ExxonMobil Q4 chem earnings fall 49% on weaker margins, volumes

31 January 2012 14:21  [Source: ICIS news]

An ExxonMobil facility in TexasHOUSTON (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)

For more on ExxonMobil and other producers visit ICIS company intelligence


By: Stefan Baumgarten
+1 713 525 2653



AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly

ICIS news FREE TRIAL
Get access to breaking chemical news as it happens.
ICIS Global Petrochemical Index (IPEX)
ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index