ExxonMobil Q2 chem profit surges by $1bn on margins, high demand

29 July 2010 14:07  [Source: ICIS news]

TORONTO (ICIS)--ExxonMobil’s second-quarter chemical segment earnings surged to $1.37bn (€1.06bn), from $367m in the year-earlier period, on improved margins and higher sales volumes amid strong global demand, the US-based energy and chemicals major said on Thursday.

Stronger margins improved chemical earnings by $840m and higher sales volumes increased earnings by $120m, the company said.

Second-quarter prime chemical product sales were 6,496,000 tonnes, up 3.7% from 6,267,000 tonnes in the 2009 second quarter, it said.

Overall, the Texas-based oil and gas major reported second-quarter net earnings, excluding special items, of $7.6bn, up 85% from the 2009 second quarter, on higher crude oil realisations, improved downstream margins, and the strong chemical results.

($1 = €0.77)

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By: Stefan Baumgarten
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