ExxonMobil Q2 chems earnings fall 3.4% despite higher margins

28 July 2011 14:50  [Source: ICIS news]

HOUSTON (ICIS)--ExxonMobil’s second-quarter chemical segment earnings fell 3.4% year on year to $1.32bn (€925m), the US-based energy and chemicals major said on Thursday.

ExxonMobil said while improved margins boosted second-quarter chemicals earnings by $120m from the same period a year ago, this was more than offset by lower volume sales and unfavourable tax effects.

ExxonMobil’s second-quarter “prime products sales” in the chemical segment were 6.18m tonnes, down 4.8%, or 315,000 tonnes, from the same period last year.

Overall, the Irving, Texas-based energy major reported second-quarter earnings of $10.7bn – reflecting a 41% year-on-year increase that was driven by higher crude oil and natural gas realisations and improved downstream results, the company said.

($1 = €0.70)

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By: Stefan Baumgarten
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