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

5:02 PM MST | February 11, 2013

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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