ExxonMobil Q2 chem profit down 47% to $367m

30 July 2009 15:07  [Source: ICIS news]

TORONTO (ICIS news)--ExxonMobil’s second-quarter chemical earnings fell almost 47% to $367m (€261m), from $687m in the same period last year, due to weaker volumes and margins, the US energy and petrochemicals major said on Thursday.

Lower volumes reduced earnings by about $150m while weaker margins decreased earnings by about $100m, it said.

The company also noted hurricane repair costs and unfavorable foreign exchange effects as negatives during the quarter.

Second-quarter prime product chemical sales fell 6.7% to 6,267,000 tonnes, the company said in a brief statement that did not disclose the quarter’s chemical sales in dollar terms.

Capital expenditure in ExxonMobil's chemicals business was $830m during the quarter, up 4.1% from the year-earlier period.

Overall, ExxonMobil reported second-quarter net income of $3.95bn, down 66% from $11.7bn a year earlier, due to lower energy and commodity prices and reduced demand, it said.

For more on ExxonMobil visit ICIS company intelligence
To discuss issues facing the chemical industry go to ICIS connect

By: Stefan Baumgarten
+1 713 525 2653

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly

Get access to breaking chemical news as it happens.
ICIS Global Petrochemical Index (IPEX)
ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index