ExxonMobil, the US oil and gas group, on Friday broke the record it set last year for the largest profit for a listed company, reporting net income of $45.2bn for 2008, in spite of a steep fall in profits in the fourth quarter.

However, the company, the world’s largest by market capitalisation, said it would continue its share buybacks in the first quarter of 2009 at a slightly lower rate than last year.