01 August 2013 14:47 [Source: ICIS news]
HOUSTON (ICIS)--ExxonMobil’s second-quarter chemical segment earnings fell by 48% year on year to $756m (€567m), from $1.45bn in the same period a year ago when a $630m gain from restructuring in Japan boosted the segment’s results, the US-based energy and chemicals major said on Thursday.
ExxonMobil added that lower margins for specialties reduced chemical earnings by $100m, compared with the same period a year ago, while other items, including higher operating expenses, decreased earnings by $80m.
Meanwhile, volume and mix effects increased second-quarter chemical earnings by $120m.
ExxonMobil’s second-quarter “prime product sales” in the chemical segment were 5.83m tonnes, down by 141,000 tonnes from the same quarter in 2012.
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ExxonMobil’s overall second-quarter earnings fell 57% year on year to $6.86bn, from $15.9bn in the 2012 second quarter which included a $7.5bn net gain related to divestments and tax items.
Excluding the prior-year gain, ExxonMobil’s second-quarter earnings were down 19% year on year. Weaker refining margins and volumes associated with planned refinery turnaround and maintenance activities negatively impacted downstream earnings, the company said.
ExxonMobil's second-quarter revenues were $106.5bn, down from $127.4bn in the 2012 second quarter.
($1 = €0.75)
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