ExxonMobil’s Q3 chem earnings soar by 40% on margins, demand

28 October 2010 13:51  [Source: ICIS news]

LONDON (ICIS)--ExxonMobil’s chemical earnings soared by 40% during the third quarter to $1.23bn (€898m) compared with $876m in the same year-ago period on the back of strong demand and better margins, the US-based oil major said on Thursday.

Improved margins increased earnings by $370m, the company said.

Sales volumes of chemicals increased to 6,558,000 tonnes from 6,356,000 tonnes during the third quarter last year, primarily due to improved global demand and the start-up of the company's Fujian facility in China, said ExxonMobil.

For the first nine months of the year, chemical earnings of $3.85bn increased by $2.25bn from the same period in 2009.

ExxonMobil said improved margins increased earnings by approximately $1.7bn while higher volumes increased earnings about $370m.

Prime product sales for the January-September period of 19,542,000 were up 1,392,000 from the same nine months in 2009.

At group level, ExxonMobil said earnings for July to September were $7.35bn, an increase of 55% or from the third quarter of 2009 due to higher crude oil and natural gas realisations, improved refining margins, and solid chemical results.

“Despite continuing economic uncertainty, we had strong quarterly results and continued to advance our robust investment opportunities,” said chairman Rex Tillerson.

($1 = €0.73)

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By: Hilde Ovrebekk
+44 20 8652 3214

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