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Chemical Week Magazine :: Business & Finance :: United States/Americas

Chemical Units at Oil Majors Post Lower Profits

7:27 AM MDT | April 27, 2012

Chemical business units of oil majors posted mostly lower results, on weak volumes and margins. ExxonMobil Chemical reported first-quarter net income of $701 million, down 54% from the year-ago quarter. Sales volumes were flat, at 6.3 million m.t. OxyChem, the chemical business of Occidental Petroleum, reported first-quarter net income of $184 million, down 16%, primarily a result of lower export volumes and higher raw material costs. Sales were down 1.5%, to $1.1 billion. Shell’s downstream business unit, which includes its chemical business, posted earnings...

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