ExxonMobil Q3 chem earnings fall 18.4% on lower volumes, tax effects

27 October 2011 14:31  [Source: ICIS news]

HOUSTON (ICIS)--ExxonMobil’s third-quarter chemical segment earnings fell 18.4% year on year, mainly because of lower volumes and tax effects, the US-based energy major said on Thursday.

ExxonMobil’s chemical earnings for the three months ended 30 September were $1.0bn, compared with $1.23bn in the same period last year.

While improved margins raised chemical earnings by $50m (€36m), lower volumes decreased earnings by $110m, the company said. In addition, “mainly unfavourable tax effects" decreased the quarter’s chemical earnings by $170m, it added.

The chemical segment’s “prime products sales” were 6.23m tonnes in the third quarter, down by 326,000 tonnes or almost 5% from 6.56m tonnes in the 2010 third quarter. The company did not disclose the quarter’s chemicals sales in dollar terms.

For the first nine months of 2011, ExxonMobil’s chemical earnings were $3.84bn, down by $6m from the same period a year ago, as the upside from stronger margins was offset by reduced volumes and other items, including tax effects, the company said.

Overall, ExxonMobil reported third-quarter earnings of $10.33bn, up 41% year on year, on higher oil and gas prices and improved refining margins.

($1 = €0.72)

For more on ExxonMobil and other producers visit ICIS company intelligence

By: Stefan Baumgarten
+1 713 525 2653

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