ExxonMobil Q2 chem earnings rises 9.7% on revamp of Japan operations

26 July 2012 14:01  [Source: ICIS news]

HOUSTON (ICIS)--ExxonMobil's second-quarter chemical earnings rose 9.7% year on year, mainly because of a gain from restructuring the company's business in Japan, the US-based energy and petrochemicals major said on Thursday.

Excluding that gain, the chemical segment's underlying performance weakened because of lower margins and volumes.

ExxonMobil's chemical earnings for the three month ended 30 June were $1.449bn (€1.188bn), compared with $1.321bn in the 2011 second quarter.

Under the restructuring in Japan, TonenGeneral Sekiyu purchased ExxonMobil’s shares in a wholly-owned affiliate in Japan for about $3.9bn. The gain associated with that deal contributed $5.3bn to ExxonMobil’s overall second-quarter downstream earnings.

Overall, ExxonMobil reported a 49% year-on-year increase in second-quarter earnings to $15.91bn, mainly because of a net gain of $7.5bn associated with divestments and the restructuring in Japan, as well as tax-related items. However, the company's oil and gas production fell 5.6% year on year.

($1 = €0.82)

By: Stefan Baumgarten
+1 713 525 2653

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