With most other companies reporting unexpected collapses in quarter 4 of 2008, the two oil giants, Exxon and Chevron, reported higher than expected profits despite the oil price sliding.

Both Exxon and Chevron’s stock rose a percentage point or so during Friday trading in response to the news.

Last summer’s crude oil prices hit a peak at about $150 a barrel in July falling below $40 a barrel a number of times near the end of the year, as green energy takes a grip in the face of economic slowdown and financial crisis reducing consumer spending across the board.

Exxon posted a significant slide in the fourth quarter, but significantly less than was expected by analysts prior to the announcement of fourth quarter numbers. The company’s profit numbers fell about 1/3rd in the quarter, hitting about $1.55 per share.

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