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Oil firm announces record profits

Exxon-Mobil made a record $25.3bn (£13.4bn) profit on record turnover up 17% year on year to $298bn last year, as the rise in crude prices boosted sales and margins.

Its revenues from exploration, production and refining all rose, despite a decline in the amount of oil and gas produced.

The fourth quarter saw the company record a $8.4bn profit - its highest ever - on revenues of $83.3bn.

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