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People & Business :: Earnings/Finance
Earnings Rise at ExxonMobil Chemical on Japanese Restructuring
8:27 AM MDT | July 26, 2012 | Lindsey Bewley
ExxonMobil Chemical reported second-quarter net income of $1.5 billion, up 10% from the year-ago quarter, mostly due to a restructuring of the company’s downstream and chemical holdings in Japan. Volumes were down 3% from the second-quarter of 2011, to 5.9 million m.t., which lowered earnings by $100 million, ExxonMobil says. “Despite global economic uncertainty, we continue to invest throughout the business cycle, taking a long-term view of resource development,” says Rex Tillerson, CEO of ExxonMobil. The company says its chemicals...
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