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.

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By: Stefan Baumgarten
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