Exxon Scores Largest Profit

Exxon Mobil reported the largest profit in the history of the world.Q3's record oil prices helped the Irving,Texas firm achieve a 58% increase in net income,to 14.83 billion dollars.The increase amounted to 2.86 a share.Revenue was 137.74 billion,up from 103.34 billion year over year.Exxon(XOM) plans to maintain current production levels,although the targets will be reviewed in March of 2009.It intends to spend 30-40 billion a year on exploration.The recent slump in demand,as well as down time for maintenance,are expected to cut Exxon's Q4 earnings by about 0.5 billion dollars.