In a dismal scene for oil giants, Exxon Mobil Corp and Chevron Corp have reported higher-than-expected earnings. Perhaps a great recompense for the staggering crude oil industry.

Exxon has declared that its fourth quarter earnings were less than the third quarter earnings. But on the whole the yearly profit set a new US record.

The company has broken its own record for highest annual profits. The $45.2 billion profit in 2008 means 11 percent jump over 2007's $40.6 billion.

Chevron also declared that its annual income shot up by 28 percent to $23.9 billion from $18.7 billion in 2007. At the same time the company has also reported a quarterly profit increase to $4.89 billion from $4.87 billion. The quarterly increase is a result of lower costs of raw materials used in refining. This has increased margins on sales of gasoline and other products, Chevron Chief Executive Officer Dave O'Reilly said.

The oil sector has suffered due to two factors- plunging energy prices and the credit crunch. But the Exxon and Chevron have proved that financial depth of the top oil companies can sail them through the slump.