ExxonMobil Q3 chem profit rises 30%, but refining margins plummet

31 October 2013 12:54  [Source: ICIS news]

HOUSTON (ICIS)--Third-quarter earnings in ExxonMobil’s chemicals business rose 30% year on year to $1.03bn (€752m), driven by higher commodity margins, the US-based energy and petrochemicals major said on Thursday.

ExxonMobil added that “prime product” chemical sales for the three months ended 30 September rose 5% to 6.2m tonnes.

However, ExxonMobil’s overall third-quarter earnings fell 18% year on year to $7.87bn on a sharp decline in downstream earnings because of “significantly weaker refining margins as a result of increased industry capacity,” the company said.

Downstream earnings were $592m, down from $3.19bn in the 2012 third quarter.

In related news this week, US refiners Valero and Phillips 66 also reported sharp earnings declines in their refining businesses because of lower margins.

($1 = €0.73)

By: Stefan Baumgarten
+1 713 525 2653

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