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Exxon profit tops $41-billion, up 35%

01 February 2012 09:26 (UTC +04:00)

Baku - APA-Economics. ExxonMobil had the largest profits of the Big Five oil companies in 2011, raking in $41.1 billion for the year. This 35 percent jump from last year is driven in large part by record-high oil prices. Today, the oil giant announced its fourth quarter profits of $9.4 billion, a 2 percent increase since 2010.

The worldâ€™s largest publicly traded oil company spent a record $36.8-billion on exploration and capital development last year, even as it allocated $29-billion to dividends and share buybacks to benefit shareholders directly.

Note that, Exxon Corporation, also known as (until 1972) Standard Oil Company (New Jersey), former oil and natural resources company that merged with Mobil Corporation as Exxon Mobil in 1999. The former Exxon company was founded in 1882 as part of the Standard Oil trust