ExxonMobil, the world's largest listed oil company, today reported Q4 net profits of $8.42bn.

This represents an increase from Q3 earnings of $5.68bn, which were especially inflated by rising oil prices.

Despite slowed productivity in 2004, the company still reported full year net profits of $25.3bn for 2004.

Although general market expectations were surpassed, the company warned that rising steel prices, and further deep-water exploration, meant that the company would be faced with increased cost pressures over 2005.

However, productivity levels are expected to be increased, as ExxonMobil open up new fields in West Africa, Qatar, Russia, and the Gulf of Mexico.