Exxon Mobil Corp. posted the largest annual profit by a U.S. company, $40.6 billion, on Friday

Exxon Mobil Corp. posted the largest annual profit by a U.S. company, $40.6 billion, on Friday as the world’s biggest publicly traded oil company benefited from historic crude prices at the end of the year. Exxon also set a U.S. record for the biggest quarterly profit, posting net income of $11.7 billion for the final three months of 2007, beating its own mark of $10.71 billion in the fourth quarter of 2005. The previous record for annual profit was $39.5 billion, which Exxon Mobil had in 2006. The eye-popping results weren’t a surprise given record prices for a barrel of oil at the end of 2007. For much of the fourth quarter, they hovered around $90 a barrel, more than 50 percent higher than a year ago.