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Exxon sets new profit record

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HOUSTON (AP) ? Oil giant Exxon Mobil topped its own record for the biggest annual profit by a U.S. company last year, racking up earnings that amounted to $4.5 million an hour for the world’s largest publicly traded oil company.

It reported the record net income ? $39.5 billion ? despite a 4 percent drop in earnings in the final three months of 2006, as prices for oil and natural gas fell from extraordinary levels earlier in the year.

Lower commodity prices may linger for at least the first part of 2007, even as the cost of doing business rises because of factors such as a shortage of drilling equipment and labor.

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DETROIT (AP) ? Ford’s U.S. sales dropped 19 percent in January, allowing Toyota to pass it again as the nation’s No. 2 automaker. But Ford’s numbers were so bad that it was also passed by DaimlerChrysler, knocking the troubled automaker into fourth place for the month.

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