IRVING, TX --- Exxon Mobil Corp. broke its own record for quarterly profit last week, recording $14.8 billion in net income in the third quarter.

Exxon Mobil's earnings, at $2.86 a share, are up 58 percent from the same period in 2007, the Chicago Tribune reported.

However, the recent drop in oil prices will likely lower oil company profits in the current quarter and the year ahead.

UBS AG, citing lower worldwide demand for oil, last week cut its forecast for next year's oil prices by 36 percent.

Nonetheless, Exxon Mobil's full-year earnings are expected to easily set new marks in the history of U.S. corporate profits.