ExxonMobil Q1 chem earnings fall 54% on weaker margins

26 April 2012 13:41  [Source: ICIS news]

HOUSTON (ICIS)--ExxonMobil’s first-quarter chemical segment earnings fell 54% year on year to $701m (€533m), primarily because of lower margins, the US-based international energy and petrochemicals major said on Thursday.

ExxonMobil said that weaker margins decreased chemical earnings by $520m, compared with the 2011 first quarter.

Other items, including higher planned maintenance and the absence of favourable tax items, pushed earnings down by $300m.

First-quarter prime product sales in the chemicals segment rose slightly by 15,000 tonnes to 6.337m tonnes.

Overall, ExxonMobil recorded an 11% year-on-year decline in first-quarter earnings, to $9.45bn, as production fell 5% from the 2011 first-quarter, the company said.

($1 = €0.76)

By: Stefan Baumgarten
+1 713 525 2653

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