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)

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

ICIS Free Trials Sign Up


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

ICIS news FREE TRIAL
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