ExxonMobil Q4 chemicals earnings rise 49% to $1.07bn

31 January 2011 14:49  [Source: ICIS news]

LONDON (ICIS)--ExxonMobil’s fourth-quarter chemicals earnings in 2010 were 49.0% higher year on year at $1.07bn (€791.8m), the US-based oil major said on Monday.

The energy giant’s chemicals earnings in the third quarter of 2010 were $1.23bn.

Full-year chemicals earnings more than doubled to reach a record $4.91bn, up from $2.31bn in 2009, the company said.

In the US, full-year chemicals earnings soared to $2.42bn, up from $769m in 2009. Full-year earnings from chemicals operations in the rest of the world were $2.49bn, up from $1.54bn.

Fourth-quarter chemicals sales volumes were 6.35m tonnes, down from 6.68m tonnes in the fourth quarter of 2009 and 6.56m tonnes in the third quarter of 2010.

Full-year 2010 chemicals sales volumes were 25.9m tonnes, up from 24.8m tonnes.

ExxonMobil reported group fourth-quarter earnings before special items up 53% at $9.25bn, while those for the full year were up 58% at $30.5bn.

Chairman Rex Tillerson said the strong full-year financial and operating results had been driven by higher crude oil and natural gas realisations, stronger refining margins and a record chemicals performance.

($1 = €0.74)

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By: Nigel Davis
+44 20 8652 3214

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