Exxon Mobil's Shiny Quarter

Exxon Mobil(XOM),the largest western oil company,has reported brilliant results for the fourth quarter of 2007.The Irving,Texas firm has again justified its reputation for superb management.It's 11.7 billion dollar profit was the biggest in U.S. corporate history.Year over year,it posted a 40.6 billion profit.Its revenue was 116 billion.The money was made on higher oil and natural gas realizations,amounting to per share earnings that were 15 cents above estimate.Exxon even made money on downstream refinery operations at a time of rising costs.It bought back 88 million shares to stabilize prices,but also had to pay 30 billion in taxes.By some calculations,Exxon may no longer be the world's largest oil company.Petro China(PTR) is theoretically greater in terms of market capitalization,being worth an estimated one trillion dollars.China has dismissed such speculation,as it has no intention of relinquishing its control of PTR.The Chinese system is not equivalent to western capitalism,within which Exxon works.At any rate,the stupendously successful Exxon isn't concerned about such chatter.Among western oil companies,BP ranks second,while Royal Dutch Shell(RDSa) is third and Chevron(CVX) is fourth.Goldman Sachs(GS) says oil will be higher in 2008,with an average price of 95.00 U.S. a barrel.To ensure future production,Exxon is exploring several blocks off the coast of Libya for oil and gas deposits.Some of them are in deep water.At the same time,it is using Enhanced Oil Recovery technology at the mature Means Field in west Texas to greatly increase the field's output.As well,advanced 3-D seismic imagery of a Gulf of Mexico resivoir revealed new hydrocarbon deposits,which more than doubled production rates.In Colorado's Piceance Basin,advanced technology is allowing Exxon to unlock natural gas buried in rock up to 16,000 ft./4876.8 m deep.Shares of XOM were down in early European trading this morning.