ExxonMobil Q4 chemical earnings rise 76% on higher margins

01 February 2013 13:50  [Source: ICIS news]

LONDON (ICIS)--ExxonMobil’s 2012 fourth-quarter chemical segment earnings rose 76% year on year on higher margins, mainly in commodities, the US-based energy and petrochemicals major said on Friday.

ExxonMobil’s chemical segment earnings for the three months ended 31 December were $958m (€709m) up from $543m in the 2011 fourth quarter. Higher margins increased earnings by $330m, the company said.

Regionally, the company's chemical business outside the US reported a 44% year-on-year rise in fourth-quarter earnings, to $230m. ExxonMobil's US chemical earnings were up 90% to $728m.

ExxonMobil’s “chemical prime product sales” were 5.90m tonnes, compared with 6.27m tonnes in the 2011 fourth quarter. The company did not disclose chemical sales in terms of dollars.

ExxonMobil’s full-year 2011 chemical segment earnings of $3.90bn were $485m lower than 2011. The company said margins decreased earnings by $440m, while volume effects lowered earnings by $100m. Chemical prime product sales for the year of 24.2m tonnes were down 849,000 tonnes from 2011.

Overall, ExxonMobil reported fourth-quarter earnings up 5.9% year on year to $9.95bn. Full-year earnings were up 9.3% year on year to $44.9bn, the company said.

($1 = €0.74)

By: Franco Capaldo
+44 (0)20 8652 3214

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