Integrated oil firms post strong chemical earnings on margin expansion, volume growth

Higher margins and volumes lifted oil companies’ chemical operations during the quarter ended 31 December 2012. ExxonMobil Chemical reports chemical segment earnings up 76% year-on-year, to $958 million. Higher margins, mainly for commodity products, contributed $330 million of the $415-million increase, the company says. Prime product sales, however, fell 370,000 m.t., to 5.9 million m.t., largely the result of downstream restructuring in Japan. OxyChem says its fourth-quarter chemicals earnings were up 19%, to $180 million, on higher export volumes for...

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