ExxonMobil chem earnings up 21% at $1.01bn

26 July 2007 15:01  [Source: ICIS news]

LONDON (ICIS news)--ExxonMobil’s second-quarter chemicals earnings were up 21% on a year-on-year basis at $1.01bn but down 18% on the first quarter, the oil giant said on Thursday.

Global chemicals sales volumes were essentially flat compared with both quarters at 6.9m tonnes.

Second-quarter 2007 earnings growth was 24% outside the US and a more modest 8% in the domestic market compared with the second quarter of 2006. Margins were stronger on a year-to-year basis but weaker against the first quarter.

ExxonMobil’s second quarter net income was down 1% at $10.3bn as lower natural gas realisations were mostly offset by higher refining, marketing and chemical margins.

The group’s first-half net income was 4% higher than in 2006 at $19.5bn, setting a new record for the period.

First-half chemicals earnings were 26% higher at $2.2bn.

By: Nigel Davis
+44 20 8652 3214

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