Chemicals businesses at oil majors report mixed earnings

ExxonMobil Chemical reported third-quarter net income of $1 billion, down 18% from the year-ago quarter. Sales volumes of 6.2 million m.t. were down 5% from the year-ago quarter. The company does not break out sales figures. Improved margins increased earnings by $50 million, while lower volumes decreased earnings by $110 million, ExxonMobil says. Other items, including unfavorable tax effects and higher maintenance costs, decreased earnings by $170 million, the company says. Earnings were positive for ConocoPhillips’ chemicals business, which includes its 50%...

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