned $14.83 billion in the third quarter.

The profits come even though production numbers continue to sag.

The previous record for U.S. corporate profit was set in the last quarter, when Exxon Mobil earned $11.68 billion.

Revenue rose 35 percent to $137.7 billion.

Royal Dutch Shell PLC, Europe's largest oil company, said Thursday its third-quarter net profit jumped 22 percent from a year ago, also despite falling production.

Crude prices have tumbled from summer highs, and the global economic malaise has raised questions about energy demand at least into 2009.


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