ExxonMobil triples Q1 chem profit to $1.25bn on margins, volumes

29 April 2010 14:25  [Source: ICIS news]

Exxon Triples chem earningsTORONTO (ICIS news)--ExxonMobil more than tripled first-quarter chemical earnings to $1.25bn, from $350m in the 2009 first quarter, due to stronger margins and higher sales volumes, the US-based international energy major said on Thursday.

Stronger margins improved chemical earnings by nearly $480m, while higher sales volumes increased earnings by $180m, the company said.

Also helping ExxonMobil Chemical in the first quarter were asset management gains and the absence of hurricane costs from 2009, the company said.

First-quarter prime chemical product sales were 6.488m, up by 961,000 tonnes from 5.527m tonnes in the 2009 first quarter, primarily due to improved global demand, it said.

Overall, ExxonMobil reported first-quarter earnings of $6.3bn, up 38% from the 2009 first quarter, due to higher crude oil realisations and the stronger chemical margins. However, downstream refining margins remained weak, the company said.

($1 = €0.76)

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