ExxonMobil on Friday reported profit of $45.2 billion for 2008, a new American record and eight percent better than the last record set in 2007, although upstream earnings were beaten back.

Fourth-quarter net profit for the world’s “No. 1” oil company was down 33 percent to $7.8 billion on $500 million less earnings blamed on Hurricane damage. The company’s upstream business was nearly cut in half year-on-year to $5.63 billion on getting less for its crude oil after costs.

Company managers also booked the $1.62 billion sale of a gas- transportation business in Germany and after-tax charges of $460 million related to Valdez litigation.

Meanwhile, ExxonMobil reported it would spend a billion dollars on three refineries in the United States and Europe to boost flows of “cleaner-burning” diesel by six million gallons a day.

Company gas traders can look forward to first shipments of liquefied natural gas from Qatargas II Train 4 in first quarter, just as South Hook LNG Terminal gets set to receive and process.

Tags: Exxon Mobil Corporation