31 January 2012 14:21 [Source: ICIS news]
HOUSTON (ICIS)--ExxonMobil’s 2011 fourth-quarter chemical segment earnings fell 49% year on year because of weaker margins, lower volumes and “unfavourable tax effects,” the US-based energy and petrochemicals major said on Tuesday.
ExxonMobil’s chemical segment earnings for the three months ended 31 December were $543m (€413m), down from $1.07bn in the 2010 fourth quarter.
Regionally, the company's chemical business outside the US reported a 71% year-on-year decline in fourth-quarter earnings, to $160m from $545m in the 2010 fourth quarter. ExxonMobil's US chemical earnings were down 27% to $383m.
ExxonMobil’s “chemical prime product sales” were 6.27m tonnes, compared with 6.35m tonnes in the 2010 fourth quarter. The company did not disclose chemical sales in terms of dollars.
ExxonMobil’s full-year 2011 chemical segment earnings were $4.38bn, down 11% year on year from $4.91bn in 2010.
While chemical margins increased on a full-year basis, lower volumes, unfavourable tax effects and higher maintenance expenses reduced 2011 chemical segment earnings, the company said.
Overall, ExxonMobil reported fourth-quarter earnings up 2% year on year to $9.40bn. Full-year earnings were up 35% year on year to $41.06bn, mainly driven by higher crude oil and natural gas realisations, improved refining and chemical margins, and gains on asset sales, the company said.
($1 = €0.76)
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