Reuters reports that the blockbuster result easily topped Wall Street forecasts, capping an exceptionally good year for the Irving, Texas, behemoth. For the most part, Exxon has high international crude oil prices to thank for its record profit.

Surging demand from fast-growing Asian giants India and China, coupled with fears of supply disruptions in countries such as Russia, Iraq and Nigeria, kept oil prices bubbling for much of last year, peaking at a record US$55 per barrel in late October.

The results show Exxon Mobil remains the "gold standard" among its peers, Prudential Equity Group wrote. In particular, analysts were impressed with the sharp rise in earnings of all three major Exxon business units.

E & P earnings rose from US$3.27 billion to US$4.89 billion; refining and marketing operational profits tripled from US$736 million to US$2.34 billion on strong refining margins; while healthy worldwide demand pushed up earnings at its chemicals business from US$476 million to US$1.25 billion.

ExxonMobil's total 2004 revenue was over US$298 billion, more than the gross domestic product of such countries as Austria and Indonesia.