ExxonMobil Q3 chem profit down 19% on weak margins

29 October 2009 13:45  [Source: ICIS news]

TORONTO (ICIS news)--ExxonMobil third-quarter chemicals segment earnings were down by 19% from the year-earlier period, mainly due to weak margins, the US energy major said on Thursday.

Chemical segment earnings for the three months ended 30 September were $876m (€596m), down by $211m from $1,087m in the 2008 third quarter, with weaker margins reducing earnings by $170m.

The decline came despite an increase in the segment’s “prime products sales,” which rose to 6,356,000 tonnes, from 6,060,000 tonnes in the 2008 third quarter when hurricanes hit the company's US Gulf coast operations.

During the quarter, ExxonMobil’s petrochemicals venture in China - Fujian Refining and Petrochemical Company Limited - announced the start-up of chemical units, including an ethylene steam cracker, a polyethylene unit, a polypropylene unit and aromatics facilities, the company added.

Overall, the international energy major reported third-quarter earnings down 65% to $4.7bn, mainly due to lower commodity prices and weak product margins amid the ongoing global economic crisis.

($1 = €0.68)

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By: Stefan Baumgarten
+1 713 525 2653

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