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ExxonMobil Chemical’s Earnings Fall

1:20 PM MDT | July 30, 2009 | Nancy Seewald

ExxonMobil Chemical reported second-quarter earnings of $367 million, down 47% from the year-ago period. Lower volumes reduced earnings by about $150 million, while weaker margins decreased earnings by about $100 million, the company says. Hurricane repair costs and unfavorable currency exchange rates also reduced earnings. Prime product sales of 6.3 million m.t. were down 7% from the same period last year on weaker demand. The company does not disclose quarterly...

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