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Most Oil Firms’ Chemical Earnings Slide

10:35 AM MDT | May 7, 2008 | Nancy Seewald

Most oil companies reported first-quarter declines in chemical profits compared to the year-ago period. Oil companies do not disclose their quarterly revenues for chemicals. ExxonMobil’s chemical earnings fell 17%, to $1.03 billion. Lower margins reduced earnings by about $350 million but were partly offset by favorable currency exchange rates and tax effects, ExxonMobil says. The company’s U.S. chemical earnings slipped 18%, to $346 million, while non-U.S. earnings dropped 16%, to $890 million. Prime product sales fell 3%, to 6.6 million m.t., and...

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